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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | OTE 17 - SEGMENT INFORMATION Prior to the acquisition of Titan, we operated as a single operating segment which reflected how our business was managed. Upon completion of the acquisition, the Company split into two operating segments based on geography, Western Hemisphere and Eastern Hemisphere. Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the CODM in deciding resource allocation and assessing performance. The Company’s Chief Executive Officer serves as the CODM. The Company’s CODM reviews financial information disaggregated by hemisphere for the purposes of making operational decisions, allocating resources, and evaluating financial performance. The Company’s two operating segments derives revenues from customers by providing oilfield equipment and services to operators in wellbore construction and casing installation. The CODM assesses performance for each segment individually and decides how to allocate resources by using Segment EBITDA, which is defined as net income (loss); excluding interest income; interest expense; other operating and non-operating expense, net; income tax benefit (expense); depreciation and amortization; and unallocated corporate general and administrative expenses, including stock-option expense and monitoring fees. Additionally, the Company’s CODM total segment assets and capital expenditures by segment regularly in making operational decisions. The CODM uses these metrics in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis to forecast future performance, adjust the budget, and make decisions about the allocation of operating and capital resources to the segment. Financial information by segment for the three months ended June 30, 2025 and 2024 is summarized below:
|  | For The Three Months Ended June 30, 2025 |
|  | Western Hemisphere |  |  | Eastern Hemisphere |  |  | Total |
Tool Rental |  |  | 29,794 |  |  |  | 5,333 |  |  |  | 35,128 |
Product Sales |  |  | 7,791 |  |  |  | 754 |  |  |  | 8,545 |
Total Revenue |  |  | 37,585 |  |  |  | 6,087 |  |  |  | 43,672 |
Reconciliation of revenue |  |  |  |  |  |  |  |  |
Elimination of intersegment revenue |  |  |  |  |  |  |  |  | (4,251 | )
Total Consolidated Revenue |  |  |  |  |  |  |  |  | 39,421 |
Less:(1) |  |  |  |  |  |  |  |  |
Cost of Tool Rental |  |  | 7,520 |  |  |  | 2,255 |  |  |  | 9,775 |
Cost of Product Sales |  |  | 3,921 |  |  |  | 451 |  |  |  | 4,371 |
Total Cost of Sales |  |  | 11,441 |  |  |  | 2,706 |  |  |  | 14,146 |
Reconciliation of cost of revenue |  |  |  |  |  |  |  |  |
Elimination of intersegment cost of revenue |  |  |  |  |  |  |  |  | (4,251 | )
Total consolidated cost of revenue |  |  |  |  |  |  |  |  | 9,895 |
Selling, general, administrative expenses |  |  | 14,039 |  |  |  | 3,336 |  |  |  | 17,375 |
Segment income |  |  | 12,106 |  |  |  | 45 |  |  |  | 12,151 |
Reconciliation of segment profit |  |  |  |  |  |  |  |  |
Corporate expenses(2) |  |  |  |  |  |  |  |  | 2,819 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 6,830 |
Stock option expense |  |  |  |  |  |  |  |  | 642 |
Monitoring fees |  |  |  |  |  |  |  |  | 188 |
Transaction expenses |  |  |  |  |  |  |  |  | 215 |
Other expenses |  |  |  |  |  |  |  |  | 3,118 |
Consolidated loss before taxes |  |  |  |  |  |  |  |  | (1,661 | )
|  | For The Three Months Ended June 30, 2024 |
|  | Western Hemisphere |  |  | Eastern Hemisphere |  |  | Total |
Tool Rental |  |  | 29,952 |  |  |  | 569 |  |  |  | 30,521 |
Product Sales |  |  | 5,604 |  |  |  | 3,613 |  |  |  | 9,217 |
Total Revenue |  |  | 35,556 |  |  |  | 4,182 |  |  |  | 39,738 |
Reconciliation of revenue |  |  |  |  |  |  |  |  |
Elimination of intersegment revenue |  |  |  |  |  |  |  |  | (2,205 | )
Total Consolidated Revenue |  |  |  |  |  |  |  |  | 37,533 |
Less:(1) |  |  |  |  |  |  |  |  |
Cost of Tool Rental |  |  | 7,918 |  |  |  | 85 |  |  |  | 8,002 |
Cost of Product Sales |  |  | 2,487 |  |  |  | 1,713 |  |  |  | 4,200 |
Total Cost of Sales |  |  | 10,405 |  |  |  | 1,798 |  |  |  | 12,203 |
Reconciliation of cost of revenue |  |  |  |  |  |  |  |  |
Elimination of intersegment cost of revenue |  |  |  |  |  |  |  |  | (2,205 | )
Total consolidated cost of revenue |  |  |  |  |  |  |  |  | 9,998 |
Selling, general, administrative expenses |  |  | 13,653 |  |  |  | 1,472 |  |  |  | 15,125 |
Segment income |  |  | 11,498 |  |  |  | 912 |  |  |  | 12,409 |
Reconciliation of segment profit |  |  |  |  |  |  |  |  |
Corporate expenses(2) |  |  |  |  |  |  |  |  | 3,450 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 5,681 |
Stock Option Expense |  |  |  |  |  |  |  |  | 856 |
Monitoring fees |  |  |  |  |  |  |  |  | 188 |
Transaction expenses |  |  |  |  |  |  |  |  | 2,019 |
Other expenses |  |  |  |  |  |  |  |  | (67 | )
Consolidated income before taxes |  |  |  |  |  |  |  |  | 283 |
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker (2) Comprised primarily of expenses not allocated to our geographical segments. Financial information by segment for the six months ended June 30, 2025 and 2024 is summarized below:
|  | For The Six Months Ended June 30, 2025 |
|  | Western Hemisphere |  |  | Eastern Hemisphere |  |  | Total |
Tool Rental |  |  | 62,456 |  |  |  | 9,858 |  |  |  | 72,314 |
Product Sales |  |  | 16,325 |  |  |  | 1,281 |  |  |  | 17,606 |
Total Revenue |  |  | 78,781 |  |  |  | 11,139 |  |  |  | 89,920 |
Reconciliation of revenue |  |  |  |  |  |  |  |  |
Elimination of intersegment revenue |  |  |  |  |  |  |  |  | (7,619 | )
Total Consolidated Revenue |  |  |  |  |  |  |  |  | 82,301 |
Less:(1) |  |  |  |  |  |  |  |  |
Cost of Tool Rental |  |  | 15,910 |  |  |  | 4,206 |  |  |  | 20,116 |
Cost of Product Sales |  |  | 7,671 |  |  |  | 973 |  |  |  | 8,644 |
Total Cost of Sales |  |  | 23,581 |  |  |  | 5,179 |  |  |  | 28,760 |
Reconciliation of cost of revenue |  |  |  |  |  |  |  |  |
Elimination of intersegment cost of revenue |  |  |  |  |  |  |  |  | (7,619 | )
Total consolidated cost of revenue |  |  |  |  |  |  |  |  | 21,141 |
Selling, general, administrative expenses |  |  | 29,518 |  |  |  | 6,103 |  |  |  | 35,621 |
Segment income |  |  | 25,682 |  |  |  | (143 | ) |  |  | 25,539 |
Reconciliation of segment profit |  |  |  |  |  |  |  |  |
Corporate expenses(2) |  |  |  |  |  |  |  |  | 5,453 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 13,552 |
Stock Option Expense |  |  |  |  |  |  |  |  | 1,183 |
Monitoring fees |  |  |  |  |  |  |  |  | 375 |
Transaction expenses |  |  |  |  |  |  |  |  | 947 |
Goodwill impairment |  |  |  |  |  |  |  |  | 1,901 |
Other expenses |  |  |  |  |  |  |  |  | 5,616 |
Consolidated loss before taxes |  |  |  |  |  |  |  |  | (3,489 | )
|  | For The Six Months Ended June 30, 2024 |
|  | Western Hemisphere |  |  | Eastern Hemisphere |  |  | Total |
Tool Rental |  |  | 62,054 |  |  |  | 992 |  |  |  | 63,047 |
Product Sales |  |  | 11,808 |  |  |  | 4,436 |  |  |  | 16,244 |
Total Revenue |  |  | 73,863 |  |  |  | 5,429 |  |  |  | 79,291 |
Reconciliation of revenue |  |  |  |  |  |  |  |  |
Elimination of intersegment revenue |  |  |  |  |  |  |  |  | (4,784 | )
Total Consolidated Revenue |  |  |  |  |  |  |  |  | 74,507 |
Less:(1) |  |  |  |  |  |  |  |  |
Cost of Tool Rental |  |  | 17,442 |  |  |  | 141 |  |  |  | 17,583 |
Cost of Product Sales |  |  | 3,602 |  |  |  | 2,134 |  |  |  | 5,737 |
Total Cost of Sales |  |  | 21,044 |  |  |  | 2,275 |  |  |  | 23,320 |
Reconciliation of cost of revenue |  |  |  |  |  |  |  |  |
Elimination of intersegment cost of revenue |  |  |  |  |  |  |  |  | (4,784 | )
Total consolidated cost of revenue |  |  |  |  |  |  |  |  | 18,535 |
Selling, general, administrative expenses |  |  | 27,807 |  |  |  | 1,823 |  |  |  | 29,630 |
Segment income |  |  | 25,011 |  |  |  | 1,330 |  |  |  | 26,342 |
Reconciliation of segment profit |  |  |  |  |  |  |  |  |
Corporate expenses(2) |  |  |  |  |  |  |  |  | 6,491 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 11,047 |
Stock Option Expense |  |  |  |  |  |  |  |  | 1,064 |
Monitoring fees |  |  |  |  |  |  |  |  | 375 |
Transaction expenses |  |  |  |  |  |  |  |  | 2,909 |
Other expenses |  |  |  |  |  |  |  |  | 110 |
Consolidated income before taxes |  |  |  |  |  |  |  |  | 4,346 |
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker (2) Comprised primarily of expenses not allocated to our geographical segments. Additional financial information by operating segment as of June 30, 2025 and 2024 is summarized below:
|  | June 30, |
|  | 2025 |  |  | 2024 |
Capital Expenditures |  |  |  |  |  |
Western Hemisphere |  | $ | 9,964 |  |  | $ | 16,177 |
Eastern Hemisphere |  |  | 2,630 |  |  |  | 135 |
Total capital expenditures |  |  | 12,594 |  |  |  | 16,312 |
Segment Assets(1): |  |  |  |  |  |
Western Hemisphere |  | $ | 154,445 |  |  | $ | 135,324 |
Eastern Hemisphere |  |  | 68,689 |  |  |  | 22,157 |
Total segment assets |  |  | 223,134 |  |  |  | 157,481 |
Corporate and other(2) |  |  | 7,145 |  |  |  | 9,392 |
Total assets |  | $ | 230,279 |  |  | $ | 166,873 |
(1) The goodwill allocated to the four reporting units is included within their respective segment asset totals. The goodwill amount included in segment assets is net of impairment losses of $0.9 million and $1.0 million at the Western Hemisphere and Eastern Hemisphere segments, respectively. Refer to Note 7 - Goodwill for further details. (2) Corporate assets consists of cash, related party notes receivables, and deferred financing costs.

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- Definition The entire disclosure for reporting segments including data and tables. 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