Definitive proxy statements

Pay vs Performance Disclosure

v3.26.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
2025 Pay Versus Performance Table
Year
​ ​
Summary
Compensation
Table Total
for PEO ($)(1)
​ ​
Compensation
Actually Paid
to PEO ($)(2)
​ ​
Average
Summary
Compensation
Table Total for
Non-PEO
NEOs ($)(3)
​ ​
Average
Compensation
Actually Paid
to Non-PEO
NEOs ($)(3)
​ ​
Value of
Initial Fixed $100
Investment Based
on Total
Shareholder
Return ($)(4)
​ ​
Net
Income
(Loss)
($M)(5)
​
2025
​ ​ ​ ​ 1,404,204 ​ ​ ​ ​ ​ 658,199 ​ ​ ​ ​ ​ 1,456,352 ​ ​ ​ ​ ​ 944,482 ​ ​ ​ ​ ​ 47.04 ​ ​ ​ ​ ​ (355.5) ​ ​
2024
​ ​ ​ ​ 1,386,010 ​ ​ ​ ​ ​ 1,268,804 ​ ​ ​ ​ ​ 1,616,743 ​ ​ ​ ​ ​ 1,548,570 ​ ​ ​ ​ ​ 97.24 ​ ​ ​ ​ ​ (207.8) ​ ​
2023
​ ​ ​ ​ 901,175 ​ ​ ​ ​ ​ (147,385) ​ ​ ​ ​ ​ 1,088,654 ​ ​ ​ ​ ​ 55,329 ​ ​ ​ ​ ​ 39.63 ​ ​ ​ ​ ​ (59.2) ​ ​
​
(1)
Matthew D. Wilks was our PEO for each year presented.
​
(2)
SEC rules require certain adjustments be made to the “Total” column as reported in the “Summary Compensation Table” to determine “compensation actually paid” as reported in the Pay versus Performance Table. “Compensation actually paid” does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules. The equity values are calculated in accordance with ASC Topic 718, Compensation — Stock Compensation. Valuation assumptions used to calculate fair values used a consistent process as done on the date of grant and were not materially different from those disclosed at the time of grant. The following table details adjustments for our PEO:​
​
Matthew D. Wilks
​
​ ​ ​
2023
​ ​
2024
​ ​
2025
​
Summary Compensation Table Total
​ ​ ​ ​ 901,175 ​ ​ ​ ​ ​ 1,386,010 ​ ​ ​ ​ ​ 1,404,204 ​ ​
Less Aggregate Grant Date Fair Market Value of Equity Awards Granted During the Fiscal Year
​ ​ ​ ​ 411,139 ​ ​ ​ ​ ​ 759,225 ​ ​ ​ ​ ​ 839,615 ​ ​
Plus Fair Value at Fiscal Year End of Outstanding Equity Awards Granted During The Fiscal Year
​ ​ ​ ​ 277,584 ​ ​ ​ ​ ​ 659,041 ​ ​ ​ ​ ​ 358,222 ​ ​
Plus the change in Fair Value as of the vesting date of Outstanding Equity Awards granted in prior Fiscal Years (for which vesting conditions were satisfied)
​ ​ ​ ​ (915,005) ​ ​ ​ ​ ​ (15,713) ​ ​ ​ ​ ​ (261,342) ​ ​
Plus the change in FMV as of the vesting date of equity awards granted in prior fiscal years (for which applicable vesting conditions were satisfied)
​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,309) ​ ​ ​ ​ ​ (3,270) ​ ​
Compensation Actually Paid to Mr. Matthew D. Wilks
​ ​ ​ ​ (147,385) ​ ​ ​ ​ ​ 1,268,804 ​ ​ ​ ​ ​ 658,199 ​ ​
​
(3)
As discussed in footnote (2), SEC rules require certain adjustments to be made in order to determine “compensation actually paid” as reported in the Pay versus Performance table above. Compensation actually paid reflects the exclusions and inclusions of certain amounts calculated according to Item 402(v) of Regulation S-K, using the valuation methodology consistent with the accounting principles under ASC Topic 718, Compensation — Stock Compensation. The following table details adjustments for the non-PEO NEOs:
​
Non-PEO NEOS(a)
​
​ ​ ​
2023(b)
​ ​
2024
​ ​
2025
​
Summary Compensation Table Total
​ ​ ​ ​ 1,088,654 ​ ​ ​ ​ ​ 1,616,743 ​ ​ ​ ​ ​ 1,456,352 ​ ​
Less Grant Date Fair Market Value of Equity Awards Granted During the Fiscal Year
​ ​ ​ ​ 504,282 ​ ​ ​ ​ ​ 379,487 ​ ​ ​ ​ ​ 706,742 ​ ​
Plus Fair Market Value at Fiscal Year End of Outstanding Equity Awards Granted During The Fiscal Year
​ ​ ​ ​ 240,436 ​ ​ ​ ​ ​ 321,787 ​ ​ ​ ​ ​ 317,860 ​ ​
Plus the change in Fair Value of Outstanding Unvested Equity Awards
Granted in Prior Fiscal Years (as of Year End)
​ ​ ​ ​ (144,491) ​ ​ ​ ​ ​ (9,667) ​ ​ ​ ​ ​ (121,468) ​ ​
Plus, for any Equity Awards Granted that Vest in the Same Year, the Fair Value as of the Vesting Date
​ ​ ​ ​ 58,879 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Plus the change in Fair Value as of the vesting date of Outstanding Equity Awards Granted in Prior Fiscal Years (for which vesting conditions were satisfied)
​ ​ ​ ​ (683,867) ​ ​ ​ ​ ​ (806) ​ ​ ​ ​ ​ (1,520) ​ ​
Compensation Actually Paid to our Non-PEO NEOs
​ ​ ​ ​ 55,329 ​ ​ ​ ​ ​ 1,548,570 ​ ​ ​ ​ ​ 944,482 ​ ​
​
(a)
The Non-PEO NEOs for each year were as follows: Lance Turner, Johnathan L. Wilks, Robert Willette, Matthew Greenwood, Blaine Wilbanks, Heather Klein in 2023; Lance Turner, Johnathan L. Wilks, Matthew Greenwood in 2024; and Austin Harbour, Johnathan L. Wilks in 2025.
​
(b)
In the 2023 Proxy, the amount in this column reflected the aggregate (and not the average) amount of compensation actually paid to the Company’s non-PEO NEOs. The 2023 amount has been updated to reflect the average amount of compensation actually paid to the Company’s non-PEO NEOs, consistent with the calculation principles under Item 402(v) of Regulation S-K.
​
(4)
TSR for each fiscal year is calculated based on a fixed $100 investment, assuming reinvestment of dividends, and uses the closing price on the first trading day of the applicable calendar year and the closing price on the last trading day of such year. The 2023 TSR in the Company’s proxy statement for the 2023 fiscal year, was calculated using the IPO date (May 13, 2022) as the beginning price and the year-end 2023 closing price. It has been updated herein to align with the methodology used for all other fiscal years.
​
(5)
The dollar amounts reported represent the amount of net income (loss) previously disclosed in the Company’s audited GAAP financial statements for the applicable year, as required by Regulation S-X.
   
Named Executive Officers, Footnote
(1)
Matthew D. Wilks was our PEO for each year presented.
(a)
The Non-PEO NEOs for each year were as follows: Lance Turner, Johnathan L. Wilks, Robert Willette, Matthew Greenwood, Blaine Wilbanks, Heather Klein in 2023; Lance Turner, Johnathan L. Wilks, Matthew Greenwood in 2024; and Austin Harbour, Johnathan L. Wilks in 2025.
   
PEO Total Compensation Amount $ 1,404,204 $ 1,386,010 $ 901,175
PEO Actually Paid Compensation Amount $ 658,199 1,268,804 (147,385)
Adjustment To PEO Compensation, Footnote
(2)
SEC rules require certain adjustments be made to the “Total” column as reported in the “Summary Compensation Table” to determine “compensation actually paid” as reported in the Pay versus Performance Table. “Compensation actually paid” does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules. The equity values are calculated in accordance with ASC Topic 718, Compensation — Stock Compensation. Valuation assumptions used to calculate fair values used a consistent process as done on the date of grant and were not materially different from those disclosed at the time of grant. The following table details adjustments for our PEO:​
​
Matthew D. Wilks
​
​ ​ ​
2023
​ ​
2024
​ ​
2025
​
Summary Compensation Table Total
​ ​ ​ ​ 901,175 ​ ​ ​ ​ ​ 1,386,010 ​ ​ ​ ​ ​ 1,404,204 ​ ​
Less Aggregate Grant Date Fair Market Value of Equity Awards Granted During the Fiscal Year
​ ​ ​ ​ 411,139 ​ ​ ​ ​ ​ 759,225 ​ ​ ​ ​ ​ 839,615 ​ ​
Plus Fair Value at Fiscal Year End of Outstanding Equity Awards Granted During The Fiscal Year
​ ​ ​ ​ 277,584 ​ ​ ​ ​ ​ 659,041 ​ ​ ​ ​ ​ 358,222 ​ ​
Plus the change in Fair Value as of the vesting date of Outstanding Equity Awards granted in prior Fiscal Years (for which vesting conditions were satisfied)
​ ​ ​ ​ (915,005) ​ ​ ​ ​ ​ (15,713) ​ ​ ​ ​ ​ (261,342) ​ ​
Plus the change in FMV as of the vesting date of equity awards granted in prior fiscal years (for which applicable vesting conditions were satisfied)
​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,309) ​ ​ ​ ​ ​ (3,270) ​ ​
Compensation Actually Paid to Mr. Matthew D. Wilks
​ ​ ​ ​ (147,385) ​ ​ ​ ​ ​ 1,268,804 ​ ​ ​ ​ ​ 658,199 ​ ​
   
Non-PEO NEO Average Total Compensation Amount $ 1,456,352 1,616,743 1,088,654
Non-PEO NEO Average Compensation Actually Paid Amount $ 944,482 1,548,570 55,329
Adjustment to Non-PEO NEO Compensation Footnote
(3)
As discussed in footnote (2), SEC rules require certain adjustments to be made in order to determine “compensation actually paid” as reported in the Pay versus Performance table above. Compensation actually paid reflects the exclusions and inclusions of certain amounts calculated according to Item 402(v) of Regulation S-K, using the valuation methodology consistent with the accounting principles under ASC Topic 718, Compensation — Stock Compensation. The following table details adjustments for the non-PEO NEOs:
Non-PEO NEOS(a)
​
​ ​ ​
2023(b)
​ ​
2024
​ ​
2025
​
Summary Compensation Table Total
​ ​ ​ ​ 1,088,654 ​ ​ ​ ​ ​ 1,616,743 ​ ​ ​ ​ ​ 1,456,352 ​ ​
Less Grant Date Fair Market Value of Equity Awards Granted During the Fiscal Year
​ ​ ​ ​ 504,282 ​ ​ ​ ​ ​ 379,487 ​ ​ ​ ​ ​ 706,742 ​ ​
Plus Fair Market Value at Fiscal Year End of Outstanding Equity Awards Granted During The Fiscal Year
​ ​ ​ ​ 240,436 ​ ​ ​ ​ ​ 321,787 ​ ​ ​ ​ ​ 317,860 ​ ​
Plus the change in Fair Value of Outstanding Unvested Equity Awards
Granted in Prior Fiscal Years (as of Year End)
​ ​ ​ ​ (144,491) ​ ​ ​ ​ ​ (9,667) ​ ​ ​ ​ ​ (121,468) ​ ​
Plus, for any Equity Awards Granted that Vest in the Same Year, the Fair Value as of the Vesting Date
​ ​ ​ ​ 58,879 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Plus the change in Fair Value as of the vesting date of Outstanding Equity Awards Granted in Prior Fiscal Years (for which vesting conditions were satisfied)
​ ​ ​ ​ (683,867) ​ ​ ​ ​ ​ (806) ​ ​ ​ ​ ​ (1,520) ​ ​
Compensation Actually Paid to our Non-PEO NEOs
​ ​ ​ ​ 55,329 ​ ​ ​ ​ ​ 1,548,570 ​ ​ ​ ​ ​ 944,482 ​ ​
(a)
The Non-PEO NEOs for each year were as follows: Lance Turner, Johnathan L. Wilks, Robert Willette, Matthew Greenwood, Blaine Wilbanks, Heather Klein in 2023; Lance Turner, Johnathan L. Wilks, Matthew Greenwood in 2024; and Austin Harbour, Johnathan L. Wilks in 2025.
(b)
In the 2023 Proxy, the amount in this column reflected the aggregate (and not the average) amount of compensation actually paid to the Company’s non-PEO NEOs. The 2023 amount has been updated to reflect the average amount of compensation actually paid to the Company’s non-PEO NEOs, consistent with the calculation principles under Item 402(v) of Regulation S-K.
   
Total Shareholder Return Amount $ 47.04 97.24 39.63
Net Income (Loss) $ (355,500,000) (207,800,000) (59,200,000)
PEO Name Matthew D. Wilks    
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (839,615) (759,225) (411,139)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 358,222 659,041 277,584
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (261,342) (15,713) (915,005)
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (3,270) (1,309)
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (706,742) (379,487) (504,282)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 317,860 321,787 240,436
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (121,468) (9,667) (144,491)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 58,879
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (1,520) $ (806) $ (683,867)