Flotek shareholders approve key proposals at annual meeting

HOUSTON, TX - Flotek Industries, Inc. (NYSE:FTK), a diversified global supplier of drilling and production-related products and services with a market capitalization of $471.58 million, announced the results of its annual meeting of shareholders that took place on Friday. The company’s stock has delivered an impressive 324% return over the past year and currently trades near its 52-week high of $15.72. According to InvestingPro analysis, the stock appears overvalued at current levels, though it maintains strong financial health metrics. The meeting saw the approval of several key proposals, including the election of directors, executive compensation, and amendments to incentive and stock purchase plans. These governance decisions come as Flotek demonstrates solid operational performance, with revenue of $202 million and a healthy current ratio of 2.19, indicating strong liquidity management.

At the meeting, shareholders voted on five main items. The first was the election of six directors to the company’s board, all of whom were successfully elected. The second item was a non-binding advisory vote on the compensation of Flotek’s named executive officers, which received approval from the majority of shareholders.

The third item on the agenda was the ratification of the appointment of KPMG LLP as the company’s independent auditor for the fiscal year 2025, which passed with a significant majority. Additionally, shareholders approved an amendment to the Flotek Industries, Inc. 2018 Long-Term Incentive Plan, as well as amendments to the Flotek Industries, Inc. 2012 Employee Stock Purchase Plan.

A total of 25,803,763 shares were represented at the meeting, either in person or by proxy, accounting for 86.5% of the company’s outstanding common stock as of the record date, March 20, 2025.

The election of directors saw Harsha V. Agadi, Ryan G. Ezell, Evan R. Farber, Michael Fucci, Lisa Mayr, and Matt D. Wilks join the board. The vote on executive compensation resulted in 22,375,059 shares voted in favor, 190,354 against, and 8,752 abstentions. The ratification of KPMG LLP as the company’s independent auditor saw 10,640,478 votes for, 87,954 against, and 15,075,331 abstentions.

The amendment to the Long-Term Incentive Plan received 22,279,142 votes for, 287,070 against, and 7,953 abstentions. Lastly, the amendments to the Employee Stock Purchase Plan were approved with 22,400,661 votes for, 166,982 against, and 6,522 abstentions.

Flotek’s announcement of the voting results is based on an 8-K filing with the Securities and Exchange Commission. The company, incorporated in Delaware and headquartered in Houston, Texas, is known for its application-specific chemicals for the oil and gas industries. InvestingPro analysis reveals 15+ additional key insights about Flotek’s financial health and market position, available through the comprehensive Pro Research Report, which transforms complex Wall Street data into actionable intelligence for smarter investing decisions.

In other recent news, Flotek Industries Inc . reported a significant increase in its Q1 2025 financial results. The company achieved a 37% year-over-year growth in revenue, with net income skyrocketing by 24,493% compared to Q1 2024. These results were bolstered by strong performances in Flotek’s external chemistry and data analytics segments, which saw revenue increases of 88% and 57%, respectively. Additionally, Flotek has announced the acquisition of real-time gas monitoring assets, enhancing its market position in the energy infrastructure sector. The company also launched its PowerTech fuel management platform, aimed at redefining performance standards within the sector. Analyst firms noted the strategic expansion into real-time data monitoring and gas conditioning as a transformative move for Flotek. The company expects 80% growth in adjusted EBITDA for 2025, aligning with its ambitions to increase profitability and market share. Flotek’s recent developments reflect its focus on innovation and strategic growth, positioning it to capitalize on emerging opportunities in the energy sector.

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