Shares of ProFrac Holding Corp. (NASDAQ: ACDC) tumbled 6.76% in pre-market trading on Monday following the company's disappointing third-quarter earnings report. The fracking services firm reported revenue of $403.1 million, significantly missing analyst expectations of $460.035 million and marking a 29.93% decrease from the same period last year.

The company's financial struggles were further highlighted by a net loss of $92.4 million for the quarter, wider than the previous quarter's loss of $107 million. ProFrac attributed these results to "continued challenging market conditions," with improvements mid-quarter giving way to an unexpected decline towards the end of the period.

Despite the setback, ProFrac's Executive Chairman Matt Wilks expressed optimism for the future, stating, "We believe the U.S. onshore completions market is well-positioned for recovery when commodity prices strengthen." The company anticipates improved activity levels in the fourth quarter, although pricing is expected to be lower on average compared to the third quarter. In response to current market conditions, ProFrac has implemented cost-saving measures, aiming for $85 to $115 million in annualized cash savings by mid-2026 through operational efficiency and asset optimization.