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Business Segment, Geographic and Major Customer Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segment, Geographic and Major Customer Information Business Segment, Geographic and Major Customer Information
Segment Information
The Company's segments are determined as those components whose results are reviewed regularly by the chief operating decision maker ("CODM"), who is the Company's Chief Executive Officer, in deciding how to allocate resources and assess performance. Each segment is organized and managed based upon the nature of the Company's markets and customers and consists of similar products and services. Gross profit and income (loss) from operations for each segment are used by the CODM to assess the performance of each segment in a financial period. The CODM uses segment gross profit and income (loss) from operations as the measure to make resource (including financial or capital resources) allocation decisions for each
segment. Accounting policies have been applied consistently by each segment for all reporting periods. Intercompany revenue and expense amounts, if any, have been eliminated within each segment to report on the basis that management uses internally for evaluating segment performance. Various functions, including certain sales and marketing activities and general and administrative activities, are provided centrally by the corporate office. Costs associated with corporate office functions, other corporate income and expense items, and income taxes are not allocated to the reportable segments.
The operations of the Company are categorized into the following reportable segments:
Chemistry Technologies. The CT segment includes specialty chemistries, logistics and technology services, which we believe enables our customers to pursue improved efficiencies and performance throughout the life cycle of their wells, and also helps our customers improve their ESG and operational goals. Customers of the CT segment include major integrated oil and gas companies, oilfield services companies, independent oil and gas companies, national and state-owned oil companies, and international supply chain management companies.
Data Analytics. The DA segment provides innovative analytical measurement solutions. The DA segment seeks to deliver real-time information and insights to our customers to enable optimization of operations and reduction of emissions and their carbon intensity Customers of the DA segment span across the entire oil and gas market, from upstream production to midstream facilities to refineries and distribution networks.
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 OtherTotal
2024
Revenue from external customers
Products$60,847 $4,740 $— $65,587 
Services2,367 3,309 — 5,676 
Total revenue from external customers63,214 8,049 — 71,263 
Revenue from related party
Products114,879 5 — 114,884 
Services68 810 — 878 
Total revenue from related parties114,947 815 — 115,762 
Cost of sales141,948 5,691 — 147,639 
Gross profit36,213 3,173 — 39,386 
Selling, general and administrative7,861 3,489 13,359 24,709 
Other segment items1,750 623 108 2,481 
Income (loss) from operations$26,602 $(939)$(13,467)$12,196 
Reconciliation of profit to income before income taxes:
Interest expense$(1,095)$(1,095)
Other income, net46 46 
Income before income taxes$11,147 
2023
Revenue from external customers
Products$56,721 $5,275 $— $61,996 
Services2,295 2,227 — 4,522 
Total revenue from external customers59,016 7,502 — 66,518 
Revenue from related party
Products120,698 2 — 120,700 
Services205 635 — 840 
Total revenue from related parties120,903 637 — 121,540 
Cost of sales159,574 4,221 — 163,795 
Gross profit 20,345 3,918 — 24,263 
Selling, general and administrative8,815 3,272 15,740 27,827 
Other segment items(27,513)699 27 (26,787)
Income (loss) from operations$39,043 $(53)$(15,767)$23,223 
Reconciliation of profit to income before income taxes:
Paycheck protection plan loan forgiveness$4,522 $4,522 
Interest expense(2,857)(2,857)
Other income, net(26)(26)
Income before income taxes$24,862 
Other segment items for the year ending December 31, 2024 includes depreciation of $0.6 million and $0.2 million in the CT and DA segments, respectively; R&D of $1.2 million and $0.5 million in the CT and DA segments, respectively; and gain on sale of property and equipment in the CT and DA segments of $0.1 million and $15 thousand, respectively.

Other segment items for the year ended December 31, 2023 includes $30.0 million gain related to the change in fair value of Contract Consideration Convertible Notes Payable in the CT segment and depreciation of $0.6 million and $0.1 million in the CT and DA segments, respectively; R&D of $1.9 million and $0.6 million in the CT and DA segments, respectively; and gain on sale of property and equipment in the CT and DA segments of $21 thousand and $17 thousands, respectively.
Assets of the Company by reportable segments and corporate and other are as follows (in thousands):
December 31, 2024December 31, 2023
Chemistry Technologies$152,161 $138,559 
Data Analytics8,632 6,604 
Corporate and Other10,003 12,350 
Total assets$170,796 $157,513 
Additions to long-lived assets by reportable segments and corporate and other are as follows (in thousands):
As of and for the years ended December 31,
Chemistry Technologies
Data Analytics
Corporate and OtherTotal
2024
Additions to long-lived assets$360 $1,492 $88 $1,940 
2023
Additions to long-lived assets$180 $466 $435 $1,081 
Geographic Information
Revenue by country is based on the location where services are provided and products are sold. For the years ended December 31, 2024 and 2023 no country other than the U.S. accounted for more than 10% of revenue. Revenue by geographic location is as follows (in thousands):
 Years ended December 31,
 20242023
U.S. (1)$177,825 $180,300 
UAE7,392 6,549 
Other countries1,808 1,209 
Total revenue$187,025 $188,058 
(1) Includes revenue from related party
Long-lived assets held in countries other than the U.S. are not considered material to the consolidated financial statements.
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, 2024
ProFrac Services, LLC
$115,762 61.9 %
Year ended December 31, 2023
ProFrac Services, LLC
$121,540 64.6 %
The concentration with ProFrac Services, LLC and in the oil and gas industry increases credit, commodity and business risk.
Major Suppliers
Expenditure with major suppliers, as a percentage of consolidated supplier expenditure, is as follows (in thousands):
Years ended December 31,Expenditure% of Total Expenditure
2024
Supplier A$24,064 18.9 %
Supplier B21,410 16.9 %
Supplier C20,333 16.0 %
2023
Supplier C$42,684 30.1 %
Supplier D28,222 19.9 %
Supplier E16,447 11.6 %