| Summary of Financial Information by Segment |
Financial information by segment for the years ended December 31, 2025 and 2024 is summarized below:
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For the Year Ended December 31, 2025 |
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Western Hemisphere |
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Eastern Hemisphere |
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Total |
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Tool Rental |
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117,670 |
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20,525 |
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138,194 |
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Product Sales |
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30,899 |
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2,952 |
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33,851 |
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Total Revenue |
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148,569 |
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23,476 |
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172,045 |
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Reconciliation of revenue |
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Elimination of intersegment revenue |
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(12,420 |
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Total consolidated revenue |
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159,626 |
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Less:(1) |
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Cost of Tool Rental |
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28,971 |
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8,573 |
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37,544 |
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Cost of Product Sales |
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13,723 |
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2,432 |
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16,156 |
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Total Cost of Sales |
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42,694 |
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11,005 |
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53,700 |
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Reconciliation of cost of revenue |
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Elimination of intersegment cost of revenue |
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(12,420 |
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Total consolidated cost of revenue |
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41,280 |
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Selling, general, administrative expenses |
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56,380 |
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11,938 |
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68,319 |
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Segment EBITDA |
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49,494 |
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533 |
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50,027 |
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Reconciliation of segment profit |
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Corporate expenses(2) |
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10,706 |
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Depreciation and amortization |
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27,290 |
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Stock-based compensation |
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2,464 |
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Monitoring fees |
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750 |
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Transaction expenses |
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1,155 |
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Goodwill impairment |
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1,901 |
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Other expenses |
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8,616 |
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Consolidated loss before taxes |
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(2,856 |
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For the Year Ended December 31, 2024 |
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Western Hemisphere |
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Eastern Hemisphere |
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Total |
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Tool Rental |
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125,291 |
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3,537 |
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128,828 |
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Product Sales |
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27,118 |
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9,669 |
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36,787 |
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Total Revenue |
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152,409 |
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13,206 |
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165,615 |
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Reconciliation of revenue |
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Elimination of intersegment revenue |
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(11,169 |
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Total consolidated revenue |
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154,446 |
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Less:(1) |
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Cost of Tool Rental |
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34,132 |
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1,113 |
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35,245 |
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Cost of Product Sales |
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9,710 |
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4,705 |
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14,415 |
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Total Cost of Sales |
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43,842 |
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5,818 |
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49,660 |
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Reconciliation of cost of revenue |
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Elimination of intersegment cost of revenue |
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(11,169 |
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Total consolidated cost of revenue |
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38,491 |
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Selling, general, administrative expenses |
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57,109 |
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6,082 |
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63,191 |
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Segment EBITDA |
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51,458 |
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1,306 |
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52,764 |
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Reconciliation of segment profit |
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Corporate expenses(2) |
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12,662 |
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Depreciation and amortization |
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23,832 |
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Stock-based compensation |
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2,092 |
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Monitoring fees |
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750 |
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Transaction expenses |
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7,036 |
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Goodwill impairment |
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— |
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Other expenses |
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3,407 |
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Consolidated loss before taxes |
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2,984 |
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(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker (2) Comprised primarily of expenses not allocated to our geographical segments. Additional financial information by operating segment as of December 31, 2025 and 2024 is summarized below:
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December 31, |
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2025 |
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2024 |
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Capital Expenditures |
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Western Hemisphere |
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$ |
14,921 |
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$ |
21,945 |
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Eastern Hemisphere |
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5,225 |
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947 |
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Total capital expenditures |
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20,147 |
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22,892 |
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Segment Assets(1): |
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Western Hemisphere |
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$ |
154,932 |
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$ |
171,857 |
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Eastern Hemisphere |
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57,756 |
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40,761 |
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Total segment assets |
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212,687 |
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212,618 |
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Corporate and other(2) |
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9,494 |
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9,813 |
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Total assets |
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$ |
222,181 |
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$ |
222,431 |
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(1) The goodwill allocated to the four reporting units is included within their respective segment asset totals. The goodwill amount included in segment assets is net of impairment losses of $0.9 million and $1.0 million at the Western Hemisphere and Eastern Hemisphere segments, respectively. Refer to Note 7 - Goodwill for further details. (2) Corporate assets consists of cash, related party notes receivables, and deferred financing costs.
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