Management ChangeAug 6, 2026, 06:13 AM
ProFrac CEO Ladd Wilks Resigns, Matthew Wilks Appointed CEO; Q2 Revenue $498M
AI Summary
ProFrac Holding Corp. announced a significant leadership transition, with Johnathan Ladd Wilks resigning as CEO, effective August 7, 2026, to join the Board of Directors. Matthew D. Wilks, currently Executive Chairman, will assume the role of CEO. Concurrently, the company reported its second-quarter 2026 financial results, with total revenue increasing to $498 million and Adjusted EBITDA rising to $69 million, despite a net loss of $75 million. The company also refinanced its asset-based revolving credit facility.
Key Highlights
- Johnathan Ladd Wilks resigned as CEO, effective August 7, 2026.
- Matthew D. Wilks appointed CEO, effective August 7, 2026, while retaining Executive Chairman role.
- Johnathan Ladd Wilks appointed to the Board of Directors, replacing Sergei Krylov.
- Q2 2026 total revenue was $498 million, up from $450 million in Q1 2026.
- Q2 2026 net loss was $75 million, an improvement from $81 million in Q1 2026.
- Q2 2026 Adjusted EBITDA was $69 million, up from $54 million in Q1 2026.
- Net cash provided by operating activities was $23 million in Q2, up from $9 million in Q1.
- Refinanced $275 million ABL facility with a new $300 million facility on July 1, 2026.
Price Impact
More from ACDC