Quarterly report [Sections 13 or 15(d)]

Reportable Segments (Tables)

v3.25.2
Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following tables set forth certain financial information with respect to the Company’s reportable segments (in thousands):
Three Months Ended June 30, 2025 Rentals Infrastructure Sand Accommodations Drilling Total
Revenue from external and related party customers $ 3,078  $ 5,445  $ 5,376  $ 1,767  $ 743  $ 16,409 
Intersegment revenue 28  —  —  —  —  28 
3,106  5,445  5,376  1,767  743  16,437 
Reconciliation of Revenue
Eliminations(a)
(28)
Total consolidated revenue $ 16,409 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties 1,567  4,297  5,262  1,242  758 
Selling, general and administrative, exclusive of stock based compensation 1,055  950  1,333  364  187 
Segment Adjusted EBITDA $ 484  $ 198  $ (1,219) $ 161  $ (202) $ (578)
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
2,197 
Depreciation, depletion, amortization and accretion 2,832 
Gains on disposal of assets, net (1,077)
Impairment of long-lived assets 31,669 
Stock based compensation 200 
Interest (income) expense and financing charges, net (400)
Other expense, net 628 
Loss from continuing operations before income taxes $ (36,627)
Three Months Ended June 30, 2024 Rentals Infrastructure Sand Accommodations Drilling Total
Revenue from external and related party customers $ 1,666  $ 4,542  $ 4,720  $ 2,671  $ 736  $ 14,335 
Intersegment revenue 134  —  —  —  —  134 
1,800  4,542  4,720  2,671  736  14,469 
Reconciliation of Revenue
Other(b)
1,686 
Eliminations(a)
(135)
Total consolidated revenue $ 16,020 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties 1,211  3,794  4,590  1,480  1,042 
Selling, general and administrative, exclusive of stock based compensation 278  870  1,261  377  228 
Segment Adjusted EBITDA $ 311  $ (122) $ (1,131) $ 814  $ (534) $ (662)
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
92,734 
Depreciation, depletion, amortization and accretion 2,908 
Gains on disposal of assets, net (512)
Stock based compensation 195 
Interest (income) expense and financing charges, net 1,025 
Other expense, net 73,668 
Loss from continuing operations before income taxes $ (170,680)
Six Months Ended June 30, 2025 Rentals Infrastructure Sand Accommodations Drilling Total
Revenue from external and related party customers $ 4,994  $ 10,120  $ 12,115  $ 3,847  $ 925  $ 32,001 
Intersegment revenue 38  —  —  —  —  38 
5,032  10,120  12,115  3,847  925  32,039 
Reconciliation of Revenue
Eliminations(a)
(38)
Total consolidated revenue $ 32,001 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties 2,984  8,103  10,738  2,673  1,154 
Selling, general and administrative, exclusive of stock based compensation 1,366  1,744  2,612  693  386 
Segment Adjusted EBITDA $ 682  $ 273  $ (1,235) $ 481  $ (615) $ (414)
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
4,049 
Depreciation, depletion, amortization and accretion 4,923 
Gains on disposal of assets, net (4,549)
Impairment of long-lived assets 31,669 
Stock based compensation 412 
Interest (income) expense and financing charges, net (512)
Other expense, net 961 
Loss from continuing operations before income taxes $ (37,367)
Six Months Ended June 30, 2024 Rentals Infrastructure Sand Accommodations Drilling Total
Revenue from external and related party customers $ 3,447  $ 9,606  $ 9,027  $ 5,620  $ 1,247  $ 28,947 
Intersegment revenue 243  —  —  —  —  243 
3,690  9,606  9,027  5,620  1,247  29,190 
Reconciliation of Revenue
Other(b)
2,430 
Eliminations(a)
(254)
Total consolidated revenue $ 31,366 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties 2,577  7,720  10,320  3,259  1,987 
Selling, general and administrative, exclusive of stock based compensation 657  1,900  2,608  880  494 
Segment Adjusted EBITDA $ 456  $ (14) $ (3,901) $ 1,481  $ (1,234) $ (3,212)
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
96,479 
Depreciation, depletion, amortization and accretion 6,194 
Gains on disposal of assets, net (1,446)
Stock based compensation 391 
Interest (income) expense and financing charges, net 7,647 
Other expense (income), net 63,516 
Adjusted EBITDA $ (175,993)
(a) Includes eliminations for intersegment transactions.
(b) Includes activity related to non-operating legacy services that are no longer active.
Rentals Infrastructure Sand Accommodations Drilling Total
As of June 30, 2025:
Total assets for reportable segments $ 35,582  $ 7,377  $ 75,036  $ 12,763  $ 2,378  $ 133,136 
Other assets(a)
209,549 
Total consolidated assets, excluding discontinued operations $ 342,685 
As of December 31, 2024:
Total assets for reportable segments $ 8,451  $ 6,010  $ 118,855  $ 12,811  $ 1,870  $ 147,997 
Other assets(a)
130,307 
Total consolidated assets, excluding discontinued operations $ 278,304 
(a) Includes assets related to non-operating legacy services that are no longer active as well as corporate related assets, which include cash and cash equivalents and restricted cash.
Following is a breakout of purchases of property, plant and equipment for the periods indicated (in thousands):
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
Rentals $ 26,821  $ 123  $ 26,940  $ 223 
Infrastructure —  266  101  291 
Sand —  —  93  — 
Accommodations 58  43  75  80 
Drilling 19  85  116  85 
Total segment purchases of property, plant and equipment 26,898  517  27,325  679 
Other(a)
—  217  —  227 
Total consolidated purchases of property, plant and equipment, excluding discontinued operations $ 26,898  $ 734  $ 27,325  $ 906 
(a) Includes purchases related to non-operating legacy services that are no longer active.