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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Major Components of Discontinued Operations | The following table presents the major classes of assets and liabilities of discontinued operations (in thousands):
| T&D Transaction |  | Pressure Pumping Transaction
| September 30, |  | December 31, |  | September 30, |  | December 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Carrying amounts of the major classes of assets included in discontinued operations: |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 59 |  |  | $ | 122 |
Restricted cash | — |  |  | 2,000 |  |  | — |  |  | — |
Accounts receivable, net | — |  |  | 22,408 |  |  | 1,098 |  |  | 12,843 |
Inventories | — |  |  | — |  |  | 1,114 |  |  | 8,271 |
Other current assets | — |  |  | 404 |  |  | 287 |  |  | 338 |
Total current assets of discontinued operations | — |  |  | 24,812 |  |  | 2,558 |  |  | 21,574 |
Property, plant and equipment, net | — |  |  | 13,190 |  |  | 4,142 |  |  | 35,166 |
Operating lease right-of-use assets | — |  |  | 1,202 |  |  | 250 |  |  | 494 |
Goodwill | — |  |  | — |  |  | — |  |  | 9,214 |
Other non-current assets | — |  |  | 75 |  |  | — |  |  | — |
Total noncurrent assets of discontinued operations | — |  |  | 14,467 |  |  | 4,392 |  |  | 44,874 |
Total assets of discontinued operations | $ | — |  |  | $ | 39,279 |  |  | $ | 6,950 |  |  | $ | 66,448 |
Carrying amounts of the major classes of liabilities included in discontinued operations: |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 4,673 |  |  | $ | 253 |  |  | $ | 14,346 |
Accrued expenses and other current liabilities | — |  |  | 6,621 |  |  | 597 |  |  | 784 |
Current operating lease liabilities | — |  |  | 248 |  |  | 202 |  |  | 302 |
Total current liabilities of discontinued operations | — |  |  | 11,542 |  |  | 1,052 |  |  | 15,432 |
Long-term operating lease liabilities | — |  |  | 954 |  |  | — |  |  | — |
Other long-term liabilities | — |  |  | 6,415 |  |  | — |  |  | — |
Total noncurrent liabilities of discontinued operations | — |  |  | 7,369 |  |  | — |  |  | — |
Total liabilities of discontinued operations | $ | — |  |  | $ | 18,911 |  |  | $ | 1,052 |  |  | $ | 15,432 |
The following tables present the major components from discontinued operations in the Company’s unaudited condensed consolidated statements of operations and comprehensive income (loss) (in thousands):
| T&D Transaction |  | Pressure Pumping Transaction
| Three Months Ended September 30, |  | Three Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Services revenue | $ | — |  |  | $ | 21,692 |  |  | $ | 207 |  |  | $ | 1,271 |
COST, EXPENSES AND GAINS |  |  |  |  |  |  |
Cost of revenue | 519 |  |  | 18,771 |  |  | 2,286 |  |  | 5,768 |
Selling, general and administrative | 53 |  |  | 1,470 |  |  | 310 |  |  | 452 |
Depreciation and amortization | — |  |  | 568 |  |  | 34 |  |  | 2,459 |
Gains on disposal of assets, net | — |  |  | (41) |  |  | (851) |  |  | (60) |
Total cost, expenses and gains, net | 572 |  |  | 20,768 |  |  | 1,779 |  |  | 8,619 |
Operating (loss) income | (572) |  |  | 924 |  |  | (1,572) |  |  | (7,348) |
OTHER (INCOME) EXPENSE |  |  |  |  |  |  |
Interest expense, net | — |  |  | 8,177 |  |  | 44 |  |  | 490 |
Other expense, net | — |  |  | 13 |  |  | 1 |  |  | 1 |
Total other expense, net | — |  |  | 8,190 |  |  | 45 |  |  | 491 |
Loss before income taxes | (572) |  |  | (7,266) |  |  | (1,617) |  |  | (7,839) |
(Benefit) provision for income taxes | (1,632) |  |  | 72 |  |  | — |  |  | — |
Net income (loss) from discontinued operations, net of income taxes | $ | 1,060 |  |  | $ | (7,338) |  |  | $ | (1,617) |  |  | $ | (7,839) |
| T&D Transaction |  | Pressure Pumping Transaction
| Nine Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Services revenue | $ | 29,553 |  |  | $ | 68,558 |  |  | $ | 41,916 |  |  | $ | 17,756 |
COST, EXPENSES AND GAINS |  |  |  |  |  |  |
Cost of revenue | 25,897 |  |  | 56,965 |  |  | 41,793 |  |  | 22,603 |
Selling, general and administrative | 1,899 |  |  | 4,584 |  |  | 1,552 |  |  | 1,545 |
Depreciation and amortization | 957 |  |  | 1,830 |  |  | 5,738 |  |  | 8,076 |
(Gains) losses on disposal of assets, net | (20) |  |  | (984) |  |  | (1,488) |  |  | 125 |
Impairment of goodwill | — |  |  | — |  |  | 9,214 |  |  | — |
Total cost, expenses and gains, net | 28,733 |  |  | 62,395 |  |  | 56,809 |  |  | 32,349 |
Operating income (loss) | 820 |  |  | 6,163 |  |  | (14,893) |  |  | (14,593) |
OTHER (INCOME) EXPENSE |  |  |  |  |  |  |
Interest expense (income), net | 59 |  |  | 10,211 |  |  | (420) |  |  | 1,479 |
Other (income) expense, net | (122) |  |  | 32 |  |  | 4 |  |  | 2 |
(Gain) loss on divestiture | (83,747) |  |  | — |  |  | 24,974 |  |  | — |
Total other (income) expense, net | (83,810) |  |  | 10,243 |  |  | 24,558 |  |  | 1,481 |
Income (loss) before income taxes | 84,630 |  |  | (4,080) |  |  | (39,451) |  |  | (16,074) |
Provision (benefit) for income taxes | 1,418 |  |  | 104 |  |  | (1,262) |  |  | — |
Net income (loss) from discontinued operations, net of income taxes | $ | 83,212 |  |  | $ | (4,184) |  |  | $ | (38,189) |  |  | $ | (16,074) |

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