v3.26.1
Reportable Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
The Company’s Chief Operating Officer, Chief Financial Officer and Chief Business Officer comprise the Company’s chief operating decision makers (“CODM”). Segment information is prepared on the same basis that the CODM manages the segments, evaluates the segment financial statements and makes key operating and resource utilization decisions. Segment evaluation is determined on a quantitative basis based on a function of Adjusted EBITDA, as well as a qualitative basis, such as nature of the product and service offerings and types of customers. The Company defines Adjusted EBITDA as net income (loss) from continuing operations before depreciation, depletion, amortization and accretion, gains on disposal of assets, net, impairment of long lived assets, equity based compensation, stock based compensation, interest income, net, inclusive of related parties, (loss) gain on marketable securities, net, other (income) expense, net and provision for income taxes. The Company’s significant segment expenses include cost of revenue, exclusive of depreciation, depletion, amortization and accretion, and selling, general and administrative expense.

The Company principally provides products and services to customers operating in the oil and natural gas, aviation and utility infrastructure industries. At June 30, 2026, the Company had five reportable segments, which includes rental services (“Rentals”), infrastructure services (“Infrastructure”), natural sand proppant services (“Sand”), accommodation services (“Accommodations”) and drilling services (“Drilling”). The Company has determined that its operating segments meet the criteria in ASC Topic 280, Segment Reporting, and are reported as five reportable segments.

Sales from one segment to another are generally priced at estimated equivalent commercial selling prices. All transactions conducted between segments are eliminated in consolidation. Transactions conducted by companies within the same reportable segment are eliminated within each reportable segment. Corporate selling, general and administrative costs are allocated to each segment based on forecasted revenue, expense and asset base. Corporate interest expense is allocated to each segment based on its intercompany payable position with the Company’s corporate entity. U.S. income tax expense is not allocated to each segment. Foreign income tax expense is realized in the segment in which the foreign operations occur.

To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of June 30, 2026. The following tables set forth certain financial information with respect to the Company’s reportable segments (in thousands):
Three Months Ended June 30, 2026RentalsInfrastructureSandAccommodationsDrillingTotal
Revenue from external and related party customers$10,115 $940 $7,975 $3,202 $3,822 $26,054 
Intersegment revenue108 — — — — 108 
10,223 940 7,975 3,202 3,822 26,162 
Reconciliation of Revenue
Other(b)
48 
Eliminations(a)
(156)
Total consolidated revenue$26,054 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties4,722 1,540 7,713 2,118 2,972 
Selling, general and administrative, exclusive of stock based compensation1,775 290 685 288 230 
Segment Adjusted EBITDA$3,726 $(890)$(423)$796 $620 $3,829 
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
$1,208 
Depreciation, depletion, amortization and accretion4,634 
Gains on disposal of assets, net(4,641)
Equity based compensation544 
Interest expense, net784 
Loss on marketable securities, net1,116 
Other income, net(471)
Income from continuing operations before income taxes$655 
Three Months Ended June 30, 2025RentalsInfrastructureSandAccommodationsDrillingTotal
Revenue from external and related party customers$3,078 $1,389 $5,376 $1,767 $743 $12,353 
Intersegment revenue28 — — — — 28 
3,106 1,389 5,376 1,767 743 12,381 
Reconciliation of Revenue
Eliminations(a)
(28)
Total consolidated revenue$12,353 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties$1,567 $1,355 $5,262 $1,242 $758 
Selling, general and administrative, exclusive of stock based compensation1,121 203 1,386 407 210 
Segment Adjusted EBITDA$418 $(169)$(1,272)$118 $(225)$(1,130)
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
$2,378 
Depreciation, depletion, amortization and accretion2,827 
Gains on disposal of assets, net(1,077)
Impairment of long-lived assets31,669 
Stock based compensation200 
Interest income, net(298)
Other expense, net628 
Loss from continuing operations before income taxes$(37,457)
Six Months Ended June 30, 2026RentalsInfrastructureSandAccommodationsDrillingTotal
Revenue from external and related party customers$23,050 $1,208 $11,839 $6,743 $5,245 $48,085 
Intersegment revenue140 — — — — 140 
23,190 1,208 11,839 6,743 5,245 48,225 
Reconciliation of Revenue
Other(b)
96 
Eliminations(a)
(236)
Total consolidated revenue$48,085 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties$12,781 $2,051 $12,168 $4,257 $4,164 
Selling, general and administrative, exclusive of stock based compensation3,043 476 1,538 620 482 
Segment Adjusted EBITDA$7,366 $(1,319)$(1,867)$1,866 $599 $6,645 
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
$2,096 
Depreciation, depletion, amortization and accretion8,104 
Gains on disposal of assets, net(5,316)
Equity based compensation544 
Interest expense, net270 
Gain on marketable securities, net(5,987)
Other expense, net138 
Income from continuing operations before income taxes$6,796 
Six Months Ended June 30, 2025RentalsInfrastructureSandAccommodationsDrillingTotal
Revenue from external and related party customers$4,994 $2,102 $12,115 $3,847 $925 $23,983 
Intersegment revenue38 — — — — 38 
5,032 2,102 12,115 3,847 925 24,021 
Reconciliation of Revenue
Eliminations(a)
(38)
Total consolidated revenue$23,983 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties$2,984 $2,229 $10,738 $2,673 $1,154 
Selling, general and administrative, exclusive of stock based compensation1,488 323 2,816 796 420 
Segment Adjusted EBITDA$560 $(450)$(1,439)$378 $(649)$(1,600)
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
$4,248 
Depreciation, depletion, amortization and accretion4,910 
Gains on disposal of assets, net(4,549)
Impairment of other long-lived assets31,669 
Stock based compensation412 
Interest income, net(383)
Other expense, net960 
Loss from continuing operations before income taxes$(38,867)
(a) Includes eliminations for intersegment transactions.
(b) Includes activity related to non-operating legacy services that are no longer active.

RentalsInfrastructureSandAccommodationsDrillingTotal
As of June 30, 2026:
Total assets for reportable segments$126,384 $13,192 $69,282 $14,076 $5,080 $228,014 
Other assets(a)
116,608 
Total consolidated assets, excluding discontinued operations$344,622 
As of December 31, 2025:
Total assets for reportable segments$75,004 $2,598 $68,028 $14,309 $1,859 $161,798 
Other assets(a)
167,900 
Total consolidated assets, excluding discontinued operations$329,698 
(a) Includes assets related to non-operating legacy services that are no longer active as well as corporate related assets, which include cash and cash equivalents, marketable securities, restricted cash and other current assets.