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Business Segment, Geographic and Major Customer Information | 3 Months Ended
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Mar. 31, 2025
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 environmental, social and governance (“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 three months ended March 31, | Chemistry Technologies |  | Data Analytics |  | Corporate and Other |  | Total
2025 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 21,263 |  |  | $ | 1,662 |  |  | $ | — |  |  | $ | 22,925 |
Services | 746 |  |  | 752 |  |  | — |  |  | 1,498 |
Total revenue from external customers | 22,009 |  |  | 2,414 |  |  | — |  |  | 24,423 |
Revenue from related party |  |  |  |  |  |  |
Products | 30,700 |  |  | — |  |  | — |  |  | 30,700 |
Services | 29 |  |  | 210 |  |  | — |  |  | 239 |
Total revenue from related parties | 30,729 |  |  | 210 |  |  | — |  |  | 30,939 |
Cost of sales | 41,295 |  |  | 1,618 |  |  | — |  |  | 42,913 |
Gross profit | 11,443 |  |  | 1,006 |  |  | — |  |  | 12,449 |
Selling, general and administrative | 2,166 |  |  | 947 |  |  | 3,169 |  |  | 6,282 |
Other segment items | 386 |  |  | 183 |  |  | 31 |  |  | 600 |
Income (loss) from operations | $ | 8,891 |  |  | $ | (124) |  |  | $ | (3,200) |  |  | $ | 5,567 |
Reconciliation of profit to income before income taxes: |  |  |  |  |  |  |
Interest expense |  |  |  |  | $ | (229) |  |  | $ | (229) |
Other income, net |  |  |  |  | 106 |  |  | 106 |
Income before income taxes |  |  |  |  |  |  | $ | 5,444 |
2024 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 11,159 |  |  | $ | 933 |  |  | $ | — |  |  | $ | 12,092 |
Services | 526 |  |  | 562 |  |  | — |  |  | 1,088 |
Total revenue from external customers | 11,685 |  |  | 1,495 |  |  | — |  |  | 13,180 |
Revenue from related party |  |  |  |  |  |  |
Products | 27,014 |  |  | — |  |  | — |  |  | 27,014 |
Services | — |  |  | 180 |  |  | — |  |  | 180 |
Total revenue from related parties | 27,014 |  |  | 180 |  |  | — |  |  | 27,194 |
Cost of sales | 30,298 |  |  | 1,255 |  |  | — |  |  | 31,553 |
Gross profit | 8,401 |  |  | 420 |  |  | — |  |  | 8,821 |
Selling, general and administrative | 1,856 |  |  | 683 |  |  | 3,548 |  |  | 6,087 |
Other segment items | 439 |  |  | 161 |  |  | 26 |  |  | 626 |
Income (loss) from operations | $ | 6,106 |  |  | $ | (424) |  |  | $ | (3,574) |  |  | $ | 2,108 |
Reconciliation of profit to income before income taxes: |  |  |  |  |  |  |
Interest expense |  |  |  |  | (278) |  |  | (278) |
Other income, net |  |  |  |  | (26) |  |  | (26) |
Income before income taxes |  |  |  |  |  |  | $ | 1,804 |
Other segment items for the three-months ended March 31, 2025 includes depreciation of $0.2 million and $0.1 million in the CT and DA segments, respectively; R&D costs of $0.2 million and $0.1 million in the CT and DA segments, respectively; and gain on sale of property and equipment in the CT segment of $7 thousand. Other segment items for the three-months ended March 31, 2024 includes depreciation of $0.2 million and $35 thousand in the CT and DA segments, respectively; and R&D costs of $0.3 million and $0.1 million in the CT and DA segments, respectively. Assets of the Company by reportable segments and corporate and other are as follows (in thousands):
| March 31, 2025 |  | December 31, 2024
Chemistry Technologies | $ | 149,345 |  |  | $ | 152,161 |
Data Analytics | 9,436 |  |  | 8,632 |
Corporate and Other | 11,456 |  |  | 10,003 |
Total assets | $ | 170,237 |  |  | $ | 170,796 |
Additions to long-lived assets by reportable segments and corporate and other are as follows (in thousands):
As of and for the three months ended March 31, | Chemistry Technologies |  | Data Analytics |  | Corporate and Other |  | Total
2025 |  |  |  |  |  |  |
Additions to long-lived assets | $ | 567 |  |  | $ | 30 |  |  | $ | 1 |  |  | $ | 598 |
2024 |  |  |  |  |  |  |
Additions to long-lived assets | $ | 147 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 152 |
Geographic Information Revenue by country is based on the location where services are provided and products are sold. For the three March 31, 2025 and 2024 no country other than the U.S. accounted for more than 10% of revenue. Revenue by geographic location is as follows (in thousands):
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
U.S. (1) |  |  |  |  | $ | 51,526 |  |  | $ | 39,259 |
UAE |  |  |  |  | 3,440 |  |  | 741 |
Other countries |  |  |  |  | 396 |  |  | 374 |
Total revenue |  |  |  |  | $ | 55,362 |  |  | $ | 40,374 |
(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 |  |  |  |
Three months ended March 31, 2025 |  |  |  |  |  |  |  |
Customer A (related party) |  | $ | 30,939 |  |  | 55.9 | % |  |  |  |
Customer B |  | 5,821 |  |  | 10.5 | % |  |  |  |
Three months ended March 31, 2024 |  |  |  |  |  |  |  |
Customer A (related party) |  | $ | 27,194 |  |  | 67.4 | % |  |  |  |
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):
Three months ended March 31, |  | Expenditure |  | % of Total Expenditure |  |  |  |
2025 |  |  |  |  |  |  |  |
Supplier A |  | $ | 8,577 |  |  | 24.2 | % |  |  |  |
Supplier B |  | 6,038 |  |  | 17.1 | % |  |  |  |
Supplier C |  | 4,762 |  |  | 13.5 | % |  |  |  |
2024 |  |  |  |  |  |  |  |
Supplier D |  | $ | 7,747 |  |  | 29.7 | % |  |  |  |
Supplier E |  | 5,020 |  |  | 19.2 | % |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. 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