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Reportable Segments | 6 Months Ended
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Jun. 30, 2026
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, equity based compensation, stock based compensation, interest income, net, inclusive of related parties, (loss) gain on marketable securities, net, other (income) expense, net and provision for income taxes. The Company’s significant segment expenses include cost of revenue, exclusive of depreciation, depletion, amortization and accretion, and selling, general and administrative expense. The Company principally provides products and services to customers operating in the oil and natural gas, aviation and utility infrastructure industries. At June 30, 2026, 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 Company has determined that its operating segments meet the criteria in ASC Topic 280, Segment Reporting, and are reported as five reportable segments. 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 June 30, 2026. The following tables set forth certain financial information with respect to the Company’s reportable segments (in thousands):
Three Months Ended June 30, 2026 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Total
Revenue from external and related party customers | $ | 10,115 |  | $ | 940 |  | $ | 7,975 |  | $ | 3,202 |  | $ | 3,822 |  | $ | 26,054 |
Intersegment revenue | 108 |  | — |  | — |  | — |  | — |  | 108 |
| 10,223 |  | 940 |  | 7,975 |  | 3,202 |  | 3,822 |  | 26,162 |
Reconciliation of Revenue |  |  |  |  |  |
Other(b) |  |  |  |  |  | 48 |
Eliminations(a) |  |  |  |  |  | (156) |
Total consolidated revenue |  |  |  |  |  | $ | 26,054 |
Less segment expenses: |  |  |  |  |  |
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties | 4,722 |  | 1,540 |  | 7,713 |  | 2,118 |  | 2,972 |  |
Selling, general and administrative, exclusive of stock based compensation | 1,775 |  | 290 |  | 685 |  | 288 |  | 230 |  |
Segment Adjusted EBITDA | $ | 3,726 |  | $ | (890) |  | $ | (423) |  | $ | 796 |  | $ | 620 |  | $ | 3,829 |
Reconciliation of total segment Adjusted EBITDA |  |  |  |  |
Less: |  |  |  |  |  |
Other(b) |  |  |  |  |  | $ | 1,208 |
Depreciation, depletion, amortization and accretion |  |  |  |  | 4,634 |
Gains on disposal of assets, net |  |  |  |  |  | (4,641) |
Equity based compensation |  |  |  |  |  | 544 |
Interest expense, net |  |  | 784 |
Loss on marketable securities, net |  |  |  |  | 1,116 |
Other income, net |  |  |  |  |  | (471) |
Income from continuing operations before income taxes |  |  |  |  | $ | 655 |
Three Months Ended June 30, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Total
Revenue from external and related party customers | $ | 3,078 |  | $ | 1,389 |  | $ | 5,376 |  | $ | 1,767 |  | $ | 743 |  | $ | 12,353 |
Intersegment revenue | 28 |  | — |  | — |  | — |  | — |  | 28 |
| 3,106 |  | 1,389 |  | 5,376 |  | 1,767 |  | 743 |  | 12,381 |
Reconciliation of Revenue |  |  |  |  |  |
Eliminations(a) |  |  |  |  |  | (28) |
Total consolidated revenue |  |  |  |  |  | $ | 12,353 |
Less segment expenses: |  |  |  |  |  |
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties | $ | 1,567 |  | $ | 1,355 |  | $ | 5,262 |  | $ | 1,242 |  | $ | 758 |  |
Selling, general and administrative, exclusive of stock based compensation | 1,121 |  | 203 |  | 1,386 |  | 407 |  | 210 |  |
Segment Adjusted EBITDA | $ | 418 |  | $ | (169) |  | $ | (1,272) |  | $ | 118 |  | $ | (225) |  | $ | (1,130) |
Reconciliation of total segment Adjusted EBITDA |  |  |  |  |
Less: |  |  |  |  |  |
Other(b) |  |  |  |  |  | $ | 2,378 |
Depreciation, depletion, amortization and accretion |  |  |  |  | 2,827 |
Gains on disposal of assets, net |  |  |  |  |  | (1,077) |
Impairment of long-lived assets |  |  |  |  |  | 31,669 |
Stock based compensation |  |  |  |  |  | 200 |
Interest income, net |  |  | (298) |
Other expense, net |  |  |  |  |  | 628 |
Loss from continuing operations before income taxes |  |  |  |  | $ | (37,457) |
Six Months Ended June 30, 2026 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Total
Revenue from external and related party customers | $ | 23,050 |  | $ | 1,208 |  | $ | 11,839 |  | $ | 6,743 |  | $ | 5,245 |  | $ | 48,085 |
Intersegment revenue | 140 |  | — |  | — |  | — |  | — |  | 140 |
| 23,190 |  | 1,208 |  | 11,839 |  | 6,743 |  | 5,245 |  | 48,225 |
Reconciliation of Revenue |  |  |  |  |  |
Other(b) |  |  |  |  |  | 96 |
Eliminations(a) |  |  |  |  |  | (236) |
Total consolidated revenue |  |  |  |  |  | $ | 48,085 |
Less segment expenses: |  |  |  |  |  |
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties | $ | 12,781 |  | $ | 2,051 |  | $ | 12,168 |  | $ | 4,257 |  | $ | 4,164 |  |
Selling, general and administrative, exclusive of stock based compensation | 3,043 |  | 476 |  | 1,538 |  | 620 |  | 482 |  |
Segment Adjusted EBITDA | $ | 7,366 |  | $ | (1,319) |  | $ | (1,867) |  | $ | 1,866 |  | $ | 599 |  | $ | 6,645 |
Reconciliation of total segment Adjusted EBITDA
Less: |  |  |  |  |  |
Other(b) |  |  |  |  |  | $ | 2,096 |
Depreciation, depletion, amortization and accretion |  |  |  |  | 8,104 |
Gains on disposal of assets, net |  |  |  |  |  | (5,316) |
Equity based compensation |  |  |  |  |  | 544 |
Interest expense, net |  |  | 270 |
Gain on marketable securities, net |  |  |  |  | (5,987) |
Other expense, net |  |  |  |  |  | 138 |
Income from continuing operations before income taxes |  |  |  |  | $ | 6,796 |
Six Months Ended June 30, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Total
Revenue from external and related party customers | $ | 4,994 |  | $ | 2,102 |  | $ | 12,115 |  | $ | 3,847 |  | $ | 925 |  | $ | 23,983 |
Intersegment revenue | 38 |  | — |  | — |  | — |  | — |  | 38 |
| 5,032 |  | 2,102 |  | 12,115 |  | 3,847 |  | 925 |  | 24,021 |
Reconciliation of Revenue |  |  |  |  |  |
Eliminations(a) |  |  |  |  |  | (38) |
Total consolidated revenue |  |  |  |  |  | $ | 23,983 |
Less segment expenses: |  |  |  |  |  |
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties | $ | 2,984 |  | $ | 2,229 |  | $ | 10,738 |  | $ | 2,673 |  | $ | 1,154 |  |
Selling, general and administrative, exclusive of stock based compensation | 1,488 |  | 323 |  | 2,816 |  | 796 |  | 420 |  |
Segment Adjusted EBITDA | $ | 560 |  | $ | (450) |  | $ | (1,439) |  | $ | 378 |  | $ | (649) |  | $ | (1,600) |
Reconciliation of total segment Adjusted EBITDA
Less: |  |  |  |  |  |
Other(b) |  |  |  |  |  | $ | 4,248 |
Depreciation, depletion, amortization and accretion |  |  |  |  | 4,910 |
Gains on disposal of assets, net |  |  |  |  |  | (4,549) |
Impairment of other long-lived assets |  |  |  |  | 31,669 |
Stock based compensation |  |  |  |  |  | 412 |
Interest income, net |  |  | (383) |
Other expense, net |  |  |  |  |  | 960 |
Loss from continuing operations before income taxes |  |  |  |  | $ | (38,867) |
(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 June 30, 2026: |  |  |  |  |  |
Total assets for reportable segments | $ | 126,384 |  | $ | 13,192 |  | $ | 69,282 |  | $ | 14,076 |  | $ | 5,080 |  | $ | 228,014 |
Other assets(a) |  |  |  |  |  | 116,608 |
Total consolidated assets, excluding discontinued operations |  |  |  | $ | 344,622 |
As of December 31, 2025: |  |  |  |  |  |
Total assets for reportable segments | $ | 75,004 |  | $ | 2,598 |  | $ | 68,028 |  | $ | 14,309 |  | $ | 1,859 |  | $ | 161,798 |
Other assets(a) |  |  |  |  |  | 167,900 |
Total consolidated assets, excluding discontinued operations |  |  |  | $ | 329,698 |
(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, marketable securities, restricted cash and other current assets.

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