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Business Segments | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company operates in the following two reportable segments: (1) Drilling and Completions and (2) Artificial Lift and Downhole. The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in oil and natural gas, renewable energy, defense and communications. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, production and infrastructure markets. The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. This segmentation is representative of the manner in which our Chief Operating Decision Maker (“CODM”) and our board of directors make decisions on how to allocate resources and assess performance. We consider the CODM to be the Chief Executive Officer. The CODM evaluates segment performance based on operating income through monitoring actual results compared to strategic plans and forecasts on a quarterly basis. This analysis guides our CODM's decision-making processes, particularly in evaluating segment profitability, optimizing resource allocation, and managing costs effectively. Summary financial data by segment follows (in thousands):
|  | Three Months Ended June 30, 2026 |  | Six Months Ended June 30, 2026
|  | Drilling and Completions |  | Artificial Lift and Downhole |  | Total |  | Drilling and Completions |  | Artificial Lift and Downhole |  | Total
Revenue from external customers |  | $ | 138,795 |  |  | $ | 87,422 |  |  | $ | 226,217 |  |  | $ | 265,397 |  |  | $ | 169,520 |  |  | $ | 434,917 |
Intersegment revenue |  | 209 |  |  | — |  |  | 209 |  |  | 346 |  |  | — |  |  | 346 |
Segment revenue |  | 139,004 |  |  | 87,422 |  |  | 226,426 |  |  | 265,743 |  |  | 169,520 |  |  | 435,263 |
Elimination of intersegment revenue |  |  |  |  |  | (209) |  |  |  |  |  |  | (346) |
Total consolidated revenue |  |  |  |  |  | 226,217 |  |  |  |  |  |  | 434,917 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  | 103,666 |  |  | 51,408 |  |  | 155,074 |  |  | 200,216 |  |  | 102,704 |  |  | 302,920 |
Selling, general and administrative expenses |  | 21,623 |  |  | 19,664 |  |  | 41,287 |  |  | 42,903 |  |  | 38,882 |  |  | 81,785 |
Segment operating income |  | $ | 13,715 |  |  | $ | 16,350 |  |  | $ | 30,065 |  |  | $ | 22,624 |  |  | $ | 27,934 |  |  | $ | 50,558 |
|  | Three Months Ended June 30, 2025 |  | Six Months Ended June 30, 2025
|  | Drilling and Completions |  | Artificial Lift and Downhole |  | Total |  | Drilling and Completions |  | Artificial Lift and Downhole |  | Total
Revenue from external customers |  | $ | 117,217 |  |  | $ | 82,547 |  |  | $ | 199,764 |  |  | $ | 232,700 |  |  | $ | 160,343 |  |  | $ | 393,043 |
Intersegment revenue |  | 20 |  |  | — |  |  | 20 |  |  | 106 |  |  | — |  |  | 106 |
Segment revenue |  | 117,237 |  |  | 82,547 |  |  | 199,784 |  |  | 232,806 |  |  | 160,343 |  |  | 393,149 |
Elimination of intersegment revenue |  |  |  |  |  | (20) |  |  |  |  |  |  | (106) |
Total consolidated revenue |  |  |  |  |  | 199,764 |  |  |  |  |  |  | 393,043 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  | 88,211 |  |  | 52,217 |  |  | 140,428 |  |  | 172,565 |  |  | 102,867 |  |  | 275,432 |
Selling, general and administrative expenses |  | 21,755 |  |  | 19,939 |  |  | 41,694 |  |  | 43,591 |  |  | 39,788 |  |  | 83,379 |
Segment operating income |  | $ | 7,271 |  |  | $ | 10,391 |  |  | $ | 17,662 |  |  | $ | 16,650 |  |  | $ | 17,688 |  |  | $ | 34,338 |
A reconciliation of segment operating income to income before income taxes is as follows (in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Segment operating income | $ | 30,065 |  |  | $ | 17,662 |  |  | $ | 50,558 |  |  | $ | 34,338 |
Less: |  |  |  |  |  |  |
Other corporate expenses | 8,973 |  |  | 9,491 |  |  | 18,483 |  |  | 17,189 |
Transaction expenses | 125 |  |  | 184 |  |  | 273 |  |  | 235 |
Gain on sale-leaseback transactions | — |  |  | (6,903) |  |  | — |  |  | (6,903) |
Loss on disposal of assets and other | 460 |  |  | 207 |  |  | 290 |  |  | 330 |
Interest expense | 4,272 |  |  | 4,706 |  |  | 8,413 |  |  | 9,689 |
Foreign exchange losses (gains) and other, net | 226 |  |  | (3,942) |  |  | (297) |  |  | (5,010) |
Income before income taxes | $ | 16,009 |  |  | $ | 13,919 |  |  | $ | 23,396 |  |  | $ | 18,808 |
A summary of consolidated assets by reportable segment is as follows (in thousands):
| June 30, 2026 |  | December 31, 2025
Drilling and Completions | $ | 399,816 |  |  | $ | 385,401 |
Artificial Lift and Downhole | 345,220 |  |  | 353,505 |
Corporate | 25,674 |  |  | 13,549 |
Total assets | $ | 770,710 |  |  | $ | 752,455 |
Corporate assets primarily include cash, certain prepaid assets and deferred loan costs. The following table presents our revenues disaggregated by product line (in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Drilling | $ | 35,535 |  |  | $ | 32,846 |  |  | $ | 68,265 |  |  | $ | 64,959 |
Subsea | 33,516 |  |  | 22,389 |  |  | 69,011 |  |  | 44,529 |
Stimulation and Intervention | 38,181 |  |  | 32,856 |  |  | 71,228 |  |  | 70,284 |
Coiled Tubing | 31,772 |  |  | 29,146 |  |  | 57,239 |  |  | 53,034 |
Downhole | 61,040 |  |  | 51,284 |  |  | 111,599 |  |  | 98,952 |
Production Equipment | 13,444 |  |  | 20,662 |  |  | 32,194 |  |  | 39,721 |
Valve Solutions | 12,938 |  |  | 10,601 |  |  | 25,727 |  |  | 21,670 |
Eliminations | (209) |  |  | (20) |  |  | (346) |  |  | (106) |
Total revenue | $ | 226,217 |  |  | $ | 199,764 |  |  | $ | 434,917 |  |  | $ | 393,043 |
The following table presents our revenues disaggregated by geography (in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
United States | $ | 104,720 |  |  | $ | 107,276 |  |  | $ | 197,858 |  |  | $ | 211,179 |
Canada | 47,901 |  |  | 31,021 |  |  | 90,819 |  |  | 62,458 |
Europe & Africa | 28,093 |  |  | 18,605 |  |  | 57,101 |  |  | 38,393 |
Middle East | 20,789 |  |  | 21,931 |  |  | 39,834 |  |  | 41,576 |
Latin America | 14,812 |  |  | 10,866 |  |  | 26,439 |  |  | 18,929 |
Asia-Pacific | 9,902 |  |  | 10,065 |  |  | 22,866 |  |  | 20,508 |
Total revenue | $ | 226,217 |  |  | $ | 199,764 |  |  | $ | 434,917 |  |  | $ | 393,043 |

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