v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
13.
Segment Reporting

ASC Subtopic 280-10, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available. This information is regularly evaluated by the chief operating decision maker (“CODM”) to allocate resources and assess performance. The Company’s

Chief Executive Officer (“CEO”) serves as the CODM, and reviews financial information on a single-segment basis to make operational decisions and assess financial performance.

On March 23, 2026, the Company appointed a new CEO who serves as the CODM. The CODM continues to evaluate the Company’s performance on a single-segment basis, using consolidated net income. Segment assets continued to be measured as total consolidated assets, as reported on the condensed consolidated balance sheet.

The following table summarizes the Company’s revenue, net income and significant expenses:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

Revenue

 

$

182,063

 

 

$

115,097

 

 

$

333,273

 

 

$

215,221

 

Expenses and other items:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

(103,829

)

 

 

(68,076

)

 

 

(191,174

)

 

 

(128,749

)

General and administrative expenses

 

 

(31,339

)

 

 

(19,430

)

 

 

(59,976

)

 

 

(42,718

)

Depreciation and amortization not included in cost of goods sold

 

 

(12,066

)

 

 

(7,487

)

 

 

(25,842

)

 

 

(13,687

)

Other income (expense)

 

 

(280

)

 

 

380

 

 

 

(454

)

 

 

300

 

Interest expense, net

 

 

(15,284

)

 

 

(11,893

)

 

 

(27,930

)

 

 

(23,266

)

Income tax provision

 

 

(5,233

)

 

 

(1,784

)

 

 

(6,071

)

 

 

(5,092

)

Net income

 

$

14,032

 

 

$

6,807

 

 

$

21,826

 

 

$

2,009

 

General and administrative expenses include employee compensation and benefits of $13.9 million and $7.8 million for the three months ended June 30, 2026 and 2025, respectively, and $26.4 million and $14.4 million for the six months ended June 30, 2026 and 2025 respectively.

Capital expenditures, which include purchases of property, plant, and equipment, are assessed and managed at the enterprise level. Refer to “Investing Activities” in the condensed consolidated statement of cash flows for the amount of cash paid for capital expenditures.