v3.26.1
Business Segment, Geographic and Major Customer Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segment, Geographic and Major Customer Information Business Segment, Geographic and Major Customer Information
Segment Information
The Company’s segments are determined as those components whose results are reviewed regularly by the chief operating decision maker (“CODM”), who is the Company's Chief Executive Officer, in deciding how to allocate resources and assess performance. Each segment is organized and managed based upon the nature of the Company’s markets and customers and consists of similar products and services. Gross profit and income (loss) from operations for each segment are used by the
CODM to assess the performance of each segment in a financial period. The CODM uses segment gross profit and income (loss) from operations as the measure to make resource (including financial or capital resources) allocation decisions for each segment. Accounting policies have been applied consistently by each segment for all reporting periods. Intercompany revenue and expense amounts, if any, have been eliminated within each segment to report on the basis that management uses internally for evaluating segment performance. Various functions, including certain sales and marketing activities and general and administrative activities, are provided centrally by the corporate office. Costs associated with corporate office functions, other corporate income and expense items, and income taxes are not allocated to the reportable segments.
The operations of the Company are categorized into the following reportable segments:
Chemistry Technologies. The CT segment includes specialty chemistries, logistics and technology services, which we believe enable our customers to pursue improved efficiencies and performance throughout the life cycle of their wells, and also help our customers improve their environmental, social and governance (“ESG”) and operational goals. Customers of the CT segment include major integrated oil and gas companies, oilfield services companies, independent oil and gas companies, national and state-owned oil companies and international supply chain management companies.
Data Analytics. The DA segment provides analytical measurement and digital solutions, including measure-and-control services, that deliver near real-time insights for process control across the oil and gas value chain and emerging applications in power and digital valuation. DA solutions help customers optimize performance, improve decision-making, and reduce emissions and carbon intensity.
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 OtherTotal
2026
Revenue from external customers
Products$29,971 $5,007 $— $34,978 
Services1,143 1,365 — 2,508 
Rental revenue— 5,739 — 5,739 
Total revenue from external customers31,114 12,111 — 43,225 
Revenue from related party
Products49,047 170 — 49,217 
Services24 57 — 81 
Rental revenue— 6,844 — 6,844 
Total revenue from related parties49,071 7,071 — 56,142 
Cost of sales68,424 7,160 — 75,584 
Gross profit11,761 12,022 — 23,783 
Selling, general and administrative2,416 1,294 4,026 7,736 
Other segment items559 565 37 1,161 
Income (loss) from operations$8,786 $10,163 $(4,063)$14,886 
Reconciliation of profit to income before income taxes:
Interest expense$(1,371)$(1,371)
Other income, net19 19 
Income before income taxes$13,534 
2025
Revenue from external customers
Products$21,755 $1,820 $— $23,575 
Services788 819 — 1,607 
Total revenue from external customers22,543 2,639 — 25,182 
Revenue from related party
Products29,830 — — 29,830 
Services47 63 — 110 
Rental— 3,228 — 3,228 
Total revenue from related parties29,877 3,291 — 33,168 
Cost of sales41,753 2,190 — 43,943 
Gross profit 10,667 3,740 — 14,407 
Selling, general and administrative2,155 1,128 3,513 6,796 
Asset acquisition expense— 4,195 — 4,195 
Other segment items463 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, net181 181 
Income before income taxes$1,785 
Other segment items for the three months ended June 30, 2026 include depreciation of $0.2 million and $0.4 million in the CT and DA segments, respectively; and R&D costs of $0.4 million and $0.1 million in the CT and DA segments, respectively.
Other segment items for the three months ended June 30, 2025 include depreciation of $0.2 million and $0.2 million in the CT and DA segments, respectively; R&D costs of $0.3 million and $0.2 million in the CT and DA segments, respectively; and gain on the sale of property and equipment of $7 thousand in the CT segment.
As of and for the six months ended June 30,
Chemistry Technologies
Data Analytics
Corporate and OtherTotal
2026
Revenue from external customers
Products$43,813 $6,806 $— $50,619 
Services2,043 2,673 — 4,716 
Rental revenue— 6,055 — 6,055 
Total revenue from external customers45,856 15,534 — 61,390 
Revenue from related party
Products93,973 224 — 94,197 
Services39 104 — 143 
Rental revenue— 13,688 — 13,688 
Total revenue from related parties94,012 14,016 — 108,028 
Cost of sales120,298 9,796 — 130,094 
Gross profit19,570 19,754 — 39,324 
Selling, general and administrative4,647 2,351 7,663 14,661 
Other segment items1,009 1,106 73 2,188 
Income (loss) from operations$13,914 $16,297 $(7,736)$22,475 
Reconciliation of profit to income before income taxes:
Interest expense$(2,703)$(2,703)
Other income, net35 35 
Income before income taxes$19,807 
2025
Revenue from external customers
Products$43,019 $3,482 $— $46,501 
Services1,533 1,571 — 3,104 
Total revenue from external customers44,552 5,053 — 49,605 
Revenue from related party
Products60,530 — — 60,530 
Services76 273 — 349 
Rental— 3,228 — 3,228 
Total revenue from related parties60,606 3,501 — 64,107 
Cost of sales83,048 3,808 — 86,856 
Gross profit 22,110 4,746 — 26,856 
Selling, general and administrative4,322 2,075 6,681 13,078 
Asset acquisition costs— 4,195 — 4,195 
Other segment items848 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, net287 287 
Income before income taxes$7,229 
Other segment items for the six months ended June 30, 2026 include depreciation of $0.4 million and $0.9 million in the CT and DA segments, respectively; and R&D costs of $0.6 million and $0.2 million in the CT and DA segments, respectively.
Other segment items for the six months ended June 30, 2025 include depreciation of $0.3 million and $0.2 million in the CT and DA segments, respectively; R&D costs of $0.5 million and $0.3 million in the CT and DA segments, respectively; and gain on the sale of property and equipment of $7 thousand in the CT segment.
Assets by reportable segments and corporate and other are as follows (in thousands):
June 30, 2026December 31, 2025
Chemistry Technologies$186,236 $161,332 
Data Analytics49,093 19,179 
Corporate and Other32,707 39,538 
Total assets$268,036 $220,049 
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 OtherTotal
2026
Additions to long-lived assets
$148 $3,862 $185 $4,195 
2025
Additions to long-lived assets$1,050 $14,681 $39 $15,770 
Geographic Information
Revenue by country is based on the location where services are provided and products are sold. For the three and six months ended June 30, 2026 and 2025, no country other than the U.S. accounted for more than 10% of revenue. Revenue by geographic location is as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
U.S. (1)
$88,735 $54,426 $157,107 $105,895 
UAE10,293 3,417 11,530 6,857 
Other countries339 507 781 960 
Total revenue$99,367 $58,350 $169,418 $113,712 
(1) Includes revenue from related party
Long-lived assets held in countries other than the U.S. are not material to the consolidated financial statements.
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, 2026
Customer A (related party)
$56,142 56.5 %
Three months ended June 30, 2025
Customer A (related party)
$33,168 56.8 %
Revenue% of Total Revenue
Six months ended June 30, 2026
Customer A (related party)
$108,028 63.8 %
Six months ended June 30, 2025
Customer A (related party)
$64,107 56.4 %
The concentration with ProFrac and in the oil and gas industry increases credit, commodity and business risk.
Accounts receivable from major external customers, as a percentage of non-related party accounts receivable, is as follows (in thousands):
Accounts Receivable% of Total Non-Related Party Accounts Receivable
As of June 30, 2026
Customer A
$14,894 34.3 %
Customer C$8,528 19.6 %
As of December 31, 2025
Customer A
$8,525 44.8 %
Customer B$3,001 15.8 %
Please see Note 16 - “Related Party Transactions” for additional information regarding accounts receivable with ProFrac.
Major Suppliers
Expenditures with major suppliers, as a percentage of consolidated supplier expenditure, are as follows (in thousands):
Three months ended June 30,Expenditure% of Total Expenditure
2026
Supplier A$23,624 33.7 %
Supplier B7,808 11.2 %
2025
Supplier A$9,182 28.1 %
Supplier B6,171 18.9 %
Supplier C3,430 10.5 %
Six months ended June 30,Expenditure% of Total Expenditure
2026
Supplier A$36,098 25.1 %
Supplier B17,840 12.4 %
Supplier D16,935 11.8 %
2025
Supplier A$17,068 24.4 %
Supplier B10,933 15.6 %