ProPetro revenue falls 25% as Permian slowdown deepens; company raises $163M to fund power pivot

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~2 min read

Key Changes

• high

  Q1 2026 revenue declined 24.7% to $271M (vs. $359M prior year) as hydraulic fracturing revenue fell 33.4% amid pricing pressure, fleet idling, and weather disruptions. Adjusted EBITDA dropped 49.9% to $36M, and the company swung to a $3.6M net loss from $9.6M profit.

  MD&A: Financial Results verify on EDGAR →
• high

  Company raised $163M in January 2026 equity offering (17.25M shares at $10/share) to fund power generation expansion. Full-year 2026 capex guidance increased to $540M–$610M, with $400M–$450M allocated to PROPWR business (up from $170M in 2025).

  MD&A: Capital Allocation verify on EDGAR →
• high

  PROPWR business now has 240 MW of committed capacity and 550 MW delivered or on-order. Company added $112M Caterpillar equipment loan and $350M Stonebriar lease facility to finance power generation equipment purchases, increasing leverage as completion services cash flow collapsed to $2.7M (from $54.7M prior year).

  MD&A: Power Generation & Liquidity verify on EDGAR →