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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Summary of Financial Information by 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 Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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