Professional Frac Holding Corp., an industry-leading sand miner known as ACDC, reported a substantial net loss in their fourth-quarter financials on Wednesday. This is primarily due to a reduction in revenues resulting from a downturn in commodity prices and decreased operations.
The company's financial highlight for the quarter revealed a significant net loss of $97.9 million, a stark contrast to the profit of $40.9 million recorded during the same period in the previous year.
The pre-tax loss for the period amounted to $104.9 million - a major reversal from the previous year's profit of $112.7 million. Operating losses were tallied at $14.3 million, this too marks a sharp decline from the hefty profit of $125.2 million reported in 2022.
Once exceptional items were accounted for, the earnings before interest, tax, depreciation, and amortization (EBITDA) were $109.5 million. This is a marked decrease from the $263.4 million reported a year ago.
Total revenue for the quarter slipped to $489.1 million, down significantly from the $794.1 million accrued in the previous year.
This negative financial performance corresponded with a decrease in ACDC's pre-market trade value on the Nasdaq, falling by 3.53 percent to $7.65.
