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Business Segment, Geographic and Major Customer Information (Tables) | 9 Months Ended
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Sep. 30, 2025
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
2025 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 19,083 |  |  | $ | 1,650 |  |  | $ | — |  |  | $ | 20,733 |
Services | 1,138 |  |  | 1,070 |  |  | — |  |  | 2,208 |
Total revenue from external customers | 20,221 |  |  | 2,720 |  |  | — |  |  | 22,941 |
Revenue from related party |  |  |  |  |  |  |
Products | 26,909 |  |  | 44 |  |  | — |  |  | 26,953 |
Services | 47 |  |  | 23 |  |  | — |  |  | 70 |
Rental | — |  |  | 6,067 |  |  | — |  |  | 6,067 |
Total revenue from related parties | 26,956 |  |  | 6,134 |  |  | — |  |  | 33,090 |
Cost of sales | 35,654 |  |  | 2,594 |  |  | — |  |  | 38,248 |
Gross profit | 11,523 |  |  | 6,260 |  |  | — |  |  | 17,783 |
Selling, general and administrative | 2,435 |  |  | 1,183 |  |  | 3,766 |  |  | 7,384 |
Asset acquisition expenses (Note 3) | — |  |  | 167 |  |  | — |  |  | 167 |
Other segment items | 557 |  |  | 542 |  |  | 31 |  |  | 1,130 |
Income (loss) from operations | $ | 8,531 |  |  | $ | 4,368 |  |  | $ | (3,797) |  |  | $ | 9,102 |
Reconciliation of profit to income before income taxes: |  |  |  |  |  |  |
Interest expense |  |  |  |  | $ | (1,351) |  |  | $ | (1,351) |
Other expense, net |  |  |  |  | (8) |  |  | (8) |
Income before income taxes |  |  |  |  |  |  | $ | 7,743 |
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 |
Cost of sales | 39,131 |  |  | 1,492 |  |  | — |  |  | 40,623 |
Gross profit | 7,943 |  |  | 1,176 |  |  | — |  |  | 9,119 |
Selling, general and administrative | 1,887 |  |  | 887 |  |  | 2,940 |  |  | 5,714 |
Other segment items | 497 |  |  | 159 |  |  | 26 |  |  | 682 |
Income (loss) from operations | $ | 5,559 |  |  | $ | 130 |  |  | $ | (2,966) |  |  | $ | 2,723 |
Reconciliation of profit to income before income taxes: |  |  |  |  |  |  |
Interest expense |  |  |  |  | (256) |  |  | (256) |
Other income, net |  |  |  |  | 102 |  |  | 102 |
Income before income taxes |  |  |  |  |  |  | $ | 2,569 |
As of and for the nine months ended September 30, | Chemistry Technologies |  | Data Analytics |  | Corporate and Other |  | Total
2025 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 62,101 |  |  | $ | 5,132 |  |  | $ | — |  |  | $ | 67,233 |
Services | 2,672 |  |  | 2,641 |  |  | — |  |  | 5,313 |
Total revenue from external customers | 64,773 |  |  | 7,773 |  |  | — |  |  | 72,546 |
Revenue from related party |  |  |  |  |  |  |
Products | 87,439 |  |  | 44 |  |  | — |  |  | 87,483 |
Services | 123 |  |  | 296 |  |  | — |  |  | 419 |
Rental revenue | — |  |  | 9,295 |  |  | — |  |  | 9,295 |
Total revenue from related parties | 87,562 |  |  | 9,635 |  |  | — |  |  | 97,197 |
Cost of sales | 118,702 |  |  | 6,402 |  |  | — |  |  | 125,104 |
Gross profit | 33,633 |  |  | 11,006 |  |  | — |  |  | 44,639 |
Selling, general and administrative | 6,757 |  |  | 3,258 |  |  | 10,447 |  |  | 20,462 |
Asset acquisition expenses (Note 3) | — |  |  | 4,362 |  |  | — |  |  | 4,362 |
Other segment items | 1,406 |  |  | 1,061 |  |  | 92 |  |  | 2,559 |
Income (loss) from operations | $ | 25,470 |  |  | $ | 2,325 |  |  | $ | (10,539) |  |  | $ | 17,256 |
Reconciliation of profit to income before income taxes: |  |  |  |  |  |  |
Interest expense |  |  |  |  | $ | (2,563) |  |  | $ | (2,563) |
Other income, net |  |  |  |  | 279 |  |  | 279 |
Income before income taxes |  |  |  |  |  |  | $ | 14,972 |
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 |
Cost of sales | 104,987 |  |  | 4,172 |  |  | — |  |  | 109,159 |
Gross profit | 24,888 |  |  | 2,220 |  |  | — |  |  | 27,108 |
Selling, general and administrative | 5,645 |  |  | 2,407 |  |  | 10,027 |  |  | 18,079 |
Other segment items | 1,433 |  |  | 465 |  |  | 79 |  |  | 1,977 |
Income (loss) from operations | $ | 17,810 |  |  | $ | (652) |  |  | $ | (10,106) |  |  | $ | 7,052 |
Reconciliation of profit to income before income taxes: |  |  |  |  |  |  |
Interest expense |  |  |  |  | (842) |  |  | (842) |
Other income, net |  |  |  |  | 151 |  |  | 151 |
Income before income taxes |  |  |  |  |  |  | $ | 6,361 |
Assets of the Company by reportable segments and corporate and other are as follows (in thousands):
| September 30, 2025 |  | December 31, 2024
Chemistry Technologies | $ | 146,976 |  |  | $ | 152,161 |
Data Analytics | 27,030 |  |  | 8,632 |
Corporate and Other | 38,681 |  |  | 10,003 |
Total assets | $ | 212,687 |  |  | $ | 170,796 |
Additions to long-lived assets by reportable segments and corporate and other are as follows (in thousands):
As of and for the nine months ended September 30, | Chemistry Technologies |  | Data Analytics |  | Corporate and Other |  | Total
2025 |  |  |  |  |  |  |
Additions to long-lived assets (1) | $ | 1,120 |  |  | $ | 14,662 |  |  | $ | 167 |  |  | $ | 15,949 |
2024 |  |  |  |  |  |  |
Additions to long-lived assets | $ | 333 |  |  | $ | 105 |  |  | $ | 53 |  |  | $ | 491 |
(1)Additions to long-lived assets for the nine months ended September 30, 2025 includes $14.3 million of assets as a result of the non-cash PWRtek Transactions (see Note 3 and Note 17).
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
U.S. (1) | $ | 53,827 |  |  | $ | 48,498 |  |  | $ | 159,722 |  |  | $ | 131,763 |
UAE | 2,067 |  |  | 592 |  |  | 8,925 |  |  | 3,136 |
Other countries | 137 |  |  | 652 |  |  | 1,096 |  |  | 1,368 |
Total revenue | $ | 56,031 |  |  | $ | 49,742 |  |  | $ | 169,743 |  |  | $ | 136,267 |
(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, 2025 |  |  |  |  |  |  |  |
Customer A (related party) |  | $ | 33,090 |  |  | 59.1 | % |  |  |  |
Three months ended September 30, 2024 |  |  |  |  |  |  |  |
Customer A (related party) |  | $ | 33,177 |  |  | 66.7 | % |  |  |  |
|  | Revenue |  | % of Total Revenue |  |  |  |
Nine months ended September 30, 2025 |  |  |  |  |  |  |  |
Customer A (related party) |  | $ | 97,197 |  |  | 57.3 | % |  |  |  |
Nine months ended September 30, 2024 |  |  |  |  |  |  |  |
Customer A (related party) |  | $ | 88,332 |  |  | 64.8 | % |  |  |  |
Accounts receivable from major external customers, as a percentage of accounts receivable, is as follows (in thousands):
|  | Accounts Receivable |  | % of Total Non-Related Party Accounts Receivable |  |  |  |
As of September 30, 2025 |  |  |  |  |  |  |  |
Customer A |  | $ | 8,274 |  |  | 30.1 | % |  |  |  |
Customer B |  | $ | 3,170 |  |  | 11.5 | % |  |  |  |
Customer C |  | $ | 2,241 |  |  | 8.2 | % |  |  |  |
As of December 31, 2024 |  |  |  |  |  |  |  |
Customer A |  | $ | 3,324 |  |  | 18.6 | % |  |  |  |
Customer C |  | $ | 2,264 |  |  | 12.7 | % |  |  |  |
Customer B |  | $ | 1,288 |  |  | 7.2 | % |  |  |  |
Please see Note 17 - “Related Party Transactions” for additional information regarding accounts receivable with ProFrac.
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
2025 |  |  |  |
Supplier A |  | $ | 7,977 |  |  | 26 | %
Supplier B |  | 3,984 |  |  | 13 | %
Supplier C |  | 3,808 |  |  | 13 | %
Supplier D |  | 3,368 |  |  | 11 | %
2024 |  |  |  |
Supplier D |  | $ | 8,885 |  |  | 25 | %
Supplier A |  | 5,187 |  |  | 14 | %
Supplier C |  | 4,348 |  |  | 12 | %
Supplier E |  | 3,782 |  |  | 10 | %
Nine months ended September 30, |  | Expenditure |  | % of Total Expenditure
2025 |  |  |  |
Supplier A |  | $ | 26,787 |  |  | 26 | %
Supplier D |  | 14,301 |  |  | 14 | %
2024 |  |  |  |
Supplier A |  | $ | 16,885 |  |  | 18 | %
Supplier D |  | 16,639 |  |  | 18 | %
Supplier C |  | 16,583 |  |  | 17 | %

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