v3.26.1
Business Segment, Geographic and Major Customer Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Financial Information Regarding Reportable Segments
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 
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 
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 
Schedule of Revenue by Geographic Location 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
Schedule of Revenue by 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 %
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.
Schedule of Expenditure With Major Suppliers by Reporting Segments
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 %