ProFrac is one of the largest hydraulic fracturing service providers in the U.S., serving oil and gas E&P companies across major unconventional basins including the Permian, Eagle Ford, Haynesville, Appalachia, the Bakken, and the Rockies. Hydraulic fracturing involves pumping high-pressure fluid — water, sand, and chemicals — into a wellbore to fracture rock and allow hydrocarbons to flow. ProFrac operates mobile pressure pumping fleets and had 22 active fleets at year-end 2025, with roughly 80% operating under dedicated contracted arrangements. The fleet skews heavily toward next-generation equipment: 16 Tier IV dual-fuel fleets and 4 electric fleets. ProFrac's core stimulation services business accounts for the large majority of revenue. Beyond frac services, ProFrac is vertically integrated: its Alpine Silica subsidiary operates eight frac sand mines with ~21.5M tons of annual nameplate capacity, selling roughly 40-45% of volumes to third parties and consuming the remainder internally. ProFrac also manufactures and refurbishes its own frac fleets and key components, primarily serving its own operations as a cost-reduction vehicle. ProFrac holds a majority stake in Flotek, a publicly traded specialty chemicals and data analytics company. ProFrac also operates Livewire Power, an off-grid natural gas power generation business launched in late 2024 that primarily supports ProFrac's electric frac fleets but is being positioned as a standalone business. ProFrac argues its vertical integration — controlling proppant, equipment manufacturing, chemicals, and power — reduces costs per fleet relative to peers reliant on third-party vendors.