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Segment Reporting | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting Disclosure | Segment Reporting The Company has two reportable segments, Sand and SmartSystems, as of September 30, 2025. The Company evaluates its segment reporting on an ongoing basis. The Company does not currently provide asset information by reportable segment as it does not routinely evaluate the total asset position by segment. The Company’s operations in foreign countries are immaterial. The chief operating decision maker (“CODM”) is Charles Young, the Company’s chief executive officer. The CODM regularly reviews the Company’s GAAP financial statements, as well as the non-GAAP reporting measures when considering the profit and loss of the Company and uses this information in deciding how to allocate resources. The Sand segment includes both frac sand sales and IPS sales. The sand production process begins the same way for each of these revenue streams. Frac Sand consists of four primary sizes of sand, called grades. IPS begins with these same frac sand grades and may contain additional sizes or custom blends of a variety of grades. The SmartSystems segment revenue is primarily from the rental of our patented SmartSystems equipment and related services provided to customers. This segment offers customers portable wellsite storage and management solutions that enable customers to unload, store, and deliver proppant at the wellsite. During the three months ended September 30, 2025, two of the Company’s customers had revenues of more than 10%. Of these two customers, all had revenues in the Sand segment. Sand segment revenue during the three months ended September 30, 2025 includes $4.4 million related to contractual charges for tons sold in excess of certain contractual thresholds in a prior period, which was not recognizable under ASC 606 until the current period. The following tables present additional segment information for the three months ended September 30, 2025 and a reconciliation to amounts on the condensed consolidated statement of operations.
| Sand |  | SmartSystems |  | Total
Revenue | $ | 91,643 |  |  | $ | 1,137 |  |  | $ | 92,780 |
Segment cost of goods sold |  |  |  |  |
Logistics costs | $ | 50,581 |  |  | $ | — |  |  | $ | 50,581 |
Production costs | 19,950 |  |  | — |  |  | 19,950 |
Depreciation, depletion, and accretion of asset retirement obligations | 6,235 |  |  | 550 |  |  | 6,785 |
Other costs | — |  |  | 529 |  |  | 529 |
Total cost of goods sold | $ | 76,766 |  |  | $ | 1,079 |  |  | $ | 77,845 |
Gross profit | $ | 14,877 |  |  | $ | 58 |  |  | $ | 14,935 |
Total operating expenses |  |  |  |  | 9,565 |
Total other (expenses) income, net |  |  |  |  | (292) |
Income tax expense (benefit) |  |  |  |  | 2,076 |
Net income |  |  |  |  | $ | 3,002 |
Additions to property, plant and equipment | $ | 3,281 |  |  | $ | — |  |  |
During the nine months ended September 30, 2025, two of the Company’s customers had revenues of more than 10%. Of these two customers, all have revenues only in the Sand segment. Sand segment revenue during the nine months ended September 30, 2025 includes $4.4 million related to contractual charges for tons sold in excess of certain contractual thresholds in a prior period, which was not recognizable under ASC 606 until the current period. The following tables present additional segment information for the nine months ended September 30, 2025 and a reconciliation to amounts on the condensed consolidated statement of operations.
| Sand |  | SmartSystems |  | Total
Revenue | $ | 240,697 |  |  | $ | 3,411 |  |  | $ | 244,108 |
Segment cost of goods sold |  |  |  |  |
Logistics costs | $ | 134,910 |  |  | $ | — |  |  | $ | 134,910 |
Production costs | 60,420 |  |  | — |  |  | 60,420 |
Depreciation, depletion, and accretion of asset retirement obligations | 18,767 |  |  | 1,652 |  |  | 20,419 |
Other costs | — |  |  | 1,695 |  |  | 1,695 |
Total cost of goods sold | $ | 214,097 |  |  | $ | 3,347 |  |  | $ | 217,444 |
Gross profit | $ | 26,600 |  |  | $ | 64 |  |  | $ | 26,664 |
Total operating expenses |  |  |  |  | 28,421 |
Total other (expenses) income, net |  |  |  |  | (755) |
Income tax expense (benefit) |  |  |  |  | (2,679) |
Net income |  |  |  |  | $ | 167 |
Additions to property, plant and equipment | $ | 9,085 |  |  | $ | 31 |  |  |
During the three months ended September 30, 2024, four of the Company’s customers had revenues of more than 10%. Of these four customers, three had revenues only in the Sand segment and one had revenues in the Sand segment and SmartSystems segment. The following tables present additional segment information for the three months ended September 30, 2024 and a reconciliation to amounts on the condensed consolidated statement of operations.
| Sand |  | SmartSystems |  | Total
Revenue | $ | 62,232 |  |  | $ | 926 |  |  | $ | 63,158 |
Segment cost of goods sold |  |  |  |  |
Logistics costs | $ | 31,119 |  |  | $ | — |  |  | $ | 31,119 |
Production costs | 18,166 |  |  | — |  |  | 18,166 |
Depreciation, depletion, and accretion of asset retirement obligations | 6,205 |  |  | 495 |  |  | 6,700 |
Other costs | 111 |  |  | 575 |  |  | 686 |
Total cost of goods sold | $ | 55,601 |  |  | $ | 1,070 |  |  | $ | 56,671 |
Gross profit | $ | 6,631 |  |  | $ | (144) |  |  | $ | 6,487 |
Total operating expenses |  |  |  |  | 11,399 |
Total other (expenses) income, net |  |  |  |  | (322) |
Income tax expense (benefit) |  |  |  |  | (5,136) |
Net loss |  |  |  |  | $ | (98) |
Additions to property, plant and equipment | $ | 3,892 |  |  | $ | 919 |  |  |
During the nine months ended September 30, 2024, three of the Company’s customers had revenues of more than 10%. Of these three customers, two had revenues only in the Sand segment and one had revenues in the Sand segment and SmartSystems segment. The following tables present additional segment information for the nine months ended September 30, 2024 and a reconciliation to amounts on the condensed consolidated statement of operations.
| Sand |  | SmartSystems |  | Total
Revenue | $ | 212,971 |  |  | $ | 7,038 |  |  | $ | 220,009 |
Segment cost of goods sold |  |  |  |  |
Logistics costs | $ | 107,086 |  |  | $ | — |  |  | $ | 107,086 |
Production costs | 56,844 |  |  | — |  |  | 56,844 |
Depreciation, depletion, and accretion of asset retirement obligations | 18,568 |  |  | 1,543 |  |  | 20,111 |
Other costs | 972 |  |  | 3,625 |  |  | 4,597 |
Total cost of goods sold | $ | 183,470 |  |  | $ | 5,168 |  |  | $ | 188,638 |
Gross profit | $ | 29,501 |  |  | $ | 1,870 |  |  | $ | 31,371 |
Total operating expenses |  |  |  |  | 31,971 |
Total other (expenses) income, net |  |  |  |  | (2,343) |
Income tax expense (benefit) |  |  |  |  | (2,199) |
Net loss |  |  |  |  | $ | (744) |
Additions to property, plant and equipment | $ | 6,003 |  |  | $ | 1,167 |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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