Flotek Industries Inc (FTK) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen and welcome to Flotek Industries fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions)

各位女士、各位先生，早安，歡迎參加 Flotek Industries 2025 年第四季暨全年財報電話會議。(接線員指示)

I would now like to turn the conference call over to Mike Critelli, Director of Finance and Investor Relations. Please go ahead.

現在我想把電話會議交給財務與投資人關係總監 Mike Critelli。請開始。

Thank you, and good morning. We're thrilled to have you with us for Flotek's fourth-quarter and full-year 2025 earnings conference call. Today, I'm joined by Ryan Ezell, Chief Executive Officer; and Bond Clement, Chief Financial Officer. We'll begin with prepared remarks on our operations and financial performance followed by Q&A.

謝謝，各位早安。我們很高興各位參與 Flotek 2025 年第四季暨全年財報電話會議。今天與我一同出席的有執行長 Ryan Ezell，以及財務長 Bond Clement。我們將先就營運與財務表現發表準備好的談話，接著進行問答。

Yesterday, we released our Q4 and full year 2025 results, along with an updated investor presentation, both available on the Investor Relations section of our website. This call is being webcast with a replay available shortly after.

昨天，我們已發布 2025 年第四季與全年業績，以及更新後的投資人簡報，兩者皆可於我們網站的投資人關係專區取得。本次電話會議將以網路直播方式進行，並將於稍後提供重播。

Please note that the comments made on today's call may include forward-looking statements, which include our projections or expectations for future events. Forward-looking statements are subject to a number of risks and uncertainties many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from those projected in forward-looking statements.

請注意，今天電話會議中的評論可能包含前瞻性陳述，其中包括我們對未來事件的預測或期望。前瞻性陳述受多項風險與不確定性影響，其中許多超出我們的控制範圍。這些風險與不確定性可能導致實際結果與前瞻性陳述中所預測者出現重大差異。

We advise listeners to review our earnings release and most recent 10-K and 10-Q filings for a more complete description of risk factors that could cause actual results to materially differ from those projected in forward-looking statements. Please refer to the reconciliations provided in the earnings press release and investor presentation as management will be discussing non-GAAP metrics on this call.

我們建議聽眾查閱我們的財報新聞稿以及最新的 10-K 與 10-Q 申報文件，以更完整了解可能導致實際結果與前瞻性陳述所預測者出現重大差異的風險因素。由於管理層將在本次電話會議中討論非 GAAP 指標，請參閱財報新聞稿與投資人簡報中提供的調節表。

With that, I will turn the call over to our CEO, Ryan Ezell.

接下來，我將把電話會議交給我們的執行長 Ryan Ezell。

Thank you, Mike. Good morning, everyone. We appreciate your interest in Flotek and your participation today as we review our Q4 and full year 2025 operational and financial results. In the fourth quarter, we saw North American operators maintain the cautious posture initiated in the second quarter as they continue to navigate the return of OPEC Plus fare capacity and persistent global and trade volatility.

謝謝你，Mike。各位早安。感謝各位對 Flotek 的關注並參與今天的會議，我們將回顧 2025 年第四季與全年營運及財務結果。在第四季，我們看到北美營運商延續第二季開始的審慎態度，因其持續因應 OPEC+ 閒置產能回歸，以及持續的全球與貿易波動。

Despite the dynamic geopolitical and macroeconomic challenges that have injected uncertainty within the market, the Flotek team remains steadfast in the execution of our corporate strategy, driving transformation, and delivering our third consecutive year of significant gross profit and adjusted EBITDA improvement.

儘管多變的地緣政治與總體經濟挑戰為市場注入不確定性，Flotek 團隊仍堅定執行公司策略，推動轉型，並連續第三年實現顯著的毛利與調整後 EBITDA 改善。

Through the powerful convergence of innovative, real-time data and chemistry solutions, as shown on slide 3, Flotek has laid the foundation for a data-driven growth trajectory built on diverse recurring revenue, high-margin services and proprietary technologies that create value for our customers and improve returns for our shareholders.

透過創新、即時數據與化學解決方案的強力匯聚（如投影片 3 所示），Flotek 已奠定以數據驅動的成長軌跡基礎，建立在多元的經常性收入、高毛利服務與專有技術之上，為客戶創造價值並提升股東報酬。

Transitioning to slide 4, Flotek extended its track record of transforming the company into a data-as-a-service business model as our industrial pivot continues to gain momentum while expanding the total addressable market for future growth of the company.

轉到投影片 4，隨著我們的工業轉型持續加速並擴大公司未來成長的可服務市場總量（TAM），Flotek 延續其將公司轉型為「數據即服務」商業模式的良好紀錄。

Furthermore, we delivered standout performance throughout 2025, resulting in increased market share in both of our complementary business segments. Data Analytics grew exponentially, while Chemistry outpaced the market in a challenging environment through an unwavering commitment to safety, service quality, innovation and total value creation.

此外，我們在 2025 年全年交出亮眼表現，使我們在兩個互補的業務部門皆提升市占率。數據分析業務呈指數型成長；而化學業務在充滿挑戰的環境中，憑藉對安全、服務品質、創新與整體價值創造的堅定承諾，表現優於市場。

With that, I'd like to touch on some key highlights for the quarter referenced on slide 7 that Bond will discuss later in the call. Q4 and full year 2025 saw the highest quarterly and annual revenues since 2017. Data Analytics segment achieved its highest ever quarterly and annual revenue in company history.

接下來，我想先提及投影片 7 所列的本季幾項重點亮點，Bond 稍後會在電話會議中進一步說明。2025 年第四季與全年創下自 2017 年以來最高的單季與年度營收。數據分析部門亦創下公司史上最高的單季與年度營收。

Our gross profit climbed 24% versus the fourth quarter of 2024 and 52% as compared to full year 2024. The Data Analytics gross profit accounted for 48% of the total company gross profit during the fourth quarter of 2025 as compared to only 8% in the quarter a year ago.

我們的毛利較 2024 年第四季成長 24%，較 2024 年全年成長 52%。2025 年第四季數據分析的毛利占公司總毛利的 48%，而一年前同季僅為 8%。

Adjusted EBITDA grew over 123% year over year, while 2025 net income improved 191%. Finally, we completed the onboarding of our PWRtek assets and the strategic entry into Power services in 2025. This sets the stage for high-margin recurring revenue growth in 2026 and beyond.

調整後 EBITDA 年增超過 123%，而 2025 年淨利改善 191%。最後，我們在 2025 年完成 PWRtek 資產的導入，以及策略性切入電力服務領域。這為 2026 年及之後的高毛利經常性收入成長奠定基礎。

All of these results were achieved with zero lost time incidents in the field of operations with our Prescriptive Chemistry Management and Raceland NTI team surpassing over 10 years without a lost time incident. I want to thank all of our employees for their hard work and commitment to safety and service quality in achieving these outstanding results.

所有這些成果，都是在現場作業零失能工時事故（LTI）的情況下達成；其中我們的 Prescriptive Chemistry Management 與 Raceland NTI 團隊更已連續超過 10 年無失能工時事故。我要感謝所有員工的辛勤付出，以及對安全與服務品質的承諾，讓我們得以取得這些卓越成果。

Now turning to the larger picture for the energy and infrastructure sector. We share the viewpoint that despite the near-term volatility and uncertainty created by the ongoing conflicts in the Middle East, the fundamentals for hydrocarbon demand will continue to grow over the medium to long term, a rebalance of supply and demand is expected due to the combination of steeper decline rates from large percentages of unconventionals, diminishing overall reservoir quality and minimal exploration success will create potential tailwinds for energy and infrastructure services.

現在把視角拉大，談談能源與基礎建設產業的整體情勢。我們認同這樣的觀點：儘管中東持續衝突帶來短期波動與不確定性，但中長期碳氫化合物需求的基本面仍將持續成長；由於非常規資源占比高導致遞減率更陡、整體儲層品質下降，以及勘探成功有限等因素的組合，預期供需將重新平衡，並可能為能源與基礎建設服務帶來順風。

Substantial investment will be required to maintain current production levels while additional spending would be needed to meet the expanding power demand driven by AI, data centers and industrial reshoring combined with the reliability issues of an aging transmission infrastructure. Our legacy pressure pumping customers continue to capitalize on the portfolio diversification opportunity provided by the demand for remote power generation.

為維持目前產量水準，將需要大量投資；同時，為滿足由 AI、資料中心與製造業回流所帶動的電力需求擴張，以及老化輸電基礎設施的可靠度問題，亦需要額外支出。我們的傳統壓裂泵送客戶持續把握遠端發電需求所帶來的投資組合多元化機會。

Flotek is poised to support these emerging customers with products and services that help protect their assets while optimizing their operational performance and fuel efficiency. With multiyear waiting list for turbines and reciprocating engines, protecting these capital-intensive investments is critical, along with enabling reliability standards that exceed greater than 99% uptime requirements.

Flotek 已準備好以產品與服務支援這些新興客戶，協助其保護資產，同時最佳化營運績效與燃料效率。在渦輪機與往復式引擎存在多年等待名單的情況下，保護這些資本密集型投資至關重要，同時也必須達成超過 99% 正常運轉時間（uptime）要求的可靠度標準。

And transitioning from the micro book, let's dive into the details, starting with slide 11 of the earnings deck. I want to spotlight the remarkable progress in our data analytics segment which saw service revenues increased 381% in Q4 2025 versus Q4 2024, elevating gross profit to 73% in Q4 2020 and versus only 39% in the same quarter a year ago. This transformational growth in data-driven service revenue is empowered by three upstream technology applications, power services, digital valuation and flare monitoring.

從宏觀回到細節，讓我們從財報簡報的投影片 11 開始深入說明。我想特別強調我們數據分析部門的顯著進展：2025 年第四季的服務營收較 2024 年第四季成長 381%，並使毛利率在 2025 年第四季提升至 73%，而一年前同季僅為 39%。這種以數據驅動的服務營收之轉型式成長，來自三項上游技術應用：電力服務、數位估值與放空燃燒（flare）監測。

All of which are fueling significant advancements for our organization while generating recurring revenue backlog. The first is our power services, which has evolved from a novel analytical approach into a transformative solution for the energy infrastructure sector that we call PWRtek. What began as advanced analytics has grown into a comprehensive end-to-end fuel management platform, redefining performance standards and operations within the sector.

這些應用皆正推動我們組織的重大進展，同時創造經常性收入的在手訂單（backlog）。第一項是我們的電力服務，已從一種新穎的分析方法演進為能源基礎建設領域的變革性解決方案，我們稱之為 PWRtek。最初的先進分析已成長為完整的端到端燃料管理平台，重新定義該產業的績效標準與營運方式。

Looking at slide 13. At the heart of PWRtek is our Verax analyzer, which goes beyond data collection to deliver custody transfer grade measurements, it provides precise BTU, methane number and volume reporting for royalties, invoicing and performance guarantees. Complementing this, our patented conditioning and distribution trailers actively remove liquids and contaminants conditioning high BTU hydrocarbon fees to meet exact turbine engine or specifications. But PWRtek is more than just a technology.

請看投影片 13。PWRtek 的核心是我們的 Verax 分析儀，其不僅止於資料蒐集，還能提供符合交接計量（custody transfer）等級的量測；可針對權利金、開立發票與績效保證，提供精準的 BTU、甲烷數（methane number）與體積報告。此外，我們具專利的調理與分配拖車可主動去除液體與污染物，將高 BTU 的碳氫化合物氣體進行調理，以符合特定渦輪引擎或其他規格要求。但 PWRtek 不僅僅是一項技術。

It's about control. Our cloud-based portal enables the monitoring of live BTU trends, H2S alerts, Coriolis flow meter readings and automated CNG blend controls, combined with custom alarm thresholds to automatically isolate Alspec hydrocarbon fees and (inaudible) turbines or reciprocating engines from catastrophic damage, thus minimizing downtime and operational risk while enhancing safety.

這關乎控制。我們的雲端入口網站可監測即時 BTU 趨勢、H2S 警示、科里奧利流量計讀值與自動化 CNG 混配控制，並結合可自訂的警報門檻，以自動隔離 Alspec 碳氫化合物費用及（聽不清）渦輪機或往復式引擎，避免災難性損壞，從而將停機時間與營運風險降至最低，同時提升安全性。

More importantly, our velocity of measurement enables direct communication to the OEM engine to automatically adjust engine operation parameters and optimize engine performance. We don't believe there is another analyzer technology capable of executing at this level of real-time automation to date.

更重要的是，我們的量測速度使我們能與 OEM 引擎直接通訊，自動調整引擎運轉參數並最佳化引擎效能。我們不認為迄今有任何其他分析儀技術能在即時自動化方面達到此等水準。

Finally, our 35-plus data analytics patents position Flotek as a leader across the natural gas value chain. When considering our capabilities, we deliver unmatched monitoring, control and safety for field gas operations. On March 3, 2026, Flotek announced its first contract within the utilities infrastructure sector seen slide 14, leveraging our proprietary PWRtek platform Flotek will partner with leading distributed power service providers to coordinate the installation of up to 50 megawatts of state-of-the-art power generation equipment, including advanced gas distribution and smart conditioning systems to support critical federal disaster recovery initiatives.

最後，我們超過 35 項資料分析專利使 Flotek 在天然氣價值鏈中居於領先地位。綜合我們的能力，我們為現場天然氣作業提供無與倫比的監測、控制與安全性。2026 年 3 月 3 日，Flotek 宣布其在公用事業基礎設施領域的首份合約（見投影片 14）。藉由我們專有的 PWRtek 平台，Flotek 將與領先的分散式電力服務供應商合作，協調安裝最多 50 兆瓦的最先進發電設備，包括先進的燃氣分配與智慧調理系統，以支援關鍵的聯邦災後復原計畫。

The impacted area was struck by destructive wind event, which caused significant damage to local power infrastructure. This deployment harnesses real-time data analytics for unparalleled efficiency, ensuring resilient power that drives the community recovery forward.

受影響地區遭遇破壞性的強風事件，對當地電力基礎設施造成重大損害。此部署運用即時資料分析以達到無與倫比的效率，確保具韌性的電力供應，推動社區復原向前。

Under the contract, Flotek will supply and mobilize cutting-edge, smart conditioning skids and advanced gas distribution equipment alongside natural gas power gen sets. The gas distribution skill provides independent fuel control to each genset, allowing seamless maintenance without interrupting the power flow and guaranteeing uptime, even in the harshest conditions. This week, we have boots on the ground of valuating the site solution and continue to work with engineers and customers to determine the site design, exact power demand and full deployment schedule.

依據合約，Flotek 將供應並動員尖端的智慧調理撬裝設備與先進燃氣分配設備，並搭配天然氣發電機組。燃氣分配撬裝設備可對每一台發電機組提供獨立燃料控制，使維護作業可無縫進行而不致中斷供電，並在最嚴苛的條件下仍能確保正常運轉時間。本週，我們已派員到現場評估場址解決方案，並持續與工程師及客戶合作，以確定場址設計、確切用電需求與完整部署時程。

Now let's transition to slide 15, where we'll dive into our second upstream application, digital valuation. This groundbreaking use case sets a new standard in the oil and gas industry, delivering unprecedented transparency and minimizing enterprise risk for producing wells like never before, through real-time digital (inaudible) of the custody transfer process.

現在讓我們轉到投影片 15，深入介紹我們第二項上游應用：數位估值。這個突破性的使用案例透過對交接計量（custody transfer）流程的即時數位（聽不清），為油氣產業樹立新標準，帶來前所未有的透明度，並以前所未有的方式將生產井的企業風險降至最低。

By monitoring hydrocarbon quality and composition in real time, we have unlocked a new market for the industry and for Flotek. On October 29, 2025, Flotek reported a historic milestone in natural gas measurement. The expect spectrometer became the first optical instrument to achieve the stringent reproducibility and repeatability requirements of the oil and gas industry standard for custody transfer GPA-2172.

透過即時監測碳氫化合物品質與組成，我們為產業與 Flotek 開啟了新市場。2025 年 10 月 29 日，Flotek 在天然氣量測方面達成歷史性里程碑。XSPCT 光譜儀成為首個光學儀器，達到油氣產業交接計量標準 GPA-2172 對再現性與重複性的嚴格要求。

The XSPCT measurement unit is designed to enable more accurate volume and composition of data thereby delivering greater transparency for royalty owners, operators and midstream companies than traditional methods. We believe the expect speed, accuracy, durability and qualification under the rigorous measurement standards outlined in GPA 2172 will provide a significant advantage in discussions with prospective customers as we aggressively expand its manufacturing field deployment.

XSPCT 量測單元旨在提供更精準的體積與組成數據，因而相較於傳統方法，為權利金所有人、營運商與中游公司帶來更高透明度。我們相信，XSPCT 的速度、精準度、耐用性，以及在 GPA 2172 所列嚴格量測標準下的資格認證，將在我們積極擴大製造與現場部署時，於與潛在客戶的洽談中提供顯著優勢。

Since completing our XSPCT pilot program in third quarter 2025, we exited the year with over $120,000 per month in recurring high-margin revenue. Furthermore, 2026 is off to a great start with multiple opportunities on the horizon, each of which can more than double our deployed active expect units.

自 2025 年第三季完成 XSPCT 試點計畫以來，我們在年底時已達到每月超過 12 萬美元的高毛利經常性收入。此外，2026 年開局良好，前方有多個機會，每一項都可能使我們已部署且在運行的 XSPCT 單元數量增加一倍以上。

Let's move to our third upstream application, the VeraCal Flare monitoring solution. We continue to experience strong operational demand in the fourth quarter of 2025 with total flare monitoring revenue for the full year exceeding $2 million. As we proactively navigate the evolving regulatory landscape, particularly the EPAs flare monitoring and methane emission standards, we are deepening strategic partnerships with leading operators and flare technology developers.

接著看我們第三項上游應用：VeraCal 火炬監測解決方案。我們在 2025 年第四季持續感受到強勁的營運需求，全年火炬監測營收超過 200 萬美元。在我們主動因應不斷演變的監管環境之際，特別是美國環保署（EPA）的火炬監測與甲烷排放標準，我們正加深與領先營運商及火炬技術開發商的策略夥伴關係。

This collaborative approach not only assures seamless compliance but also deliver substantial operational efficiencies and meaningful methane reductions and enhanced environmental performance for our clients. It's clear that our transformational strategy to grow the data analytics segment through upstream applications is gaining traction.

此一協作方式不僅確保順暢合規，也為客戶帶來可觀的營運效率、實質的甲烷減量，以及更佳的環境績效。很明顯，我們透過上游應用來成長資料分析事業的轉型策略正逐步取得動能。

We increased our upstream revenues from $2.1 million in 2024 to over $21 million in 2025 with gross profit expanding from $1.2 million in 2024 and to $18.4 million in 2025. But what is most important is what it means for our stakeholders and investors.

我們的上游營收由 2024 年的 210 萬美元提升至 2025 年超過 2,100 萬美元，毛利亦由 2024 年的 120 萬美元擴大至 2025 年的 1,840 萬美元。但最重要的是，這對我們的利害關係人與投資人意味著什麼。

Our DASH driven strategy ensures predictable recurring revenue and cash flow, delivering stability and long-term value. Our proprietary data technologies and superior measurement accuracy enable velocity and decision control and establish a high barrier to entry, secure client loyalty and support our value-based service model.

我們以 DASH 驅動的策略確保可預測的經常性收入與現金流，帶來穩定性與長期價值。我們專有的資料技術與卓越的量測精準度，提升速度與決策控制，並建立高進入門檻、鞏固客戶忠誠度，支撐我們以價值為基礎的服務模式。

Finally, long-term high-margin subscriptions position Flotek for sustained growth and margin expansion driving significant shareholder value over time. Now lastly, looking at our Chemistry Technologies segment continues to deliver robust performance, driven by the differentiation of our Prescriptive Chemistry Management services and our expanding international presence.

最後，長期高毛利的訂閱模式使 Flotek 得以維持成長並擴大毛利率，隨時間推進為股東創造顯著價值。最後，回到我們的化學技術事業部，該部門持續展現強勁表現，動能來自我們「處方式化學管理」（Prescriptive Chemistry Management）服務的差異化，以及我們不斷擴大的國際布局。

Slide 18 highlights the resilient performance of our Chemistry segments, which delivered a 25% increase in total revenue for full year 2025 compared to 2024, excluding OSP payment. Despite a 24% decline in the average North American frac we count over the same period from 201 at year-end 2024 to 154 at year-end 2025 according to primary vision data.

投影片 18 強調我們化學事業部的韌性表現：2025 全年總營收較 2024 年成長 25%（不含 OSP 付款）。儘管同期間北美平均壓裂（frac）井隊數依 Primary Vision 數據下滑 24%，由 2024 年底的 201 降至 2025 年底的 154。

While we anticipate potential near-term commodity price volatility, we see encouraging indicators for cautious optimism in the back half of 2026 and beyond, and we continue to closely monitor operational and supply chain risk for our international operations amid the ongoing conflicts in the Eastern Hemisphere.

雖然我們預期短期內大宗商品價格可能波動，但我們看到 2026 年下半年及其後仍有令人鼓舞的指標，足以保持審慎樂觀；同時，鑑於東半球持續的衝突，我們也持續密切監控國際營運的作業與供應鏈風險。

It is evident that our Chemistry team has executed our strategy flawlessly despite the near- to medium-term headwinds. While uncertainties around near-term activity levels persist due to macro factors, that could affect the completion chemistry market, we remain focused on defining these challenges, delivering differentiated chemistry and data services to provide our customers with industry-leading returns on their investment.

顯而易見，儘管面臨短至中期逆風，我們的化學團隊仍完美執行了策略。雖然宏觀因素導致近期活動水準的不確定性仍在，可能影響完井化學品市場，但我們仍專注於界定這些挑戰，並提供具差異化的化學與資料服務，協助客戶取得業界領先的投資報酬。

Looking ahead, I am more confident than ever in Flotek's momentum in our ability to drive sustained profitable growth as we execute our transformative corporate strategy. We are firmly positioning Flotek as a high-growth technology leader in the energy and infrastructure sectors, accelerating innovation through the powerful integration of real-time data analytics and advanced chemistry solutions tailored precisely to our customers' evolving needs.

展望未來，隨著我們執行轉型性的公司策略，我對 Flotek 的動能與我們推動持續獲利成長的能力比以往更有信心。我們正堅定地將 Flotek 定位為能源與基礎設施領域的高成長科技領導者，透過即時資料分析與先進化學解決方案的強大整合加速創新，並精準貼合客戶不斷演變的需求。

Now I'll turn the call over to Bond to provide key financial highlights.

現在我把電話交給 Bond，請他提供關鍵財務重點。

Thanks, Ryan. Good morning, everybody. Our fourth quarter results capped an exceptional year in which we generated meaningful value for our shareholders. As highlighted in yesterday's presentation on slide 7, we achieved several important milestones, including our highest quarterly revenue since 2017, driven in part by the largest quarterly contribution from Pro frac in the more than four-year history of our supply agreement, and the first quarter in which our data analytics segment surpassed $10 million in revenue. The continued expansion of data analytics revenue is translating directly into enhanced profitability.

謝謝，Ryan。各位早安。我們第四季的結果為這個非凡的一年畫下句點；在這一年中，我們為股東創造了具意義的價值。如同昨日簡報投影片 7 所強調的，我們達成數項重要里程碑，包括自 2017 年以來最高的單季營收；其中部分動能來自 Pro frac 在我們供應協議逾四年歷史中最大的單季貢獻，以及我們資料分析事業部營收首次在單季突破 1,000 萬美元。資料分析營收的持續擴張正直接轉化為更高的獲利能力。

As Ryan noted, in the fourth quarter, DA accounted for 48% of total company gross profit, a significant increase from just 8% in the prior year period. Two really impressive metrics stand out as highlighted on slide 11. One, our Data Analytics gross profit for 2025 totaled just over $18 million, which represents more than 2 times the growth versus last year's total data analytics revenues. And second, the Data Analytics revenue during the fourth quarter exceeded DA revenue for the entire year of 2024.

如 Ryan 所指出，第四季 DA 佔公司總毛利的 48%，較去年同期僅 8% 大幅提升。如第 11 張投影片所強調，有兩項非常亮眼的指標特別突出。第一，我們 2025 年資料分析（Data Analytics）毛利合計略高於 1,800 萬美元，較去年資料分析全年營收總額成長超過 2 倍。第二，第四季資料分析營收已超過 2024 年全年 DA 營收。

Both of these metrics highlight the exceptional growth that we realized in 2025 from our DA segment. Regarding total company revenues during the quarter, they were up 33% from the year ago quarter and benefited from a $22 million or approximately 80% increase in related party revenue as compared to the fourth quarter of last year.

這兩項指標都凸顯我們在 2025 年 DA 部門所實現的卓越成長。就本季公司整體營收而言，較去年同期成長 33%，並受惠於關係人營收較去年第四季增加 2,200 萬美元（約 80%）。

Approximately $15 million of the Pro frac revenue increase was chemistry-related, while $6.7 million was associated with the PWRtek lease agreement. External customer chemistry revenue declined 30% from the year ago quarter due in large part to slowing activity levels in November and December. However, external Chemistry revenues were still up an outstanding 26% for the full year versus 2024 despite the numerous headwinds in the upstream completion markets that Ryan touched upon earlier.

Pro frac 營收增量中約 1,500 萬美元與化學品相關，另有 670 萬美元與 PWRtek 租賃協議相關。由於 11 月與 12 月活動水準放緩，外部客戶化學品營收較去年同期下滑 30%。然而，儘管上游完井市場面臨 Ryan 先前提到的諸多逆風，外部化學品營收在 2025 全年相較 2024 仍大幅成長 26%。

Data Analytics had another solid quarter with product revenue and service revenue up significantly from the year ago driving the segment's highest quarterly and annual revenue ever. Data Analytics segment revenue represented 15% of total company revenue in the fourth quarter, up from just 5% in the year ago quarter.

資料分析本季再度表現穩健，產品營收與服務營收較去年同期大幅成長，帶動該部門創下史上最高的單季與年度營收。第四季資料分析部門營收佔公司總營收的 15%，高於去年同期的 5%。

PWRtek revenues totaled $15.8 million during 2025. And as shown on slide 11, since closing the PWRtek acquisition in the second quarter, these assets have been a clear catalyst for margin and profitability expansion, driving improvements not only within the DA segment, but also at the corporate level.

PWRtek 於 2025 年營收合計 1,580 萬美元。如第 11 張投影片所示，自第二季完成 PWRtek 收購以來，這些資產已明顯成為推動毛利率與獲利能力擴張的催化劑，不僅帶動 DA 部門改善，也提升公司整體表現。

As a reminder, based on the contractual terms of the lease agreement, PWRtek revenues in 2026 are expected to be north of $27 million or an approximate 70% increase from 2025. So we continue to expect these assets to be a significant contributor to our 2026 results. Gross profit increased 24% and 52%, respectively, as compared to the year ago quarter and fiscal year.

提醒一下，依租賃協議的合約條款，預期 2026 年 PWRtek 營收將超過 2,700 萬美元，較 2025 年約成長 70%。因此，我們仍預期這些資產將對 2026 年業績作出重大貢獻。毛利分別較去年同期季度與會計年度增加 24% 與 52%。

Fourth quarter gross profit as a percentage of revenue totaled 22.5% and was impacted by a combination of product mix as well as the approximate $5 million sequential reduction related to the shortfall penalty, which is a byproduct of the huge quarter of revenue we achieved with Pro frac.

第四季毛利率為 22.5%，受產品組合影響，並受到與短缺罰款（shortfall penalty）相關的約 500 萬美元季對季減少所影響；該罰款是我們與 Pro frac 達成龐大單季營收的副產品。

SG&A expenses increased compared to the fourth quarter of last year, primarily reflecting higher personnel costs, including stock compensation as well as elevated professional fees, a portion of which relate to the company's first time integrated audit requirements. Importantly, as revenue scale, G&A declined to 11% of revenue from 13% in the prior year quarter, demonstrating improving operating leverage and the efficiency of our cost structure as the business grows.

SG&A 費用較去年第四季增加，主要反映人員成本上升（含股票酬勞），以及專業費用提高，其中一部分與公司首次整合審計（integrated audit）要求相關。重要的是，隨著營收規模擴大，G&A 佔營收比重由去年同期的 13% 降至 11%，顯示營運槓桿改善，以及業務成長下成本結構效率提升。

Net income for the quarter totaled $3 million or $0.08 per diluted share compared to $4.4 million or $0.14 per diluted share in the prior year quarter. It's worth pointing out that the current quarter net income and diluted earnings per share as compared to the year ago quarter, were impacted by higher depreciation and interest costs, which are primarily related to the PWRtek acquisition as well as higher effective tax rate driven by noncash adjustments related to the company's valuation allowance on deferred tax assets.

本季淨利為 300 萬美元，稀釋後每股盈餘 0.08 美元；去年同期為 440 萬美元，稀釋後每股盈餘 0.14 美元。值得指出的是，本季淨利與稀釋後每股盈餘相較去年同期受到較高折舊與利息成本影響，主要與 PWRtek 收購相關；此外，因公司對遞延所得稅資產估值備抵（valuation allowance）的非現金調整推升有效稅率，也造成影響。

The effective tax rate for the fourth quarter was approximately 35% compared to 7% in the year ago period. We do expect the effective tax rate to normalize closer to 21% going forward, and we do not expect to pay cash taxes over the next few years other than minor amounts related to state income taxes.

第四季有效稅率約為 35%，去年同期為 7%。我們預期未來有效稅率將回歸至接近 21%，且未來幾年除與州所得稅相關的少量金額外，預期不會支付現金所得稅。

Earnings per share for the 2025 period as compared to the year ago periods also included a higher share count as a result of the 6 million share warrants issued in connection with the PWRtek acquisition. Although the warrant has not been exercised, the shares have been included in both basic and diluted share counts since the acquisition closed in the second quarter.

2025 期間的每股盈餘相較去年同期期間亦包含較高的股數，係因 PWRtek 收購案相關而發行的 600 萬股認股權證（warrants）。雖然該認股權證尚未行使，但自第二季收購完成以來，該等股份已納入基本與稀釋加權平均股數計算。

As noted in yesterday's release, as of the end of 2025, we elected to change our calculation of adjusted EBITDA to better align with the SEC's guidance on non-GAAP financial metrics. What this means is that for external reporting purposes, we will no longer add back noncash amortization of contract assets to our adjusted EBITDA. All adjusted EBITDA references in the earnings release reflect the revised computational methodology.

如昨日新聞稿所述，截至 2025 年底，我們選擇變更調整後 EBITDA 的計算方式，以更符合 SEC 對非 GAAP 財務指標的指引。這表示就對外報導而言，我們將不再把合約資產的非現金攤銷加回至調整後 EBITDA。財報新聞稿中所有調整後 EBITDA 的引用皆反映修訂後的計算方法。

The compute adjusted EBITDA consistent with our prior methodology for purposes of comparison to our original adjusted EBITDA guidance, simply add the noncash amortization of contract assets, as disclosed in the press release, to the revised adjusted EBITDA balance as shown. That map suggests that adjusted EBITDA for the fourth quarter of 2025 under our previous methodology was approximately $10.1 million.

若要依我們先前的方法計算調整後 EBITDA，以便與原先的調整後 EBITDA 指引比較，只需將新聞稿揭露的合約資產非現金攤銷，加回至所示的修訂後調整後 EBITDA 餘額。該對照表顯示，依先前方法計算，2025 年第四季調整後 EBITDA 約為 1,010 萬美元。

Using the revised calculation, adjusted EBITDA was up 40% versus the year ago quarter and grew 123% for the full year. using either methodology, we were near the top end of the original or revised methodology guidance range on adjusted EBITDA. Wrapping up my comments, touching briefly on the balance sheet.

依修訂後計算，調整後 EBITDA 較去年同期季度成長 40%，全年成長 123%。無論採用哪一種方法，我們的調整後 EBITDA 皆接近原先或修訂後指引區間的上緣。最後總結我的發言，簡要談一下資產負債表。

We ended the year with $5.7 million in cash and $3.3 million drawn on our ABL. You'll note that total assets increased to just over $220 million at year-end primarily as a result of the release of the valuation allowance, allowing us to reflect our deferred tax assets on the balance sheet.

年底我們持有現金 570 萬美元，並自 ABL 動用 330 萬美元。你會注意到，年底總資產增加至略高於 2.2 億美元，主要因釋放估值備抵，使我們得以在資產負債表上反映遞延所得稅資產。

With that, I'll turn the call back to Ryan for closing remarks.

接下來，我把電話交回 Ryan 作結語。

Thanks, Bond. Our 2025 results build upon our now multiyear track record of consistently posting improved financials as we successfully transformed the organization to enter a new data-driven frontier. Our data analytics segment continues to deliver explosive growth with triple-digit revenue increases expanding recurring revenue streams and a robust multiyear backlog that provides strong visibility into future cash flows and margin expansion.

謝謝你，Bond。我們 2025 年的成果延續了多年來持續交出更佳財務表現的紀錄，因為我們成功轉型組織，進入以數據驅動的新前沿。我們的資料分析部門持續帶來爆發性成長，營收呈現三位數增幅，擴大經常性收入來源，並擁有強勁的多年期在手訂單（backlog），為未來現金流與毛利率擴張提供高度能見度。

Combined with our resilient prescriptive chemistry management services, Flotek's ability to execute strategic wins, advance asset integrations and differentiate on a technology and returns basis will enable further capture of market share and delivery of continued top and bottom line improvement. We remain fully committed to shaping the industry's digitalized, sustainable future while leveraging chemistry as the common value collision platform unlocking higher returns for our customers and generating compelling opportunities for shareholder value creation.

再加上我們具韌性的處方型化學品管理服務，Flotek 在策略性勝利的執行、資產整合推進，以及在技術與報酬基礎上的差異化能力，將使我們能進一步取得市佔率，並持續推動營收與獲利（上、下線）改善。我們仍全力致力於塑造產業數位化、永續的未來，同時以化學品作為共同的價值匯聚平台，為客戶解鎖更高報酬，並創造具吸引力的股東價值提升機會。

With our proven execution, expanding high-margin capabilities and clear pathway to scale growth Flotek is poised for an exciting next phase of value delivery to our investors. Operator, we're now ready to open the floor for questions.

憑藉我們經驗證的執行力、持續擴張的高毛利能力，以及清晰的規模化成長路徑，Flotek 已蓄勢待發，將進入為投資人帶來價值交付的下一個令人振奮階段。接線員，我們現在準備開放提問。

(Operator Instructions) Jeff Gramp, Northland Capital Markets.

(接線員指示) Jeff Gramp，Northland Capital Markets。

I was curious to start on the Power Services side and congrats on the recent contract win there. Outside of that opportunity, can you just touch right on the current pipeline of opportunities that you guys are working through? Just curious at the maturity level of those conversations, what stage we're at and how you're viewing other opportunities potentially going into the fold here for the rest of the year?

我想先從電力服務（Power Services）這一塊開始問起，也恭喜你們最近在那邊拿下合約。除了那個機會之外，你能否直接談談你們目前正在推進的機會管線（pipeline）狀況？我想了解這些洽談的成熟度，大概處於什麼階段，以及你們如何看待今年剩餘時間可能納入的其他機會？

Yeah, Jeff, I'll be glad to provide a little bit of color on that because we're pretty excited about the advancements that may not. I'll refer back to some of the comments I made on our end of quarter, call it, Q3 was -- we set up our PWRtek advancement of our business development units around three major steps. One is proving the validation of the measurement then moving to levels of various control and integration.

好的，Jeff，我很樂意就這點提供一些補充說明，因為我們對相關進展感到相當振奮。我回到我在季度末（就稱作Q3）電話會議上提到的一些評論——我們將PWRtek業務開發單元的推進分成三個主要步驟。第一步是證明量測（measurement）的驗證，接著再往不同層級的控制與整合推進。

And then therefore, the final thing we do is full distribution and conditioning. I'm proud to say that we moved into even new customers successfully on the measurement side with executed POs and successful field trials, and they are moving into longer-term duration contracts and looking at placing our new advanced NGS or Smart skids as well as ESD.

因此，最後一步就是完整的配電與調理（conditioning）。我很自豪地說，我們在量測端已成功拓展到新的客戶，已執行採購訂單（PO）並完成成功的現場試驗，他們也正轉向更長期的合約，並評估導入我們新的先進NGS或Smart skids，以及ESD。

We have right now ongoing about six different operations in the field on top of our most recent announcement on the industrialized infrastructure component for utilities.

目前我們在現場同時進行大約六個不同的作業，此外還包括我們最近公告的、面向公用事業（utilities）的工業化基礎設施（industrialized infrastructure）組件。

So it's going really, really well. We've also begun -- we've brought forward what we're looking at our capital spend at building a new pieces of equipment to go out to location. And so from that standpoint, I think we're still on track to hit that run rate of doubling the size of the fleet by the end of the year, if not maybe a little bit sooner on those opportunities.

所以進展非常、非常順利。我們也已開始——我們已提前規劃資本支出，用於打造新的設備以部署到現場。因此從這個角度來看，我認為我們仍按計畫在年底前達成將機隊（fleet）規模翻倍的運行速率（run rate），甚至可能在這些機會帶動下更早達成。

And I think that -- I think the unique capabilities of our technology in some of these harsh conditions is opening up some unique pathways for us to hit some of these really stranded disaster release power locations. And that's been -- it's been an interesting opportunity for us to unlock here at Flotek.

而且我認為——我們技術在某些嚴苛環境下的獨特能力，正在為我們打開一些獨特的路徑，讓我們能切入一些真正偏遠、在災害後電力釋放/供電受限的地點。這對我們在Flotek而言，是一個很有意思、也正在被解鎖的機會。

Great. I appreciate that. And on a related question, what the business model or contract approach, if you will, on this utility infrastructure deal? Do you guys view that as a one-off specific to this customer need? Or is that something you guys view as more repeatable for some of the other opportunities that you're discussing with customers?

很好。謝謝你的說明。再問一個相關問題：關於這個公用事業基礎設施交易，你們的商業模式或合約方式（contract approach）是怎麼設計的？你們認為這是一次性的、針對該客戶特定需求的案子？還是你們認為這種模式更具可複製性，可用於你們正在與其他客戶討論的機會？

No, I believe it's 100% repeatable, Jeff. I think that where our wheelhouse of strength is, is the monitoring, conditioning and the setting up of the power generation equipment to be not only successful, but operate safely. And the fact that we can do this as some of the harshest conditions on the planet for field gas no matter isolation or how we look at it with the field gas is that this allows us to work with some of the larger suppliers of power to pull them through and jointly with what we do and work alongside of them. Everybody needs power. So I think there's going to be a multitude of opportunities very similar to this.

不，我相信這是100%可複製的，Jeff。我認為我們的強項領域在於監測（monitoring）、調理（conditioning），以及把發電設備建置到不僅能成功運作、而且能安全運行。而且我們能在地球上一些最嚴苛的條件下做到這點——不論是現場氣（field gas）的隔離程度或我們如何看待現場氣——這讓我們能與一些大型電力供應商合作，把他們帶進來，並與我們的工作共同推進、並肩作業。每個人都需要電力。所以我認為會有大量與此非常相似的機會。

And we're hoping that the development of working with some additional power providers opens up some additional opportunities for us inside the data center and some of the more established infrastructure components around AI. And right now, I would say that the horizon looks that direction. It's worked to our liking so far, and we hope to have some more exciting updates on that as it progresses throughout Q1.

我們也希望，與更多電力供應商合作的發展，能為我們在資料中心以及一些與AI相關、較成熟的基礎設施組件中，打開更多機會。而目前我會說，前景正朝那個方向發展。到目前為止進展符合我們的期待，我們也希望在Q1推進過程中，能有更多令人振奮的更新。

Rob Brown, Lake Street Capital Markets.

Rob Brown，Lake Street Capital Markets。

Congratulations on all the progress. On the power services contract or the PWRtek contract, could you clarify how that contract works? I think you said initial six-month term and then options beyond that. And I think you quoted a $1 million per megawatt, but just a sense of how that revenue flows and the timing of how you expect that to flow in.

恭喜你們取得各項進展。關於電力服務合約或PWRtek合約，你能否釐清一下這份合約的運作方式？我記得你提到初始為六個月期限，之後還有延伸選項。另外我也記得你提到每兆瓦（megawatt）約100萬美元，但我想了解收入如何認列/流入，以及你們預期流入的時間點。

Yeah. So I'll tell you, we're going to be probably rise of continuous updates on this. There's like a lot of these remote power gen processes -- we're looking at it a little bit on a conservative ramp. Our team has been on location all week. We are expecting to start to see this revenue probably in the starting parts to the middle part which would be initial mobilization is set up.

好的。我先說，我們可能會持續就此提供更新。這類遠端發電（remote power gen）流程——我們在爬坡（ramp）上會採取較保守的方式來看待。我們團隊整週都在現場。我們預期大概在初期到中段開始看到這部分收入，屆時會先進行初始動員（mobilization）與建置。

It will probably -- the power will probably be split over two locations. One is providing power to the current community and this infrastructure as some of the services there, particularly like the hospitals and things. And then there's a secondary location that will be powering additional housing that will be built to recover from what was destroyed come in, I think, two phases. But I think for us, we expect most -- some of that to start mobilization pieces and I'll go here in Q2 and start to build throughout the year.

電力供應可能會分在兩個地點。其中一處是為現有社區及其基礎設施提供電力，包含一些服務，特別是像醫院之類的單位。另一處則會為額外住宅供電，這些住宅將為了災後重建而興建，我認為會分兩個階段進行。但就我們而言，我們預期其中大部分會在Q2開始進入動員相關工作，並在全年逐步擴大。

It does appear that on our initial onset is that I think this will have a high probability of progressing past the six months just for the sheer factor. It will take longer than that to build the temporary structures of houses, plus they're looking at a full installation of an additional power plant at the end. So we're expecting this to get extended and be a good contract win for us.

從我們初步判斷來看，這份合約很有可能在六個月後繼續延長，原因很單純。興建臨時住宅結構所需時間會超過六個月，而且他們最終還計畫在後期完成額外電廠的完整安裝。因此我們預期這會被延長，並成為我們一筆不錯的合約斬獲。

And the unique model is that we were initially approached because of our unique capability in terms of conditioning any types or variable types of gas so that they can provide a safe fuel source for operational gen sets. And I think that allowed us to help go out and work with finding these power providers to bring and pull through.

而這個獨特的模式在於，他們最初找上我們，是因為我們在調理各種或可變型態氣體方面具備獨特能力，能讓其成為發電機組（gen sets）安全可用的燃料來源。我認為這也讓我們能協助外出尋找並與這些電力供應商合作，把他們帶進來並推動落地。

So I think we'll see some similar model opportunities in these disaster relief components. I don't know how much that model works when we look at data centers because either those the big megawatt type of installations. But for these remote areas, it's a favorable business model for us to help work with the power providers on doing that. The other side, we'd just be on a pure conditioning aspect.

所以我認為在這些災害救援（disaster relief）相關組件上，我們會看到一些類似模式的機會。至於資料中心，我不確定這種模式能運作到什麼程度，因為那通常是大型兆瓦等級的建置。但對於這些偏遠地區而言，這對我們是有利的商業模式，能協助與電力供應商合作完成相關工作。另一種情況下，我們就會是純粹提供調理（conditioning）服務。

Okay. Okay. Got it. And then just to clarify, I think you said power type contract that you had was $27 million in revenue. Did that include some of this new award? Or would that be a new award be incremental to that?

好的。好的。了解。再確認一下，我記得你說你們的電力類型合約收入是2,700萬美元。那是否包含這次新的得標？還是這個新得標會是在那之上的增量？

Yeah, the new award is incremental. That is the -- just the original work that we have on a dry lease program for five years, $27 million annual on those, plus an extension in year six at a market rate. The new industrial or should I say, utility services contract is completely at on top of that.

是的，新的得標是增量。那2,700萬美元是——我們原先在乾租（dry lease）方案下、為期五年的原始工作，每年2,700萬美元，另外第六年還有按市場價格（market rate）的延長。新的工業——或者我應該說，公用事業服務合約——是完全在那之上額外增加的。

Gerry Sweeney, ROTH Capital.

Gerry Sweeney，ROTH Capital。

I wanted to touch upon an area that I think you mentioned in your prepared remarks. Just you're doing your systems to communicate directly with the engines. And I think it offers a unique ability to improve engine flow, efficiency, life of the engine. Can you -- and I think you're working with some important engine and turbine manufacturers. Can you go into a little bit more detail what's happening on that front and how that opportunity could have emerged a little bit further in '26 and '27.

我想談一下我認為你在事先準備的發言中提到的一個領域。就是你們正在建置系統，讓它能直接與引擎進行通訊。我認為這提供了一個獨特的能力，可以改善引擎的流量、效率與引擎壽命。你能否——我也知道你們正在與一些重要的引擎與渦輪製造商合作。你能再多談一些這方面目前的進展，以及這個機會如何可能在 2026 與 2027 年進一步浮現嗎？

Yeah. Gerry, this is a really exciting platform for us when we look at applications side of PWRtek without dropping any specific names, but I will say the majority of the OEMs that we're working with are the nameplate companies that you see on the majority of these power gen sites, particularly on the reciprocating engine side.

是的。Gerry，從我們看 PWRtek 的應用端來說，這對我們而言是一個非常令人振奮的平台；在不點名的前提下，我可以說，我們合作的大多數 OEM 都是你在多數發電站點上會看到的掛牌大廠，尤其是在往復式引擎這一端。

But essentially, what we have is whether you're using a (inaudible) unit is that because most of these engines like to see a gas quality measurement once a day or once every few days just to see that if they're in an operating realm where they set points for potential adjustment -- our capabilities allow data to be fed directly to the OEM engine every five seconds.

但基本上，我們所做的是——不論你使用的是（聽不清）裝置——由於這些引擎大多希望每天或每隔幾天做一次氣體品質量測，以確認它們是否仍在可運轉的範圍內、並據此設定可能需要調整的設定點；而我們的能力可以讓資料每 5 秒直接回饋到 OEM 的引擎端。

And so this allows a closing in of set points, operational efficiency to where they really get tuned and dialed in to the best operational parameters to not only improve fuel efficiency and emission standards, but also reduce R&M costs for the engines.

因此，這能讓設定點更貼近實際、提升營運效率，使其真正被調校並鎖定在最佳運轉參數上，不僅提升燃料效率與排放標準，也能降低引擎的維修與保養（R&M）成本。

And so for us, there's potential to -- for one unit to feed multiple engines or we reduce it down to a simplified version of our expect units per engine. And so these projects have been solely focused on engine optimization and improving the overall performance.

所以對我們而言，可能的模式是——一台裝置可餵送多台引擎；或者我們也可以把它縮減成每台引擎配置一套更簡化版本的 expect 裝置。因此，這些專案一直都專注在引擎最佳化與整體效能提升。

And it doesn't -- we will still be able to independently run our gas conditioning upstream up from that to where we condition the gas prior to coming to the end. So we technically it's a separate revenue stream. We've got projects with four different OEMs on that at various levels.

而且這並不會——我們仍然能在上游獨立運行我們的氣體調理（gas conditioning），也就是在氣體到達末端之前先把氣體調理好。所以從技術上來說，這是一條獨立的營收來源。我們在這方面與四家不同的 OEM 都有專案，進展層級各不相同。

The longest standing one has been in the works in research for about 18 months, and this progressed pretty far down the road in the advanced field trials, and we're hoping to have a little bit more clarity on what a potential long-term relationship looks like there and what that may come back here in 2026.

其中合作時間最久的一個，研發已經進行了大約 18 個月，目前已推進到相當後段的先進現場試驗；我們希望能更清楚了解那邊潛在的長期合作關係會是什麼樣貌，以及這可能在 2026 年為我們帶回什麼成果。

We referenced some of these in a recent social media post with some of the success of the testing here at Flotek. So we're excited about that. And I do believe those will start to be monetized here probably by midyear, not the back half of the year as a potential addition on to a lot of these reciprocating engine operations.

我們在近期的一則社群媒體貼文中也提到其中一些內容，分享了 Flotek 這邊測試成功的部分成果。所以我們對此感到很興奮。我也相信這些應該會在年中左右開始變現，而不是等到下半年，作為許多往復式引擎作業的一項可能加值項目。

Is this a little bit different approach. I mean, the power side, obviously, you have data centers, fuel gas for frac fleets, et cetera. But this summit sounds as though this is purely -- and I think the one I just mentioned, we're protect the engine, different quality gas. This is more pure efficiency opportunities for the engines and improves --

這算是有點不同的做法。我的意思是，在電力端，顯然你們有資料中心、壓裂車隊的燃料氣等。但這個聽起來似乎是純粹——而且我想我剛提到的那個，是我們保護引擎、面對不同品質的氣體。這個則更偏向引擎的純效率機會，並且改善——

You're 100% correct. The value proposition is there's what the NGS ESDs, NG now on the broad variety of conditioning perfect horrible gas into much better operational parameters. And then there's what these individual units do per engine in optimizing timing, firing sequence, fuel mixture and everything to work them at their optimum rate to minimize derating or different components there. and then also help them in terms of the potential to reduce our R&M maintenance throughout the year.

你說得完全正確。價值主張在於：一方面是 NGS ESD、NG（相關方案）在更廣泛的調理上，把品質很差的氣體調理成更好的運轉參數；另一方面是這些單機裝置針對每一具引擎所做的事——最佳化點火正時、點火順序、燃料混合比等一切，使其以最佳速率運轉，將降額（derating）或其他元件問題降到最低；同時也能在全年維護方面，協助降低我們的維修與保養（R&M）支出。

Got it. Switching gears, you're starting to highlight opportunities that you have in the field or deployments at some point, would you be able to break out or tell us how many data analytic units you have in the field for tracking purposes? Or would this ever occur? It's just -- or is that asking too much? And it could be asking too much --

了解。換個話題，你們開始強調在現場的機會或某個時間點的部署；你們是否能拆分或告訴我們，為了追蹤目的，目前在現場有多少套資料分析裝置？或者未來會不會揭露？只是——還是這樣問太多了？也可能確實問太多了——

I think it's our intent, we're going to -- probably where we are at the end of Q1. We're going to come back with where we are updated on the total number of. When I look at PWRteks, I would say the number of types of skids that we have out and operating, and then also combined with where we're doing measurements to improve distribution and PRV, pressure reduction valve units, et cetera, and we'll start talking a little bit more about these growth numbers.

我想我們的意圖是——大概在第一季結束時我們會——回來更新目前的總數。當我看 PWRtek 時，我會說我們會談到目前在外運轉的各類 skid 的數量，並且也會結合我們在哪些地方做量測，以改善配氣與 PRV（減壓閥）裝置等，然後我們會開始多談一些這些成長數字。

But what I would say is that if you look at what our initial contract we had with the original PWRtek assets, we're progressing nicely to get to that doubling of the fleet in '25. But we'll probably -- as we start to initiate our guidance like we traditionally do at the end of Q1. We'll give an update on where that stands. So it will help you align the guidance over there.

但我想說的是，如果你看我們最初與原始 PWRtek 資產簽的合約，我們正穩健推進，目標是在 2025 年把機隊規模翻倍。不過我們可能會——如同以往在第一季末開始提出指引時——更新目前進度。這樣也能幫助你把那邊的指引對齊。

Congrats on a good quarter, too.

也恭喜你們這一季表現不錯。

Don Crist, Johnson Rice.

Don Crist，Johnson Rice。

Ryan, on that last point of the PWRtek units, just to be clear, I believe you bought 22 or so from ProFrac, but then they were delivered another 8. So the doubling would be off that 30% number, right?

Ryan，關於剛才 PWRtek 裝置那點，為了確認清楚，我記得你們大概從 ProFrac 買了 22 台左右，但之後又交付了另外 8 台。所以所謂翻倍是以那 30 台的數字為基礎，對吧？

Yeah. We actually received -- we had all 30 units by almost say, November time frame of Q4 is when we've taken them all in. So the number we are talking about Don is -- so we have 30 individual units that make up what we call 15 pairs of operating assets. And our goal is to double that number based on the 30 or 15 pairs.

對。我們其實——在第四季大概接近 11 月的時間點，就已經把 30 台全部收齊了。所以 Don，我們在談的數字是——我們有 30 台單機裝置，構成我們所稱的 15 組成對的運轉資產。而我們的目標是以這 30 台或 15 組為基礎，把這個數字翻倍。

Okay. Yeah, just to be clear. And I wanted to touch more broadly on just the construction of whether it be custody transfer units or skids or the cards that you put out for the flares -- just how is all that going? And I guess one for Bond in addition to that is how do we look at CapEx for this year? I'm guessing it won't be that big, but just any rough parameters would be helpful.

好的。對，我只是想確認清楚。另外我也想更廣泛地問一下，不管是交接計量（custody transfer）裝置或 skid，或是你們為火炬（flare）所推出的那些卡件——整體進展如何？另外也想請 Bond 補充：我們今年的資本支出（CapEx）該怎麼看？我猜不會太大，但若能提供一些大致的區間或參數會很有幫助。

Well, I would say, what I would say in terms of lead times here is that we -- the absorption of expect units and our newer technology that we call the 2C unit, which is a dual channel Varex, have been well received post the GPA 2172 passing of the standard. We've seen great progress.

嗯，我會說，就交期而言，我們——expect 裝置的導入，以及我們稱為 2C 裝置的新技術（雙通道 Varex），在 GPA 2172 標準通過之後，市場反應非常好。我們看到很大的進展。

We sold out of the 2C units by February. And so we've advanced capital bills on a multitude of those as well as expect units and we've advanced capital to those to start really because we're seeing some strong deployments. We're traditionally done and when we first had acquired or brought the Data Analytics division in, we were selling these things one to two off at a time.

我們在二月就把 2C 單元賣到缺貨了。因此，我們也針對其中許多單元以及預期的單元提前墊付了資本款項，並且已經先行投入資本讓它們真正開始運作，因為我們看到一些強勁的部署需求。傳統上，在我們最初收購或把資料分析事業部納入時，我們一次只賣一到兩套。

We're now starting to receive POs of double-digit numbers at a time. And some of the unique things about the way we're operating with system Verax works, some of the advancements we made in the software really helps to integrate these units and show day to day within the hour of value creation of those.

現在我們開始一次收到兩位數數量的採購訂單（PO）。而且我們與 Verax 系統合作的運作方式有一些獨特之處，我們在軟體上做的一些改進，確實有助於整合這些單元，並在日常、甚至以小時為單位呈現其價值創造。

And so we're seeing a significant adoption and absorption of those. And so I would say we're at we're in a supply constraint yet, but what we are doing is we're making aggressive steps to rapidly expand that ahead of what we were thinking by this time in the year. So we're allocating capital, Bond I'll let you comment on that.

因此我們看到顯著的採用與吸收。所以我會說我們目前仍然受到供應限制，但我們正在採取積極措施，快速擴大供應能力，速度比我們原本預期到今年這個時間點還要更快。所以我們正在配置資本，Bond，我讓你補充一下。

Yeah. Don, I mean, certainly, I think 26% is going to be the largest year of CapEx we've had in quite a long time. I think our CapEx in 2025 was somewhere around $2 million. Just rough numbers, we would expect CapEx for 2026 to be somewhere between $10 million and $15 million. Obviously, from a funding perspective, we've got the OSP and then as it relates to equipment financing, we're evaluating options there as well.

是的。Don，我的意思是，當然，我認為 2026 年將會是我們相當長一段時間以來資本支出（CapEx）最大的一年，增幅大概 26%。我想我們 2025 年的 CapEx 大約在 200 萬美元左右。粗略估算，我們預期 2026 年的 CapEx 會落在 1,000 萬到 1,500 萬美元之間。當然，從資金來源角度來看，我們有 OSP；至於設備融資方面，我們也在評估相關選項。

Right. And that OSP should more than double over that $10 million to $15 million that you have to put out, right? And that should all come in the first quarter.

對。而且那個 OSP 應該會遠超過你需要支出的那 1,000 萬到 1,500 萬美元，對吧？而且應該都會在第一季進來。

Well, it won't double the OSP because remember, we had a $7 million offset related to the PWRtek transaction, which was effectively deferred consideration. So when you look at what the net OSP is at the end of the year, it's right at $20 million, but it surely goes along the way and satisfies from a cash equipment perspective.

嗯，它不會讓 OSP 翻倍，因為要記得，我們有一筆與 PWRtek 交易相關的 700 萬美元抵減，這實際上是遞延對價。所以當你看年底的 OSP 淨額時，大約是 2,000 萬美元，但它會在過程中逐步到位，並從現金設備的角度滿足需求。

Right. Then you'll have cash flow through the year as well. So not a big deal there. And Ryan, I did want to ask, obviously, there's a lot of impact in the Middle East right now. from what's going on with the hostilities, but you spent a lot of time over there and you all sell a lot of chemicals into there.

對。然後你在一年當中也會有現金流入。所以那邊不是什麼大問題。Ryan，我也想問一下，顯然中東目前因為衝突局勢有很大影響，但你在那邊待了很多時間，而且你們也向那邊銷售大量化學品。

But just an update on how much product you have on the ground and the options of moving shipments rather than going through the straight to other ports, maybe Egypt or something like that and then shipping them in. Any thoughts around that?

想請你更新一下你們在當地已經有多少產品落地，以及是否有把貨運改道的選項，不是直接走原本的港口航線，而是例如先到埃及之類的其他港口再轉運進去。你對此有什麼看法？

Yeah. So what I'd say is I (inaudible). So number one, the current operations have been going very well. We've had our operations team on the ground and we picked up some of that unconventionals work that we've been speaking of, particularly in the kingdom. It's picked up and running very well, probably to the upper end of our expectations, and we're seeing solid growth there.

是的。所以我會說我（聽不清）。第一，目前的營運進展得非常順利。我們的營運團隊在當地，我們也接手了一些我們一直在談的非常規業務，特別是在王國（KSA）。這部分已經啟動並運作得很好，可能達到我們預期的上緣，我們也看到那邊有穩健成長。

And just as we're starting to see that we're starting to see, as you can imagine, the supply constraints is in all of the traditional sailing vessel methods that we would deliver, whether it come in from inside the GCC and/or us bringing other chemicals in some of our specialty stuff have been a bit strained as of late, particularly due to the (inaudible) loss pressure, et cetera.

而且就在我們開始看到這些的同時，你可以想像，我們用來交付的所有傳統航運方式都出現供應限制，不論是從海灣合作委員會（GCC）內部進來，或是我們把其他化學品運進去；我們一些特用產品最近也有點吃緊，特別是因為（聽不清）的損失壓力等等因素。

We are identifying alternative pathways -- it will probably, in the near term, have a little bit of additional cost, Don, because they have to be touched twice. But again, our goal is to be a solid working partner for our customers there, and we've been ahead of this by about technically probably a month or two because we were concerned that this might happen.

我們正在辨識替代路徑——短期內可能會有一些額外成本，Don，因為需要經手兩次。但我們的目標仍是成為當地客戶可靠的合作夥伴；而且我們在技術上大概提前一到兩個月就開始因應，因為我們擔心這種情況可能會發生。

But I do think right now, our supply is relatively stable at this point, but there's no doubt that we're going to be all hands on deck, and we're going to utilize the multi years of experience that we have in global supply chain and our expertise of being on the ground there and from the past to understand about how we get there and level out.

不過我確實認為，就目前而言，我們的供應在此刻相對穩定；但毫無疑問，我們會全員投入，並運用我們在全球供應鏈多年的經驗，以及我們在當地的實務與過往專業，來理解如何把貨送到並把狀況拉平。

But I do think we're going to have to using all -- we're definitely using an alternative delivery method than the traditional sailing routes that we were doing, which will probably include a cross-country trucking methodology.

但我確實認為我們將不得不動用所有——我們肯定正在使用不同於以往傳統航線的替代交付方式，這可能會包含跨國陸運卡車的方式。

We've done this before, Don, also the initial mobile there. We had some issues around COVID when we first sent chemicals in. So we're familiar with this alternative pathway. It's just not the best on the margin profile. But we'll make it work in the near term to make sure that we stay growing with that revenue opportunity.

Don，我們以前也做過，包含最初在那邊的行動部署。我們第一次把化學品送進去時，COVID 期間也遇到一些問題。所以我們對這條替代路徑很熟悉。只是它在毛利結構上不是最理想。但短期內我們會把它運作起來，確保我們能持續成長並把握那個營收機會。

Okay. But just to be clear, I mean, other than some excess shipping costs activities basically unchanged right now? I think we --

好的。但我想確認一下，也就是說，除了多出一些運輸成本之外，整體活動目前基本上沒有改變？我想我們--

We haven't seen much. Yeah, we haven't seen much disruption in KSA. We have seen a few things that we were doing on the data analytics side, some measurement installs and UAE and a few of those get pushed back a few weeks just because of the location in different pieces.

我們沒有看到太多。是的，在沙烏地阿拉伯（KSA）我們沒有看到太多中斷。我們確實看到資料分析那邊有少數事情，例如一些量測安裝在阿聯（UAE）以及其中幾個案子被往後推遲了幾週，主要是因為不同地點與各種環節的因素。

But right now, we're having a call -- Leon and the team are having call it basically every morning, and we're steadily running in KSA right now because the majority of this (inaudible) is used locally for energy inside the country. And so it will keep running pretty steady. And our bigger customers are like -- I say it's business as usual, all things considered with instability to their neighboring countries. But they are full speed ahead right now.

但目前我們每天都有電話會議——Leon 和團隊基本上每天早上都會開會；而我們在 KSA 目前運作穩定，因為這些（聽不清）的大部分是在國內用於能源。所以會持續相當穩定地運轉。而我們較大的客戶——我會說，考量到鄰國的不穩定，整體而言仍是照常營運。但他們現在仍是全速推進。

And I'll just say those -- we'll caveat that a little bit. That's based upon what we know today now.

我再補充一下——我們要稍微加個但書。這是基於我們今天目前所掌握的資訊。

Yeah, we could change -- if this thing expands or extends.

是的，如果情勢擴大或延長，情況可能會改變——

Right. Yeah, I get it. But yes, that's what I'm hearing, too, is it's pretty much business as usual unless you're really on the coach, right? And that's about it. I appreciate the color, guys.

對。是的，我懂。不過是的，我聽到的也是，除非你真的在第一線，否則基本上還是照常營運，對吧？大概就是這樣。謝謝你們提供的補充說明，各位。

Josh Jayne, Daniel Energy Partners.

Josh Jayne，Daniel Energy Partners。

First one is just on the chemistry side. Obviously, commodity prices are volatile, but wherever oil settles out over the next few weeks, hopefully, in the next few weeks, -- any thoughts on how operators are ultimately likely going to handle a higher commodity price deck than they were thinking coming into this year?

第一個問題是關於化學品業務。顯然，大宗商品價格波動很大，但不管油價在接下來幾週會落在哪個水準——希望在接下來幾週內能趨於穩定——你們對於營運商最終可能會如何因應一個比他們年初預期更高的商品價格情境，有什麼看法？

I know you haven't given guidance yet for the rest of the year, but I think the world was thinking flattish CapEx and that's what these guys have announced. But maybe just insight. Are you seeing more demand for chemistry heading into the back half of this year in 2016 than you might have been thinking three to six months ago. Maybe just some thoughts there.

我知道你們尚未就今年剩餘時間提供指引，但我想市場原本預期資本支出（CapEx）大致持平，而這些公司也正是這麼宣布的。不過也許想請你分享一些觀察。相較於三到六個月前的想法，你們是否看到在2016年下半年，對化學品的需求正在增加？也請談談你們的看法。

Josh, that is a great question and probably as in-depth as I can maybe look at our hazy crystal ball, right? But -- let me talk about things that I do see in the industry is -- I talked about them a little bit in terms of when you look globally around, you're going to see -- we still see the potential for demand to increase in that medium to long term, if not a little bit sooner, and you see that supply rebalance.

Josh，這是個很好的問題，也可能是我能從我們那顆有點模糊的水晶球裡，盡可能深入去看的程度了，對吧？不過——我先談談我在產業裡確實看到的事情——我先前也稍微提過：當你放眼全球，你會看到——我們仍然看到中長期（甚至可能更早一些）需求增加的潛力，同時也看到供給正在再平衡。

But what we are seeing is that there is definitely a reduction in this and where there is in the decline curve contribution because you have such a large percentage of unconventionals contributed to that stack. And so -- and you're also seeing a little bit of decline in reservoir quality, which would tell me what they're focused on is getting the most out of what work they are doing, which means leaning in towards advanced technology, efficiency creating technologies or stuff that improves overall performance.

但我們看到的是，確實出現了下降，尤其是在遞減曲線（decline curve）的貢獻上，因為在那個組合裡，非常高比例是由非常規（unconventionals）所貢獻。因此——同時你也會看到儲層品質有些下滑，這會讓我認為他們目前的重點是把正在做的工作榨出最大效益，也就是更傾向採用先進技術、提升效率的技術，或是能改善整體表現的方案。

All those things lay into the wheelhouse of what we do well by providing real-time data measurements, making choices based on that and our prescriptive engineering process with our PCM business.

而這些都正好落在我們擅長的領域：提供即時數據量測，並基於這些數據做決策，以及透過我們PCM業務的處方式工程流程（prescriptive engineering process）。

So all those things work really well for what we want to do. And not only that, when you look at product margin basis, they typically run at a little bit better margin for us throughout the cycle piece in that. I think the interesting part is there's no doubt when you look at the products that we sold in Q4 of this year, we saw the frac fleet get to the lowest that it was since probably Q2 '21 coming out of COVID.

所以這些都非常符合我們想做的方向。而且不只如此，從產品毛利的角度來看，這些產品通常在整個景氣循環中，對我們而言毛利會略高一些。我覺得有趣的是，毫無疑問，當你看我們今年第四季賣出的產品時，我們看到壓裂車隊（frac fleet）降到可能自COVID後、也就是大概2021年第二季以來的最低水準。

We saw commodity prices around the same thing, but our revenue was 8 times more than it was then. And we made significantly better gross profit and so we've shown that resiliency through the cycle.

我們也看到大宗商品價格大致處於相同狀況，但我們的營收卻是當時的8倍。而且我們的毛利也顯著更好，因此我們已經展現出穿越景氣循環的韌性。

And what I believe is we're going to continue in this near term to see a little bit of softness in the demand for the chemistry part, but I think we see that upside potential maybe in the back half of the year to start to answer some of the call here, and I think that will require some of the advanced technologies that Flotek is poised to position.

我認為在短期內，我們仍會看到化學品這一塊的需求稍微偏弱，但我想為了回應你剛才的問題，我們可能會在下半年看到一些上行潛力；而我認為那將需要一些先進技術，而Flotek正處於有利位置可以切入。

Now the level of that, Josh, I mean, that's hard to say right now. But I do think -- I do see a little bit of silver lining in the back half of the year and as we look at '27.

至於那個幅度有多大，Josh，我的意思是，現在很難說。但我確實覺得下半年會有一點曙光，並且當我們展望到’27年時也是如此。

Yeah. I'll just add one thing, Josh. I think it's going to be interesting to see how producers react relative to the hedge market. I mean, obviously, the curve is still pretty backward dated. But I think just generally, even looking out past the spike out to the latter months, -- those numbers are probably a good bit higher than what expectations were for oil coming into the year.

是的。我再補充一點，Josh。我覺得接下來很有意思的是，看生產商相對於避險市場（hedge market）會如何反應。我的意思是，顯然期貨曲線仍然是明顯的逆價差（backwardated）。但我想整體而言，即使把視線放到尖峰之後、看向較後面的月份——那些數字可能都比年初對油價的預期高出不少。

So if operators have the opportunity and go ahead and lock in those prices over a longer term, I mean, obviously, that underwrites a higher CapEx.

所以如果營運商有機會、並且願意把這些價格以更長的期間鎖定下來，我的意思是，顯然那會支撐（underwrite）更高的資本支出（CapEx）。

Joichi Sakai. Singular Research.

Joichi Sakai。Singular Research。

Can you all hear me?

你們聽得到我嗎？

Yeah.

聽得到。

Congrats on a strong year and continued execution. On your expected data analytics drive to be more than half of the company profitability. If we think about that qualitatively, how sensitive is that mix target to the timing of a few large PWRtek wins? Or is that 50% threshold achieved even for a couple of projects left right of the calendar?

恭喜你們今年表現強勁，並且持續落實執行。關於你們預期資料分析（data analytics）將驅動公司超過一半的獲利能力。如果我們用質化角度來看，這個組合目標對於幾個大型PWRtek案子得標時點的敏感度有多高？或者即使有一兩個專案在時間上前後偏離日曆年度，那個50%的門檻也仍能達成？

Yeah. I mean, if you look at the fourth quarter, we were effectively there at 40% gross margins or gross profit from data analytics. So just thinking about how the PWRtek the PWRtek lease agreement, which we talked about, will be 70% higher in 2026 versus 2025 just due to longer duration for the full year versus a partial year last year. we feel extremely confident we're going to exceed 50% in 2026 on the DA side.

是的。我的意思是，如果你看第四季，我們基本上已經接近了，資料分析貢獻的毛利率或毛利占比大約在40%。所以再想想PWRtek——我們談到的PWRtek租賃協議——由於2026年是完整年度、而去年是部分年度，因此僅因期間更長，2026年相較2025年將高出70%。我們對於在2026年資料分析（DA）端超過50%非常有信心。

Thank you. There are no further questions at this time. I will now hand the call back over to Mike Critelli for the closing remarks.

謝謝。目前沒有其他問題。我現在把電話交回給Mike Critelli做結語。

Thanks, Jenny. Join us at some of our upcoming investor events. On March 23 and 24, we will be at the 38th Annual ROTH Conference at Dana Point, California, taking one-on-one meetings with investors and participating in energy industry fireside chats. On May 26 to the 28th, you can catch us at the Louisiana Energy Conference, taking meetings and giving an investor presentation. For all other events and the latest in to look at the Events section of our website.

謝謝你，Jenny。也歡迎大家參加我們接下來的一些投資人活動。3月23日與24日，我們將出席在加州Dana Point舉行的第38屆ROTH年度會議，與投資人進行一對一會談，並參與能源產業的爐邊談話（fireside chats）。5月26日至28日，你們也可以在路易斯安那能源會議（Louisiana Energy Conference）看到我們，我們將進行會議交流並發表投資人簡報。至於其他所有活動以及最新資訊，請查看我們網站的Events（活動）專區。

Yeah. And we'd like to thank everyone for joining us today and stay with us as we continue on our converted to real-time data and chemistry solutions. Thank you.

是的。我們也要感謝各位今天的參與，並請持續關注我們，因為我們將持續推進轉型，提供即時數據與化學品解決方案。謝謝。

Thank you, ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.

謝謝各位女士先生，本次電話會議到此結束。感謝各位參與。各位現在可以掛線。