v3.25.2
Business Segment, Geographic and Major Customer Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segment, Geographic and Major Customer Information Business Segment, Geographic and Major Customer Information
Segment Information
The Company’s segments are determined as those components whose results are reviewed regularly by the chief operating decision maker (“CODM”), who is the Company's Chief Executive Officer, in deciding how to allocate resources and assess performance. Each segment is organized and managed based upon the nature of the Company’s markets and customers and consists of similar products and services. Gross profit and income (loss) from operations for each segment are used by the CODM to assess the performance of each segment in a financial period. The CODM uses segment gross profit and income (loss) from operations as the measure to make resource (including financial or capital resources) allocation decisions for each segment. Accounting policies have been applied consistently by each segment for all reporting periods. Intercompany revenue and expense amounts, if any, have been eliminated within each segment to report on the basis that management uses internally for evaluating segment performance. Various functions, including certain sales and marketing activities and general and administrative activities, are provided centrally by the corporate office. Costs associated with corporate office functions, other corporate income and expense items, and income taxes are not allocated to the reportable segments.
The operations of the Company are categorized into the following reportable segments:
Chemistry Technologies. The CT segment includes specialty chemistries, logistics and technology services, which we believe enables our customers to pursue improved efficiencies and performance throughout the life cycle of their wells, and also helps our customers improve their environmental, social and governance (“ESG”) and operational goals. Customers of the CT segment include major integrated oil and gas companies, oilfield services companies, independent oil and gas companies, national and state-owned oil companies, and international supply chain management companies.
Data Analytics. The DA segment provides innovative analytical measurement solutions. The DA segment seeks to deliver real-time information and insights to our customers to enable optimization of operations, which has been enhanced through the addition of the Acquired Assets (see Note 3 - “Asset Acquisition”), and reduction of emissions and their carbon intensity. Customers of the DA segment span across the entire oil and gas market, from upstream production to midstream facilities to refineries and distribution networks.
Summarized financial information of the reportable segments is as follows (in thousands):
As of and for the three months ended June 30,
Chemistry Technologies
Data Analytics
Corporate and OtherTotal
2025
Revenue from external customers
Products$21,755 $1,820 $— $23,575 
Services788 819 — 1,607 
Total revenue from external customers22,543 2,639 — 25,182 
Revenue from related party
Products29,830 — — 29,830 
Services47 63 — 110 
Rental — 3,228 — 3,228 
Total revenue from related parties29,877 3,291 — 33,168 
Cost of sales41,753 2,190 — 43,943 
Gross profit10,667 3,740 — 14,407 
Selling, general and administrative2,155 1,128 3,513 6,796 
Asset acquisition expenses (Note 3)— 4,195 — 4,195 
Other segment items463 336 30 829 
Income (loss) from operations$8,049 $(1,919)$(3,543)$2,587 
Reconciliation of profit to income before income taxes:
Interest expense$(983)$(983)
Other income, net181 181 
Income before income taxes$1,785 
2024
Revenue from external customers
Products$15,647 $1,306 $— $16,953 
Services714 524 — 1,238 
Total revenue from external customers16,361 1,830 — 18,191 
Revenue from related party
Products27,741 — — 27,741 
Services— 220 — 220 
Total revenue from related parties27,741 220 — 27,961 
Cost of sales35,556 1,426 — 36,982 
Gross profit 8,546 624 — 9,170 
Selling, general and administrative1,903 837 3,539 6,279 
Other segment items498 145 26 669 
Income (loss) from operations$6,145 $(358)$(3,565)$2,222 
Reconciliation of profit to income before income taxes:
Interest expense(308)(308)
Other income, net75 75 
Income before income taxes$1,989 
Other segment items for the three months ended June 30, 2025 includes depreciation of $0.2 million and $0.2 million in the CT and DA segments, respectively, and R&D costs of $0.3 million and $0.2 million in the CT and DA segments, respectively.

Other segment items for the three months ended June 30, 2024 includes depreciation of $0.2 million and $35 thousand in the CT and DA segments, respectively, and R&D costs of $0.4 million and $0.1 million in the CT and DA segments, respectively.
As of and for the six months ended June 30,
Chemistry Technologies
Data Analytics
Corporate and OtherTotal
2025
Revenue from external customers
Products$43,019 $3,482 $— $46,501 
Services1,533 1,571 — 3,104 
Total revenue from external customers44,552 5,053 — 49,605 
Revenue from related party
Products60,530 — — 60,530 
Services76 273 — 349 
Rental revenue— 3,228 — 3,228 
Total revenue from related parties60,606 3,501 — 64,107 
Cost of sales83,048 3,808 — 86,856 
Gross profit22,110 4,746 — 26,856 
Selling, general and administrative4,322 2,075 6,681 13,078 
Asset acquisition expenses (Note 3)— 4,195 — 4,195 
Other segment items848 520 61 1,429 
Income (loss) from operations$16,940 $(2,044)$(6,742)$8,154 
Reconciliation of profit to income before income taxes:
Interest expense$(1,212)$(1,212)
Other income, net287 287 
Income before income taxes$7,229 
2024
Revenue from external customers
Products$26,816 $2,238 $— $29,054 
Services1,231 1,086 — 2,317 
Total revenue from external customers28,047 3,324 — 31,371 
Revenue from related party
Products54,755 — — 54,755 
Services— 400 — 400 
Total revenue from related parties54,755 400 — 55,155 
Cost of sales65,855 2,680 — 68,535 
Gross profit 16,947 1,044 — 17,991 
Selling, general and administrative3,759 1,520 7,086 12,365 
Other segment items938 306 52 1,296 
Income (loss) from operations$12,250 $(782)$(7,138)$4,330 
Reconciliation of profit to income before income taxes:
Interest expense(586)(586)
Other income, net49 49 
Income before income taxes$3,793 
Other segment items for the six months ended June 30, 2025 includes depreciation of $0.3 million and $0.2 million in the CT and DA segments, respectively; R&D costs of $0.5 million and $0.3 million in the CT and DA segments, respectively; and gain on sale of property and equipment in the CT segment of $7 thousand.

Other segment items for the six months ended June 30, 2024 includes depreciation of $0.3 million and $70 thousand in the CT and DA segments, respectively; and R&D costs of $0.6 million and $0.2 million in the CT and DA segments, respectively.
Assets of the Company by reportable segments and corporate and other are as follows (in thousands):
June 30, 2025December 31, 2024
Chemistry Technologies$136,478 $152,161 
Data Analytics25,995 8,632 
Corporate and Other9,770 10,003 
Total assets$172,243 $170,796 
Additions to long-lived assets by reportable segments and corporate and other are as follows (in thousands):
As of and for the six months ended June 30,
Chemistry Technologies
Data Analytics
Corporate and OtherTotal
2025
Additions to long-lived assets (1)
$1,050 $14,681 $39 $15,770 
2024
Additions to long-lived assets$175 $34 $20 $229 
(1)Additions to long-lived assets for the six months ended June 30, 2025 includes $14.5 million of assets as a result of the non-cash PWRtek Transactions (see Note 3 and Note 17).
Geographic Information
Revenue by country is based on the location where services are provided and products are sold. For the three and six months ended June 30, 2025 and 2024 no country other than the U.S. accounted for more than 10% of revenue. Revenue by geographic location is as follows (in thousands):
 Three months ended June 30,Six months ended June 30,
 2025202420252024
U.S. (1)$54,426 $44,008 $105,895 $83,266 
UAE3,417 1,803 6,857 2,545 
Other countries507 341 960 715 
Total revenue$58,350 $46,152 $113,712 $86,526 
(1) Includes revenue from related party
Long-lived assets held in countries other than the U.S. are not considered material to the consolidated financial statements.
Major Customers
Revenue from major customers, as a percentage of consolidated revenue, is as follows (in thousands):
Revenue% of Total Revenue
Three months ended June 30, 2025
Customer A (related party)
$33,168 56.8 %
Three months ended June 30, 2024
Customer A (related party)
$27,961 60.6 %
Revenue% of Total Revenue
Six months ended June 30, 2025
Customer A (related party)
$64,107 56.4 %
Six months ended June 30, 2024
Customer A (related party)
$55,155 63.7 %
The concentration with ProFrac Services, ProFrac GDM and in the oil and gas industry increases credit, commodity and business risk.
Major Suppliers
Expenditure with major suppliers, as a percentage of consolidated supplier expenditure, is as follows (in thousands):
Three months ended June 30,Expenditure% of Total Expenditure
2025
Supplier A$9,182 28 %
Supplier B6,171 19 %
Supplier C3,430 10 %
2024
Supplier A$5,975 23 %
Supplier D4,383 17 %
Supplier B4,103 16 %

Six months ended June 30,Expenditure% of Total Expenditure
2025
Supplier A$17,068 24 %
Supplier B10,933 16 %
2024
Supplier D$12,120 23 %
Supplier A10,543 20 %
Supplier B4,103 8 %