ProPetro (PUMP) investor relations material

Executive summary

• Q2 2026 revenue was $306 million, up 13% sequentially, with strong free cash flow from completions and PROPWR, despite operational headwinds such as weather disruptions and deployment costs.

• PROPWR expanded contracted power generation capacity to 350 MW, achieved positive EBITDA in the last two months, and advanced deployments at data centers and microgrid sites.

• Raised $1.5 billion over 18 months to fund PROPWR, including a $690 million convertible note offering with no dilution unless stock exceeds $29.49.

• Maintained a healthy balance sheet and strong liquidity, with $784 million in cash and $905 million in total liquidity at quarter-end.

• Completions business activated a 13th fleet and benefited from disciplined capital allocation and a structurally tighter market.

Financial highlights

• Q2 2026 revenue was $306 million; Adjusted EBITDA was $45 million (15% margin), up 23% sequentially; net loss was $8 million ($0.07 per share).

• Free Cash Flow from Completions Business was $51 million; net cash from operating activities was $66 million, up from $3 million in Q1.

• Capital expenditures paid were $61 million; incurred were $71 million, with $47 million for PROPWR.

• Cash and equivalents at June 30, 2026, were $784 million; total liquidity was $905 million.

• Cost of services (excluding D&A) was $234 million; G&A expense rose to $33 million, with $6 million in nonrecurring/noncash items.

Outlook and guidance

• Full-year 2026 capital expenditures expected between $525 million and $595 million, with $400–$450 million for PROPWR and $125–$145 million for completions.

• Capex guidance was lowered from prior estimates; cost per megawatt for PROPWR remains at $1.4–$1.5 million.

• PROPWR is expected to generate increasingly meaningful earnings in H2 2026 and into 2027, with data center power opportunities rising.

• Strategic agreement with Caterpillar enables up to 2.6 GW of power generation capacity by 2032.

• Thirteenth frac fleet to be activated later in Q3, reflecting rising demand.