Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | NOTE 15. RELATED PARTY TRANSACTIONS Related parties include key management personnel and their close family members having authority and responsibility for planning, directing, and monitoring the activities of the Company directly or indirectly. In the normal course of business, the Company from time to time receives services and products from, or sells products, services and rentals to, related parties, in transactions that are either not material or approved in accordance with our Related Party Transaction Approval Policy. The total of purchases from vendors that are related parties were $0.1 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively. Total revenue earned from customers that are related parties were $0.3 million and $3.0 million for the three months ended March 31, 2025 and 2024, respectively. In October 2023, we added a new member to Legacy Innovex's Board of Directors who was an executive of Pioneer Natural Resources, Inc. (“Pioneer”), an established customer of Legacy Innovex. Effective June 2024, this director no longer works for Pioneer and therefore is no longer considered a related party. Of the $3.0 million of revenue earned from related parties for the three months ended March 31, 2024, $2.9 million related to Pioneer. The outstanding net trade receivable due from customers that are related parties at March 31, 2025 and December 31, 2024 was $0.3 million and $0.2 million, respectively. |