ProPetro (PUMP) investor relations material

Executive summary

• Q1 2026 revenue was $271 million, down 7% sequentially and 24.7% year-over-year, with a net loss of $4 million ($0.03 per diluted share), compared to net income of $1 million in Q4 2025 and $9.6 million in Q1 2025.

• Completions business remained resilient despite weather-related disruptions and lower utilization, generating sustainable free cash flow.

• PROPWR business scaled rapidly, supported by a strategic framework agreement with Caterpillar for up to 2.1 GW of power generation capacity, positioning for 2.6 GW by 2031.

• Major contract wins and advanced negotiations for 100 MW in oil and gas microgrid projects and several hundred MW in data center opportunities.

• Raised $163.4 million in a public equity offering in January 2026 to fund power generation growth.

Financial highlights

• Adjusted EBITDA was $36 million (13% of revenue), down 29% sequentially and 49.9% year-over-year.

• Net cash from operations was $3 million, down from $81 million in Q4 2025, due to lower EBITDA and working capital headwinds.

• Capital expenditures paid were $43 million; incurred CapEx was $85 million, with $71 million for PROPWR orders.

• Cash and cash equivalents at quarter-end were $157 million; total liquidity was $289 million, including $132 million of available borrowing capacity.

• Interest expense rose 54% to $2.7 million, reflecting higher equipment financing.

Outlook and guidance

• Full-year 2026 capital expenditures guidance raised to $540–$610 million, with $140–$160 million for completions and $400–$450 million for PROPWR.

• Expect to operate 12 fleets in Q2 2026, up from 11 in Q1, with all next-gen natural gas fleets sold out.

• PROPWR expected to deliver positive earnings in H2 2026 as deployments scale and to secure additional contracts, especially in data centers and industrial sectors.

• Company may exercise buyout options on leased electric fleets to reduce lease expense and enhance flexibility.