XML 50 R39.htm IDEA: XBRL DOCUMENT v3.24.3

Business Segment, Geographic and Major Customer Information (Tables)

9 Months Ended

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		%

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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-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 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: 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 3: 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