| 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 June 30, |
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|
|
2026 |
|
|
2025 |
|
|
|
Sand & Logistics |
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|
Power |
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Total |
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|
Sand & Logistics |
|
|
Power |
|
|
Total |
|
Product revenue |
|
$ |
101,228 |
|
|
$ |
2,310 |
|
|
$ |
103,538 |
|
|
$ |
126,328 |
|
|
$ |
280 |
|
|
$ |
126,608 |
|
Service revenue |
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|
162,670 |
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|
|
— |
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|
|
162,670 |
|
|
|
146,355 |
|
|
|
— |
|
|
|
146,355 |
|
Rental revenue |
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|
— |
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|
|
26,970 |
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|
|
26,970 |
|
|
|
— |
|
|
|
15,713 |
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|
|
15,713 |
|
Total revenue |
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|
263,898 |
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|
|
29,280 |
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|
|
293,178 |
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|
|
272,683 |
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|
|
15,993 |
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|
288,676 |
|
Cost of sales (excluding depreciation, depletion and accretion expense) (1) |
|
|
211,085 |
|
|
|
10,212 |
|
|
|
221,297 |
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|
|
189,956 |
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|
|
5,948 |
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|
|
195,904 |
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Depreciation, depletion and accretion expense (1) |
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|
40,169 |
|
|
|
5,857 |
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|
|
46,026 |
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|
|
38,202 |
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|
|
2,431 |
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|
|
40,633 |
|
Gross profit |
|
$ |
12,644 |
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|
$ |
13,211 |
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$ |
25,855 |
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|
$ |
44,525 |
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|
$ |
7,614 |
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|
$ |
52,139 |
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Selling, general and administrative expense (including stock-based compensation expense of $8,683 and $8,290 respectively) |
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39,411 |
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|
34,371 |
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Credit loss expense |
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|
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— |
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|
|
|
|
|
4,110 |
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Amortization expense of acquired intangible assets |
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|
|
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|
|
|
|
6,441 |
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|
|
|
|
|
|
|
6,465 |
|
Litigation settlement expense, net |
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|
|
|
|
|
|
|
2,550 |
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|
|
|
|
|
|
|
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— |
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Operating income (loss) |
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(22,547 |
) |
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|
|
|
7,193 |
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Interest (expense), net |
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|
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|
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(16,240 |
) |
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|
(14,798 |
) |
Loss on early payoff of lease financing |
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(6,783 |
) |
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|
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|
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— |
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Other income (expense), net |
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|
41 |
|
|
|
|
|
|
|
|
|
370 |
|
Loss before income taxes |
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|
|
|
|
|
|
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(45,529 |
) |
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|
|
|
|
|
|
|
(7,235 |
) |
Income tax benefit |
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|
|
|
|
|
|
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(20,433 |
) |
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|
|
|
|
|
|
|
(1,677 |
) |
Net loss |
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$ |
(25,096 |
) |
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$ |
(5,558 |
) |
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Six Months Ended June 30, |
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|
|
2026 |
|
|
2025 |
|
|
|
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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$ |
206,832 |
|
|
$ |
5,646 |
|
|
$ |
212,478 |
|
|
$ |
265,973 |
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|
$ |
280 |
|
|
$ |
266,253 |
|
Service revenue |
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|
301,783 |
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|
|
— |
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|
301,783 |
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|
|
296,964 |
|
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— |
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|
296,964 |
|
Rental revenue |
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— |
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|
|
44,500 |
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|
44,500 |
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— |
|
|
|
23,050 |
|
|
|
23,050 |
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Total revenue |
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|
508,615 |
|
|
|
50,146 |
|
|
|
558,761 |
|
|
|
562,937 |
|
|
|
23,330 |
|
|
|
586,267 |
|
Cost of sales (excluding depreciation, depletion and accretion expense) (1) |
|
|
417,137 |
|
|
|
18,185 |
|
|
|
435,322 |
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|
|
393,675 |
|
|
|
8,292 |
|
|
|
401,967 |
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Depreciation, depletion and accretion expense (1) |
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|
80,247 |
|
|
|
11,005 |
|
|
|
91,252 |
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|
74,113 |
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|
3,520 |
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|
77,633 |
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Gross profit |
|
$ |
11,231 |
|
|
$ |
20,956 |
|
|
$ |
32,187 |
|
|
$ |
95,149 |
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|
$ |
11,518 |
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$ |
106,667 |
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Selling, general and administrative expense (including stock-based compensation expense of $17,125 and $14,808, respectively) |
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|
75,157 |
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|
68,783 |
|
Credit loss expense |
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|
17 |
|
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|
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|
4,110 |
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Amortization expense of acquired intangible assets |
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|
12,812 |
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|
|
|
|
|
11,250 |
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Litigation settlement expense, net |
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|
2,550 |
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— |
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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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(55,023 |
) |
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|
22,524 |
|
Interest (expense), net |
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|
|
(32,024 |
) |
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|
(26,876 |
) |
Loss on early payoff of lease financing |
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|
|
|
|
|
|
|
(6,783 |
) |
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|
|
|
|
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— |
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Other income (expense), net |
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|
|
|
527 |
|
|
|
|
|
|
|
|
|
629 |
|
Loss before income taxes |
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|
|
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|
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(93,303 |
) |
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|
|
|
|
|
|
(3,723 |
) |
Income tax expense (benefit) |
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|
|
|
|
|
|
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(20,943 |
) |
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|
|
|
|
|
|
|
616 |
|
Net loss |
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$ |
(72,360 |
) |
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|
|
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|
$ |
(4,339 |
) |
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
|
| 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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June 30, 2026 |
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|
December 31, 2025 |
|
Sand & Logistics |
|
$ |
2,217,714 |
|
|
$ |
1,946,298 |
|
Power |
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|
337,553 |
|
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|
282,130 |
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Total assets |
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$ |
2,555,267 |
|
|
$ |
2,228,428 |
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|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Sand & Logistics |
|
$ |
18,363 |
|
|
$ |
33,420 |
|
|
$ |
37,213 |
|
|
$ |
70,144 |
|
Power |
|
|
131,616 |
|
|
|
6,882 |
|
|
|
179,842 |
|
|
|
9,021 |
|
Total capital expenditures incurred |
|
$ |
149,979 |
|
|
$ |
40,302 |
|
|
$ |
217,055 |
|
|
$ |
79,165 |
|
|