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Concentrations
9 Months Ended
Sep. 30, 2025
Risks and Uncertainties [Abstract]  
Concentrations Concentrations
As of September 30, 2025, four customers accounted for 63% of the Company’s total accounts and unbilled receivables. As of December 31, 2024, four customers accounted for 84% of the Company’s total accounts receivable.
During the three months ended September 30, 2025, 58% of the Company’s revenues were earned from three customers. During the three months ended September 30, 2024, 67% of the Company’s revenues were earned from four customers. During the nine months ended September 30, 2025, 40% of the Company’s revenues were earned from two customers. During the nine months ended September 30, 2024, 54% of the Company’s revenues were earned from three customers.
As of September 30, 2025, one vendor accounted for 14% of the Company’s accounts payable. As of December 31, 2024, one vendor accounted for 17% of the Company’s accounts payable.
During the three months ended September 30, 2025, two vendors accounted for 27% of the Company’s cost of goods sold. During the three months ended September 30, 2024, two vendors accounted for 33% of the Company’s cost of goods sold. During the nine months ended September 30, 2025, two vendors accounted for 31% of the Company’s cost of goods sold. During the nine months ended September 30, 2024, two vendors accounted for 36% of the Company’s cost of goods sold.
The Company’s primary product is Northern White sand, and its mining operations are limited to Wisconsin and Illinois. There is a risk of loss if there are significant environmental, legal or economic changes to the geographic areas of the Company’s mines, the oil and natural gas producing basins they serve, or the transportation routes between them.