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Note 2 - Segment and Geographic Information | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | Note 2. Segment and Geographic Information We sell complementary products and services largely to E&P customers in the oil and gas industry, through one reportable segment. See “Note 3. Segment and Geographic Information” to our consolidated financial statements of our Annual Report for a more detailed description. We manage our activities on a consolidated basis applying qualitative factors including the nature of the products and services, the nature and commonality of production processes, a shared customer base primarily in North America, the scope of geographic operations and a common industry and regulatory environment. Our chief operating decision maker (“CODM”) is the Chief Executive Officer. We evaluate our performance on a consolidated basis by reviewing key income statement items such as revenue, gross margin, and net income, as well as other specific balance sheet and cash flow items; comparing certain key financial figures to financial guidance; and evaluating our share price performance and estimated trading multiple relative to selected peers. Our CODM utilizes the GAAP measures of net income and cash flow from operations as primary measures of profitability and cash flow, respectively, as well as secondary non-GAAP measures of Adjusted EBITDA and free cash flow. The CODM assesses segment performance using these measures, and he decides how to allocate resources, which may include evaluating the budget, current forecast and our consolidated cash position, with periodic review of our market share and our common stock performance relative to peers. The CODM assesses business performance consistent with the presentation on our consolidated financial statements, supplemented with a review of certain significant selling, general and administrative (“SG&A”) expense categories. The following table summarizes significant SG&A expenses that are not separately presented on our consolidated statements of operations (in thousands):
|  | Three Months Ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
Payroll and employee benefits |  | $ | 9,952 |  |  | $ | 8,595 |
Share-based compensation |  |  | 1,445 |  |  |  | 902 |
Professional services |  |  | 2,202 |  |  |  | 1,727 |
Insurance |  |  | 491 |  |  |  | 524 |
Software and hardware |  |  | 575 |  |  |  | 511 |
Other |  |  | 1,530 |  |  |  | 1,571 |
Total SG&A |  |  | 16,195 |  |  |  | 13,830 |
The following table summarizes revenue by geographic area attributed based on the current billing address of the customer (in thousands):
|  | Three Months Ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
United States |  |  |  |  |  |  |  |
Product sales |  | $ | 6,867 |  |  | $ | 7,767 |
Services |  |  | 2,505 |  |  |  | 2,244 |
Total United States |  |  | 9,372 |  |  |  | 10,011 |
Canada |  |  |  |  |  |  |  |
Product sales |  |  | 26,843 |  |  |  | 22,675 |
Services |  |  | 10,875 |  |  |  | 8,994 |
Total Canada |  |  | 37,718 |  |  |  | 31,669 |
Other Countries |  |  |  |  |  |  |  |
Product sales |  |  | 1,356 |  |  |  | 1,316 |
Services |  |  | 1,559 |  |  |  | 862 |
Total other countries |  |  | 2,915 |  |  |  | 2,178 |
Total |  |  |  |  |  |  |  |
Product sales |  |  | 35,066 |  |  |  | 31,758 |
Services |  |  | 14,939 |  |  |  | 12,100 |
Total revenues |  | $ | 50,005 |  |  | $ | 43,858 |
The following table summarizes long-lived assets (defined as property and equipment, net and operating lease assets) by geographic area (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
United States |  | $ | 12,715 |  |  | $ | 13,455 |
Canada |  |  | 9,850 |  |  |  | 10,240 |
Other Countries |  |  | 3,685 |  |  |  | 3,499 |
Total |  | $ | 26,250 |  |  | $ | 27,194 |

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- Definition The entire disclosure for reporting segments including data and tables. 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