Notes

A trading fund report shows the following results from 2025-01-01 to 2026-09-11: a return of -19.57%, a drawdown of 36.01%, and a win rate of 27.27%. The mean return was -0.47%, with an average win of 29.07% and an average loss of 11.55%. The report includes 11 samples, with 3 targets and 0 entry day exits. The buy and hold return was 185.58%. The protocol used is Protocol2531, with a 2020 warmup period. The strategy includes a 2ADR stop and 3R target, with 40 sessions and 1bp fees on each side. There are two ordered slots per day, with entry day exits preserved. The stop is triggered by the first ambiguous bar. The vector BTC cash return is reconciled when flat. The daily proxy excludes 15min and +2R quarter management, with adjusted bars not used for live execution. The slippage was 15bp. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FTK&timeframe=1Day&feed=sip&adjustment=all

A data scan found the following information: the FTK R91204 L40 started on 2025-01-01 and ended on 2026-09-11 with a slippage of 5 basis points, which is a measure of the difference between expected and actual trade prices. The return was -17.78387832940527 percent and the drawdown, or largest loss, was 34.97608791075457 percent. The win rate was 27.27272727272727 percent. The sample size was 11 and the mean return was -0.26923054228368476 percent. The average win was 29.328203535652225 percent and the average loss was 11.368268321509651 percent. There were 0 entry day exits and 3 targets. The buy and hold return was 185.57993730407523 percent. The protocol used was Protocol 2531 with a 2020 warmup period. The strategy included a 2 ADR stop and 3R target over 40 sessions with 1 basis point fees on each side. There were two ordered slots per day and entry day exits were preserved. The stop was triggered by the first ambiguous bar. The vector BTC cash return was reconciled when flat, meaning when there were no open positions. The daily proxy excluded 15 minute and 2R quarter management and adjusted bars were not used for live execution. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FTK&timeframe=1Day&feed=sip&adjustment=all

A trading fund manager's notes show the following information: the fund started on 2021-01-01 and will end on 2024-12-31, with a slippage of 15 basis points, which is a measure of the difference between expected and actual trade prices. The return percentage is -60.61025336424755, and the drawdown percentage, which is the peak-to-trough decline, is 60.61025336424757. The win rate percentage is 18.75, based on a sample of 16 trades. The mean percentage return is -4.856992186262564, the average win percentage is 20.700899270825026, and the average loss percentage is 10.754967137898161. The fund had 0 open positions, 2 targets, and 2 entry day exits. The buy and hold percentage return is -25.77881619937695. The protocol used is Protocol2531, with a 2020 warmup period. The next open position will have a 2 ADR stop and a 3R target, with 40 sessions. There is a 1 basis point fee on each side of the trade. The fund has two ordered slots per day and preserves entry day exits. The stop loss is triggered by the first ambiguous bar. The vector BTC cash return is reconciled when the position is flat, meaning there are no open trades. The daily proxy excludes 15-minute intervals and plus 2R quarter management, and adjusted bars are not used for live execution. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FTK&timeframe=1Day&feed=sip&adjustment=all

The FTK R91204 L40 started on 2021-01-01 and will end on 2024-12-31. It has a slippage of 5 basis points, which is a measure of the difference between expected and actual trade prices. The return percentage is -59.32939565913592, and the drawdown percentage, which is the maximum loss from a peak, is 59.39056671653302. The win rate percentage is 18.75, based on a sample of 16 trades. The mean percentage return is -4.666515551142478. The average win percentage is 20.942542894222807, and the average loss percentage is 10.576298269303699. The strategy had 0 open positions, 2 targets, and 2 entry day exits. The buy and hold percentage return is -25.77881619937695. The protocol used is Protocol 2531, with a 2020 warmup period. The next open is set to 2 ADR stop and 3R target, with 40 sessions. There is a 1 basis point fee on each side of the trade. The strategy has two ordered slots per day and preserves entry day exits. The stop is set to the first ambiguous bar. The vector BTC cash return is reconciled when flat, meaning when there are no open positions. The daily proxy excludes 15-minute periods and plus 2R quarter management, and adjusted bars are not used for live execution. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FTK&timeframe=1Day&feed=sip&adjustment=all

A trading fund report shows the following results from 2025-01-01 to 2026-09-11: the fund had a return of -31.19728638446766 percent and a drawdown of 47.14714499619289 percent. The win rate was 28.57142857142857 percent, with a mean return of -1.3917287052941032 percent. The average win was 23.37766413995262 percent and the average loss was 11.299485843392791 percent. The report is based on 14 samples and includes 3 targets and 1 entry day exit. The buy and hold return was 185.57993730407523 percent. The protocol used is Protocol2531, which includes a 2020 warmup period, a stop loss of 2 ADR, and a target of 3R. The fees are 1 basis point per side and there are two ordered slots per day. The report also notes that the vector BTC cash return is reconciled when flat and that daily proxy excludes 15 minute and plus 2R quarter management. The adjusted bars are not live execution and the stop is triggered by the first ambiguous bar. The slippage is 15 basis points. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FTK&timeframe=1Day&feed=sip&adjustment=all

A trading fund report shows the following results from 2025-01-01 to 2026-09-11: the return was -29.24 percent, the drawdown was 45.86 percent, and the win rate was 28.57 percent. The mean return was -1.19 percent, the average win was 23.62 percent, and the average loss was 11.12 percent. The report also states that there were 14 samples, 20 levels, and 3 targets. The protocol used was Protocol2531 with a 2020 warmup, and the next open was set to 2 ADR stop and 3R target with 40 sessions. Fees were 1 basis point each side, and there were two ordered slots per day to preserve entry day exits. The stop was set to the first ambiguous bar. The vector BTC cash return was reconciled when flat. The daily proxy excluded 15 minute and plus 2R quarter management, and adjusted bars were not used for live execution. The slippage was 5 basis points. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FTK&timeframe=1Day&feed=sip&adjustment=all

A trading fund report for FTK R91204 L20 from 2021-01-01 to 2024-12-31 shows a return of -86.45 percent and a drawdown of 88.61 percent. The win rate was 15.38 percent. The average win was 21.41 percent and the average loss was 11.75 percent. The report includes 26 samples, with a mean of -6.65 percent. The buy and hold return was -25.78 percent. The protocol used was Protocol2531, with a 2020 warmup period. The strategy included a 2 ADR stop and 3R target over 40 sessions, with 1 basis point fees on each side. There were two ordered slots per day, preserving entry day exits, and stopping at the first ambiguous bar. The vector BTC cash return was reconciled when flat. The daily proxy excluded 15-minute and plus 2R quarter management, with adjusted bars not used for live execution. The slippage was 15 basis points. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FTK&timeframe=1Day&feed=sip&adjustment=all

A trading fund report shows the following results from January 1, 2021 to December 31, 2024. The fund had a return of -85.72309236935189 percent and a drawdown of 88.21501408446859 percent. The win rate was 15.384615384615385 percent. The average win was 21.656665767474024 percent and the average loss was 11.574356401081175 percent. The fund had 26 samples, with a mean return of -6.461891452072682 percent. The buy and hold return was -25.77881619937695 percent. The protocol used was Protocol 2531, with a warm-up period in 2020. The strategy included a 2 ADR stop and a 3R target, with 40 sessions. There was a 1 basis point fee on each side of the trade. The fund had two ordered slots per day and preserved entry day exits. The stop was triggered by the first ambiguous bar. The vector BTC cash return was reconciled when flat. The daily proxy excluded 15-minute and 2R quarter management, and adjusted bars were not used for live execution. The slippage was 5 basis points. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FTK&timeframe=1Day&feed=sip&adjustment=all

A trading fund report for FTK R91204 L10 starting on 2025-01-01 shows a slippage of 15 basis points, which is a measure of the difference between expected and actual trade prices. The report covers the period from 2025-01-01 to 2026-09-11. The return was -7.50%, and the drawdown, which is the peak-to-trough decline in value, was 47.70%. The win rate, or percentage of successful trades, was 33.33%. The sample size was 15 trades. The mean return was 1.17%, the average win was 26.84%, and the average loss was 11.67%. There was 1 open trade, 4 targets, and 1 exit on the entry day. The buy-and-hold return, which is the return if the asset was held for the entire period, was 185.58%. The protocol used was Protocol2531, with a warm-up period in 2020. The trading strategy included a stop-loss order, which is an order to sell when a certain price is reached, and a target, which is a price at which to take profit. There were two ordered trades per day, with a focus on preserving entry day exits. A stop-first-ambiguous-bar rule was used, which means that if there was uncertainty about the direction of the market, the trade was stopped. The vector BTC cash return was reconciled when the position was flat, meaning when there were no open trades. The daily proxy, which is a measure used to estimate performance, excluded 15-minute trades and trades with a return of more than 2 times the risk, and was managed on a quarterly basis. Adjusted bars, which are used to account for changes in market conditions, were not used for live execution. The report also mentions 1 basis point fees on each side of the trade, and 40 sessions, which is likely a measure of the number of trading days. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FTK&timeframe=1Day&feed=sip&adjustment=all

A trading fund report shows the following results from 2025-01-01 to 2026-09-11: the return was -4.59%, the drawdown was 46.65%, and the win rate was 33.33%. The mean return was 1.37%, the average win was 27.10%, and the average loss was 11.49%. The report also lists the following parameters: a 10-unit position size, a 5 basis point slippage, 15 samples, 1 open position, 4 targets, and 1 entry day exit. The protocol used was Protocol2531, with a 2020 warmup period, and a strategy of 2 ADR stops, 3R targets, and 40 sessions. Fees were 1 basis point on each side, with two ordered slots per day, preserving entry day exits, and stopping at the first ambiguous bar. The vector BTC cash return was reconciled when flat. The daily proxy excluded 15-minute and +2R quarter management, with adjusted bars not used for live execution. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FTK&timeframe=1Day&feed=sip&adjustment=all

A trading fund report shows the following results from January 1, 2021, to December 31, 2024. The fund had a return of -77.08 percent and a drawdown of 87.05 percent, which is the largest peak to trough decline, a measure of risk. The win rate was 20.83 percent, with an average win of 17.38 percent and an average loss of 11.72 percent. The fund was open 1 time and had 3 targets. There were 2 entry day exits, meaning the position was closed on the same day it was opened. The buy and hold return, a simple investment strategy, was -25.78 percent for comparison. The protocol used is Protocol 2531, with a warm-up period in 2020. The strategy includes a stop loss, which is a order to sell when a stock falls to a certain price, and a target, which is a price at which to sell, with 2 ordered slots per day. There is a fee of 1 basis point, a unit of measurement for interest rates and fees, on each side of the trade. The vector, a mathematical concept, for bitcoin cash return is reconciled when flat, meaning when there are no open positions. The daily proxy, a substitute for actual data, excludes 15-minute data and plus 2R, a risk management strategy, quarter management. Adjusted bars, a way of representing trading data, are not used for live execution, meaning actual trading decisions. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FTK&timeframe=1Day&feed=sip&adjustment=all

A trading fund report shows the following results from January 1, 2021, to December 31, 2024. The fund had a return of -75.93 percent and a drawdown of 86.60 percent, which is the largest peak to trough decline. The win rate was 20.83 percent. The average win was 17.62 percent and the average loss was 11.55 percent. The fund was open 1 time and had 3 targets. There were 2 entry day exits. A buy and hold strategy would have resulted in a -25.78 percent return. The protocol used is Protocol 2531, which includes a 2020 warmup period. The next open is 2 ADR stop, 3R target, and 40 sessions. There is a 1 basis point fee on each side of the trade. The fund has two ordered slots per day and preserves entry day exits. The stop is triggered by the first ambiguous bar. The vector BTC cash return is reconciled when flat. The daily proxy excludes 15 minute and plus 2R quarter management and adjusted bars are not live execution. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FTK&timeframe=1Day&feed=sip&adjustment=all

A supplier page found on September 12, 2026, shows that SNF Saudi was established in April 2017 in Dammam, and it provides a local warehouse and direct end-user supply and technical support for oil and gas polymers. The company claims to have a global capacity of 1.425 million tonnes across 21 sites, but this does not include its Saudi capacity. As an independent competitor, SNF Saudi is promoting its services. This establishes an alternative infrastructure, but it does not offer interchangeable FTK qualified chemistry, and it does not mean that Saudi FTK customer contracts will be lost. SNF could even be an input vendor, but its identity is unknown. A search for reformulations did not yield any current FTK Saudi agreement or payment terms, but this does not prove that no agreement exists, and the reason for the failure to find one is unknown. https://www.snf.com/locations/sa/

A news article from Aramco, dated February 26, 2026, stated that the Jafurah field will have its first production in December 2025, with a target of 2 billion standard cubic feet per day of sales gas and 420 million standard cubic feet per day of ethane and 630 thousand barrels per day of liquids by 2030. On August 4, the company reported that the first phase of the project is steady and the second phase is under construction, with completion expected in 2027. This independent operating project origin supports the idea that the development is driven by demand, not by supplier cash or the FTK award, exclusivity, or payment. The forecast for startup in the third quarter of 2025 was different from the actual start date in December 2025, but this is a difference in period, not a contradiction. The general market demand supports the counterargument that FTK is bullish. https://www.aramco.com/en/news-media/news/2026/aramcos-gas-strategy-builds-momentum-with-major-progress-towards-growth-target

A news scan found the note that on June 30, 2026, Note 9 was added with an additional $40 million secured for PWRtek principal due in 2030, with $2 million in interest for the first half of the year, assigned on November 7, 2025, to PC Energy, a related affiliate. This amount will be added to the $10.4 million Asset-Based Loan, or ABL. The ABL-only Enterprise Value, or EV, which is a measure of a company's total value, is an incomplete diagnostic, not a valuation. The compliance disclosure on June 30 does not prove the position as of September 12. The ProFrac report on August 6 for Q2 also forecasts an improvement in frac pricing for Q3, with a forecasted capital expenditure, or capex, of $155-185 million for the year, which includes FTK, and $145-175 million excluding FTK. This is a positive example of customer demand, alongside a risk related to financing. https://www.sec.gov/Archives/edgar/data/928054/000092805426000080/ftk-20260630.htm

A news scan found the filing: Aug 18 8-K. On August 3, a proposed 10-year contract for 40 million annual revenue with a possible backlog of 400 million was announced, with an increase of up to 40 megawatts within a 400 megawatt project. The Oversight Board revoked approval on August 14. PREPA then held all work on August 17. As of the filing, there was no formal termination notice. This means there is no assurance of revenue. On September 9, chemistry guidance was not proof of a power restart. The issuer reported on authority actions, which is not a fresh update as of September 12, but rather a preservation of the period. https://www.sec.gov/Archives/edgar/data/928054/000092805426000082/ftk-20260817.htm

A September 9 issuer presentation stated that for the first half of the year, international sales were 12.6 million, with a forecast of over 40 million for the second half. The company claims to be the primary fluid chemistry supplier for unconventional operations in Saudi Arabia, with an extended supply operation through mid-2027. The presentation also mentioned a DAQ2 Montana project valued at 5.9 million, with a potential annual value of 3.1 to 5.5 million per 40 megawatts, resulting in a 6 to 10 times return on investment for the customer, and 14 days of zero downtime. The company reported that 89 units were deployed or on order, compared to 25 active units at the end of 2025, although the units are measured in different ways. However, the terms of the deal with Saudi Arabia, including identity, exclusivity, price, volume, and payment, have not been fully disclosed, and the generic portal used by Aramco does not serve as proof of the FTK contract. https://www.sec.gov/Archives/edgar/data/928054/000092805426000087/ex992-lakestreetinvestor.htm

A news scan found the headline of ProFrac's Q2 '26 release, which reported debt of 1.10 billion and net debt of 1.08 billion, with liquidity of 72 million, including 14 million in cash, excluding FTK, and 58 million in Asset-Backed Loan, or ABL, which is a type of loan backed by assets. On July 1, a refinance of 300 million in ABL was made, with 243 million eligible and 173 million in borrowings, leaving about 71 million available. The parent company's report stated that 58 percent of FTK's Q2 revenue was intercompany, meaning it was between different parts of the same company. FTK's standalone revenue was computed to be 56.5 percent, which may reflect the consolidation basis, or the way the company combines its financial statements, and not an independent exact match. An affiliated source, which is not independent of FTK, said that the liquidity and refinance counter the assumption of an imminent default. https://ir.pfholdingscorp.com/sec-filings/all-sec-filings/content/0001104659-26-091463/tm2622356d1_ex99-1.htm

A document filed on March 16, 2026, for the year 2025, lists annual risk factors for FTK R91204. Traditional competitors and wholesalers selling directly to customers and low barriers to entry may lead to price competition. The company's raw materials can be sourced from multiple suppliers, but prices can be affected by tariffs, weather, and war, and suppliers may allocate their products, which means the company may not be able to pass on price increases and does not have protection against commodity price changes, known as commodity hedges. Some technical components from Verax DA are sole-sourced, meaning they can only be bought from one supplier, and are not easily replaceable. Although the company is trying to find multiple sources for some components, this does not change the fact that some components are sole-sourced. Currently, there are no notices of outages, long lead times, or allocation issues. https://www.sec.gov/Archives/edgar/data/928054/000092805426000020/ftk-20251231.htm

As of August 3, there were 36,220,429 common shares outstanding. In June 2022, warrants for 2,184,140 shares were issued with a nominal strike price plus a $4.5 million exercise fee. Six million warrants from April 2025 were already exercised on March 13, 2026, and should not be double counted. On June 30, the Asset-Based Loan, or ABL, was $10.4 million, with $4.402 million in cash and $6.6 million available. By August 3, availability was approximately $15 million. An amendment was made in July to extend the maturity date to October 31, 2026, with a 12-month extension option that requires at least 30 days' notice. The ABL has a $20 million cap, with 85% of eligible accounts receivable and 60% of inventory and real estate, at a prime rate plus 2%. The weighted average interest rate for the second quarter was 8.75%. An acquired asset was purchased for $107.5 million, compared to its book value of $15.1 million under common control, resulting in a $92.4 million reduction in equity. No conclusion was made regarding valuation fairness. https://www.sec.gov/Archives/edgar/data/928054/000092805426000080/ftk-20260630.htm

A March 12, 2026 agreement settles the 2025 shortfall. The gross amount is 27.4 million, which is less a 7.2 million offset and minor adjustments, resulting in 19.7 million. This includes 7.2 million in cash, with 5 million received in the first quarter and 2.2 million received in April, and a 12.5 million equipment credit. A credit of 3.0 million was used in the first half of the year, with the remainder expected in the second half and carryover allowed into 2027. The shortfall revenue for the first half of 2026 was 3.9 million, compared to 15.2 million in the prior period, and the 2026 minimums are not expected to be met. The ProFrac contract is for 10 years, with a minimum of greater than 70 percent of requirements for the first 30 fleets, and damages of 25 percent of purchase shortfall. The rental is fixed for the first 5 years and at market rate for the sixth year, with a contracted rental of 104.938 million through April 2030. ProFrac has 61 percent beneficial ownership, including warrants. https://www.sec.gov/Archives/edgar/data/928054/000092805426000080/ftk-20260630.htm

As of June 30, 2026, the company's revenue for the first half of the year was 63.8% from related customers. The accounts receivable, which is the amount of money customers owe the company, was 70.711 million from related parties and 43.415 million from external parties, compared to 64.204 million and 19.043 million, respectively, as of December 31. The company also had 9.521 million in equipment credit and 26.626 million in net inventory, compared to 10.629 million previously. There was no credit allowance for related parties. The external accounts receivable were mostly from customer A, which owed 14.894 million, or 34.3%, and customer C, which owed 8.528 million, or 19.6%. However, one counterparty from Saudi Arabia was anonymized and could not be identified. In terms of suppliers, the company spent 23.624 million, or 33.7%, with supplier A, and 7.808 million, or 11.2%, with supplier B in the second quarter. For the first half of the year, the company's purchases were 25.1% from supplier A, 12.4% from supplier B, and 11.8% from supplier D. This information is based on the closest issuer record. https://www.sec.gov/Archives/edgar/data/928054/000092805426000080/ftk-20260630.htm

The company FTK reported its revenue margins for the second quarter and the first half of the year. In the second quarter, the total revenue was 99.367 million US dollars, with 43.225 million US dollars coming from external sources and 56.142 million US dollars coming from related sources. The cost of goods sold, or COGS, which is the cost of producing the goods sold, was 75.584 million US dollars, resulting in a gross profit, or GP, of 23.783 million US dollars. For the first half of the year, the total revenue was 169.418 million US dollars, with 61.390 million US dollars coming from external sources and 108.028 million US dollars coming from related sources, resulting in a gross profit of 39.324 million US dollars. In comparison, for the second quarter of 2025, the total revenue was 58.350 million US dollars, with a gross profit of 14.407 million US dollars, and for the first half of 2025, the total revenue was 113.712 million US dollars, with a gross profit of 26.856 million US dollars. The gross margin percentages, which is the percentage of revenue that is gross profit, were 23.9 percent for the second quarter, compared to 24.7 percent, and 23.2 percent for the first half of the year, compared to 23.6 percent. The period ended on June 30 and the filing was made on August 4. https://www.sec.gov/Archives/edgar/data/928054/000092805426000080/ftk-20260630.htm

A news scan found the headline is not available, but a financial report for FTK R91204 was filed on August 4, for the period of the first half of the year, ending on June 30, 2026. The report is in millions of US dollars. The net income was 14.617. The operating cash flow was -6.580. The company spent 1.239 on capital expenditures, which are purchases of important items like equipment and property. The free cash flow, which is the cash left after paying for these important items, was -7.819. The working capital, which is the money used for daily operations, was used at a rate of 35.8. The company had 4.402 in cash. The cash flow from accounts receivable, which is the money owed to the company, was -24.570 from external sources and -19.486 from related sources. The inventory, which is the goods and materials the company has, decreased by 16.585. The accounts payable, which is the money the company owes to others, increased by 26.233. The company excluded 3.0 million in equipment purchases from the capital expenditures. This report is the closest available financial record and is consolidated, not just for the Saudi segment. https://www.sec.gov/Archives/edgar/data/928054/000092805426000080/ftk-20260630.htm

The issuer of FTK R91204 provided guidance on September 9, forecasting revenue of 360-370 million for the fiscal year 2026, which is an increase from the previous forecast of 340-350 million. They also forecast adjusted EBITDA of 50-54 million, up from 47-51 million. This represents a 20 million revenue increment and a 3 million EBITDA increment, which is a 15% marginal increase. However, the margin for the Saudi market was not disclosed. In the second quarter, international revenue was 10.6 million, and it is possible that the second half of the year could exceed 40 million. There are logistics and security risks associated with this forecast. The guidance originated from the issuer itself, and there is no independent corroboration from customers. https://ir.flotekind.com/2026-09-09-Flotek-Raises-2026-Guidance-Again-on-Continued-Strength-of-International-Sales