Flotek Lands $400M, 10-Year Puerto Rico Power Contract
FTK has more than doubled off its 52-week low of $10.95.
Summary
Flotek secured a 10-year contract to support a 400 MW natural gas-fired power project for Puerto Rico's electric utility, PREPA. The deal is expected to generate a $400 million revenue backlog, with annual revenue of roughly $40 million at full deployment—a massive boost for a company with a market cap around $850 million. Flotek will supply its proprietary PWRtek platform, including up to 40 MW of generation capacity and smart conditioning skids, with equipment deployment starting in Q4 2026. This contract marks a significant expansion beyond traditional oil and gas, validating the company's pivot to recurring, high-margin data-driven energy solutions. The news comes ahead of Q2 earnings on August 5, where management plans to discuss further details.
At the time of this announcement, FTK was trading at $23.54 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $851.6M. The 52-week trading range was $10.95 to $28.50. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: PR Newswire.