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Business Segment, Geographic and Major Customer Information (Tables) | 9 Months Ended
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Sep. 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 September 30, | Chemistry Technologies |  | Data Analytics |  | Corporate and Other |  | Total
2024 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 13,600 |  |  | $ | 1,681 |  |  | $ | — |  |  | $ | 15,281 |
Services | 497 |  |  | 787 |  |  | — |  |  | 1,284 |
Total revenue from external customers | 14,097 |  |  | 2,468 |  |  | — |  |  | 16,565 |
Revenue from related party |  |  |  |  |  |  |
Products | 32,962 |  |  | — |  |  | — |  |  | 32,962 |
Services | 15 |  |  | 200 |  |  | — |  |  | 215 |
Total revenue from related parties | 32,977 |  |  | 200 |  |  | — |  |  | 33,177 |
Gross profit | 7,944 |  |  | 1,175 |  |  | — |  |  | 9,119 |
Income (loss) from operations | 5,559 |  |  | 130 |  |  | (2,966) |  |  | 2,723 |
Depreciation | 156 |  |  | 37 |  |  | 27 |  |  | 220 |
Interest expense | — |  |  | — |  |  | 256 |  |  | 256 |
Income tax | — |  |  | — |  |  | 37 |  |  | 37 |
Additions to long-lived assets | 158 |  |  | 71 |  |  | 33 |  |  | 262 |
2023 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 15,764 |  |  | $ | 1,025 |  |  | $ | — |  |  | $ | 16,789 |
Services | 562 |  |  | 455 |  |  | — |  |  | 1,017 |
Total revenue from external customers | 16,326 |  |  | 1,480 |  |  | — |  |  | 17,806 |
Revenue from related party |  |  |  |  |  |  |
Products | 29,076 |  |  | — |  |  | — |  |  | 29,076 |
Services | 176 |  |  | 210 |  |  |  |  | 386 |
Total revenue from related parties | 29,252 |  |  | 210 |  |  | — |  |  | 29,462 |
Gross profit | 8,240 |  |  | 807 |  |  | — |  |  | 9,047 |
Income (loss) from operations | 5,519 |  |  | (37) |  |  | (3,863) |  |  | 1,619 |
Depreciation | 149 |  |  | 26 |  |  | 6 |  |  | 181 |
Interest expense | — |  |  | — |  |  | 160 |  |  | 160 |
Income tax | — |  |  | — |  |  | 81 |  |  | 81 |
Additions to long-lived assets | — |  |  | 135 |  |  | — |  |  | 135 |
As of and for the nine months ended September 30, | Chemistry Technologies |  | Data Analytics |  | Corporate and Other |  | Total
2024 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 40,427 |  |  | $ | 3,920 |  |  | $ | — |  |  | $ | 44,347 |
Services | 1,716 |  |  | 1,872 |  |  | — |  |  | 3,588 |
Total revenue from external customers | 42,143 |  |  | 5,792 |  |  | — |  |  | 47,935 |
Revenue from related party |  |  |  |  |  |  |
Products | 87,705 |  |  | — |  |  | — |  |  | 87,705 |
Services | 27 |  |  | 600 |  |  | — |  |  | 627 |
Total revenue from related parties | 87,732 |  |  | 600 |  |  | — |  |  | 88,332 |
Gross profit | 24,888 |  |  | 2,220 |  |  | — |  |  | 27,108 |
Income (loss) from operations | 17,810 |  |  | (652) |  |  | (10,106) |  |  | 7,052 |
Depreciation | 475 |  |  | 108 |  |  | 79 |  |  | 662 |
Interest expense | — |  |  | — |  |  | 842 |  |  | 842 |
Income tax | — |  |  | — |  |  | 293 |  |  | 293 |
Additions to long-lived assets | 333 |  |  | 105 |  |  | 53 |  |  | 491 |
2023 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 39,150 |  |  | $ | 4,586 |  |  | $ | — |  |  | $ | 43,736 |
Services | 1,870 |  |  | 1,672 |  |  | — |  |  | 3,542 |
Total revenue from external customers | 41,020 |  |  | 6,258 |  |  | — |  |  | 47,278 |
Revenue from related party |  |  |  |  |  |  |
Products | 97,956 |  |  | 2 |  |  | — |  |  | 97,958 |
Services | 179 |  |  | 455 |  |  | — |  |  | 634 |
Total revenue from related parties | 98,135 |  |  | 457 |  |  | — |  |  | 98,592 |
Gross profit | 11,279 |  |  | 3,554 |  |  | — |  |  | 14,833 |
Change in fair value of Contract Consideration Convertible Notes Payable | (29,969) |  |  | — |  |  | — |  |  | (29,969) |
Income (loss) from operations | 32,694 |  |  | 550 |  |  | (12,440) |  |  | 20,804 |
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 | 462 |  |  | 61 |  |  | 7 |  |  | 530 |
Other interest expense | — |  |  | — |  |  | 253 |  |  | 253 |
Income tax | — |  |  | — |  |  | 98 |  |  | 98 |
Additions to long-lived assets | 30 |  |  | 230 |  |  | 32 |  |  | 292 |
Assets of the Company by reportable segments are as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
Chemistry Technologies | $ | 143,399 |  |  | $ | 138,559 |
Data Analytics | 7,917 |  |  | 6,604 |
Corporate and Other | 9,333 |  |  | 12,350 |
Total assets | $ | 160,649 |  |  | $ | 157,513 |
Schedule of Revenue by Geographic Location | Revenue by geographic location is as follows (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
U.S. (1) | $ | 48,498 |  |  | $ | 46,401 |  |  | $ | 131,763 |  |  | $ | 141,251 |
UAE | 592 |  |  | 635 |  |  | 3,136 |  |  | 3,547 |
Other countries | 652 |  |  | 232 |  |  | 1,368 |  |  | 1,072 |
Total revenue | $ | 49,742 |  |  | $ | 47,268 |  |  | $ | 136,267 |  |  | $ | 145,870 |
(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 September 30, 2024 |  |  |  |  |  |  |  |
ProFrac Services, LLC |  | $ | 33,177 |  |  | 66.7 | % |  |  |  |
Three months ended September 30, 2023 |  |  |  |  |  |  |  |
ProFrac Services, LLC |  | $ | 29,462 |  |  | 62.3 | % |  |  |  |
|  | Revenue |  | % of Total Revenue |  |  |  |
Nine months ended September 30, 2024 |  |  |  |  |  |  |  |
ProFrac Services, LLC |  | $ | 88,332 |  |  | 64.8 | % |  |  |  |
Nine months ended September 30, 2023 |  |  |  |  |  |  |  |
ProFrac Services, LLC |  | $ | 98,592 |  |  | 67.6 | % |  |  |  |
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):
Three months ended September 30, |  | Expenditure |  | % of Total Expenditure |  |  |  |
2024 |  |  |  |  |  |  |  |
Supplier A |  | $ | 8,885 |  |  | 24.6 | % |  |  |  |
Supplier B |  | 5,187 |  |  | 14.4 | % |  |  |  |
Supplier C |  | 4,348 |  |  | 12.1 | % |  |  |  |
Supplier D |  | 3,782 |  |  | 10.5 | % |  |  |  |
2023 |  |  |  |  |  |  |  |
Supplier A |  | $ | 6,094 |  |  | 25.3 | % |  |  |  |
Supplier B |  | 5,581 |  |  | 23.2 | % |  |  |  |
Supplier C |  | 4,197 |  |  | 17.4 | % |  |  |  |
Nine months ended September 30, |  | Expenditure |  | % of Total Expenditure |  |  |  |
2024 |  |  |  |  |  |  |  |
Supplier B |  | $ | 16,885 |  |  | 17.8 | % |  |  |  |
Supplier A |  | 16,639 |  |  | 17.5 | % |  |  |  |
Supplier C |  | 16,583 |  |  | 17.5 | % |  |  |  |
2023 |  |  |  |  |  |  |  |
Supplier A |  | $ | 36,318 |  |  | 32.5 | % |  |  |  |
Supplier B |  | 21,752 |  |  | 19.5 | % |  |  |  |
Supplier C |  | 13,151 |  |  | 11.8 | % |  |  |  |

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