| Schedule of Reconciliation of Segment Information |
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 Fracturing | | Wireline | | Cementing | | Power Generation | | Reconciling Items | | Total | | 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 Fracturing | | Wireline | | Cementing | | Power Generation | | Reconciling Items | | Total | | 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 Fracturing | | Wireline | | Cementing | | Power Generation | | Reconciling Items | | Total | | 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 Fracturing | | Wireline | | Cementing | | Power Generation | | Reconciling Items | | Total | | 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, | | 2026 | | 2025 | | 2026 | | 2025 | | Service Revenue | | | | | | | | | Hydraulic Fracturing | $ | 235,155 | | | $ | 210,190 | | | $ | 621,734 | | | $ | 725,330 | | | Wireline | 60,652 | | | 52,172 | | | 179,994 | | | 153,609 | | | Cementing | 37,422 | | | 31,637 | | | 97,249 | | | 100,713 | | | Power Generation | 22,287 | | | 157 | | | 33,817 | | | 157 | | | Total service revenue for reportable segments | 355,516 | | | 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 - expendables | 36,906 | | | 30,537 | | | 93,767 | | | 108,786 | | | Hydraulic Fracturing - other direct costs | 106,528 | | | 96,218 | | | 268,231 | | | 295,229 | | | Wireline - labor | 14,439 | | | 13,173 | | | 43,371 | | | 40,589 | | | Wireline - expendables | 17,490 | | | 14,793 | | | 51,691 | | | 45,607 | | | Wireline - other direct costs | 12,471 | | | 10,580 | | | 37,660 | | | 30,013 | | | Cementing - labor | 7,881 | | | 6,750 | | | 21,774 | | | 22,754 | | | Cementing - expendables | 17,147 | | | 15,497 | | | 45,445 | | | 47,251 | | | Cementing - other direct costs | 3,886 | | | 2,630 | | | 10,732 | | | 8,772 | | | Power Generation - labor | 4,290 | | | 1,049 | | 9,786 | | | 1,185 | | Power Generation - expendables | 37 | | | — | | 145 | | | — | | Power Generation - other direct costs | 6,661 | | | 1,478 | | 13,108 | | | 1,881 | | Total cost of services for reportable segments | 269,877 | | | 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 | | | Wireline | 2,960 | | | 2,734 | | | 8,888 | | | 8,180 | | | Cementing | 1,455 | | | 1,169 | | | 4,652 | | | 3,629 | | | Power Generation | 3,721 | | | 1,777 | | | 9,247 | | | 4,179 | | | Total general and administrative expenses excluding nonrecurring and noncash items for reportable segments | 12,282 | | | 9,687 | | | 35,210 | | | 29,798 | | | Unallocated corporate administrative expenses | 13,745 | | | 12,565 | | | 40,468 | | | 38,699 | | | Stock-based compensation | 6,021 | | | 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 expense | 494 | | | 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, | | 2026 | | 2025 | | 2026 | | 2025 | | Adjusted EBITDA | | | | | | | | | Hydraulic Fracturing | $ | 45,434 | | | $ | 35,393 | | | $ | 126,677 | | | $ | 155,717 | | | Wireline | 13,292 | | | 10,892 | | | 38,384 | | | 29,220 | | | Cementing | 7,053 | | | 5,591 | | | 14,646 | | | 18,307 | | | Power Generation | 7,578 | | | (4,147) | | | 1,531 | | | (7,088) | | | Total Adjusted EBITDA for reportable segments | 73,357 | | | 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) benefit | 1,446 | | | 704 | | | 1,187 | | | (2,780) | | | Gain (loss) on disposal of assets | 611 | | | 674 | | | 2,941 | | | (13,418) | | | Stock-based compensation | (6,021) | | | (4,625) | | | (16,642) | | | (12,695) | | | Business acquisition contingent consideration adjustments | 1,700 | | | 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, 2026 | | December 31, 2025 | | Assets | | | | | | | | | Hydraulic Fracturing | | | | | $ | 950,088 | | | $ | 841,180 | | | Wireline | | | | | 188,784 | | | 162,225 | | | Cementing | | | | | 77,160 | | | 69,396 | | | Power Generation | | | | | 505,072 | | | 201,481 | | | Total assets for reportable segments | | | | | 1,721,104 | | | 1,274,282 | | | Unallocated corporate assets | | | | | 467,306 | | | 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.
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