What Flowco Holdings Inc. told the SEC could break it.

Flowco's gas-lift and vapor-recovery operations run internal combustion engines subject to air-emissions regulation: governmental authorities have imposed obligations to reduce nitrogen oxides and other pollutants from internal combustion engines in transmission service, and the U.S. EPA has published Clean Air Act regulations controlling hazardous air pollutants from existing stationary reciprocal internal combustion engines (the 'Quad Z' regulations); these may require capital expenditures and emissions-control activities, and tightening of such rules would raise its compliance costs.

“the U.S. Environmental Protection Agency (“EPA”) has published regulations under the CAA to control emissions of hazardous air pollutants from existing stationary reciprocal internal combustion engines, also known as Quad Z regulations.”

Flowco is exposed directly and indirectly to global trade policy: in April 2025 the administration imposed a 10% baseline tariff on imported products with numerous U.S. trade partners plus additional individualized reciprocal tariffs (followed by a 90-day partial pause), which prompted retaliatory tariffs on U.S. goods abroad; ongoing tariff uncertainty and import/export regulation may increase the cost of imported components and equipment and dampen customer activity, materially affecting its business, financial condition and results.

“In April 2025, the Trump administration continued to push for new and significant trade policies by imposing a 10% baseline tariff on imported products with numerous U.S. global trade partners and additional individualized reciprocal tariffs on certain countries with which the U.S. has the largest trade deficits, followed by a 90-day pause in the effectiveness of some tariffs.”

Flowco has had meaningful single-customer concentration in its Natural Gas Technologies segment: one (unnamed) customer represented approximately 11% and 17% of total consolidated revenues in 2024 and 2023; as of December 31, 2025 no customer in either segment reached 10% of consolidated revenue, but its revenue depends on a relatively concentrated base of leading oil & natural gas producers (supermajors and large independents), so loss of a major producer customer or a downturn in their drilling/completion spend would materially affect results.

“One customer in the Natural Gas Technologies segment accounted for approximately 11 % and 17 % of total consolidated revenues for the years ended December 31, 2024 and 2023, respectively.”

Flowco's asset footprint is concentrated in U.S. onshore oil & natural gas producing regions: it is headquartered in Houston, Texas with major service facilities in Midland, Texas (Permian), Carlsbad, New Mexico (Delaware Basin) and Williston, North Dakota (Bakken), and manufacturing/repair facilities in El Reno OK; Houston, Fort Worth, Kilgore and Pampa TX; and Lafayette LA — so a slowdown in U.S. onshore drilling/production activity, or basin-specific regulatory, weather or takeaway-capacity constraints, would disproportionately affect its business.

“We are headquartered in Houston, Texas with major service facilities in Midland, Texas; Carlsbad, New Mexico; and Williston, North Dakota. We operate manufacturing and repair facilities in El Reno, Oklahoma; Houston, Fort Worth, Kilgore and Pampa, Texas; and Lafayette, Louisiana.”