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Note 2 - Segment and Geographic Information
 3 Months Ended
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