Business Segment, Geographic and Major Customer Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Financial Information Regarding Reportable Segments

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 Other		Total
2025
Revenue from external customers
Products	$	21,755	$	1,820	$	—	$	23,575
Services	788		819		—		1,607
Total revenue from external customers	22,543		2,639		—		25,182
Revenue from related party
Products	29,830		—		—		29,830
Services	47		63		—		110
Rental	—		3,228		—		3,228
Total revenue from related parties	29,877		3,291		—		33,168
Cost of sales	41,753		2,190		—		43,943
Gross profit	10,667		3,740		—		14,407
Selling, general and administrative	2,155		1,128		3,513		6,796
Asset acquisition expenses (Note 3)	—		4,195		—		4,195
Other segment items	463		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, net					181		181
Income before income taxes							$	1,785

2024
Revenue from external customers
Products	$	15,647	$	1,306	$	—	$	16,953
Services	714		524		—		1,238
Total revenue from external customers	16,361		1,830		—		18,191
Revenue from related party
Products	27,741		—		—		27,741
Services	—		220		—		220
Total revenue from related parties	27,741		220		—		27,961
Cost of sales	35,556		1,426		—		36,982
Gross profit	8,546		624		—		9,170
Selling, general and administrative	1,903		837		3,539		6,279
Other segment items	498		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, net					75		75
Income before income taxes							$	1,989


As of and for the six months ended June 30,	Chemistry Technologies		Data Analytics		Corporate and Other		Total
2025
Revenue from external customers
Products	$	43,019	$	3,482	$	—	$	46,501
Services	1,533		1,571		—		3,104
Total revenue from external customers	44,552		5,053		—		49,605
Revenue from related party
Products	60,530		—		—		60,530
Services	76		273		—		349
Rental revenue	—		3,228		—		3,228
Total revenue from related parties	60,606		3,501		—		64,107
Cost of sales	83,048		3,808		—		86,856
Gross profit	22,110		4,746		—		26,856
Selling, general and administrative	4,322		2,075		6,681		13,078
Asset acquisition expenses (Note 3)	—		4,195		—		4,195
Other segment items	848		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, net					287		287
Income before income taxes							$	7,229

2024
Revenue from external customers
Products	$	26,816	$	2,238	$	—	$	29,054
Services	1,231		1,086		—		2,317
Total revenue from external customers	28,047		3,324		—		31,371
Revenue from related party
Products	54,755		—		—		54,755
Services	—		400		—		400
Total revenue from related parties	54,755		400		—		55,155
Cost of sales	65,855		2,680		—		68,535
Gross profit	16,947		1,044		—		17,991
Selling, general and administrative	3,759		1,520		7,086		12,365
Other segment items	938		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, net					49		49
Income before income taxes							$	3,793

Assets of the Company by reportable segments and corporate and other are as follows (in thousands):


	June 30, 2025		December 31, 2024
Chemistry Technologies	$	136,478	$	152,161
Data Analytics	25,995		8,632
Corporate and Other	9,770		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 Other		Total
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).

Schedule of Revenue by Geographic Location

Revenue by geographic location is as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
U.S. (1)	$	54,426	$	44,008	$	105,895	$	83,266
UAE	3,417		1,803		6,857		2,545
Other countries	507		341		960		715
Total revenue	$	58,350	$	46,152	$	113,712	$	86,526

(1) Includes revenue from related party

Schedule of Revenue by 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	%

Schedule of Expenditure With Major Suppliers by Reporting Segments

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 B	6,171		19	%
Supplier C	3,430		10	%

2024
Supplier A	$	5,975	23	%
Supplier D	4,383		17	%
Supplier B	4,103		16	%


Six months ended June 30,	Expenditure		% of Total Expenditure

2025
Supplier A	$	17,068	24	%
Supplier B	10,933		16	%

2024
Supplier D	$	12,120	23	%
Supplier A	10,543		20	%
Supplier B	4,103		8	%