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Reportable Segments | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Reportable Segments | Reportable Segments The Company’s Chief Operating Officer, Chief Financial Officer and Chief Business Officer comprise the Company’s chief operating decision makers (“CODM”). Segment information is prepared on the same basis that the CODM manages the segments, evaluates the segment financial statements and makes key operating and resource utilization decisions. Segment evaluation is determined on a quantitative basis based on a function of Adjusted EBITDA, as well as a qualitative basis, such as nature of the product and service offerings and types of customers. The Company defines Adjusted EBITDA as net income (loss) from continuing operations before depreciation, depletion, amortization and accretion, gains on disposal of assets, net, impairment of long-lived assets, stock based compensation, interest (income) expense and financing charges, net, other expense (income), net (which is comprised of interest on trade accounts receivable and certain legal expenses) and provision (benefit) for income taxes, further adjusted to add back interest on trade accounts receivable. The Company’s significant segment expenses include cost of revenue, exclusive of depreciation, depletion, amortization and accretion, and selling, general and administrative, exclusive of stock based compensation. The Company principally provides products and services to our customers primarily in the oil and natural gas and utility infrastructure industries. At September 30, 2025, the Company had five reportable segments, which includes rental services (“Rentals”), infrastructure services (“Infrastructure”), natural sand proppant services (“Sand”), accommodation services (“Accommodations”) and drilling services (“Drilling”). The Rentals segment provides construction, oilfield and aviation rentals to operators in the northeast and midwest regions of the United States as well as Hawaii. The Infrastructure segment provides engineering, design and fiber optic services to utility customers in the midwest and western regions of the United States. The Sand segment provides sand mining, processing and selling services for use in hydraulic fracturing. The Sand segment primarily services the Utica Shale and Montney Shale in British Columbia and Alberta, Canada. The Accommodations segment provides housing, kitchen and dining, and recreational service facilities for oilfield workers located in remote areas away from readily available lodging in northern Alberta, Canada. The Drilling segment provides directional drilling services primarily in the Anadarko and Permian Basins. Sales from one segment to another are generally priced at estimated equivalent commercial selling prices. All transactions conducted between segments are eliminated in consolidation. Transactions conducted by companies within the same reportable segment are eliminated within each reportable segment. Corporate selling, general and administrative costs are allocated to each segment based on forecasted revenue, expense and asset base. Corporate interest expense is allocated to each segment based on its intercompany payable position with the Company’s corporate entity. U.S. income tax expense is not allocated to each segment. Foreign income tax expense is realized in the segment in which the foreign operations occur. To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of September 30, 2025. The following tables set forth certain financial information with respect to the Company’s reportable segments (in thousands):
Three Months Ended September 30, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Total
Revenue from external and related party customers | $ | 2,750 |  | $ | 4,761 |  | $ | 2,728 |  | $ | 2,280 |  | $ | 2,282 |  | $ | 14,801 |
Intersegment revenue | 16 |  | — |  | — |  | — |  | — |  | 16 |
| 2,766 |  | 4,761 |  | 2,728 |  | 2,280 |  | 2,282 |  | 14,817 |
Reconciliation of Revenue |  |  |  |  |  |
Eliminations(a) |  |  |  |  |  | (16) |
Total consolidated revenue |  |  |  |  |  | $ | 14,801 |
Less segment expenses: |  |  |  |  |  |
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties | $ | 1,691 |  | $ | 4,714 |  | $ | 4,148 |  | $ | 1,436 |  | $ | 1,840 |  |
Selling, general and administrative, exclusive of stock based compensation | 1,408 |  | 1,032 |  | 761 |  | 378 |  | 230 |  |
Segment Adjusted EBITDA | $ | (333) |  | $ | (985) |  | $ | (2,181) |  | $ | 466 |  | $ | 212 |  | $ | (2,821) |
Reconciliation of total segment Adjusted EBITDA |  |  |  |  |
Less: |  |  |  |  |  |
Other(b) |  |  |  |  |  | $ | 1,558 |
Depreciation, depletion, amortization and accretion |  |  |  |  | 2,756 |
Losses on disposal of assets, net |  |  |  |  |  | 1,874 |
Interest (income) expense and financing charges, net |  |  |  |  | (922) |
Other expense, net |  |  |  |  |  | 1,831 |
Loss from continuing operations before income taxes |  |  |  |  | $ | (9,918) |
Three Months Ended September 30, 2024 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Total
Revenue from external and related party customers | $ | 2,146 |  | $ | 4,351 |  | $ | 4,909 |  | $ | 2,854 |  | $ | 1,557 |  | $ | 15,817 |
Intersegment revenue | 83 |  | — |  | — |  | — |  | — |  | 83 |
| 2,229 |  | 4,351 |  | 4,909 |  | 2,854 |  | 1,557 |  | 15,900 |
Reconciliation of Revenue |  |  |  |  |  |
Other(b) |  |  |  |  |  | 1,229 |
Eliminations(a) |  |  |  |  |  | (77) |
Total consolidated revenue |  |  |  |  |  | $ | 17,052 |
Less segment expenses: |  |  |  |  |  |
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties | $ | 1,303 |  | $ | 3,647 |  | $ | 3,164 |  | $ | 1,694 |  | $ | 1,362 |  |
Selling, general and administrative, exclusive of stock based compensation | 392 |  | 988 |  | 1,498 |  | 456 |  | 336 |  |
Segment Adjusted EBITDA | $ | 534 |  | $ | (284) |  | $ | 247 |  | $ | 704 |  | $ | (141) |  | $ | 1,060 |
Reconciliation of total segment Adjusted EBITDA |  |  |  |  |
Less: |  |  |  |  |  |
Other(b) |  |  |  |  |  | $ | 4,002 |
Depreciation, depletion, amortization and accretion |  |  |  |  | 3,156 |
Gains on disposal of assets, net |  |  |  |  |  | (192) |
Stock based compensation |  |  |  |  |  | 219 |
Interest (income) expense and financing charges, net, inclusive of related parties |  |  | 1,065 |
Other expense, net |  |  |  |  |  | 1,108 |
Loss from continuing operations before income taxes |  |  |  |  | $ | (8,298) |
Nine Months Ended September 30, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Total
Revenue from external and related party customers | $ | 7,744 |  | $ | 14,881 |  | $ | 14,843 |  | $ | 6,127 |  | $ | 3,207 |  | $ | 46,802 |
Intersegment revenue | 54 |  | — |  | — |  | — |  | — |  | 54 |
| 7,798 |  | 14,881 |  | 14,843 |  | 6,127 |  | 3,207 |  | 46,856 |
Reconciliation of Revenue |  |  |  |  |  |
Eliminations(a) |  |  |  |  |  | (54) |
Total consolidated revenue |  |  |  |  |  | $ | 46,802 |
Less segment expenses: |  |  |  |  |  |
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties | $ | 4,675 |  | $ | 12,817 |  | $ | 14,886 |  | $ | 4,110 |  | $ | 2,994 |  |
Selling, general and administrative, exclusive of stock based compensation | 2,774 |  | 2,776 |  | 3,374 |  | 1,072 |  | 617 |  |
Segment Adjusted EBITDA | $ | 349 |  | $ | (712) |  | $ | (3,417) |  | $ | 945 |  | $ | (404) |  | $ | (3,239) |
Reconciliation of total segment Adjusted EBITDA
Less: |  |  |  |  |  |
Other(b) |  |  |  |  |  | $ | 5,602 |
Depreciation, depletion, amortization and accretion |  |  |  |  | 7,679 |
Gains on disposal of assets, net |  |  |  |  |  | (2,675) |
Impairment of long-lived assets |  |  |  |  |  | 31,669 |
Stock based compensation |  |  |  |  |  | 412 |
Interest (income) expense and financing charges, net |  |  |  |  | (1,434) |
Other expense, net |  |  |  |  |  | 2,791 |
Loss from continuing operations before income taxes |  |  |  |  | $ | (47,283) |
Nine Months Ended September 30, 2024 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Total
Revenue from external and related party customers | $ | 5,594 |  | $ | 13,957 |  | $ | 13,936 |  | $ | 8,474 |  | $ | 2,804 |  | $ | 44,765 |
Intersegment revenue | 326 |  | — |  | — |  | — |  | — |  | 326 |
| 5,920 |  | 13,957 |  | 13,936 |  | 8,474 |  | 2,804 |  | 45,091 |
Reconciliation of Revenue |  |  |  |  |  |
Other(b) |  |  |  |  |  | 3,658 |
Eliminations(a) |  |  |  |  |  | (331) |
Total consolidated revenue |  |  |  |  |  | $ | 48,418 |
Less segment expenses: |  |  |  |  |  |
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties | $ | 3,879 |  | $ | 11,367 |  | $ | 13,484 |  | $ | 4,953 |  | $ | 3,349 |  |
Selling, general and administrative, exclusive of stock based compensation | 1,048 |  | 2,888 |  | 4,105 |  | 1,336 |  | 830 |  |
Segment Adjusted EBITDA | $ | 993 |  | $ | (298) |  | $ | (3,653) |  | $ | 2,185 |  | $ | (1,375) |  | $ | (2,148) |
Reconciliation of total segment Adjusted EBITDA
Less: |  |  |  |  |  |
Other(b) |  |  |  |  |  | $ | 100,438 |
Depreciation, depletion, amortization and accretion |  |  |  |  | 9,350 |
Gains on disposal of assets, net |  |  |  |  |  | (1,637) |
Stock based compensation |  |  |  |  |  | 657 |
Interest (income) expense and financing charges, net, inclusive of related parties |  |  | 8,712 |
Other expense (income), net |  |  |  |  |  | 64,624 |
Loss from continuing operations before income taxes |  |  |  |  | $ | (184,292) |
(a) Includes eliminations for intersegment transactions.
(b) Includes activity related to non-operating legacy services that are no longer active.
| Rentals | Infrastructure | Sand | Accommodations | Drilling | Total
As of September 30, 2025: |  |  |  |  |  |
Total assets for reportable segments | $ | 51,147 |  | $ | 5,906 |  | $ | 68,854 |  | $ | 12,835 |  | $ | 3,636 |  | $ | 142,378 |
Other assets(a) |  |  |  |  |  | 187,425 |
Total consolidated assets, excluding discontinued operations |  |  |  | $ | 329,803 |
As of December 31, 2024: |  |  |  |  |  |
Total assets for reportable segments | $ | 8,451 |  | $ | 6,010 |  | $ | 118,855 |  | $ | 12,811 |  | $ | 1,870 |  | $ | 147,997 |
Other assets(a) |  |  |  |  |  | 130,307 |
Total consolidated assets, excluding discontinued operations |  |  |  | $ | 278,304 |
(a) Includes assets related to non-operating legacy services that are no longer active as well as corporate related assets, which include cash and cash equivalents and restricted cash.
Following is a breakout of purchases of property, plant and equipment for the periods indicated (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Rentals | $ | 17,185 |  |  | $ | 127 |  |  | $ | 44,125 |  |  | $ | 350 |
Infrastructure | 19 |  |  | — |  |  | 120 |  |  | 291 |
Sand | — |  |  | — |  |  | 93 |  |  | — |
Accommodations | 95 |  |  | 17 |  |  | 170 |  |  | 97 |
Drilling | — |  |  | 15 |  |  | 116 |  |  | 100 |
Total segment purchases of property, plant and equipment | 17,299 |  |  | 159 |  |  | 44,624 |  |  | 838 |
Other(a) | — |  |  | — |  |  | — |  |  | 227 |
Total consolidated purchases of property, plant and equipment, excluding discontinued operations | $ | 17,299 |  |  | $ | 159 |  |  | $ | 44,624 |  |  | $ | 1,065 |
(a) Includes purchases related to non-operating legacy services that are no longer active.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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