v3.26.3
Business Segments
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company operates in the following two reportable segments: (1) Drilling and Completions and (2) Artificial Lift and Downhole. The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in oil and natural gas, renewable energy, defense and communications. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, production and infrastructure markets.
The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. This segmentation is representative of the manner in which our Chief Operating Decision Maker (“CODM”) and our board of directors make decisions on how to allocate resources and assess performance. We consider the CODM to be the Chief Executive Officer.
The CODM evaluates segment performance based on operating income through monitoring actual results compared to strategic plans and forecasts on a quarterly basis. This analysis guides our CODM's decision-making processes, particularly in evaluating segment profitability, optimizing resource allocation, and managing costs effectively.
Summary financial data by segment follows (in thousands):
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
Drilling and CompletionsArtificial Lift and DownholeTotalDrilling and CompletionsArtificial Lift and DownholeTotal
Revenue from external customers$146,923 $89,890 $236,813 $412,320 $259,410 $671,730 
Intersegment revenue232 — 232 578 — 578 
Segment revenue147,155 89,890 237,045 412,898 259,410 672,308 
Elimination of intersegment revenue(232)(578)
Total consolidated revenue236,813 671,730 
Less:
Cost of sales108,348 54,284 162,632 308,564 156,988 465,552 
Selling, general and administrative expenses24,552 19,517 44,069 67,455 58,399 125,854 
Segment operating income$14,255 $16,089 $30,344 $36,879 $44,023 $80,902 
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
Drilling and CompletionsArtificial Lift and DownholeTotalDrilling and CompletionsArtificial Lift and DownholeTotal
Revenue from external customers$117,250 $78,981 $196,231 $349,950 $239,324 $589,274 
Intersegment revenue219 — 219 325 — 325 
Segment revenue117,469 78,981 196,450 350,275 239,324 589,599 
Elimination of intersegment revenue(219)(325)
Total consolidated revenue196,231 589,274 
Less:
Cost of sales107,980 48,233 156,213 280,545 151,100 431,645 
Selling, general and administrative expenses23,040 18,970 42,010 66,631 58,758 125,389 
Segment operating income (loss)$(13,551)$11,778 $(1,773)$3,099 $29,466 $32,565 
A reconciliation of segment operating income (loss) to income (loss) before income taxes is as follows (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Segment operating income (loss)$30,344 $(1,773)$80,902 $32,565 
Less:
Other corporate expenses
9,210 8,439 27,693 25,628 
Transaction expenses1,191 254 1,464 489 
Gain on sale-leaseback transactions— (4,279)— (11,182)
Loss (gain) on disposal of assets and other(18)(81)272 249 
Interest expense4,044 4,365 12,457 14,054 
Foreign exchange losses (gains) and other, net733 9 436 (5,001)
Income (loss) before income taxes$15,184 $(10,480)$38,580 $8,328 
A summary of consolidated assets by reportable segment is as follows (in thousands):
September 30, 2026December 31, 2025
Drilling and Completions$406,306 $385,401 
Artificial Lift and Downhole387,097 353,505 
Corporate14,617 13,549 
Total assets$808,020 $752,455 
Corporate assets primarily include cash, certain prepaid assets and deferred loan costs.
The following table presents our revenues disaggregated by product line (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Drilling$39,232 $32,234 $107,497 $97,193 
Subsea34,696 23,582 103,707 68,111 
Stimulation and Intervention39,069 34,271 110,297 104,555 
Coiled Tubing34,158 27,382 91,397 80,416 
Downhole62,676 48,073 174,275 147,025 
Production Equipment12,835 18,647 45,029 58,368 
Valve Solutions14,379 12,261 40,106 33,931 
Eliminations(232)(219)(578)(325)
Total revenue$236,813 $196,231 $671,730 $589,274 
The following table presents our revenues disaggregated by geography (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
United States$105,178 $96,511 $303,036 $307,690 
Canada50,062 34,583 140,881 97,041 
Europe & Africa28,602 20,925 85,703 59,318 
Middle East27,521 26,275 67,355 67,851 
Latin America12,753 7,863 39,192 26,792 
Asia-Pacific12,697 10,074 35,563 30,582 
Total revenue$236,813 $196,231 $671,730 $589,274