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Flotek Industries Reports Continued Growth in Revenue and Profitability, Fueled by 189% Growth in Data Analytics Revenue
HOUSTON, August 5, 2025 - Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK), a leader in innovative energy solutions, today announced its financial results for the quarter ended June 30, 2025, which reflect continued execution of its transformational strategy and robust growth across its two segments.
Financial Summary (in thousands, except ‘per share’ amounts)
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| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2025 | | 2024 | | % Change | | 2025 | | 2024 | | % Change |
| | | | | | | | | | | |
| Total Revenues | $ | 58,350 | | | $ | 46,152 | | | 26% | | $ | 113,712 | | | $ | 86,526 | | | 31% |
| Gross Profit | $ | 14,407 | | | $ | 9,170 | | | 57% | | $ | 26,856 | | | $ | 17,991 | | | 49% |
| Net Income | $ | 1,768 | | | $ | 1,974 | | | (10)% | | $ | 7,148 | | | $ | 3,536 | | | 102% |
| Diluted Income Per Share | $ | 0.05 | | | $ | 0.06 | | | (17)% | | $ | 0.21 | | | $ | 0.12 | | | 75% |
Adjusted Net Income (1) | $ | 5,963 | | | $ | 1,974 | | | 202% | | $ | 11,343 | | | $ | 3,536 | | | 221% |
Adjusted Diluted Income Per Share (1) | $ | 0.16 | | | $ | 0.06 | | | 167% | | $ | 0.33 | | | $ | 0.12 | | | 175% |
Adjusted EBITDA (1) | $ | 9,452 | | | $ | 4,439 | | | 113% | | $ | 17,232 | | | $ | 8,464 | | | 104% |
Second Quarter 2025 Highlights:
(all comparisons versus Q2 2024 unless noted)
•26% growth in total revenue driven by Chemistry Technologies and the impact from our recent Data Analytics acquisition (the “Asset Acquisition”) of mobile gas conditioning assets (the “Acquired Assets”).
•Data Analytics revenues grew to 10% of total revenues from 4% in second quarter 2024, driving a 500 basis point improvement in gross profit margin due to higher-margin service offerings.
•Net income totaled $1.8 million, or $0.05 per diluted share, compared to $2.0 million, or $0.06 per diluted share. Excluding transaction expenses related to the Asset Acquisition, adjusted net income (1) totaled $6.0 million, or $0.16 per diluted share (1).
•Adjusted EBITDA (1) increased by 113% to $9.5 million, compared to $4.4 million, representing the eleventh consecutive quarter of growth.
Management Commentary
Chief Executive Officer Dr. Ryan Ezell commented, “Flotek delivered another quarter of exceptional financial performance as we continue to execute our corporate strategy and transform the organization for the future. Our Data Analytics segment is seeing robust growth, fueled by the rising adoption of our advanced analytics solutions and our recent expansion into the power generation market, which is exceeding expectations. The Chemistry Technologies segment continues to gain market share with strong demand for our innovative chemical solutions that drive improved reservoir performance. Revenues through the first half of 2025 were 31% higher than this time last year, demonstrating our success in expanding both business segments. More importantly our gross profit grew 49% over the same period. These
results reflect our disciplined execution and commitment to delivering value to our customers and shareholders.”
Segment Revenue Summary (in thousands)
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| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2025 | | 2024 | | % Change | | 2025 | | 2024 | | % Change |
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| Chemistry Technologies: | | | | | | | | | | | |
| External Revenues | $ | 22,542 | | | $ | 16,361 | | | 38% | | $ | 44,551 | | | $ | 28,047 | | | 59% |
| Related Party Revenues | 29,878 | | | 27,741 | | | 8% | | 60,607 | | | 54,755 | | | 11% |
| Total | $ | 52,420 | | | $ | 44,102 | | | 19% | | $ | 105,158 | | | $ | 82,802 | | | 27% |
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| Data Analytics: | | | | | | | | | | | |
| Product Revenues | $ | 1,820 | | | $ | 1,306 | | | 39% | | $ | 3,482 | | | $ | 2,238 | | | 56% |
Service Revenues (2) | 4,110 | | | 744 | | | 452% | | 5,072 | | | 1,486 | | | 241% |
| Total | $ | 5,930 | | | $ | 2,050 | | | 189% | | $ | 8,554 | | | $ | 3,724 | | | 130% |
Revenues:
•Chemistry Technologies: The segment’s 19% revenue growth as compared to the year-ago quarter, was driven by a 38% increase in external customer chemistry revenues. This growth reflects Flotek’s ability to capture market share despite a decline in North American frac fleets, indicating strong demand for our specialized chemistry solutions. Related party revenues grew 8% as compared to second quarter 2024, contributing to stable and diversified revenue streams.
•Data Analytics: The segment achieved a 189% revenue increase as compared to the year-ago quarter, with service revenues growing more than 450% to $4.1 million, underscoring the growing market demand for Flotek’s data-driven solutions that enhance operational efficiency for energy clients. Second quarter 2025 service revenues included approximately $3.2 million related to the Asset Acquisition, which closed in late April 2025.
Gross Profit: The Company generated gross profit of $14.4 million during the second quarter of 2025 compared to $9.2 million during the second quarter of 2024. The 57% increase in second quarter 2025 gross profit was driven by strong revenue growth in Chemistry Technologies (19%) and Data Analytics (189%), with higher-margin Data Analytics revenues boosting overall margins. Gross profit as a percentage of revenue totaled 25% in the second quarter of 2025 as compared to 20% in the year-ago period.
Selling, General and Administrative (“SG&A”) Expense: SG&A expense totaled $6.8 million for the second quarter of 2025, or 12% as a percentage of revenues, compared to $6.3 million during the second quarter of 2024, or 14% as a percentage of revenues. The increase in SG&A expenses was the result of higher non-cash stock compensation expense during the second quarter of 2025.
Net Income, Adjusted Net Income (1) (Non-GAAP): In the second quarter of 2025, Flotek reported net income of $1.8 million, or $0.05 per diluted share, as compared to $2.0 million, or $0.06 per diluted share, in the year-ago quarter. Second quarter 2025 adjusted net income(1)
totaled $6.0 million and adjusted diluted earnings per share(1) was $0.16, up 167% from the prior-year period.
Basic and diluted shares outstanding for the quarter and six months ended June 30, 2025 included the weighted average impact of the warrant issued to ProFrac GDM, LLC to purchase 6 million shares of the Company’s common stock in connection with the long-term lease of the Acquired Assets.
Adjusted EBITDA(1) (Non-GAAP): Adjusted EBITDA(1) was $9.5 million in the second quarter of 2025 as compared to $4.4 million in the second quarter of 2024. This marks the eleventh consecutive quarter of Adjusted EBITDA(1) improvement.
PWRtekTM Update: The Asset Acquisition commissioning and contracted revenue generation is on track to exceed our initially reported expectations. The Company currently expects the Acquired Assets to deliver approximately $15 million in high-margin rental revenue during 2025, a 7% increase from previously reported estimates. During the second quarter of 2025, revenues attributable to the Acquired Assets totaled $3.2 million with gross profit as a percentage of revenue totaling approximately 90%. The Company expects revenues related to the Asset Acquisition during the third quarter of 2025 to exceed second quarter amounts as the second quarter results were limited due to the Asset Acquisition closing on April 28, 2025. Transaction expenses related to the Asset Acquisition during the second quarter of 2025 totaled $4.2 million.
2025 Guidance: In connection with second quarter 2025 results, the Company is maintaining its previously issued guidance metrics as follows:
•Total Revenue between $200 million and $220 million
•Adjusted EBITDA (3) between $34 million and $39 million
(1)Represents a non-GAAP measure, see the “Unaudited Reconciliation of Net Income to Adjusted Net Income” and the “Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings” tables in this release for more information about this measure, including reconciliations to the most comparable GAAP measures.
(2)Service revenues during the three- and six-month 2025 periods include $3.2 million related to PWRtek rental revenues.
(3)A non-GAAP financial measure. See the “Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings” section in this release for more information about this measure. We are unable to reconcile this forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure without unreasonable efforts, as we are unable to predict with a reasonable degree of certainty the impact of certain items that would be expected to impact the GAAP financial measure, including, among other items, certain stock-based compensation costs, interest costs related to fluctuations in borrowings outstanding under the Company’s asset based loan and the impact of the revaluation of certain liabilities, which is based upon our future stock price. These items do not impact the non-GAAP financial measure.
Conference Call Details
The Company plans to host its earnings conference call on Wednesday, August 6, 2025, at 9:00 a.m. CDT (10:00 a.m. EDT).
Participants may access the call through Flotek’s website at https://ir.flotekind.com under the “News & Events” section, by telephone toll free at 1-800-836-8184 (international toll: 1-646-357-8785), or by using the following link to access the audience view of the webcast at https://app.webinar.net/NLao0z9kmlg approximately five minutes prior to the start of the call.
Following the conclusion of the conference call, a recording of the call will be available on the Company’s website.
About Flotek Industries, Inc.
Flotek Industries, Inc. is a leading chemistry and data technology company focused on servicing the Energy industry. The Company’s top tier technologies leverage near real-time data to deliver innovative solutions to maximize customer returns. Flotek has an intellectual property portfolio of over 130 patents, over 20 years of field and laboratory data, and a global presence in more than 59 countries.
Flotek has established collaborative partnerships focused on sustainable and optimized chemistry and data solutions, aiming to reduce the environmental impact of energy on land, air, water and people.
Flotek is based in Houston, Texas and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit www.flotekind.com.
Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.
Investor contact:
Mike Critelli
Director of Finance & Investor Relations
E: ir@flotekind.com
FLOTEK INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
| | | | | | | | | | | |
| June 30, 2025 | | December 31, 2024 |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 5,028 | | | $ | 4,404 | |
| Restricted cash | 103 | | | 102 | |
Accounts receivable, net of allowance for credit losses of $430 and $447 at June 30, 2025 and December 31, 2024, respectively | 22,221 | | | 17,386 | |
Accounts receivable, related party, net of allowance for credit losses of $0 at each of June 30, 2025 and December 31, 2024, respectively | 37,350 | | | 52,370 | |
| Inventories, net | 12,302 | | | 13,303 | |
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| Other current assets | 3,084 | | | 2,952 | |
| Current contract asset | 6,743 | | | 5,939 | |
| Total current assets | 86,831 | | | 96,456 | |
| Long-term contract asset | 59,386 | | | 63,105 | |
| Property and equipment, net | 21,223 | | | 6,178 | |
| Right-of-use assets | 3,174 | | | 3,326 | |
| Deferred tax assets, net | 35 | | | 51 | |
| Other long-term assets | 1,594 | | | 1,680 | |
| TOTAL ASSETS | $ | 172,243 | | | $ | 170,796 | |
| | | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
| Current liabilities: | | | |
| Accounts payable | $ | 36,350 | | | $ | 38,073 | |
| Accrued liabilities | 3,905 | | | 5,912 | |
| Accrued liabilities, related party | 7,248 | | | — | |
| Income taxes payable | 85 | | | 48 | |
| Interest payable, related party | 701 | | | — | |
| Current portion of operating lease liabilities | 1,186 | | | 1,486 | |
| Current portion of finance lease liabilities | 146 | | | — | |
| Asset-based loan | 5,055 | | | 4,789 | |
| Current portion of long-term debt | — | | | 60 | |
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| | | |
| Total current liabilities | 54,676 | | | 50,368 | |
| Deferred revenue, long-term | — | | | 14 | |
| Note payable - related party | 39,536 | | | — | |
| Long-term operating lease liabilities | 5,879 | | | 6,514 | |
| Long-term finance lease liabilities | 302 | | | — | |
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| TOTAL LIABILITIES | 100,393 | | | 56,896 | |
| Commitments and contingencies | | | |
| Stockholders’ equity: | | | |
| Preferred stock, $0.0001 par value, 100,000 shares authorized; no shares issued and outstanding | — | | | — | |
Common stock, $0.0001 par value, 240,000,000 shares authorized; 30,968,827 shares issued and 29,854,440 shares outstanding at June 30, 2025; 30,938,073 shares issued and 29,826,508 shares outstanding at December 31, 2024 | 3 | | | 3 | |
| Additional paid-in capital | 415,637 | | | 464,620 | |
| Accumulated other comprehensive income | 96 | | | 251 | |
| Accumulated deficit | (309,160) | | | (316,308) | |
Treasury stock, at cost; 1,114,387 and 1,111,565 shares at June 30, 2025 and December 31, 2024, respectively | (34,726) | | | (34,666) | |
| Total stockholders’ equity | 71,850 | | | 113,900 | |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 172,243 | | | $ | 170,796 | |
FLOTEK INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, | | |
| | 2025 | | 2024 | | 2025 | | 2024 | | | | |
| Revenue: | | | | | | | | | | | |
| Revenue from external customers | $ | 25,182 | | | $ | 18,191 | | | $ | 49,605 | | | $ | 31,371 | | | | | |
| Revenue from related party | 33,168 | | | 27,961 | | | 64,107 | | | 55,155 | | | | | |
| Total revenues | 58,350 | | | 46,152 | | | 113,712 | | | 86,526 | | | | | |
| Cost of goods sold | 43,943 | | | 36,982 | | | 86,856 | | | 68,535 | | | | | |
| Gross profit | 14,407 | | | 9,170 | | | 26,856 | | | 17,991 | | | | | |
| Operating costs and expenses: | | | | | | | | | | | |
| Selling, general, and administrative | 6,796 | | | 6,279 | | | 13,078 | | | 12,365 | | | | | |
| Asset acquisition expenses | 4,195 | | | — | | | 4,195 | | | — | | | | | |
| Depreciation | 374 | | | 222 | | | 626 | | | 442 | | | | | |
| Research and development | 455 | | | 481 | | | 810 | | | 888 | | | | | |
| Gain on sale of property and equipment | — | | | (34) | | | (7) | | | (34) | | | | | |
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| Total operating costs and expenses | 11,820 | | | 6,948 | | | 18,702 | | | 13,661 | | | | | |
| Income from operations | 2,587 | | | 2,222 | | | 8,154 | | | 4,330 | | | | | |
| Other income (expense): | | | | | | | | | | | |
| Interest expense | (983) | | | (308) | | | (1,212) | | | (586) | | | | | |
| Other income (expense), net | 181 | | | 75 | | | 287 | | | 49 | | | | | |
| Total other expense | (802) | | | (233) | | | (925) | | | (537) | | | | | |
| Income before income taxes | 1,785 | | | 1,989 | | | 7,229 | | | 3,793 | | | | | |
| Income tax expense | (17) | | | (15) | | | (81) | | | (257) | | | | | |
| Net income | $ | 1,768 | | | $ | 1,974 | | | $ | 7,148 | | | $ | 3,536 | | | | | |
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| Income per common share: | | | | | | | | | | |
| Basic | $ | 0.05 | | | $ | 0.07 | | | $ | 0.22 | | | $ | 0.12 | | | | | |
| Diluted | $ | 0.05 | | | $ | 0.06 | | | $ | 0.21 | | | $ | 0.12 | | | | | |
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| Weighted average common shares: | | | | | | | | | | | |
| Weighted average common shares used in computing basic income per common share | 33,947 | | | 29,449 | | | 31,827 | | | 29,440 | | | | | |
| Weighted average common shares used in computing diluted income per common share | 36,231 | | | 30,668 | | | 34,026 | | | 30,512 | | | | | |
FLOTEK INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| | | | | | | | | | | |
| Six months ended June 30, |
| | 2025 | | 2024 |
| Cash flows from operating activities: | | | |
| Net income | $ | 7,148 | | | $ | 3,536 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Change in fair value of contingent consideration | (127) | | | (27) | |
| Amortization of contract assets | 2,916 | | | 2,749 | |
| Depreciation | 626 | | | 442 | |
| Amortization of deferred financing costs | 157 | | | 170 | |
| Provision for credit losses, net of recoveries | 261 | | | 79 | |
| Provision for excess and obsolete inventory | 250 | | | 433 | |
| Gain on sale of property and equipment | (7) | | | (34) | |
| Non-cash lease expense | 624 | | | 1,236 | |
| Stock compensation expense | 1,137 | | | 642 | |
| Deferred income tax expense | 16 | | | 216 | |
| Changes in current assets and liabilities: | | | |
| Accounts receivable | (5,096) | | | 292 | |
| Accounts receivable, related party | (2,532) | | | (5,480) | |
| Inventories | 1,448 | | | 192 | |
| Income tax receivable | (32) | | | — | |
| Other assets | (155) | | | 688 | |
| Accounts payable | (1,722) | | | 50 | |
| Accrued liabilities | (1,893) | | | (2,837) | |
| Operating lease liabilities | (935) | | | (1,510) | |
| Income taxes payable | 37 | | | (10) | |
| Interest payable, related party | 701 | | | — | |
| Net cash provided by operating activities | 2,822 | | | 827 | |
| Cash flows from investing activities: | | | |
| Capital expenditures | (1,309) | | | (229) | |
| Proceeds from sale of assets | 7 | | | 34 | |
| Net cash used in investing activities | (1,302) | | | (195) | |
| Cash flows from financing activities: | | | |
| Payments on long term debt | (60) | | | (90) | |
| Proceeds from asset-based loan | 106,950 | | | 83,300 | |
| Payments on asset-based loan | (106,685) | | | (84,994) | |
| Payment of note payable issuance costs | (480) | | | — | |
| Payment of issuance costs of stock warrants | (456) | | | — | |
| Payments to tax authorities for shares withheld from employees | (60) | | | (24) | |
| Proceeds from issuance of stock under Employee Stock Purchase Plan | 68 | | | 62 | |
| Proceeds from issuance of stock from stock option exercises | 8 | | | — | |
| Payments for finance leases | (25) | | | (19) | |
| Net cash used in financing activities | (740) | | | (1,765) | |
| Effect of changes in exchange rates on cash and cash equivalents | (155) | | | 58 | |
| Net change in cash and cash equivalents and restricted cash | 625 | | | (1,075) | |
| Cash and cash equivalents at the beginning of period | 4,404 | | | 5,851 | |
| Restricted cash at the beginning of period | 102 | | | 102 | |
| Cash and cash equivalents and restricted cash at beginning of period | 4,506 | | | 5,953 | |
| Cash and cash equivalents at end of period | 5,028 | | | 4,777 | |
| Restricted cash at the end of period | 103 | | | 101 | |
| Cash and cash equivalents and restricted cash at end of period | $ | 5,131 | | | $ | 4,878 | |
FLOTEK INDUSTRIES, INC.
UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME
(in thousands, except per share amounts)
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| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2025 | | 2024 | | 2025 | | 2024 |
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| Net income | | $ | 1,768 | | | $ | 1,974 | | | $ | 7,148 | | | $ | 3,536 | |
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| Adjustments: | | | | | | | | |
| Asset acquisition expenses | | 4,195 | | | — | | | 4,195 | | | — | |
Adjusted net income (Non-GAAP) (1) | | $ | 5,963 | | | $ | 1,974 | | | $ | 11,343 | | | $ | 3,536 | |
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| Diluted weighted-average common shares outstanding | | 36,231 | | | 30,668 | | | 34,026 | | | 30,512 | |
| Net income per diluted share | | $ | 0.05 | | | $ | 0.06 | | | $ | 0.21 | | | $ | 0.12 | |
| Adjusted net income per diluted share | | $ | 0.16 | | | $ | 0.06 | | | $ | 0.33 | | | $ | 0.12 | |
(1)Management believes that adjusted net income for the three and six months ended June 30, 2025 and 2024 is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods. Management views the expenses related to the Asset Acquisition noted above to be outside of the Company’s normal operating results. Management analyzes operating results without the impact of the above items as an indicator of performance, to identify underlying trends in the business and cash flow from continuing operations, and to establish financial and operational goals, excluding certain non-recurring items.
FLOTEK INDUSTRIES, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ITEMS AND NON-CASH ITEMS IMPACTING EARNINGS
(in thousands)
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| | Three Months Ended June 30, | | Six Months Ended June 30, | | Twelve Months Ended
December 31, | |
| | 2025 | | 2024 | | 2025 | | 2024 | | 2024 | | | |
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| Net income | $ | 1,768 | | | $ | 1,974 | | | $ | 7,148 | | | $ | 3,536 | | | $ | 10,498 | | | | |
| Interest expense | 983 | | | 308 | | | 1,212 | | | 586 | | | 1,095 | | | | |
| Income tax expense | 17 | | | 15 | | | 81 | | | 257 | | | 649 | | | | |
| Depreciation and amortization | 374 | | | 222 | | | 626 | | | 442 | | | 891 | | | | |
EBITDA (Non-GAAP) (1) | $ | 3,142 | | | $ | 2,519 | | | $ | 9,067 | | | $ | 4,821 | | | $ | 13,133 | | | | |
| Stock compensation expense | 676 | | | 331 | | | 1,137 | | | 643 | | | 1,366 | | | | |
| Severance and retirement | 7 | | | 20 | | | 51 | | | 32 | | | 39 | | | | |
| Contingent liability revaluation | (2) | | | — | | | (127) | | | (27) | | | 71 | | | | |
| Gain on disposal of asset | — | | | (34) | | | (7) | | | (34) | | | (124) | | | | |
| Amortization of contract asset | 1,434 | | | 1,482 | | | 2,916 | | | 2,749 | | | 5,612 | | | | |
Non-Recurring professional fees (2) | 4,195 | | | 121 | | | 4,195 | | | 280 | | | 230 | | | | |
Adjusted EBITDA (Non-GAAP) (1) | $ | 9,452 | | | $ | 4,439 | | | $ | 17,232 | | | $ | 8,464 | | | $ | 20,327 | | | | |
(1)Management believes that EBITDA and adjusted EBITDA for the three and six months ended June 30, 2025 and 2024, and for the twelve months ended December 31, 2024 are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods. Management views the income and expenses noted above to be outside of the Company’s normal operating results. Management analyzes operating results without the impact of the above items as an indicator of performance, to identify underlying trends in the business and cash flow from continuing operations, and to establish financial and operational goals, excluding certain non-cash or non-recurring items.
(2)Includes $4.2 million of expenses related to Asset Acquisition for the three and six months ended June 30, 2025.
