FTK · CIK 0000928054
What Flotek Industries, Inc. told the SEC could break it.
Flotek's defining exposure is its overwhelming dependence on a single customer: ProFrac, a related party, accounted for $146.8 million — 61.9% of total 2025 revenue — under a long-term supply agreement, concentrating its credit, commodity and business risk in that one relationship. The rest of its register sits on the cost side of its chemistry business: it relies on supply relationships for raw materials whose prices move with availability, weather, tariffs and global demand, and changes in U.S. trade policy could further raise its input costs. It also notes that certain components it uses are sole-sourced and not easily replaceable, so a sourcing failure could impair its ability to supply customers.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- ProFrac (related party) = 61.9% of total revenuehigh
Flotek is overwhelmingly dependent on ProFrac (a related party), which was $146.8M or 61.9% of total 2025 revenue under a long-term supply agreement, concentrating credit, commodity and business risk in one customer.
“Year ended December 31, 2025 Customer A (related party) $ 146,826 61.9 %”
SEC filing →As of 2026
Commodity & input dependence
- raw-material and chemistry price exposuremedium
Flotek (especially its Chemistry Technologies segment) relies on supply relationships for raw materials whose prices vary with availability, weather, tariffs, duties and global demand; higher chemistry/raw-material prices could hurt sales, contract fulfillment and margins.
“Higher prices for chemistries and certain raw materials could adversely impact future sales, contract fulfillment and product margins.”
SEC filing →As of 2026
Regulatory & policy
- U.S. trade-policy / tariff exposure on imported materialsmedium
Changes in U.S. trade policy and tariffs (including duties on imported materials and potential retaliatory tariffs abroad) could raise Flotek's input costs and reduce competitiveness of its products.
“Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on our business and results of operations.”
Sole-source dependency
- certain sole-sourced components not easily replaceablemedium
Some components Flotek uses are sole-sourced and not easily replaceable; an inability to source them could significantly impair its ability to supply equipment or services to customers.
“sole-sourced and are not easily replaceable with other sources. Any inability to source appropriate components in the future could result in significant difficulty supplying equipment or services to the Company's customers.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“The concentration with ProFrac and in the oil and gas industry increases credit, commodity and business risk.”
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