v3.25.2
Business Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company operates in the following two reportable segments: (1) Drilling and Completions and (2) Artificial Lift and Downhole. The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in oil and natural gas, renewable energy, defense and communications. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, production and infrastructure markets.
The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. This segmentation is representative of the manner in which our Chief Operating Decision Maker ("CODM") and our board of directors make decisions on how to allocate resources and assess performance. We consider the CODM to be the Chief Executive Officer.
The CODM evaluates segment performance based on operating income through monitoring actual results compared to strategic plans and forecasts on a quarterly basis. This analysis guides our CODM's decision-making processes, particularly in evaluating segment profitability, optimizing resource allocation, and managing costs effectively.
Summary financial data by segment follows (in thousands):
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Drilling and CompletionsArtificial Lift and DownholeTotalDrilling and CompletionsArtificial Lift and DownholeTotal
Revenue from external customers$117,217 $82,547 $199,764 $232,700 $160,343 $393,043 
Intersegment revenue20 — 20 106 — 106 
Segment revenue117,237 82,547 199,784 232,806 160,343 393,149 
Elimination of intersegment revenue(20)(106)
Total consolidated revenue199,764 393,043 
Less:
Cost of sales88,211 52,217 140,428 172,565 102,867 275,432 
Selling, general and administrative expenses21,755 19,939 41,694 43,591 39,788 83,379 
Segment operating income$7,271 $10,391 $17,662 $16,650 $17,688 $34,338 
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Drilling and CompletionsArtificial Lift and DownholeTotalDrilling and CompletionsArtificial Lift and DownholeTotal
Revenue from external customers$117,040 $88,169 $205,209 $236,090 $171,511 $407,601 
Intersegment revenue(15)— (15)6 — 6 
Segment revenue117,025 88,169 205,194 236,096 171,511 407,607 
Elimination of intersegment revenue15 (6)
Total consolidated revenue205,209 407,601 
Less:
Cost of sales87,757 54,364 142,121 175,793 104,982 280,775 
Selling, general and administrative expenses26,393 20,344 46,737 52,869 41,282 94,151 
Segment operating income$2,875 $13,461 $16,336 $7,434 $25,247 $32,681 
A reconciliation of segment operating income to income (loss) before income taxes is as follows (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Segment operating income$17,662 $16,336 $34,338 $32,681 
Less:
Other corporate expenses
9,491 6,954 17,189 14,206 
Transaction expenses184 1,228 235 7,149 
Gain on sale-leaseback transactions(6,903)— (6,903)— 
Loss on disposal of assets and other207 220 330 192 
Interest expense4,706 8,659 9,689 17,419 
Foreign exchange losses (gains) and other, net(3,942)3,006 (5,010)4,233 
Loss on extinguishment of debt— 463 — 463 
Income (loss) before income taxes$13,919 $(4,194)$18,808 $(10,981)
A summary of consolidated assets by reportable segment is as follows (in thousands):
June 30, 2025December 31, 2024
Drilling and Completions$423,953 $418,583 
Artificial Lift and Downhole365,939 371,178 
Corporate20,241 26,193 
Total assets$810,133 $815,954 
Corporate assets primarily include cash, certain prepaid assets and deferred loan costs.
The following table presents our revenues disaggregated by product line (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Drilling$32,846 $35,501 $64,959 $71,973 
Subsea22,389 16,799 44,529 38,634 
Stimulation and Intervention32,856 37,226 70,284 75,786 
Coiled Tubing29,146 27,499 53,034 49,703 
Downhole51,284 53,078 98,952 105,321 
Production Equipment20,662 18,058 39,721 36,540 
Valve Solutions10,601 17,033 21,670 29,650 
Eliminations(20)15 (106)(6)
Total revenue$199,764 $205,209 $393,043 $407,601 
The following table presents our revenues disaggregated by geography (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
United States$107,276 $102,552 $211,179 $213,869 
Canada31,021 36,336 62,458 71,975 
Middle East21,931 25,378 41,576 42,733 
Europe & Africa18,605 21,053 38,393 42,655 
Asia-Pacific10,065 10,150 20,508 20,318 
Latin America10,866 9,740 18,929 16,051 
Total revenue$199,764 $205,209 $393,043 $407,601