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Business Segment, Geographic and Major Customer Information (Tables)

6 Months Ended

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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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.

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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.

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