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OPERATING SEGMENTS | 3 Months Ended
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Mar. 31, 2025
OPERATING SEGMENTS |
OPERATING SEGMENTS | 4. OPERATING SEGMENTS The Company’s chief operating decision maker (President and Chief Executive Officer) reviews the discrete segment financial information on a geographic basis for the U.S. operations and Canada Operations. The revenue for both of the Company’s segments is generated by the same services, which utilize the same type of equipment and personnel. As a result, the Company has two reportable segments, U.S. Operations and Canada Operations. The performance of our segments is evaluated primarily on Adjusted EBITDA. We define Adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income tax expense or benefit, (iii) depreciation, depletion and amortization and (iv) other unusual items. For the three months ended March 31, 2025, and 2024, there were no unusual items and therefore Adjusted EBITDA and EBITDA were equal. Beginning in the year ended December 31, 2024, a portion of the management charges incurred by the U.S. segment were allocated to the Canadian segment based upon an activity level determined to be appropriate by management. These charges totaled approximately $160,000 and $138,000 for the quarter ended March 31, 2025 and 2024, respectively. The following tables present the Company’s income statements by operating segment (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2025
​ | ​ | USA Operations | ​ | Canada Operations | ​ | Consolidated
Operating revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fee revenue | ​ | $ | 2,726 | ​ | $ | 12,533 | ​ | $ | 15,259
Reimbursable revenue | ​ | ​ | 570 | ​ | ​ | 249 | ​ | ​ | 819
​ | ​ | ​ | 3,296 | ​ | ​ | 12,782 | ​ | ​ | 16,078
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating costs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fee operating expenses | ​ | ​ | 4,615 | ​ | ​ | 6,345 | ​ | ​ | 10,960
Reimbursable operating expenses | ​ | ​ | 570 | ​ | ​ | 249 | ​ | ​ | 819
Operating expenses | ​ | ​ | 5,185 | ​ | ​ | 6,594 | ​ | ​ | 11,779
General and administrative | ​ | ​ | 1,555 | ​ | ​ | 439 | ​ | ​ | 1,994
Depreciation and amortization | ​ | ​ | 1,077 | ​ | ​ | 194 | ​ | ​ | 1,271
​ | ​ | ​ | 7,817 | ​ | ​ | 7,227 | ​ | ​ | 15,044
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) income from operations | ​ | ​ | (4,521) | ​ | ​ | 5,555 | ​ | ​ | 1,034
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income (expense): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income | ​ | ​ | — | ​ | ​ | 4 | ​ | ​ | 4
Interest expense | ​ | ​ | (63) | ​ | ​ | (13) | ​ | ​ | (76)
Other income (expense), net | ​ | ​ | 41 | ​ | ​ | (8) | ​ | ​ | 33
(Loss) income before income tax | ​ | ​ | (4,543) | ​ | ​ | 5,538 | ​ | ​ | 995
Income tax expense | ​ | ​ | (3) | ​ | ​ | — | ​ | ​ | (3)
Net (loss) income | ​ | $ | (4,546) | ​ | $ | 5,538 | ​ | $ | 992
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted EBITDA | ​ | $ | (3,403) | ​ | $ | 5,741 | ​ | $ | 2,338
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2024
​ | ​ | USA Operations | ​ | Canada Operations | ​ | Consolidated
Operating revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fee revenue | ​ | $ | 18,287 | ​ | $ | 8,451 | ​ | $ | 26,738
Reimbursable revenue | ​ | ​ | 4,809 | ​ | ​ | 37 | ​ | ​ | 4,846
​ | ​ | ​ | 23,096 | ​ | ​ | 8,488 | ​ | ​ | 31,584
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating costs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fee operating expenses | ​ | ​ | 12,894 | ​ | ​ | 4,220 | ​ | ​ | 17,114
Reimbursable operating expenses | ​ | ​ | 4,809 | ​ | ​ | 37 | ​ | ​ | 4,846
Operating expenses | ​ | ​ | 17,703 | ​ | ​ | 4,257 | ​ | ​ | 21,960
General and administrative | ​ | ​ | 1,830 | ​ | ​ | 403 | ​ | ​ | 2,233
Depreciation and amortization | ​ | ​ | 1,305 | ​ | ​ | 284 | ​ | ​ | 1,589
​ | ​ | ​ | 20,838 | ​ | ​ | 4,944 | ​ | ​ | 25,782
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from operations | ​ | ​ | 2,258 | ​ | ​ | 3,544 | ​ | ​ | 5,802
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income (expense): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income | ​ | ​ | 99 | ​ | ​ | 14 | ​ | ​ | 113
Interest expense | ​ | ​ | (36) | ​ | ​ | (10) | ​ | ​ | (46)
Other income (expense), net | ​ | ​ | 185 | ​ | ​ | (6) | ​ | ​ | 179
Income before income tax | ​ | ​ | 2,506 | ​ | ​ | 3,542 | ​ | ​ | 6,048
Income tax expense | ​ | ​ | (202) | ​ | ​ | — | ​ | ​ | (202)
Net income | ​ | $ | 2,304 | ​ | $ | 3,542 | ​ | $ | 5,846
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted EBITDA | ​ | $ | 3,748 | ​ | $ | 3,822 | ​ | $ | 7,570
​ The following tables present the Company’s total assets, net property and equipment, capital expenditures and right of use assets disaggregated by operating segment (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2025 | ​ | 2024
Total Assets | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 16,871 | ​ | $ | 21,257
Canada | ​ | ​ | 16,406 | ​ | ​ | 9,613
Total Assets | ​ | $ | 33,277 | ​ | $ | 30,870
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2025 | ​ | 2024
Net Property and Equipment | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 9,741 | ​ | $ | 10,818
Canada | ​ | ​ | 1,971 | ​ | ​ | 2,161
Total | ​ | $ | 11,712 | ​ | $ | 12,979
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | March 31,
​ |  | 2025 | ​ | 2024
Capital Expenditures | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | — | ​ | $ | 895
Canada | ​ | ​ | — | ​ | ​ | 646
Total Capital Expenditures | ​ | $ | — | ​ | $ | 1,541
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2025 | ​ | 2024
Net Right-of-use Assets | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 1,685 | ​ | $ | 1,881
Canada | ​ | ​ | 1,067 | ​ | ​ | 1,121
Total | ​ | $ | 2,752 | ​ | $ | 3,002
​ The reconciliation of the Company’s Adjusted EBITDA to net (loss) income, which is the most directly comparable GAAP financial measure, is provided in the following tables (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended March 31,
​ | 2025 US | ​ | 2025 CA | ​ | 2025 Consol. | ​ | 2024 US | ​ | 2024 CA | ​ | 2024 Consol.
Net (loss) income | $ | (4,546) | ​ | $ | 5,538 | ​ | $ | 992 | ​ | $ | 2,304 | ​ | $ | 3,542 | ​ | $ | 5,846
Depreciation and amortization | ​ | 1,077 | ​ | ​ | 194 | ​ | ​ | 1,271 | ​ | ​ | 1,305 | ​ | ​ | 284 | ​ | ​ | 1,589
Interest expense (income), net | ​ | 63 | ​ | ​ | 9 | ​ | ​ | 72 | ​ | ​ | (63) | ​ | ​ | (4) | ​ | ​ | (67)
Income tax expense | ​ | 3 | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | 202 | ​ | ​ | — | ​ | ​ | 202
Adjusted EBITDA | $ | (3,403) | ​ | $ | 5,741 | ​ | $ | 2,338 | ​ | $ | 3,748 | ​ | $ | 3,822 | ​ | $ | 7,570
​

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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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