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v3.26.1

Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2026
Accounting Policies [Abstract] |
Schedule of Restricted Cash | The following table provides a reconciliation of “cash and cash equivalents” and “restricted cash” reported on the unaudited condensed consolidated balance sheets that sum to the total of the same such amounts shown on the unaudited condensed consolidated statements of cash flows (in thousands):
|  | June 30, |  | December 31,
|  | 2026 |  | 2025
Cash and cash equivalents |  | $ | 50,869 |  |  | $ | 101,987 |
Restricted cash |  | 11,914 |  |  | 12,085 |
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows |  | $ | 62,783 |  |  | $ | 114,072 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of “cash and cash equivalents” and “restricted cash” reported on the unaudited condensed consolidated balance sheets that sum to the total of the same such amounts shown on the unaudited condensed consolidated statements of cash flows (in thousands):
|  | June 30, |  | December 31,
|  | 2026 |  | 2025
Cash and cash equivalents |  | $ | 50,869 |  |  | $ | 101,987 |
Restricted cash |  | 11,914 |  |  | 12,085 |
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows |  | $ | 62,783 |  |  | $ | 114,072 |
Schedule of Marketable Securities | The following table presents the components of “(Loss) gain on marketable securities, net”:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |
(Loss) gain recognized on marketable securities, net | $ | (1,116) |  |  | $ | — |  |  | $ | 5,987 |  |  | $ | — |  |  |  |  |
Less: net gain recognized on marketable securities sold during the period | 75 |  |  | — |  |  | 75 |  |  | — |  |  |  |  |
Unrealized (loss) gain recognized on marketable securities still held at the reporting date | $ | (1,191) |  |  | $ | — |  |  | $ | 5,912 |  |  | $ | — |  |  |  |  |
Schedule of Allowance for Expected Credit Losses | Following is a rollforward of the changes in our allowance for expected credit losses for the six months ended June 30, 2026 (in thousands):
Balance at December 31, 2025 |  | $ | 170,937 |
Change in provision for expected credit losses before recoveries |  | — |
Recoveries of receivables previously charged to credit loss expense |  | (4) |
Write-offs charged against the provision |  | — |
Balance at June 30, 2026 |  | $ | 170,933 |
Schedule of Concentration of Credit Risk and Significant Customers | Following is a summary of our significant customers based on percentages of total accounts receivable, net balances at June 30, 2026 and December 31, 2025 and percentages of total revenue derived for the three and six months ended June 30, 2026 and 2025:
| REVENUE |  | ACCOUNTS RECEIVABLE, NET
| Three Months Ended June 30, |  | Six Months Ended June 30, |  | At June 30, | At December 31,
| 2026 | 2025 |  | 2026 | 2025 |  | 2026 | 2025
Customer A(a) | 18 | % | 9 | % |  | 12 | % | 5 | % |  | 1 | % | — | %
Customer B(b) | 11 | % | 3 | % |  | 9 | % | 1 | % |  | 6 | % | 1 | %
Customer C(c) | 6 | % | 1 | % |  | 19 | % | — | % |  | 3 | % | — | %
Customer D(c) | 8 | % | 13 | % |  | 6 | % | 12 | % |  | 6 | % | 2 | %
Customer E(a) | 3 | % | 26 | % |  | 6 | % | 25 | % |  | 2 | % | 4 | %
Customer F(d) | — | % | 11 | % |  | — | % | 9 | % |  | 5 | % | 6 | %
Customer G(e) | — | % | — | % |  | — | % | — | % |  | 51 | % | 69 | %
(a)Revenue and the related accounts receivable balances earned from Customer A and E were derived from the Company’s natural sand proppant services segment. (b)Revenue and the related accounts receivable balances earned from Customer B were derived from the Company’s drilling services segment. (c)Revenue and the related accounts receivable balances earned from Customer C and D were derived from the Company’s rental services segment. (d)Revenue and the related accounts receivable balances earned from Customer F were derived from the Company’s infrastructure services segment. (e)The accounts receivable balance with Customer G was derived from the Company’s other services.

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