| Summary of Financial Information to Business Segments |
The following tables summarize selected financial information relating to our business segments (in thousands):
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Three Months Ended March 31, |
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2026 |
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2025 |
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Sand & Logistics |
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Power |
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Total |
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Sand & Logistics |
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Power |
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Total |
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Product revenue |
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$ |
105,604 |
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$ |
3,336 |
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$ |
108,940 |
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$ |
139,645 |
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$ |
— |
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$ |
139,645 |
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Service revenue |
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139,113 |
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— |
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139,113 |
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150,609 |
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— |
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150,609 |
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Rental revenue |
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— |
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17,530 |
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17,530 |
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— |
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7,337 |
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7,337 |
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Total revenue |
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244,717 |
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20,866 |
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265,583 |
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290,254 |
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7,337 |
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297,591 |
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Cost of sales (excluding depreciation, depletion and accretion expense) (1) |
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206,052 |
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7,973 |
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214,025 |
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203,719 |
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2,344 |
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|
206,063 |
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Depreciation, depletion and accretion expense (1) |
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40,078 |
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5,148 |
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45,226 |
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35,911 |
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|
1,089 |
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|
37,000 |
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Gross profit (loss) |
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$ |
(1,413 |
) |
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$ |
7,745 |
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$ |
6,332 |
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$ |
50,624 |
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$ |
3,904 |
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$ |
54,528 |
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Selling, general and administrative expense (including stock-based compensation expense of $8,442 and $6,518 respectively) |
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35,746 |
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34,412 |
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Credit loss expense |
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17 |
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— |
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Amortization expense of acquired intangible assets |
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6,371 |
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|
4,785 |
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Insurance recovery (gain) |
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(3,326 |
) |
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— |
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Operating income (loss) |
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(32,476 |
) |
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15,331 |
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Interest (expense), net |
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(15,784 |
) |
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(12,078 |
) |
Other income (expense), net |
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486 |
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|
259 |
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Income (loss) before income taxes |
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(47,774 |
) |
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3,512 |
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Income tax expense (benefit) |
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(510 |
) |
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|
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2,293 |
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Net income (loss) |
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$ |
(47,264 |
) |
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$ |
1,219 |
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(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
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| Summary of Segment Total Assets and Capital Expenditures |
The following tables reconcile segment total assets and capital expenditures incurred (in thousands):
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March 31, 2026 |
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December 31, 2025 |
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Sand & Logistics |
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$ |
1,966,392 |
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$ |
1,946,298 |
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Power |
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|
332,186 |
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|
282,130 |
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Total assets |
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$ |
2,298,578 |
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$ |
2,228,428 |
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Three Months Ended March 31, |
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2026 |
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2025 |
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Sand & Logistics |
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$ |
18,850 |
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$ |
36,724 |
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Power |
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|
48,226 |
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|
2,139 |
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Total capital expenditures incurred |
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$ |
67,076 |
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$ |
38,863 |
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