ProFrac Holding Corp. (NASDAQ: ACDC)

ProFrac Holding Corp. is a technology‑focused, vertically integrated, innovation‑driven energy services holding company that provides hydraulic fracturing, proppant production, other completion services and complementary products such as distributed power generation to leading upstream oil and natural gas companies engaged in the exploration and production of North American unconventional resources throughout the United States.

The company generates revenue primarily from its Stimulation Services segment, which charges fees for hydraulic fracturing operations using its fleet of pressure pumping equipment; from its Proppant Production segment, which sells in‑basin frac sand and related proppant products; from its Manufacturing segment, which earns income from the assembly, refurbishment and sale of equipment and components; and from its Flotek segment, which supplies specialty green chemistry solutions and real‑time data analytics services. Its customers are predominantly exploration and production firms operating in the continental United States, with no single client accounting for more than 10% of consolidated revenue in recent years.

The company operates through the following segments: Stimulation Services, Proppant Production, Manufacturing, and Flotek.

• Stimulation Services: This segment delivers hydraulic fracturing services using a fleet of 22 active pressure pumping units as of December 31, 2025, including tier‑IV dual‑fuel, tier‑II and electric fleets, and provides ancillary services such as equipment maintenance and fluid management to E&P operators.

• Proppant Production: This segment operates eight frac sand mines with a combined nameplate capacity of approximately 21.5 million tons per year across the Haynesville, Permian and Eagle Ford basins, producing and selling in‑basin frac sand to both internal stimulation operations and third‑party customers.

• Manufacturing: This segment runs facilities that assemble new fleets, refurbish existing equipment, rebuild engines and transmissions, and manufacture components such as pumps, fluid ends and power ends, enabling cost‑effective maintenance, upgrades and custom equipment builds for the company’s own operations and external sales.

• Flotek: This segment provides specialty green chemistry products that reduce environmental impact and improve hydrocarbon recovery, along with a data analytics division that delivers real‑time analysis of hydrocarbon streams to enhance operational efficiency and support automation initiatives for energy clients.

ProFrac Holding Corp. ranks among the largest well stimulation service providers in the United States, operating 22 active fleets and maintaining a substantial in‑basin frac sand capacity that positions it as a leading supplier of proppant. Its competitive advantages stem from vertical integration, which allows it to capture margins across the value chain, from technological innovation such as electric‑powered fleets and proprietary chemistry solutions, and from a standardized modular equipment design that reduces maintenance costs and downtime. Key competitors in stimulation services include Halliburton Company, Liberty Energy Inc., ProPetro Holding Corp., and Patterson‑UTI Energy, Inc.; in proppant production, rivals comprise Atlas Energy Solutions Inc., Badger Mining Corporation, Iron Oak Energy Solutions, Freedom Proppant, Signal Peak Silica, U. S. Silica Inc., Vista Minerals and Capital Sand Company; manufacturing faces competition from Caterpillar Inc., Gardner Denver and EnQuest Energy Solutions; and Flotek competes with various chemical and data analytics firms serving the energy sector.

The company serves a diverse base of exploration and production companies operating in major unconventional basins such as the Permian, Eagle Ford, Haynesville, Appalachia, the Bakken and the Rockies. Because no individual customer exceeds 10% of total revenue, the client base is broadly diversified, reducing reliance on any single account and providing exposure to a wide range of operators across different geographic regions and commodity mixes.