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- **Resilient Cash Flow**: Legacy completions business generated $25M free cash flow in Q3 despite 10% revenue decline.
- **PROPWR Growth**: Secured 220 MW of contracts by year-end, with 360 MW on order and $350M leasing facility to accelerate deployment.
- **Data Center Expansion**: Entered the hyperscale data center market with a 60 MW contract, leveraging next-gen power solutions.
- **Disciplined Capital Allocation**: $98M Q3 CapEx focused on PROPWR growth, with 2025 full-year guidance of $270-290M.
- **Market Leadership**: 70% of active horsepower under long-term contracts, with 75% of fleet as next-gen gas-burning equipment.

**【CEO Summary Section】**
- ProPetro achieved $294 million in Q3 revenue, down 10% QoQ due to lower completions activity, but maintained free cash flow of $25 million in the legacy completions business.
- 70% of active hydraulic horsepower is under long-term contracts, with 75% of the fleet consisting of next-gen gas-burning equipment.
- PROPWR secured 60 MW for a data center and 80 MW for an oilfield microgrid, with total contracted capacity expected to reach 220 MW by year-end.
- Ordered 140 MW of additional equipment, bringing total on-order capacity to 360 MW, with plans to reach 770 MW by 2028.
- Signed a $350 million leasing facility to support PROPWR growth, with equipment cost averaging $1.1 million/MW.

**【CFO Financial Commentary】**
- Q3 net loss was $2 million ($0.02 per share), narrower than the $7 million loss in Q2.
- Adjusted EBITDA was $35 million (12% of revenue), down 29% QoQ due to lower activity.
- Total capital expenditures were $98 million (including $79 million for PROPWR), with full-year CapEx guidance revised to $270-290 million.
- Liquidity remained strong at $158 million as of Q3, with $67 million in cash and $91 million available under the ABL.

**【Q&A Key Highlights】**
- **Data Center Contract**: 60 MW deployment with reciprocating engines and batteries, part of a long-term agreement with a hyperscaler.
- **Funding Strategy**: Prioritize organic free cash flow ($25M in Q3) and the $350M leasing facility for PROPWR growth, with minimal near-term cash outflows.
- **Equipment Costs**: Average $1.1M/MW including balance of plant, competitive with industry peers.
- **Market Positioning**: 70 full-time frac fleets in Permian vs. 90-100 at year start, with ProPetro idling 3 fleets to preserve equipment for better pricing.
- **2026 Outlook**: Expect 10-11 active fleets in Q4, with sequential improvement in PROPWR offsetting completions weakness.

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