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

NOTE 20. SEGMENT INFORMATION

The Company operates as a single segment, which is the consolidated entity. Our Chief Operating Decision Maker ("CODM") is our President. The CODM evaluates the Company's performance and allocates resources based on consolidated net income as presented in the statement of operations supplemented by significant expense categories that impact net income as outlined below. The CODM uses these varying results to prioritize reinvestment of profits in the Company.

One customer accounted for $4.7 million and $4.3 million of the Company’s total net sales during the three months ended June 30, 2026 (Successor) and June 30, 2025 (Predecessor), respectively. One customer accounted for $6.5 million, $2.5 million, and $8.6 million of the Company’s total net sales during the period from February 27, 2026 to June 30, 2026 (Successor), the period from January 1, 2026 to February 26, 2026 (Predecessor), and the six months ended June 30, 2025 (Predecessor), respectively.

The following tables provide the operating financial results of the Company:

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Three Months Ended June 30, 2026

 

 

Period from February 27 - June 30, 2026

 

 

 

Period from January 1 - February 26, 2026

 

 

Three Months Ended June 30, 2025

 

 

Six Months Ended June 30, 2025

 

 

 

(in millions)

 

 

(in millions)

 

 

 

(in millions)

 

 

(in millions)

 

 

(in millions)

 

Net sales

 

$

33.6

 

 

$

45.7

 

 

 

$

20.3

 

 

$

33.8

 

 

$

66.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

18.4

 

 

 

25.8

 

 

 

 

10.9

 

 

 

17.0

 

 

 

34.1

 

Depreciation, amortization and depletion

 

 

10.0

 

 

 

13.3

 

 

 

 

2.7

 

 

 

3.6

 

 

 

7.3

 

Selling expense

 

 

1.0

 

 

 

1.4

 

 

 

 

0.6

 

 

 

1.0

 

 

 

2.0

 

Administrative expense

 

 

4.1

 

 

 

9.1

 

 

 

 

1.0

 

 

 

1.3

 

 

 

2.8

 

Transaction expense

 

 

1.8

 

 

 

22.5

 

 

 

 

0.1

 

 

 

0.2

 

 

 

0.2

 

Interest expense

 

 

4.4

 

 

 

6.2

 

 

 

 

3.0

 

 

 

5.4

 

 

 

10.8

 

Other segment items

 

 

0.2

 

 

 

0.3

 

 

 

 

0.3

 

 

 

0.6

 

 

 

1.3

 

Benefit from income taxes

 

 

—

 

 

 

(41.9

)

 

 

 

—

 

 

 

—

 

 

 

—

 

Net income

 

$

(6.3

)

 

$

9.0

 

 

 

$

1.7

 

 

$

4.7

 

 

$

7.6

 

Capital expenditures - purchases of property, plant and equipment

 

$

(1.6

)

 

$

(2.3

)

 

 

$

(1.3

)

 

$

(1.6

)

 

$

(4.2

)

Other segment items include foreign currency gain/(loss), loss due to disposal of fixed assets, stock-based/unit-based compensation expenses, and management fees paid to Emerald Lake (Predecessor).

The measure of segment assets is reported on the Company’s Condensed Consolidated Balance Sheets.