ProPetro Reports 8.6% Revenue Decline and Increased Net Loss in Q2 2025

ProPetro Holding Corp. reported a decline in financial performance for the second quarter of 2025, with total service revenue of $326.2 million, down 8.6% from $357.0 million in the same period last year. The company's hydraulic fracturing segment, which constitutes the majority of its revenue, saw a 9.5% decrease, generating $245.7 million compared to $271.6 million in the prior year. The overall decrease in revenue was attributed to reduced customer pricing and activity levels, although the acquisition of AquaProp contributed positively by adding $17.4 million in revenue during the quarter.

The company's net loss for the second quarter was $7.2 million, a significant increase from a loss of $3.7 million in the same quarter of 2024. This resulted in a basic loss per share of $0.07, compared to a loss of $0.03 per share in the previous year. Adjusted EBITDA also fell by 24.9% to $49.6 million, reflecting a margin of 15.2%, down from 18.5% in the prior year. The decline in profitability was influenced by increased costs, including a rise in the loss on disposal of assets, which reached $4.3 million, compared to $0.4 million in the previous year.

Operationally, ProPetro's total assets increased slightly to $1.23 billion as of June 30, 2025, from $1.22 billion at the end of 2024. The company maintained a strong liquidity position with cash and cash equivalents of $74.8 million and $103.3 million available under its asset-based loan credit facility. The company’s total debt stood at $63.9 million, which includes $45 million under its ABL Credit Facility and $16.8 million in term loans related to equipment financing.

Strategically, ProPetro has been focusing on expanding its operations in the power generation sector through its new subsidiary, PROPWR, which aims to provide mobile natural gas-fueled power generation equipment. The company has also made significant investments in lower emissions equipment, transitioning its hydraulic fracturing fleet to include more environmentally friendly options. Despite the challenges posed by market conditions, including inflation and geopolitical factors affecting oil prices, ProPetro remains committed to enhancing its service offerings and operational efficiencies.

Looking ahead, ProPetro anticipates that improvements in the Permian Basin's rig count and market conditions could positively impact its financial performance. However, the company acknowledges the potential for continued volatility in oil and gas prices, which could affect demand for its services. The management is focused on maintaining operational flexibility and adapting to changing market dynamics while pursuing growth opportunities in both its existing and new business segments.