ACDC Nasdaq Earnings call
ProFrac Holding Corp. (ACDC) · Q2 2026 results and valuation
Share price: $3.43 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 6 Aug 2026 and 7 May 2026
Net loss narrowed on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss narrowed
Net income vs Q1 2026
Outlook given
Net income -79.7M vs -83.5M
Revenue +10.8%
2 · How management spoke
Restrained
Less upbeat than 74% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Figure
ACDC prices fell roughly 40% from their Q2 peak to a low before rallying back, highlighting significant volatility for investors.
Valuation
Is ProFrac Holding Corp. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$3.43
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+27.7% for 10 yrs
Fair value / share
$-5.07
Buy below
$-3.80
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Key theme
Operating leverage in the proppant business and a shift to long-term orders are improving throughput.
Source quote
“As we've spoken about in the past, the operating leverage inherent in our proppant business becomes increasingly evident as we drive... ...more of our order book into long-term commitments and improving throughput. We continue to evaluate ways to further strengthen this business over time.”
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Guidance
ACDC reiterated its CapEx guidance range from Q1 and still expects to fall within it, signaling steady spending.
Source quote
“So we reiterated the CapEx guidance range expect to fall within that.”
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Guidance
Excluding Flotek, capital spending is now guided between $145 million and $175 million.
Source quote
“Excluding Flotek, we expect our CapEx to be in a range of $145 million to $175 million.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“And I'm just so proud of him, proud of the opportunities that he has available to him, and I'm especially excited that he's joining the board with me.”
“Results reflected an improvement in efficiency, lack of material weather-driven delays as we experienced in Q1, and to a modest degree, improved pricing.”
“Upgrading this equipment now, while demand for high spec dual fuel capacity remains strong, reduces our repair and maintenance exposure over time, extends the useful life of these assets, and...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 498.1M | 449.6M | +10.8% | 501.9M | −0.8% |
| Operating income | -37.9M | -46.4M | Loss narrowed | -58.0M | Loss narrowed |
| Net income | -79.7M | -83.5M | Loss narrowed | -108.0M | Loss narrowed |
| EPS | -0.45 | -0.47 | Loss narrowed | -0.68 | Loss narrowed |
| P/E | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- ProFrac does not plan to deploy incremental fleets speculatively, and any gains it captures from here are about building toward...
- As I'll discuss in a moment, the market backdrop remains constructive, and ProFrac continues to see an open window for...
- While April carried forward the type of record efficiency levels ProFrac experienced in March, as it discussed on its last...
- Still early in the process, but ProFrac expects with RFP season kicking off early, that once 2027 budgets are set...
- There's been an additional pipeline capacity come on here recently.
Faded since Q1 2026
- Dropped However, it is worth noting that ProFrac is also monitoring some emerging cost pressures—pricing creep in chemicals, diesel, and diesel...
- Fading Its exceptional operational performance as ProFrac progressed through the final month of the period drove outperformance for Q1 relative…
- Fading Further, ProFrac is proud to note that its stimulation services team delivered record efficiency levels in March with operational momentum…
- Fading Market dynamics shifted meaningfully beginning in late February and early March with the onset of the '1, characterized...
Latest announcements
Official filings, newest first.
- Material agreement; New financial obligation · SEC 8-K
- Results of operations; Director or officer change · SEC 8-K
- Material agreement; Agreement terminated; New financial obligation; Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement · SEC 8-K