Drilling down further on its results, FRAC reported that revenue rocketed higher by 180% year/year to $151 million. That was inline with the $150.4 million Capital IQ Consensus. Driving the strong revenue growth was an overall increase in well completion activity from its customers. This enabled it to activate three hydraulic fracturing fleets from warm to hot status during the quarter. Annualized revenue per deployed hydraulic fracturing fleet was $49.3 million. Also, as we discuss in more detail below, FRAC deployed two more fleets in January.
The company did not report an EPS number in its report. Its net loss per share widened to ($38.5) million from ($0.25) million in the year ago period. The main cause for the wider loss was that cost of services jumped by 184% to $143 million, accounting for almost 95% of revenue. Clearly, there is still softness in the oilfield services industry as its revenues are barely covering its cost of services. This is illustrated in its average annualized revenue per fleet deployed metric. For FY16, this came in at $41,085, down 44% year/year. On the positive side, Adjusted EBITDA improved significantly to $6.1 million from $400K in the year ago quarter.
As for FRAC's outlook, the company noted in its press release that it deployed two more hydraulic fracturing fleets, bringing its total fleet to 15. It currently has 16 fleets deployed, equating to 70% utilization of its 21 total fleets. Management commented that pricing continued to improve during 1Q17, which is encouraging. However, with commodity prices tumbling over the past week, these improvements in pricing may be short-lived, unless oil prices stabilize and rise again. Also, frac sand prices have increase, adding cost inflation and creating a headwind for the industry overall. FRAC has established some agreements that allows it to adjust pricing every 3-6 months to better align contract pricing to the market, which should help longer-term profitability. All in all, the company appears to be pretty optimistic about its prospects going forward and is looking to reactivate the idle portion of its fleet as conditions improve.