ProPetro Holding Corp. reported third quarter 2024 revenue of $361 million, a 1.1% increase from the second quarter of 2024, primarily due to AquaProp wet sand solutions. This revenue figure represents a 15% decrease compared to $423.8 million in the third quarter of 2023. The company posted a net loss of $137 million, or $1.32 per diluted share, a significant decline from a net loss of $4 million in the prior quarter.
The reported net loss included a noncash impairment expense of approximately $189 million on its conventional Tier II diesel-only hydraulic fracturing equipment. Adjusted Net Income for the third quarter was $13 million, excluding the noncash impairment expense, compared to an Adjusted Net Loss of $4 million in the second quarter of 2024. Adjusted EBITDA increased to $71 million from $66 million in the second quarter, driven by increased revenues and improved cost management.
Net cash provided by operating activities was $35 million, down from $105 million in the prior quarter due to an investment in working capital. ProPetro repurchased 1.3 million shares for $10 million during the quarter, contributing to a total of 12.6 million shares retired since the program's inception. The company reduced its full-year 2024 capital expenditure guidance for the second time this year, setting it between $150 million and $175 million, and expects to operate approximately 14 active hydraulic fracturing fleets in the fourth quarter of 2024.
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