v3.26.3
Reportable Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Reportable Segment Information Reportable Segment Information
The Company currently has four operating segments for which discrete financial information is readily available: Hydraulic Fracturing (including acidizing and wet sand solutions), Wireline, Cementing and Power Generation (which met the reporting threshold in the third quarter of fiscal year 2025). These operating segments represent how the Company's Chief Operating Decision Maker (the "CODM") evaluates performance and allocates resources. Our CODM is our Chief Executive Officer.
Our Hydraulic Fracturing, Wireline, Cementing and Power Generation operating segments meet the criteria of a reportable segment. Prior to the third quarter of fiscal year 2025, our Power Generation segment did not meet the quantitative thresholds for a reportable segment. Accordingly, it was shown in the "All Other" category. Effective as of the third quarter of fiscal year 2025, Power Generation is shown as a reportable segment since it meets the criteria of a reportable segment per FASB ASC Topic 280, Segment Reporting. Additionally, our corporate administrative activities do not involve business activities from which they may earn revenues. As a result, corporate administrative expenses and intersegment revenue have been included under "Reconciling Items." Corporate administrative expenses are included in the reconciliation of Adjusted EBITDA to net (loss) income below. Prior period segment information has been revised to conform to our current presentation.
The Company manages and assesses performance of a reportable segment by its adjusted EBITDA (earnings before interest expense, income taxes, depreciation and amortization, stock-based compensation expense, business acquisition contingent consideration adjustments, other income or expense, gain or loss on disposal of assets and other unusual or nonrecurring expenses or income such as impairment charges, retention bonuses, severance, costs related to asset acquisitions, insurance recoveries, one-time professional fees and legal settlements). As part of the CODM’s review of segment-level performance, the CODM reviews the adjusted EBITDA of the Company’s reportable segments and provides expertise and analyses which drives the evaluation of the performance of the Company’s reportable segments and allocation of resources to those segments.
The following tables set forth certain financial information with respect to the Company’s reportable segments; intersegment revenues and cost of services are shown under "Reconciling Items" (in thousands):
Three Months Ended September 30, 2026
Hydraulic FracturingWirelineCementingPower GenerationReconciling ItemsTotal
Service revenue$235,155 $60,652 $37,422 $22,287 $(132)$355,384 
Cost of service - labor
$42,141 $14,439 $7,881 $4,290 $— $68,751 
Cost of service - expendables
$36,906 $17,490 $17,147 $37 $(132)$71,448 
Cost of service - other direct costs
$106,528 $12,471 $3,886 $6,661 $— $129,546 
General and administrative expenses excluding nonrecurring and non cash items for reportable segments
$4,146 $2,960 $1,455 $3,721 $— $12,282 
Adjusted EBITDA for reportable segments$45,434 $13,292 $7,053 $7,578 $— $73,357 
Depreciation and amortization$33,868 $4,845 $2,106 $3,558 $14 $44,391 
Capital expenditures incurred$39,120 $2,214 $2,117 $128,020 $— $171,471 
Total assets September 30, 2026$950,088 $188,784 $77,160 $505,072 $467,306 $2,188,410 
Three Months Ended September 30, 2025
Hydraulic FracturingWirelineCementingPower GenerationReconciling ItemsTotal
Service revenue$210,190 $52,172 $31,637 $157 $(240)$293,916 
Cost of service - labor$44,035 $13,173 $6,750 $1,049 $— $65,007 
Cost of service - expendables$30,537 $14,793 $15,497 $— $(240)$60,587 
Cost of service - other direct costs$96,218 $10,580 $2,630 $1,478 $— $110,906 
General and administrative expenses excluding nonrecurring and non cash items for reportable segments$4,007 $2,734 $1,169 $1,777 $— $9,687 
Adjusted EBITDA for reportable segments$35,393 $10,892 $5,591 $(4,147)$— $47,729 
Depreciation and amortization$33,640 $5,774 $2,064 $167 $15 $41,660 
Capital expenditures incurred$17,608 $1,763 $231 $78,751 $— $98,353 
Total assets December 31, 2025$841,180 $162,225 $69,396 $201,481 $16,608 $1,290,890 
Nine Months Ended September 30, 2026
Hydraulic FracturingWirelineCementingPower GenerationReconciling ItemsTotal
Service revenue$621,734 $179,994 $97,249 $33,817 $(914)$931,880 
Cost of service - labor
$120,636 $43,371 $21,774 $9,786 $— $195,567 
Cost of service - expendables
$93,767 $51,691 $45,445 $145 $(914)$190,134 
Cost of service - other direct costs
$268,231 $37,660 $10,732 $13,108 $— $329,731 
General and administrative expenses excluding nonrecurring and non cash items for reportable segments
$12,423 $8,888 $4,652 $9,247 $— $35,210 
Adjusted EBITDA for reportable segments$126,677 $38,384 $14,646 $1,531 $— $181,238 
Depreciation and amortization$100,341 $14,737 $6,287 $7,061 $42 $128,468 
Capital expenditures incurred$66,661 $8,416 $5,598 $246,459 $9 $327,143 
Total assets September 30, 2026$950,088 $188,784 $77,160 $505,072 $467,306 $2,188,410 
Nine Months Ended September 30, 2025
Hydraulic FracturingWirelineCementingPower GenerationReconciling ItemsTotal
Service revenue$725,330 $153,609 $100,713 $157 $(326)$979,483 
Cost of service - labor
$151,788 $40,589 $22,754 $1,185 $— $216,316 
Cost of service - expendables
$108,786 $45,607 $47,251 $— $(326)$201,318 
Cost of service - other direct costs
$295,229 $30,013 $8,772 $1,881 $— $335,895 
General and administrative expenses excluding nonrecurring and non cash items for reportable segments
$13,810 $8,180 $3,629 $4,179 $— $29,798 
Adjusted EBITDA for reportable segments$155,717 $29,220 $18,307 $(7,088)$— $196,156 
Depreciation and amortization$110,575 $16,809 $6,024 $184 $58 $133,650 
Capital expenditures incurred$59,010 $6,278 $5,145 $139,665 $— $210,098 
Total assets December 31, 2025$841,180 $162,225 $69,396 $201,481 $16,608 $1,290,890 
A reconciliation from reportable segment level financial information to the condensed consolidated statements of operations is provided in the table below (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Service Revenue
Hydraulic Fracturing$235,155 $210,190 $621,734 $725,330 
Wireline60,652 52,172 179,994 153,609 
Cementing37,422 31,637 97,249 100,713 
Power Generation22,287 157 33,817 157 
Total service revenue for reportable segments355,516 294,156 932,794 979,809 
Elimination of intersegment service revenue(132)(240)(914)(326)
Total consolidated service revenue$355,384 $293,916 $931,880 $979,483 
Cost of Services
Hydraulic Fracturing - labor$42,141 $44,035 $120,636 $151,788 
Hydraulic Fracturing - expendables36,906 30,537 93,767 108,786 
Hydraulic Fracturing - other direct costs106,528 96,218 268,231 295,229 
Wireline - labor14,439 13,173 43,371 40,589 
Wireline - expendables17,490 14,793 51,691 45,607 
Wireline - other direct costs12,471 10,580 37,660 30,013 
Cementing - labor7,881 6,750 21,774 22,754 
Cementing - expendables17,147 15,497 45,445 47,251 
Cementing - other direct costs3,886 2,630 10,732 8,772 
Power Generation - labor4,290 1,0499,786 1,185
Power Generation - expendables37 —145 —
Power Generation - other direct costs6,661 1,47813,108 1,881
Total cost of services for reportable segments269,877 236,740 716,346 753,855 
Elimination of intersegment cost of services(132)(240)(914)(326)
Total consolidated cost of services$269,745 $236,500 $715,432 $753,529 
General and Administrative Expenses
Hydraulic Fracturing$4,146 $4,007 $12,423 $13,810 
Wireline2,960 2,734 8,888 8,180 
Cementing1,455 1,169 4,652 3,629 
Power Generation3,721 1,777 9,247 4,179 
Total general and administrative expenses excluding nonrecurring and noncash items for reportable segments12,282 9,687 35,210 29,798 
Unallocated corporate administrative expenses13,745 12,565 40,468 38,699 
Stock-based compensation6,021 4,625 16,642 12,695 
Business acquisition contingent consideration adjustments(1,700)(4,600)(2,200)(5,000)
Other general and administrative expense— 19 — 184 
Retention bonus and severance expense494 200 1,005 2,242 
Total consolidated general and administrative expenses$30,842 $22,496 $91,125 $78,618 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Adjusted EBITDA
Hydraulic Fracturing$45,434 $35,393 $126,677 $155,717 
Wireline13,292 10,892 38,384 29,220 
Cementing7,053 5,591 14,646 18,307 
Power Generation7,578 (4,147)1,531 (7,088)
Total Adjusted EBITDA for reportable segments73,357 47,729 181,238 196,156 
Unallocated corporate administrative expenses(13,745)(12,565)(40,468)(38,699)
Depreciation and amortization(44,391)(41,660)(128,468)(133,650)
Interest expense(4,263)(2,110)(9,934)(5,651)
Income tax (expense) benefit1,446 704 1,187 (2,780)
Gain (loss) on disposal of assets611 674 2,941 (13,418)
Stock-based compensation(6,021)(4,625)(16,642)(12,695)
Business acquisition contingent consideration adjustments1,700 4,600 2,200 5,000 
Other income, net (1)
4,818 5,107 10,213 8,245 
Other general and administrative expense, net— (19)— (184)
Retention bonus and severance expense(494)(200)(1,005)(2,242)
Net income (loss)$13,018 $(2,365)$1,262 $82 
September 30, 2026December 31, 2025
Assets
Hydraulic Fracturing$950,088 $841,180 
Wireline188,784 162,225 
Cementing77,160 69,396 
Power Generation505,072 201,481 
Total assets for reportable segments1,721,104 1,274,282 
Unallocated corporate assets467,306 16,608 
Total assets$2,188,410 $1,290,890 
(1)Other income for the three months ended September 30, 2026 is primarily comprised of interest income of $5.8 million, partially offset by a $0.8 million loss incurred due to a cementing job failure and approximately $0.2 million of other expenses. Other income for the nine months ended September 30, 2026 is primarily comprised of interest income of $10.7 million, and approximately $0.3 million of other income, partially offset by a $0.8 million loss incurred due to a cementing job failure. Other income for the three months ended September 30, 2025 is primarily comprised of a $2.0 million unrealized gain on short-term investment, tax refunds (net of advisory fees) totaling $1.9 million, insurance reimbursements of $0.8 million and other income of $0.4 million. Other income for the nine months ended September 30, 2025 is primarily comprised of a $2.3 million unrealized gain on short-term investment, tax refunds (net of advisory fees) totaling $2.3 million, adjustments to workers' compensation and general liability insurance premiums of $1.0 million, interest income from note receivable from sale of business of $0.9 million, insurance reimbursements of $0.8 million and $0.9 million of other income.