ProFrac Holding Corp (ACDC) reported Q3 2025 revenue of $403.1 million, a yoy decline of 29.9% and a qoq decline of 19.7% from Q2 2025, driven by volatility in the U.S. onshore completions market and deferrals in September. Adjusted EBITDA totaled $41.0 million (10% margin), while GAAP operating income was negative $78.8 million and net income came in at a loss of $102.2 million. Free cash flow was negative $29 million. Management attributes the quarter’s softness to calendar-driven deferrals and a volatile activity mix, but communicated a deliberate plan to build a resilient, cycle-tested platform. Key strategic levers include: (i) shifting to dedicated fleets with more robust, less volatile programs; (ii) a comprehensive cost and capital management program targeting roughly $100 million in annualized cash savings by the end of Q2 2026; (iii) capex optimization reducing 2025 spend to $160–$190 million; and (iv) up to $200 million of incremental liquidity via debt and equity initiatives (incl. $79 million equity raise in Q3 and planned $40 million additional senior notes). The quarter also featured a substantive advancement in technology and strategic partnerships (ProPilot 2.0 and Seismos) that management contends improve efficiency and completion performance, especially in gas-focused basins like Haynesville. The outlook remains cyclical: management expects stabilization in H2 2025 into 2026 with potential for improved utilization, continued equipment attrition, and a normalization of supply-demand dynamics as LNG exports and power demand rise. Investors should monitor near-term utilization by fleet type, the pace and durability of cost savings, progress on Flotek-related arrangements, and the evolving mix of programs (dedicated vs. spot) as a proxy for recovery.”