FLOTEK ANNOUNCES FIRST QUARTER EARNINGS RESULTS Adjusted EBITDA Loss Narrows Strong Balance Sheet Acquisition of JP3 Positions the Company for Accelerated Growth HOUSTON, May 18, 2020 – Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced results for the three months ended March 31, 2020. John W. Gibson, Jr., Chairman, President, and Chief Executive Officer stated: “Today’s environment is unprecedented as we face difficult challenges with COVID-19, coupled with an oversupply of crude oil resulting in a sharp reduction in prices. We would like to thank our employees for their hard work and dedication to our business during this crisis, and we will continue to focus on the health and safety of our employees as we manage through this pandemic. Given the volatile environment, we are focusing on new opportunities to diversify our business and better serve our customers amidst accelerating digital transformation in the energy industry. With today’s announcement of the acquisition of JP3, a leading data and analytics technology company, we believe that we will be well-positioned for accelerated growth and reduced cyclicality.” First Quarter Financial Results  Flotek generated first quarter 2020 revenue of $19.4 million for three months ended March 31, 2020 compared to $43.3 million in the first quarter 2019 and declined 0.6% from $19.5 million on a sequential basis.  Reported a loss from continuing operations for the first quarter 2020 of $64.0 million, or a loss of $1.07 per diluted share, compared to a loss from continuing operations in the first quarter 2019 of $15.2 million, or a loss of $0.26 per diluted share. The loss of $64.0 million included a nonrecurring charge of $57.5 million related to the impairment of property, plant, and equipment, right-of-use assets, and intangible assets.  Operating expenses were $22.8 million in the first quarter 2020 compared to $44.0 million in the same period last year, primarily reflecting lower fixed and variable costs, partially offset by a non- recurring charge of $2.3 million during the first quarter of 2020, which is comprised of $0.8 million related to a loss on terpene purchase commitments and $1.5 million related to an incremental reserve against terpene inventory on hand.  Corporate general and administrative expense for the first quarter of 2020 was $4.5 million compared to $7.3 million for the first quarter of 2019. Included in the first quarter was $0.5 million of severance versus $1.6 million in the first quarter of the prior year.  Adjusted EBITDA for the first quarter 2020 was a loss of $6.5 million versus a loss of $7.6 million for the first quarter of 2019, and improved 15% on a sequential basis driven by headcount and expense reductions in freight, equipment rentals, and travel and entertainment. Balance Sheet and Liquidity As of March 31, 2020, the Company had cash and equivalents of $80.3 million, no outstanding debt and $6.6 million in escrowed funds on the balance sheet, reflecting Flotek’s estimate of its claim to the remaining balance of the indemnity escrow related to the sale of Florida Chemical Corporation (“FCC”) to Archer- Daniels-Midland (“ADM”) and $6.6 million in taxes receivable, reflecting a $6.1 million tax refund applied for


The following information was filed by Flotek Industries Inc (FTK) on Tuesday, May 19, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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