Quarterly report [Sections 13 or 15(d)]

Basis of Presentation and Significant Accounting Policies (Tables)

v3.25.2
Basis of Presentation and Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Restricted Cash
The following table provides a reconciliation of “cash and cash equivalents” and “restricted cash” reported on the unaudited condensed consolidated balance sheets that sum to the total of the same such amounts shown on the unaudited condensed consolidated statements of cash flows (in thousands):
June 30, December 31,
2025 2024
Cash and cash equivalents $ 127,250  $ 60,845 
Restricted cash 30,053  19,359 
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows $ 157,303  $ 80,204 
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of “cash and cash equivalents” and “restricted cash” reported on the unaudited condensed consolidated balance sheets that sum to the total of the same such amounts shown on the unaudited condensed consolidated statements of cash flows (in thousands):
June 30, December 31,
2025 2024
Cash and cash equivalents $ 127,250  $ 60,845 
Restricted cash 30,053  19,359 
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows $ 157,303  $ 80,204 
Schedule of Allowance for Expected Credit Losses
Following is a rollforward of the changes in our allowance for expected credit losses for the six months ended June 30, 2025 (in thousands):

Balance, December 31, 2024 $ 171,264 
Change in provision for expected credit losses before recoveries 61 
Recoveries of receivables previously charged to credit loss expense (84)
Write-offs charged against the provision (258)
Balance, June 30, 2025 $ 170,983 
Schedule of Concentration of Credit Risk and Significant Customers Following is a summary of our significant customers based on percentages of total accounts receivable, net balances at June 30, 2025 and December 31, 2024 and percentages of total revenue derived for the three and six months ended June 30, 2025 and 2024:
REVENUE ACCOUNTS RECEIVABLE, NET
Three Months Ended June 30, Six Months Ended June 30, At June 30, At December 31,
2025 2024 2025 2024 2025 2024
Customer A(a)
21  % 26  % 20  % 26  % 6  % 3  %
Customer B(b)
20  % 16  % 18  % 10  % 2  % 3  %
Customer C(c)
—  % —  % —  % —  % 45  % 46  %
(a)Revenue and the related accounts receivable balances earned from Customer A were derived from the Company’s infrastructure services segment.
(b)Revenue and the related accounts receivable balances earned from Customer B were derived from the Company’s natural sand proppant services segment.
(c)The accounts receivable balance with Customer C was derived from the Company’s other services.