ProFrac Holding Corp. reported total revenue of $403.0 million for the third quarter of 2025, down from $502.0 million in the second quarter. The company recorded a net loss of $92.0 million, compared to a net loss of $107.0 million in the previous quarter. Adjusted EBITDA was $41.0 million, representing 10% of revenue, compared to $79.0 million or 16% of revenue in the second quarter. Net cash provided by operating activities was $5.0 million, down from $97.0 million in the prior quarter. Capital expenditures totaled $38.0 million, compared to $43.0 million previously. Free cash flow was negative $29.0 million, compared to positive $54.0 million in the second quarter. Within business segments, the Manufacturing segment generated $48.0 million in revenue and $4.0 million of Adjusted EBITDA, with 82% of revenue intercompany. The Other Business Activities segment, including Flotek Industries and Livewire Power, generated $61.0 million in revenue and $12.0 million of Adjusted EBITDA. The company stated that activity levels improved at the start of the fourth quarter and expects annualized cash savings of $85.0 to $115.0 million by the end of the second quarter of 2026 through organizational and asset optimization initiatives.