v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We operate in two business segments that offer different products and services and correspond to the manner in which the Company's Chief Executive Officer (the chief operating decision maker or "CODM") reviews and evaluates operating performance to make decisions about resources to be allocated to each segment.
Our reporting segments are:
•Pressure Control – engaged in the design, manufacture, sale, installation, service and associated rental of wellhead and pressure control equipment utilized during the drilling, completion and production phases of oil and gas wells.
•Spoolable Technologies – engaged in the design, manufacture, sale, installation, service and associated rental of onshore spoolable pipe technologies utilized for production, gathering and takeaway transportation of oil, gas or other liquids.
Financial information by business segment for the three and six months ended June 30, 2026 and 2025 is summarized below.
Three Months Ended June 30,
2026
Pressure Control
Spoolable Technologies
Total
Revenues from external customers$343,995 $105,533 $449,528 
Intersegment revenue— — — 
Total revenues343,995 105,533 449,528 
Reconciliation of revenue
Elimination of intersegment revenue— 
Total consolidated revenues449,528 
Less:(1)
Cost of revenue from external customers$238,632 $61,179 $299,811 
Intersegment cost of revenue208 — 208 
Total cost of revenues238,840 61,179 300,019 
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue(208)
Total consolidated cost of revenue299,811 
Selling, general, administrative expenses and other (2)
46,001 12,186 
Segment profit$59,154 $32,168 $91,322 
Reconciliation of segment profit
Elimination of intersegment profit208 
Total consolidated segment profit$91,530 
Corporate expenses (3)
(7,948)
Total operating income$83,582 
Interest income, net949 
Income before income taxes$84,531 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
(2) For each reportable segment, the 'Selling, general, administrative expenses and other' line items category includes: salaries and wages, stock based compensation amortization expense, depreciation expense, professional fees, rent expense, and other miscellaneous items.
(3) Comprised primarily of expenses not allocated to our operating segments.
Three Months Ended June 30,
2025
Pressure Control
Spoolable Technologies
Total
Revenues from external customers$177,350 $96,225 $273,575 
Intersegment revenue2,422 — 2,422 
Total revenues179,772 96,225 275,997 
Reconciliation of revenue
Elimination of intersegment revenue(2,422)
Total consolidated revenues273,575 
Less:(1)
Cost of revenue from external customers$117,743 $55,837 $173,580 
Intersegment cost of revenue2,071 — 2,071 
Total cost of revenues119,814 55,837 175,651 
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue(2,071)
Total consolidated cost of revenue173,580 
Selling, general, administrative expenses and other (2)
17,625 12,335 
Segment profit$42,333 $28,053 $70,386 
Reconciliation of segment profit
Elimination of intersegment profit(351)
Total consolidated segment profit$70,035 
Corporate expenses (3)
(9,230)
Total operating income$60,805 
Interest income, net2,518 
Income before income taxes$63,323 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2) For each reportable segment, the 'Selling, general, administrative expenses and other' line items category includes: salaries and wages, stock based compensation amortization expense, depreciation expense, professional fees, rent expense, and other miscellaneous items.

(3) Comprised primarily of expenses not allocated to our operating segments.
Six Months Ended June 30,
2026
Pressure Control
Spoolable Technologies
Total
Revenues from external customers$642,444 $195,433 $837,877 
Intersegment revenue1,723 — 1,723 
Total revenues644,167 195,433 839,600 
Reconciliation of revenue
Elimination of intersegment revenue(1,723)
Total consolidated revenues837,877 
Less:(1)
Cost of revenue from external customers$460,489 $116,093 $576,582 
Intersegment cost of revenue1,822 — 1,822 
Total cost of revenues462,311 116,093 578,404 
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue(1,822)
Total consolidated cost of revenue576,582 
Selling, general, administrative expenses and other (2)
84,097 23,605 
Segment profit$97,759 $55,735 $153,494 
Reconciliation of segment profit
Elimination of intersegment profit99 
Total consolidated segment profit$153,593 
Corporate expenses (3)
(20,507)
Total operating income$133,086 
Interest income, net1,169 
Income before income taxes$134,255 

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2) For each reportable segment, the 'Selling, general, administrative expenses and other' line items category includes: salaries and wages, stock based compensation amortization expense, depreciation expense, professional fees, rent expense, and other miscellaneous items.

(3) Comprised primarily of expenses not allocated to our operating segments.                            
Six Months Ended June 30,
2025
Pressure Control
Spoolable Technologies
Total
Revenues from external customers$365,091 $188,803 $553,894 
Intersegment revenue4,958 — 4,958 
Total revenues370,049 188,803 558,852 
Reconciliation of revenue
Elimination of intersegment revenue(4,958)
Total consolidated revenues553,894 
Less:(1)
Cost of revenue from external customers$233,989 $112,172 $346,161 
Intersegment cost of revenue4,297 — 4,297 
Total cost of revenues238,286 112,172 350,458 
Reconciliation of cost of revenue
Elimination of intersegment cost of revenue(4,297)
Total consolidated cost of revenue346,161 
Selling, general, administrative expenses and other (2)
35,097 24,702 
Segment profit$96,666 $51,929 $148,595 
Reconciliation of segment profit
Elimination of intersegment profit(661)
Total consolidated segment profit$147,934 
Corporate expenses (3)
(18,517)
Total operating income$129,417 
Interest income, net4,843 
Income before income taxes$134,260 

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2) For each reportable segment, the 'Selling, general, administrative expenses and other' line items category includes: salaries and wages, stock based compensation amortization expense, depreciation expense, professional fees, rent expense, and other miscellaneous items.

(3) Comprised primarily of expenses not allocated to our operating segments.

Assets are not reported to the CODM on a segment basis as it is not a meaningful measure used to run the business.