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Segment Reporting
 9 Months Ended
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.
SandSmartSystemsTotal
Revenue$91,643 $1,137 $92,780 
Segment cost of goods sold
Logistics costs$50,581 $— $50,581 
Production costs19,950 — 19,950 
Depreciation, depletion, and accretion of asset retirement obligations6,235 550 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 expenses9,565 
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.
SandSmartSystemsTotal
Revenue$240,697 $3,411 $244,108 
Segment cost of goods sold
Logistics costs$134,910 $— $134,910 
Production costs60,420 — 60,420 
Depreciation, depletion, and accretion of asset retirement obligations18,767 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 expenses28,421 
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.
SandSmartSystemsTotal
Revenue$62,232 $926 $63,158 
Segment cost of goods sold
Logistics costs$31,119 $— $31,119 
Production costs18,166 — 18,166 
Depreciation, depletion, and accretion of asset retirement obligations6,205 495 6,700 
Other costs111 575 686 
Total cost of goods sold$55,601 $1,070 $56,671 
Gross profit$6,631 $(144)$6,487 
Total operating expenses11,399 
Total other (expenses) income, net(322)
Income tax expense (benefit)(5,136)
Net loss$(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.
SandSmartSystemsTotal
Revenue$212,971 $7,038 $220,009 
Segment cost of goods sold
Logistics costs$107,086 $— $107,086 
Production costs56,844 — 56,844 
Depreciation, depletion, and accretion of asset retirement obligations18,568 1,543 20,111 
Other costs972 3,625 4,597 
Total cost of goods sold$183,470 $5,168 $188,638 
Gross profit$29,501 $1,870 $31,371 
Total operating expenses31,971 
Total other (expenses) income, net(2,343)
Income tax expense (benefit)(2,199)
Net loss$(744)
Additions to property, plant and equipment$6,003 $1,167