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Business Segment, Geographic and Major Customer Information (Tables)

9 Months Ended

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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