Flotek Industries Targets $20B Market as Data Analytics Drives Record Growth

Flotek Industries NYSE: FTK outlined its strategy to expand beyond specialty oilfield chemicals by combining chemistry technologies with real-time data analytics, Chief Executive Officer Ryan Ezell said during an EnerCom presentation. Ezell said the company’s turnaround strategy, introduced in mid-2021, centers on the convergence of advanced chemistry and a data analytics platform using near-infrared technology. The technology can monitor chemical and hydrocarbon characteristics at intervals as short as seconds, supporting operational decisions across oil and gas, power generation, water management, infrastructure, refineries and refined fuels, he said. “The goal” is for Flotek to be viewed not solely as an oil-and-gas specialty chemicals provider, Ezell said, but as an industrial platform supported by recurring-revenue contracts and higher-margin services.

Flotek reported what Ezell described as its strongest revenue quarter in more than a decade during the second quarter of 2026, with revenue approaching $100 million. He said revenue rose 70% year over year, gross profit increased 65%, net income rose 463% and adjusted EBITDA increased 109% compared with the same quarter a year earlier. The company’s real-time data analytics business accounted for more than 51% of gross profit during the period, according to Ezell. He said the division recorded a quarterly record in the second quarter, with results up 85% from the first quarter, which had been the prior record. Flotek has grown its recurring-revenue backlog from zero in 2021 to more than $500 million, Ezell said. He added that the company’s updated guidance midpoint represented increases of 49% for revenue and 45% for adjusted EBITDA compared with 2025 actual results, excluding recently announced power-related contracts. Flotek said its addressable market has expanded from about $2 billion in 2021 to nearly $20 billion. Ezell said roughly $18 billion of that market is not directly tied to oil-and-gas commodity prices. The company said its data analytics segment has a gross-profit profile above 75%, compared with chemistry margins generally in the mid- to upper-20% range.

Flotek’s chemistry segment continued to grow despite a decline in average frac fleet counts, Ezell said. Domestic chemistry revenue rose 43% year over year, while international growth increased nearly 172%, driven by work in Saudi Arabia, Argentina and Abu Dhabi. In Saudi Arabia, Flotek now supplies 100% of hydraulic fracturing fluids for Saudi Aramco’s Jafurah field, according to Ezell. He said the company expects frac crews in the field to grow by 50% by December.