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Business Segment, Geographic and Major Customer Information (Tables) | 6 Months Ended
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Jun. 30, 2024
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 three months ended June 30, | Chemistry Technologies |  | Data Analytics |  | Corporate and Other |  | Total
2024 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 15,647 |  |  | $ | 1,306 |  |  | $ | — |  |  | $ | 16,953 |
Services | 714 |  |  | 524 |  |  | — |  |  | 1,238 |
Total revenue from external customers | 16,361 |  |  | 1,830 |  |  | — |  |  | 18,191 |
Revenue from related party |  |  |  |  |  |  |
Products | 27,741 |  |  | — |  |  | — |  |  | 27,741 |
Services | — |  |  | 220 |  |  | — |  |  | 220 |
Total revenue from related parties | 27,741 |  |  | 220 |  |  | — |  |  | 27,961 |
Gross profit | 8,546 |  |  | 624 |  |  | — |  |  | 9,170 |
Income (loss) from operations | 6,145 |  |  | (358) |  |  | (3,565) |  |  | 2,222 |
Depreciation | 161 |  |  | 35 |  |  | 26 |  |  | 222 |
Interest expense | — |  |  | — |  |  | 308 |  |  | 308 |
Income tax | — |  |  | — |  |  | 15 |  |  | 15 |
Additions to long-lived assets | 27 |  |  | 35 |  |  | 15 |  |  | 77 |
2023 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 15,095 |  |  | $ | 1,620 |  |  | $ | — |  |  | $ | 16,715 |
Services | 374 |  |  | 731 |  |  | — |  |  | 1,105 |
Total revenue from external customers | 15,469 |  |  | 2,351 |  |  | — |  |  | 17,820 |
Revenue from related party |  |  |  |  |  |  |
Products | 32,345 |  |  | 2 |  |  | — |  |  | 32,347 |
Services | 272 |  |  | 155 |  |  |  |  | 427 |
Total revenue from related parties | 32,617 |  |  | 157 |  |  | — |  |  | 32,774 |
Gross profit | 2,603 |  |  | 1,301 |  |  | — |  |  | 3,904 |
Change in fair value of Contract Consideration Convertible Notes Payable | (3,874) |  |  | — |  |  | — |  |  | (3,874) |
Income (loss) from operations | 3,795 |  |  | 129 |  |  | (3,252) |  |  | 672 |
Paid-in-kind interest on Contract Consideration Convertible Notes Payable | — |  |  | — |  |  | 712 |  |  | 712 |
Paid-in-kind interest on convertible notes payable | — |  |  | — |  |  | 155 |  |  | 155 |
Depreciation | 155 |  |  | 18 |  |  | 1 |  |  | 174 |
Interest expense | — |  |  | — |  |  | 705 |  |  | 705 |
Income tax | — |  |  | — |  |  | 7 |  |  | 7 |
Additions to long-lived assets | — |  |  | 135 |  |  | — |  |  | 135 |
As of and for the six months ended June 30, | Chemistry Technologies |  | Data Analytics |  | Corporate and Other |  | Total
2024 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 26,816 |  |  | $ | 2,238 |  |  | $ | — |  |  | $ | 29,054 |
Services | 1,231 |  |  | 1,086 |  |  | — |  |  | 2,317 |
Total revenue from external customers | 28,047 |  |  | 3,324 |  |  | — |  |  | 31,371 |
Revenue from related party |  |  |  |  |  |  |
Products | 54,755 |  |  | — |  |  | — |  |  | 54,755 |
Services | — |  |  | 400 |  |  | — |  |  | 400 |
Total revenue from related parties | 54,755 |  |  | 400 |  |  | — |  |  | 55,155 |
Gross profit | 16,947 |  |  | 1,044 |  |  | — |  |  | 17,991 |
Income (loss) from operations | 12,250 |  |  | (782) |  |  | (7,138) |  |  | 4,330 |
Depreciation | 320 |  |  | 70 |  |  | 52 |  |  | 442 |
Interest expense | — |  |  | — |  |  | 586 |  |  | 586 |
Income tax | — |  |  | — |  |  | 257 |  |  | 257 |
Additions to long-lived assets | 104 |  |  | 105 |  |  | 20 |  |  | 229 |
2023 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 23,654 |  |  | $ | 3,562 |  |  | $ | — |  |  | $ | 27,216 |
Services | 1,039 |  |  | 1,217 |  |  | — |  |  | 2,256 |
Total revenue from external customers | 24,693 |  |  | 4,779 |  |  | — |  |  | 29,472 |
Revenue from related party |  |  |  |  |  |  |
Products | 68,611 |  |  | 2 |  |  | — |  |  | 68,613 |
Services | 272 |  |  | 245 |  |  | — |  |  | 517 |
Total revenue from related parties | 68,883 |  |  | 247 |  |  | — |  |  | 69,130 |
Gross profit | 3,038 |  |  | 2,747 |  |  | — |  |  | 5,785 |
Change in fair value of Contract Consideration Convertible Notes Payable | (29,969) |  |  | — |  |  | — |  |  | (29,969) |
Income (loss) from operations | 27,174 |  |  | 587 |  |  | (8,577) |  |  | 19,184 |
Paid-in-kind interest on Contract Consideration Convertible Notes Payable | 2,129 |  |  | — |  |  | — |  |  | 2,129 |
Paid-in-kind interest on convertible notes payable | — |  |  | — |  |  | 155 |  |  | 155 |
Depreciation | 312 |  |  | 36 |  |  | 1 |  |  | 349 |
Interest expense | — |  |  | — |  |  | 2,377 |  |  | 2,377 |
Income tax | — |  |  | — |  |  | 16 |  |  | 16 |
Additions to long-lived assets | 30 |  |  | 230 |  |  | 32 |  |  | 292 |
Assets of the Company by reportable segments are as follows (in thousands):
| June 30, 2024 |  | December 31, 2023
Chemistry Technologies | $ | 138,649 |  |  | $ | 138,559 |
Data Analytics | 7,839 |  |  | 6,604 |
Corporate and Other | 9,552 |  |  | 12,350 |
Total assets | $ | 156,040 |  |  | $ | 157,513 |
Schedule of Revenue by Geographic Location | Revenue by geographic location is as follows (in thousands):
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
U.S. (1) | $ | 44,008 |  |  | $ | 48,725 |  |  | $ | 83,266 |  |  | $ | 94,851 |
UAE | 1,803 |  |  | 1,509 |  |  | 2,545 |  |  | 2,912 |
Other countries | 341 |  |  | 360 |  |  | 715 |  |  | 839 |
Total revenue | $ | 46,152 |  |  | $ | 50,594 |  |  | $ | 86,526 |  |  | $ | 98,602 |
(1) Includes revenue from related party
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 |  |  |  |
Three months ended June 30, 2024 |  |  |  |  |  |  |  |
ProFrac Services, LLC |  | $ | 27,961 |  |  | 60.6 | % |  |  |  |
Three months ended June 30, 2023 |  |  |  |  |  |  |  |
ProFrac Services, LLC |  | $ | 32,774 |  |  | 64.8 | % |  |  |  |
|  | Revenue |  | % of Total Revenue |  |  |  |
Six months ended June 30, 2024 |  |  |  |  |  |  |  |
ProFrac Services, LLC |  | $ | 55,155 |  |  | 63.7 | % |  |  |  |
Six months ended June 30, 2023 |  |  |  |  |  |  |  |
ProFrac Services, LLC |  | $ | 69,130 |  |  | 70.1 | % |  |  |  |
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):
Three months ended June 30, |  | Expenditure |  | % of Total Expenditure |  |  |  |
2024 |  |  |  |  |  |  |  |
Supplier A |  | $ | 5,975 |  |  | 23.0 | % |  |  |  |
Supplier B |  | 4,383 |  |  | 16.9 | % |  |  |  |
Supplier C |  | 4,103 |  |  | 15.8 | % |  |  |  |
2023 |  |  |  |  |  |  |  |
Supplier A |  | $ | 13,155 |  |  | 32.6 | % |  |  |  |
Supplier B |  | 8,049 |  |  | 20.0 | % |  |  |  |
Supplier C |  | 4,489 |  |  | 11.1 | % |  |  |  |
Six months ended June 30, |  | Expenditure |  | % of Total Expenditure |  |  |  |
2024 |  |  |  |  |  |  |  |
Supplier B |  | $ | 12,120 |  |  | 23.3 | % |  |  |  |
Supplier A |  | 10,543 |  |  | 20.3 | % |  |  |  |
Supplier C |  | 4,103 |  |  | 7.9 | % |  |  |  |
2023 |  |  |  |  |  |  |  |
Supplier A |  | $ | 30,109 |  |  | 36.4 | % |  |  |  |
Supplier B |  | 15,194 |  |  | 18.4 | % |  |  |  |
Supplier C |  | 8,993 |  |  | 10.9 | % |  |  |  |

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