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BUSINESS COMBINATION (Tables)
 6 Months Ended
Jun. 30, 2025
Casing Technologies Group Limited  
Business Combination [Line Items]  
Summary of Preliminary Allocation of the Purchase

The allocation of the purchase price is as follows:

Assets

Preliminary March 15, 2024

 

 

Measurement Period Adjustments

 

 

As adjusted March 15, 2024

 

Cash

$

2,674

 

 

$

—

 

 

$

2,674

 

Accounts receivable

 

3,781

 

 

 

—

 

 

 

3,781

 

Inventories

 

4,282

 

 

 

—

 

 

 

4,282

 

Prepaid expenses and other current assets

 

189

 

 

 

—

 

 

 

189

 

Property, plant and equipment

 

1,647

 

 

 

—

 

 

 

1,647

 

Operating lease ROU asset

 

315

 

 

 

—

 

 

 

315

 

Intangible assets

 

8,065

 

 

 

—

 

 

 

8,065

 

Goodwill

 

2,618

 

 

526

 

 

 

3,144

 

Total assets acquired

$

23,571

 

 

$

526

 

 

$

24,097

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

2,656

 

 

 

—

 

 

 

2,656

 

Accrued expenses and other current liabilities

 

(295

)

 

 

526

 

 

 

231

 

Current portion of operating lease liabilities

 

95

 

 

 

—

 

 

 

95

 

Operating lease liabilities, less current portion

 

180

 

 

 

—

 

 

 

180

 

Total liabilities assumed

$

2,636

 

 

$

526

 

 

$

3,162

 

Total consideration transferred

$

20,935

 

 

$

—

 

 

$

20,935

 
Superior Drilling Products, Inc  
Business Combination [Line Items]  
Summary of Preliminary Allocation of the Purchase

The allocation of the purchase is as follows (in thousands):

Assets acquired:

 

 

Cash

$

1,726

 

Accounts receivable

 

1,239

 

Related party note receivable, current

 

1,231

 

Inventories

 

2,800

 

Prepaid expenses and other current assets

 

573

 

Property, plant and equipment

 

10,213

 

Related party note receivable, noncurrent

 

4,193

 

Operating lease right-of-use asset

 

2,662

 

Intangible assets

 

22,850

 

Deposits and other long-term assets

 

200

 

Total assets acquired

 

47,687

 

Liabilities assumed:

 

 

Accounts payable

 

370

 

Current portion of operating lease liabilities

 

147

 

Accrued expenses and other current liabilities

 

1,804

 

Deferred tax liabilities, net

 

881

 

Deferred income

 

675

 

Operating lease liabilities, less current portion

 

2,368

 

Total liabilities assumed

 

6,245

 

Total identifiable net assets

 

41,442

 

Goodwill

 

7,718

 

Total net assets acquired and goodwill

$

49,160

 
European Drilling Projects B.V.  
Business Combination [Line Items]  
Summary of Preliminary Allocation of the Purchase

The preliminary allocation of the purchase is as follows (in thousands):

 

Preliminary September 30, 2024

 

 

Measurement Period Adjustments

 

 

As adjusted September 30, 2024

 

Assets acquired:

 

 

 

 

 

 

 

 

Cash

$

79

 

 

 

—

 

 

$

79

 

Accounts receivable

 

1,180

 

 

 

—

 

 

 

1,180

 

Accrued Revenue

 

271

 

 

 

—

 

 

 

271

 

Other current assets

 

42

 

 

 

—

 

 

 

42

 

Property, plant and equipment

 

3,176

 

 

 

—

 

 

 

3,176

 

Operating lease right-of-use asset

 

325

 

 

 

—

 

 

 

325

 

Deferred tax assets

 

883

 

 

 

(28

)

 

 

855

 

Intangible assets

 

8,197

 

 

 

—

 

 

 

8,197

 

Total assets acquired

 

14,153

 

 

 

(28

)

 

 

14,125

 

Liabilities assumed:

 

 

 

 

 

 

 

 

Accounts payable

 

428

 

 

 

—

 

 

 

428

 

Other current liabilities

 

876

 

 

 

—

 

 

 

876

 

Debt, noncurrent

 

138

 

 

 

—

 

 

 

138

 

Operating lease liabilities, less current portion

 

325

 

 

 

—

 

 

 

325

 

Deferred tax liabilities, net

 

2

 

 

 

1,908

 

 

 

1,910

 

Total liabilities assumed

 

1,769

 

 

 

1,908

 

 

 

3,677

 

Total identifiable net assets

 

12,384

 

 

 

(1,936

)

 

 

10,448

 

Goodwill

 

1,516

 

 

 

1,670

 

 

 

3,186

 

Total net assets acquired and goodwill

$

13,900

 

 

$

(266

)

 

$

13,634

 
Titan Tools Group Limited  
Business Combination [Line Items]  
Summary of Preliminary Allocation of the Purchase

The preliminary allocation of the purchase price is as follows (in thousands):

Assets acquired:

 

 

Cash

$

559

 

Accounts receivable

 

3,670

 

Inventory

 

658

 

Other current assets

 

93

 

Property, plant and equipment

 

3,927

 

Operating lease right-of-use asset

 

919

 

Intangible assets

 

2,657

 

Total assets acquired

 

12,484

 

Liabilities assumed:

 

 

Accounts payable

 

1,090

 

Operating lease liabilities, current

 

226

 

Other current liabilities

 

1,965

 

Operating lease liabilities, less current portion

 

694

 

Deferred tax liabilities, net

 

71

 

Total liabilities assumed

 

4,045

 

Total identifiable net assets

 

8,439

 

Goodwill

 

2,335

 

Total net assets acquired and goodwill

$

10,774

 
Summary of Identified Intangible Assets, Estimated Useful Lives and Methodologies Used to Determine Fair Values

The following table sets forth the amounts allocated to the identified intangible assets, the estimated useful lives of those intangible assets as of the Titan Closing Date, and the methodologies used to determine the fair values of those intangible assets (in thousands):

 

 

 

 

 

Fair value

 

Useful life
(in years)

Fair value methodology

Customer Relationship

 

 

 

 

$

2,671

 

25

Multi-period Excess Earnings Method

Total intangible assets

 

 

 

 

$

2,671

 

 

 
Summary of Consideration for Merger The consideration for the acquisition of $10.8 million is comprised of the following items (in thousands):

 

Cash paid to Titan shareholders

$

6,002

 

Titan transaction costs to be paid by DTI

 

175

 

Closing date equity consideration(1)

 

2,922

 

Effective settlement of preexisting relationship between DTI and Titan (2)

 

1,675

 

Fair value of consideration transferred

$

10,774

 

 

(1) Represents the value, as of the Titan Closing Date, of the DTI common stock transferred as purchase consideration.

 

(2) Represents the effective settlement of DTI’s accounts receivable from Titan and DTI’s accounts payable to Titan as Titan and DTI were customers of each other prior to the Titan Closing.
SDPI And CTG  
Business Combination [Line Items]  
Summary of Unaudited Supplemental Pro Forma Financial Information

The unaudited supplemental pro forma financial results below for the three and six months ended June 30, 2025 and 2024, combine the consolidated results of the Company, SDPI and CTG, giving effect to the mergers as if they had been completed on January 1, 2024. The unaudited supplemental pro forma financial results to not give effect to the impact of the Titan or EDP Acquisition as these were not considered significant individually or in the aggregate. This unaudited supplemental pro forma financial information is presented for informational purposes only and is not indicative of future operations or results had the acquisition been completed as of January 1, 2024, or any other date.

 

Three months ended June 30,

 

(in thousands)

2025

 

 

2024

 

Pro forma revenue

$

39,421

 

 

$

36,468

 

Pro forma net loss

$

(2,407

)

 

$

(1,103

)

 

 

Six months ended June 30,

 

(in thousands)

2025

 

 

2024

 

Pro forma revenue

$

82,301

 

 

$

79,476

 

Pro forma net loss

$

(4,076

)

 

$

(1,234

)