XML 60 R45.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Business Segment, Geographic and Major Customer and Supplier Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of financial information regarding reportable segments | Summarized financial information of the reportable segments is as follows (in thousands):
As of and for the years ended December 31, | Chemistry Technologies |  | Data Analytics |  | Corporate and Other |  | Total
2023 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 56,721 |  |  | $ | 5,275 |  |  | $ | — |  |  | $ | 61,996 |
Services | 2,295 |  |  | 2,227 |  |  | — |  |  | 4,522 |
Total revenue from external customers | 59,016 |  |  | 7,502 |  |  | — |  |  | 66,518 |
Revenue from related party |  |  |  |  |  |  |
Products | 120,698 |  |  | 2 |  |  | — |  |  | 120,700 |
Services | 205 |  |  | 635 |  |  | — |  |  | 840 |
Total revenue from related parties | 120,903 |  |  | 637 |  |  | — |  |  | 121,540 |
Gross profit | 20,345 |  |  | 3,918 |  |  | — |  |  | 24,263 |
Change in fair value of contract consideration convertible notes | (29,969) |  |  | — |  |  | — |  |  | (29,969) |
Income (loss) from operations | 39,043 |  |  | (53) |  |  | (15,767) |  |  | 23,223 |
Paid-in-kind interest on contract consideration convertible notes payable | 2,129 |  |  | — |  |  | — |  |  | 2,129 |
Paid-in-kind interest on convertible notes payable | — |  |  | — |  |  | 238 |  |  | 238 |
Interest on ABL | — |  |  | — |  |  | 453 |  |  | 453 |
Other interest | — |  |  | — |  |  | 37 |  |  | 37 |
Depreciation | 613 |  |  | 95 |  |  | 26 |  |  | 734 |
Additions to long-lived assets | 180 |  |  | 466 |  |  | 435 |  |  | 1,081 |
Income tax expense | — |  |  | — |  |  | (149) |  |  | (149) |
2022 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Product | $ | 47,004 |  |  | $ | 3,903 |  |  | $ | — |  |  | $ | 50,907 |
Service | 1,956 |  |  | 1,481 |  |  | — |  |  | 3,437 |
Total revenue from external customers | 48,960 |  |  | 5,384 |  |  | — |  |  | 54,344 |
Revenue from related party |  |  |  |  |  |  |
Product | 81,614 |  |  | — |  |  | — |  |  | 81,614 |
Service | 4 |  |  | 130 |  |  | — |  |  | 134 |
Total revenue from related parties | 81,618 |  |  | 130 |  |  | — |  |  | 81,748 |
Gross profit (loss) | (7,317) |  |  | 617 |  |  | — |  |  | (6,700) |
Change in fair value of contract consideration convertible notes | (75) |  |  | — |  |  | — |  |  | (75) |
Loss from operations | (14,729) |  |  | (2,877) |  |  | (17,815) |  |  | (35,421) |
Paid-in-kind interest on contract consideration convertible notes payable | 4,185 |  |  | — |  |  | — |  |  | 4,185 |
Paid-in-kind interest on convertible notes payable | — |  |  | — |  |  | 1,771 |  |  | 1,771 |
Accrued issuance costs on convertible notes payable | — |  |  | — |  |  | 912 |  |  | 912 |
Depreciation | 668 |  |  | 63 |  |  | 3 |  |  | 734 |
Additions to long-lived assets | 56 |  |  | 134 |  |  | 231 |  |  | 421 |
Income tax benefit | — |  |  | — |  |  | 22 |  |  | 22 |
Assets of the Company by reportable segments are as follows (in thousands):
| December 31,
| 2023 |  | 2022
Chemistry Technologies | $ | 138,559 |  |  | $ | 146,542 |
Data Analytics | 6,604 |  |  | 5,645 |
Corporate and Other | 12,350 |  |  | 12,623 |
Total assets | $ | 157,513 |  |  | $ | 164,810 |
Schedule of revenue by geographic location | Revenue by geographic location is as follows (in thousands):
|  |  | Years ended December 31,
|  |  | 2023 |  | 2022
U.S. (1) |  |  | $ | 180,300 |  |  | $ | 124,399 |
UAE |  |  | 6,549 |  |  | 9,257 |
Other countries |  |  | 1,209 |  |  | 2,436 |
Total revenue |  |  | $ | 188,058 |  |  | $ | 136,092 |
(1) Includes revenue from related parties of $121,540 and $81,748, respectively.
Schedule of revenue by major customers | Revenue from major customers, as a percentage of consolidated revenue, is as follows (in thousands):
|  | Revenue |  | % of Total Revenue |  |  |  |
Year ended December 31, 2023 |  |  |  |  |  |  |  |
Customer A (related party - ProFrac Services, LLC) |  | $ | 121,540 |  |  | 64.6 | % |  |  |  |
Year ended December 31, 2022 |  |  |  |  |  |  |  |
Customer A (related party - ProFrac Services, LLC) |  | $ | 80,359 |  |  | 59.0 | % |  |  |  |
Customer B |  | $ | 14,395 |  |  | 10.6 | % |  |  |  |
Schedule of expenditure with major suppliers by reporting segments | Expenditure with major suppliers, as a percentage of consolidated supplier expenditure, is as follows (in thousands):
|  | Expenditure |  | % of Total Expenditure |  |  |  |
Year ended December 31, 2023 |  |  |  |  |  |  |  |
Supplier A |  | $ | 42,684 |  |  | 30.1 | % |  |  |  |
Supplier B |  | 28,222 |  |  | 19.9 | % |  |  |  |
Supplier C |  | 16,447 |  |  | 11.6 | % |  |  |  |
Year ended December 31, 2022 |  |  |  |  |  |  |  |
Supplier A |  | $ | 25,057 |  |  | 27.7 | % |  |  |  |
Supplier B |  | 15,302 |  |  | 16.9 | % |  |  |  |
Supplier C |  | 15,255 |  |  | 16.8 | % |  |  |  |

X
- Definition Schedule of Expenditure With Major Suppliers By Reporting Segments + References No definition available. + Details
Name: | ftk_ScheduleOfExpenditureWithMajorSuppliersByReportingSegmentsTableTextBlock
Namespace Prefix: | ftk_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph a -SubTopic 10 -Topic 280 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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