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Business Segments
 6 Months Ended
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, 2026Six Months Ended June 30, 2026
Drilling and CompletionsArtificial Lift and DownholeTotalDrilling and CompletionsArtificial Lift and DownholeTotal
Revenue from external customers$138,795 $87,422 $226,217 $265,397 $169,520 $434,917 
Intersegment revenue209 — 209 346 — 346 
Segment revenue139,004 87,422 226,426 265,743 169,520 435,263 
Elimination of intersegment revenue(209)(346)
Total consolidated revenue226,217 434,917 
Less:
Cost of sales103,666 51,408 155,074 200,216 102,704 302,920 
Selling, general and administrative expenses21,623 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, 2025Six Months Ended June 30, 2025
Drilling and CompletionsArtificial Lift and DownholeTotalDrilling and CompletionsArtificial Lift and DownholeTotal
Revenue from external customers$117,217 $82,547 $199,764 $232,700 $160,343 $393,043 
Intersegment revenue20 — 20 106 — 106 
Segment revenue117,237 82,547 199,784 232,806 160,343 393,149 
Elimination of intersegment revenue(20)(106)
Total consolidated revenue199,764 393,043 
Less:
Cost of sales88,211 52,217 140,428 172,565 102,867 275,432 
Selling, general and administrative expenses21,755 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 EndedSix Months Ended
June 30,June 30,
2026202520262025
Segment operating income$30,065 $17,662 $50,558 $34,338 
Less:
Other corporate expenses
8,973 9,491 18,483 17,189 
Transaction expenses125 184 273 235 
Gain on sale-leaseback transactions— (6,903)— (6,903)
Loss on disposal of assets and other460 207 290 330 
Interest expense4,272 4,706 8,413 9,689 
Foreign exchange losses (gains) and other, net226 (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, 2026December 31, 2025
Drilling and Completions$399,816 $385,401 
Artificial Lift and Downhole345,220 353,505 
Corporate25,674 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 EndedSix Months Ended
June 30,June 30,
2026202520262025
Drilling$35,535 $32,846 $68,265 $64,959 
Subsea33,516 22,389 69,011 44,529 
Stimulation and Intervention38,181 32,856 71,228 70,284 
Coiled Tubing31,772 29,146 57,239 53,034 
Downhole61,040 51,284 111,599 98,952 
Production Equipment13,444 20,662 32,194 39,721 
Valve Solutions12,938 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 EndedSix Months Ended
June 30,June 30,
2026202520262025
United States$104,720 $107,276 $197,858 $211,179 
Canada47,901 31,021 90,819 62,458 
Europe & Africa28,093 18,605 57,101 38,393 
Middle East20,789 21,931 39,834 41,576 
Latin America14,812 10,866 26,439 18,929 
Asia-Pacific9,902 10,065 22,866 20,508 
Total revenue$226,217 $199,764 $434,917 $393,043