ProPetro's Third Quarter: Declining Completions and Growth in Power Sector Lead to Varied Outcomes

ProPetro Holding Corp (PUMP) is experiencing a mixed third quarter in 2025, as a reduced net loss and progress in its Pro Power division help balance out lower revenues from its main completions business. The company posted total revenues of $294 million, marking a 10% decrease from the previous quarter, a result of persistent difficulties in the hydraulic fracturing market, according to a

. In spite of these challenges, reported a net loss of $2 million, or $0.02 per share, which is an improvement over the $7 million loss recorded in Q2 2025, as detailed in a . Adjusted EBITDA dropped to $35 million, accounting for 12% of revenue and representing a 29% decline from the previous quarter, as referenced in the .

The Pro Power division stood out this quarter, landing a 60-megawatt contract to supply power to a large-scale data center in the Midwest and increasing its contracted capacity to more than 150 megawatts, with a year-end goal of 220 megawatts, according to a

. The company has placed orders for an additional 140 megawatts of equipment, raising its total on-order capacity to 360 megawatts, and aims to reach 750 megawatts by 2028, as outlined in the . Leadership also pointed to a $350 million leasing facility to support this growth, expressing confidence in the division’s future profitability in .

On the other hand, the completions segment continued to face difficulties. The number of active Permian frac fleets fell to 70, down from 90–100 at the beginning of 2025, with three fleets sidelined due to unprofitable pricing, as reported in

. Revenues from this segment dropped 18.6% to $293.9 million, but costs and expenses also decreased by 44.4% to $300 million, resulting in better margins, . As of September 30, 2025, ProPetro maintained a strong balance sheet, holding $67 million in cash and $158 million in total liquidity, .

Looking forward, ProPetro expects to spend between $270 million and $290 million in capital expenditures for 2025, with $80 million–$100 million allocated to completions and $190 million to Pro Power, as stated in

. Management foresees continued gains in the Pro Power segment to help counteract seasonal slowdowns in Q4, though short-term demand for completions remains uncertain. Analysts are split on the stock, with a consensus price target of $6.80 reflecting cautious optimism. The stock jumped 19% after the data center contract news, but full-year 2025 revenue projections have been revised down from $1.3 billion to $1.21 billion, highlighting ongoing uncertainty in the industry.