| Summary of Revenue, Cost of Goods Sold and Segment Operating Loss |
Summarized below are the Revenue, Cost of Goods Sold and Segment Operating Loss for each reporting segment:
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Revenue |
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Cost of Goods Sold |
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Revenue |
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Cost of Goods Sold |
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Three Months Ended |
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Three Months Ended |
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Six Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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2026 |
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2025 |
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2026 |
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2025 |
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(In thousands) |
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(In thousands) |
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Energy industrial |
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$ |
20,372 |
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$ |
22,793 |
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$ |
16,491 |
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$ |
14,483 |
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$ |
41,960 |
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$ |
52,615 |
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$ |
34,792 |
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$ |
32,615 |
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Thermal barrier |
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29,477 |
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55,231 |
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30,094 |
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38,225 |
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45,773 |
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104,132 |
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45,401 |
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76,004 |
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Total |
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$ |
49,849 |
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$ |
78,024 |
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$ |
46,585 |
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$ |
52,708 |
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$ |
87,733 |
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$ |
156,747 |
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$ |
80,193 |
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$ |
108,619 |
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Segment Operating Loss |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(In thousands) |
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(In thousands) |
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Energy industrial |
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$ |
3,881 |
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$ |
8,310 |
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$ |
7,168 |
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$ |
20,000 |
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Thermal barrier |
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(617 |
) |
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17,006 |
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372 |
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28,128 |
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Total |
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$ |
3,264 |
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$ |
25,316 |
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$ |
7,540 |
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$ |
48,128 |
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Corporate expenses |
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23,138 |
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24,578 |
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47,821 |
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50,329 |
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Restructuring and demobilization costs |
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— |
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4,938 |
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427 |
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14,728 |
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Impairment of property, plant and equipment |
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— |
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955 |
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— |
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287,567 |
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Loss on property damage |
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8,910 |
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— |
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8,910 |
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— |
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Operating loss |
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(28,784 |
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(5,155 |
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(49,618 |
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(304,496 |
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Other income (expense), net |
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6,139 |
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(3,080 |
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3,029 |
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(3,912 |
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Income tax expense |
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(619 |
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(821 |
) |
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(366 |
) |
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(1,897 |
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Net loss |
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$ |
(23,264 |
) |
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$ |
(9,056 |
) |
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$ |
(46,955 |
) |
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$ |
(310,305 |
) |
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Depreciation Expense |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(In thousands) |
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(In thousands) |
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Energy industrial |
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$ |
2,091 |
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$ |
2,844 |
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$ |
4,916 |
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$ |
5,710 |
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Thermal barrier |
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$ |
2,201 |
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2,952 |
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$ |
4,757 |
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5,879 |
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Consolidated depreciation expense |
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$ |
4,292 |
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$ |
5,796 |
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$ |
9,673 |
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$ |
11,589 |
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Total Assets |
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June 30, |
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December 31, |
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2026 |
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2025 |
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(In thousands) |
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Energy industrial |
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$ |
68,150 |
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$ |
93,111 |
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Thermal barrier |
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71,418 |
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69,550 |
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Total assets of reportable segments |
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139,568 |
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162,661 |
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Construction in progress and held for sale |
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44,439 |
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41,970 |
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All other corporate assets |
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208,928 |
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202,048 |
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Total assets |
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$ |
392,935 |
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$ |
406,679 |
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