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OPERATING SEGMENTS

6 Months Ended

Jun. 30, 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 and six months ended June 30, 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 $55,000 and $34,000 for the three months ended June 30, 2025 and 2024, respectively and approximately $215,000 and $172,000 for the six months ended June 30, 2025 and 2024, respectively.

The following tables present the Company’s income statements by operating segment (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 2025

​

Six Months Ended June 30, 2025

​

USA Operations

​

Canada Operations

​

Consolidated

​

USA Operations

​

Canada Operations

​

Consolidated

Operating revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fee revenue

$

8,404

​

$

331

​

$

8,735

​

$

11,130

​

$

12,864

​

$

23,994

Reimbursable revenue

​

1,116

​

​

—

​

​

1,116

​

​

1,686

​

​

249

​

​

1,935

​

​

9,520

​

​

331

​

​

9,851

​

​

12,816

​

​

13,113

​

​

25,929

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating costs:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fee operating expenses

​

6,742

​

​

859

​

​

7,601

​

​

11,357

​

​

7,204

​

​

18,561

Reimbursable operating expenses

​

1,116

​

​

—

​

​

1,116

​

​

1,686

​

​

249

​

​

1,935

Operating expenses

​

7,858

​

​

859

​

​

8,717

​

​

13,043

​

​

7,453

​

​

20,496

General and administrative

​

1,998

​

​

333

​

​

2,331

​

​

3,553

​

​

772

​

​

4,325

Depreciation and amortization

​

981

​

​

193

​

​

1,174

​

​

2,058

​

​

387

​

​

2,445

​

​

10,837

​

​

1,385

​

​

12,222

​

​

18,654

​

​

8,612

​

​

27,266

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(Loss) income from operations

​

(1,317)

​

​

(1,054)

​

​

(2,371)

​

​

(5,838)

​

​

4,501

​

​

(1,337)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

26

​

​

9

​

​

35

​

​

26

​

​

13

​

​

39

Interest expense

​

(46)

​

​

(12)

​

​

(58)

​

​

(109)

​

​

(25)

​

​

(134)

Other income (expense), net

​

33

​

​

5

​

​

38

​

​

74

​

​

(3)

​

​

71

(Loss) income before income tax

​

(1,304)

​

​

(1,052)

​

​

(2,356)

​

​

(5,847)

​

​

4,486

​

​

(1,361)

Current

​

7

​

​

—

​

​

7

​

​

4

​

​

—

​

​

4

Deferred

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Income tax benefit

​

7

​

​

—

​

​

7

​

​

4

​

​

—

​

​

4

Net (loss) income

$

(1,297)

​

$

(1,052)

​

$

(2,349)

​

$

(5,843)

​

$

4,486

​

$

(1,357)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBITDA

$

(303)

​

$

(856)

​

$

(1,159)

​

$

(3,706)

​

$

4,885

​

$

1,179

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 2024

​

Six Months Ended June 30, 2024

​

USA Operations

​

Canada Operations

​

Consolidated

​

USA Operations

​

Canada Operations

​

Consolidated

Operating revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fee revenue

$

8,321

​

$

5

​

$

8,326

​

$

26,608

​

$

8,456

​

$

35,064

Reimbursable revenue

​

4,186

​

​

—

​

​

4,186

​

​

8,995

​

​

37

​

​

9,032

​

​

12,507

​

​

5

​

​

12,512

​

​

35,603

​

​

8,493

​

​

44,096

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating costs:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fee operating expenses

​

7,648

​

​

557

​

​

8,205

​

​

20,541

​

​

4,778

​

​

25,319

Reimbursable operating expenses

​

4,186

​

​

—

​

​

4,186

​

​

8,995

​

​

37

​

​

9,032

Operating expenses

​

11,834

​

​

557

​

​

12,391

​

​

29,536

​

​

4,815

​

​

34,351

General and administrative

​

2,181

​

​

303

​

​

2,484

​

​

4,011

​

​

706

​

​

4,717

Depreciation and amortization

​

1,162

​

​

244

​

​

1,406

​

​

2,467

​

​

528

​

​

2,995

​

​

15,177

​

​

1,104

​

​

16,281

​

​

36,014

​

​

6,049

​

​

42,063

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(loss) income from operations

​

(2,670)

​

​

(1,099)

​

​

(3,769)

​

​

(411)

​

​

2,444

​

​

2,033

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

89

​

​

16

​

​

105

​

​

188

​

​

30

​

​

218

Interest expense

​

(29)

​

​

(10)

​

​

(39)

​

​

(65)

​

​

(20)

​

​

(85)

Other income (expense), net

​

45

​

​

(19)

​

​

26

​

​

230

​

​

(25)

​

​

205

(Loss) income before income tax

​

(2,565)

​

​

(1,112)

​

​

(3,677)

​

​

(58)

​

​

2,429

​

​

2,371

Current

​

131

​

​

—

​

​

131

​

​

(71)

​

​

—

​

​

(71)

Deferred

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Income tax benefit (expense)

​

131

​

​

—

​

​

131

​

​

(71)

​

​

—

​

​

(71)

Net (loss) income

$

(2,434)

​

$

(1,112)

​

$

(3,546)

​

$

(129)

​

$

2,429

​

$

2,300

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBITDA

$

(1,463)

​

$

(874)

​

$

(2,337)

​

$

2,286

​

$

2,947

​

$

5,233

​

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):

​

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
​		2025		​	2024
Total Assets	​	​	​	​	​	​
United States	​	$	38,949	​	$	21,257
Canada	​	​	6,735	​	​	9,613
Total Assets	​	$	45,684	​	$	30,870

​

​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
​		2025		​	2024
Net Property and Equipment	​	​	​	​	​	​
United States	​	$	9,443	​	$	10,818
Canada	​	​	1,887	​	​	2,161
Total	​	$	11,330	​	$	12,979

​

​	​	​	​	​	​	​
​	​	June 30,		​	June 30,
​		2025		​	2024
Capital Expenditures	​	​	​	​	​	​
United States	​	$	683	​	$	906
Canada	​	​	—	​	​	863
Total Capital Expenditures	​	$	683	​	$	1,769

​

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
​		2025		​	2024
Net Right-of-use Assets	​	​	​	​	​	​
United States	​	$	1,489	​	$	1,881
Canada	​	​	1,070	​	​	1,121
Total	​	$	2,559	​	$	3,002

​

The reconciliation of the Company’s EBITDA to net (loss) income which are the most directly comparable GAAP financial measures, are provided in the following tables (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30,

​

2025 US

​

2025 CA

​

2025 Consol.

​

2024 US

​

2024 CA

​

2024 Consol.

Net loss

$

(1,297)

​

$

(1,052)

​

$

(2,349)

​

$

(2,434)

​

$

(1,112)

​

$

(3,546)

Depreciation and amortization

​

981

​

​

193

​

​

1,174

​

​

1,162

​

​

244

​

​

1,406

Interest expense (income), net

​

20

​

​

3

​

​

23

​

​

(60)

​

​

(6)

​

​

(66)

Income tax benefit

​

(7)

​

​

—

​

​

(7)

​

​

(131)

​

​

—

​

​

(131)

EBITDA

$

(303)

​

$

(856)

​

$

(1,159)

​

$

(1,463)

​

$

(874)

​

$

(2,337)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30,

​

2025 US

​

2025 CA

​

2025 Consol.

​

2024 US

​

2024 CA

​

2024 Consol.

Net (loss) income

$

(5,843)

​

$

4,486

​

$

(1,357)

​

$

(129)

​

$

2,429

​

$

2,300

Depreciation and amortization

​

2,058

​

​

387

​

​

2,445

​

​

2,467

​

​

528

​

​

2,995

Interest income, net

​

83

​

​

12

​

​

95

​

​

(123)

​

​

(10)

​

​

(133)

Income tax (benefit) expense

​

(4)

​

​

—

​

​

(4)

​

​

71

​

​

—

​

​

71

EBITDA

$

(3,706)

​

$

4,885

​

$

1,179

​

$

2,286

​

$

2,947

​

$

5,233

​

​

​

X

- 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/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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