XML 35 R24.htm IDEA: XBRL DOCUMENT v3.25.1
Business Segment, Geographic and Major Customer Information
 3 Months Ended
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 OtherTotal
2025
Revenue from external customers
Products$21,263 $1,662 $— $22,925 
Services746 752 — 1,498 
Total revenue from external customers22,009 2,414 — 24,423 
Revenue from related party
Products30,700 — — 30,700 
Services29 210 — 239 
Total revenue from related parties30,729 210 — 30,939 
Cost of sales41,295 1,618 — 42,913 
Gross profit11,443 1,006 — 12,449 
Selling, general and administrative2,166 947 3,169 6,282 
Other segment items386 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, net106 106 
Income before income taxes$5,444 
2024
Revenue from external customers
Products$11,159 $933 $— $12,092 
Services526 562 — 1,088 
Total revenue from external customers11,685 1,495 — 13,180 
Revenue from related party
Products27,014 — — 27,014 
Services— 180 — 180 
Total revenue from related parties27,014 180 — 27,194 
Cost of sales30,298 1,255 — 31,553 
Gross profit 8,401 420 — 8,821 
Selling, general and administrative1,856 683 3,548 6,087 
Other segment items439 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, 2025December 31, 2024
Chemistry Technologies$149,345 $152,161 
Data Analytics9,436 8,632 
Corporate and Other11,456 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 OtherTotal
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,
 20252024
U.S. (1)$51,526 $39,259 
UAE3,440 741 
Other countries396 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 B6,038 17.1 %
Supplier C4,762 13.5 %
2024
Supplier D$7,747 29.7 %
Supplier E5,020 19.2 %