ProPetro Holding Corp. reported first quarter 2025 revenue of $359 million, a 12% increase from $321 million in the fourth quarter of 2024. The company returned to profitability with a net income of $10 million, or $0.09 per diluted share, compared to a net loss of $17 million in the previous quarter. Adjusted EBITDA increased to $73 million from $53 million in the fourth quarter, driven by strong utilization and resilient pricing.
Net cash provided by operating activities was $55 million, up from $38 million in the prior quarter. Capital expenditures incurred during the first quarter were $39 million, primarily for maintenance and a down payment for initial PROPWR turbine orders. The company's total liquidity stood at $197 million, including $63 million in cash and $134 million of available capacity under its ABL Credit Facility.
ProPetro expanded its PROPWR equipment orders by approximately 80 megawatts of natural gas reciprocating generators, bringing the total ordered PROPWR equipment to about 220 megawatts, with full delivery anticipated by mid-2026. The company secured letters of intent for approximately 75 megawatts of long-term PROPWR service capacity with two separate operators in the Permian Basin. Full-year 2025 capital expenditure guidance was refined to $295 million to $345 million, a 9% reduction at the midpoint from prior guidance, and it anticipates operating approximately 13 to 14 active hydraulic fracturing fleets in the second quarter of 2025.
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