XML 39 R28.htm IDEA: XBRL DOCUMENT
v3.25.4

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Note 16 – Segment Information Our operations are primarily based in the U.S. All material revenues of the Company are derived from the U.S. Substantially all long-lived assets of the Company are located in the U.S. The Company identifies reportable operating segments based on management’s structure, the customer’s application of its products and services offered by each and the financial data utilized by the Company’s Chief Executive Officer, as the CODM, to assess segment performance and allocate resources among segments. The Company’s two reportable operating segments are as follows: • Production Solutions: relates to rental, sale and services related to high pressure gas lift, conventional gas lift and plunger lift. This segment includes rental, sales, and service revenues. • Natural Gas Technologies: relates to the design, manufacturing, rental, sale and servicing of vapor recovery and natural gas systems. This segment includes rental, sales, service revenues and emissions management and monetization technology. Corporate headquarters and certain functional departments do not earn revenues but incur costs which do not constitute business activities. Therefore, these corporate headquarters and certain functional departments do not qualify as an operating segment and have been included within corporate and other, which is also not considered a reportable segment. Corporate and other includes (i) corporate and overhead costs, and (ii) capitalized costs related to the IPO and debt issuance and does not include any immaterial and aggregated operating segments. The CODM assesses segment performances and allocates resources based on profitability. The CODM evaluates operating performance and decides how to allocate resources based on segment profit or loss, which is equivalent to segment income from operations, as well as Adjusted EBITDA, a non-GAAP measure defined as adjusted earnings before interest, income taxes, depreciation and amortization. The CODM uses the segment profit or loss for each segment predominantly in the annual budget and forecasting process. The CODM considers quarter-to-quarter variances on a sequential basis when making decisions about the allocation of operating and capital resources to each segment. The below tables contain revenues and certain expenses regularly presented to the CODM in order to make decisions regarding the Company's business, including resource allocation and performance assessments, as well as the current focus in compliance with ASC 280, Segment Reporting, for the periods presented (in thousands):
| Year Ended December 31, 2025 |
|  | Production Solutions |  |  |  | Natural Gas Technologies |  |  |  | Total |
Revenues from external customers | $ |  | 497,275 |  |  | $ |  | 262,444 |  |  | $ |  | 759,719 |
Intersegment revenues |  |  | — |  |  |  |  | 58,786 |  |  |  |  | 58,786 |
Total revenues |  |  | 497,275 |  |  |  |  | 321,230 |  |  |  |  | 818,505 |
Elimination of intersegment revenue |  |  |  |  |  |  |  |  |  |  | (58,786 | )
Total consolidated revenues |  |  |  |  |  |  |  |  |  |  | 759,719 |
Less: |  |  |  |  |  |  |  |  |  |  |
Cost of revenues from external customers (1) |  |  | 225,361 |  |  |  |  | 121,189 |  |  |  |  | 346,550 |
Intersegment cost of revenue |  |  | 179 |  |  |  |  | 58,607 |  |  |  |  | 58,786 |
Total cost of revenues |  |  | 225,540 |  |  |  |  | 179,796 |  |  |  |  | 405,336 |
Elimination of intersegment cost of revenue |  |  |  |  |  |  |  |  |  |  | (58,786 | )
Total consolidated cost of revenue |  |  |  |  |  |  |  |  |  |  | 346,550 |
Selling, general and administrative expenses (1) |  |  | 59,307 |  |  |  |  | 33,915 |  |  |  |  | 93,222 |
Depreciation and amortization (1) |  |  | 84,215 |  |  |  |  | 60,596 |  |  |  |  | 144,811 |
(Gain) loss on sale of equipment |  |  | 959 |  |  |  |  | (217 | ) |  |  |  | 742 |
Segment profit | $ |  | 127,254 |  |  | $ |  | 47,140 |  |  |  |  | 174,394 |
Corporate expenses (2) |  |  |  |  |  |  |  |  |  |  | (25,382 | )
Total operating income |  |  |  |  |  |  |  |  |  |  | 149,012 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (18,939 | )
Other expense |  |  |  |  |  |  |  |  |  |  | 740 |
Income before provision for income taxes |  |  |  |  |  |  |  |  | $ |  | 130,813 |
____________________________ (1) Represents the significant expense categories and amounts for each reportable operating segment that are regularly provided to the chief operating decision maker. (2) Comprised primarily of expenses not allocated to our reportable segments.
| Year Ended December 31, 2024 |
|  | Production Solutions |  |  |  | Natural Gas Technologies |  |  |  | Total |
Revenues from external customers | $ |  | 327,805 |  |  | $ |  | 207,473 |  |  | $ |  | 535,278 |
Intersegment revenues |  |  | — |  |  |  |  | 39,163 |  |  |  |  | 39,163 |
Total revenues |  |  | 327,805 |  |  |  |  | 246,636 |  |  |  |  | 574,441 |
Elimination of intersegment revenue |  |  |  |  |  |  |  |  |  |  | (39,163 | )
Total consolidated revenues |  |  |  |  |  |  |  |  |  |  | 535,278 |
Less: |  |  |  |  |  |  |  |  |  |  |
Cost of revenues from external customers (1) |  |  | 140,672 |  |  |  |  | 123,752 |  |  |  |  | 264,424 |
Intersegment cost of revenue |  |  | — |  |  |  |  | 39,163 |  |  |  |  | 39,163 |
Total cost of revenues |  |  | 140,672 |  |  |  |  | 162,915 |  |  |  |  | 303,587 |
Elimination of intersegment cost of revenue |  |  |  |  |  |  |  |  |  |  | (39,163 | )
Total consolidated cost of revenue |  |  |  |  |  |  |  |  |  |  | 264,424 |
Selling, general and administrative expenses (1) |  |  | 37,867 |  |  |  |  | 20,942 |  |  |  |  | 58,809 |
Depreciation and amortization (1) |  |  | 61,475 |  |  |  |  | 29,387 |  |  |  |  | 90,862 |
(Gain) loss on sale of equipment |  |  | 784 |  |  |  |  | 13 |  |  |  |  | 797 |
Segment profit | $ |  | 87,007 |  |  | $ |  | 33,379 |  |  |  |  | 120,386 |
Corporate expenses (2) |  |  |  |  |  |  |  |  |  |  | (3,644 | )
Total operating income |  |  |  |  |  |  |  |  |  |  | 116,742 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (32,345 | )
Loss on debt extinguishment |  |  |  |  |  |  |  |  |  |  | (221 | )
Other expense |  |  |  |  |  |  |  |  |  |  | (2,756 | )
Income before provision for income taxes |  |  |  |  |  |  |  |  | $ |  | 81,420 |
____________________________ (1) Represents the significant expense categories and amounts for each reportable operating segment that are regularly provided to the chief operating decision maker. (2) Comprised primarily of expenses not allocated to our reportable segments.
| Year Ended December 31, 2023 |
|  | Production Solutions |  |  |  | Natural Gas Technologies |  |  |  | Total |
Revenues from external customers | $ |  | 168,801 |  |  | $ |  | 74,522 |  |  | $ |  | 243,323 |
Intersegment revenues |  |  | — |  |  |  |  | 36,758 |  |  |  |  | 36,758 |
Total revenues |  |  | 168,801 |  |  |  |  | 111,280 |  |  |  |  | 280,081 |
Elimination of intersegment revenue |  |  |  |  |  |  |  |  |  |  | (36,758 | )
Total consolidated revenues |  |  |  |  |  |  |  |  |  |  | 243,323 |
Less: |  |  |  |  |  |  |  |  |  |  |
Cost of revenues from external customers (1) |  |  | 42,179 |  |  |  |  | 62,599 |  |  |  |  | 104,778 |
Intersegment cost of revenue |  |  | — |  |  |  |  | 36,758 |  |  |  |  | 36,758 |
Total cost of revenues |  |  | 42,179 |  |  |  |  | 99,357 |  |  |  |  | 141,536 |
Elimination of intersegment cost of revenue |  |  |  |  |  |  |  |  |  |  | (36,758 | )
Total consolidated cost of revenue |  |  |  |  |  |  |  |  |  |  | 104,778 |
Selling, general and administrative expenses (1) |  |  | 11,792 |  |  |  |  | 3,427 |  |  |  |  | 15,219 |
Depreciation and amortization (1) |  |  | 42,773 |  |  |  |  | 1,049 |  |  |  |  | 43,822 |
(Gain) loss on sale of equipment |  |  | 1,169 |  |  |  |  | 1 |  |  |  |  | 1,170 |
Segment profit | $ |  | 70,888 |  |  | $ |  | 7,446 |  |  |  |  | 78,334 |
Corporate expenses (2) |  |  |  |  |  |  |  |  |  |  | — |
Total operating income |  |  |  |  |  |  |  |  |  |  | 78,334 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (18,956 | )
Other expense |  |  |  |  |  |  |  |  |  |  | (910 | )
Income before provision for income taxes |  |  |  |  |  |  |  |  | $ |  | 58,468 |
____________________________ (1) Represents the significant expense categories and amounts for each reportable operating segment that are regularly provided to the chief operating decision maker. (2) Comprised primarily of expenses not allocated to our reportable segments. The following table sets forth certain selected financial information for our operating segments for the periods presented (in thousands):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
Segment capital expenditures: |  |  |  |  |  |  |  |
Production Solutions |  | $ |  | 140,345 |  |  | $ |  | 51,207 |
Natural Gas Technologies |  |  |  | 59,326 |  |  |  |  | 36,793 |
Total segment capital expenditures |  |  |  | 199,671 |  |  |  |  | 88,000 |
Corporate and other |  |  |  | — |  |  |  |  | 2,494 |
Total capital expenditures |  | $ |  | 199,671 |  |  | $ |  | 90,494 |
|  | As of December 31, |
|  | 2025 |  |  | 2024 |
Segment assets: |  |  |  |  |  |  |  |
Production Solutions |  | $ |  | 939,922 |  |  | $ |  | 886,372 |
Natural Gas Technologies |  |  |  | 799,357 |  |  |  |  | 730,459 |
Total segment assets |  |  |  | 1,739,279 |  |  |  |  | 1,616,831 |
Eliminations |  |  |  | (113,297 | ) |  |  |  | (41,639 | )
Corporate and other |  |  |  | 20,369 |  |  |  |  | 13,757 |
Total assets |  | $ |  | 1,646,351 |  |  | $ |  | 1,588,949 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration