ProFrac Holding’s fracking activities took a dip in Q4 as the energy operators curtailed completion activities amidst industry consolidation. However, early 2025, ACDC appears to have made a sharp recovery, with six additions to its frac spread count. Its management is also cautiously optimistic about the proppant operations in 2025. In Q4, it launched Livewire Power to cater to power generation solutions in remote locations. However, increased tariffs and labor inflation can continue to affect the company’s margin adversely in the near term.