v3.25.2
Related Parties
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Parties
Note 13: Related Parties
The Company has transactions with related parties as summarized below.
Rentals and Sales — The Company rents and sells equipment and provides services to R&M Equipment Rental, a business partially owned by members of the Company’s management. The Company also rents equipment and purchases inventory from R&M Equipment Rental.
Other — The Company has purchased products and aircraft charter services from entities owned by members of the Company’s management and their immediate families. Product purchases and charter services payments related to these transactions are immaterial. Expenses for products and air travel services are recorded in selling, general, and administrative expenses.
Management Fees — The Company is obligated under a Corporate Advisory Services Agreement with Platinum, under which management fees are payable to Platinum quarterly. The management fees are recorded in transaction expenses and other in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
Energy Capital Partners Stock Repurchase — On January 30, 2025, the Company purchased 8,143,635 shares of Common Stock from affiliates of ECP, at a purchase price of $4.00 per share, which represents an approximately 23% discount from the price of $5.19 per share of Common Stock at the close of trading on January 29, 2025, for an aggregate purchase price of $32.6 million. The transaction
was approved by the Company’s Board of Directors and the Audit Committee of the Board of Directors and the purchased shares are held in treasury.
A summary of the transactions with the foregoing related parties included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in $000s)2025202420252024
Total revenues from transactions with related parties$1,325 $7,945 $5,997 $11,604 
Expenses incurred from transactions with related parties included in cost of revenue$5 $286 $115 $752 
Expenses incurred from transactions with related parties included in operating expenses$819 $127 $1,378 $1,400 
Amounts receivable from/payable to related parties included in the Condensed Consolidated Balance Sheets are as follows:
(in $000s)June 30, 2025December 31, 2024
Accounts receivable from related parties$343 $3,688 
Accounts payable to related parties$204 $211