Annual report [Section 13 and 15(d), not S-K Item 405]

Reporting Segments and Geographic Areas

v3.25.4
Reporting Segments and Geographic Areas
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Reporting Segments and Geographic Areas Reporting Segments and Geographic Areas
Reporting Segments

The Company’s Chief Business Officer, Chief Financial Officer and Chief Operating Officer comprise the Company’s CODM. Segment information is prepared on the same basis that the CODM manages the segments, evaluates the segment financial statements and makes key operating and resource utilization decisions. Segment evaluation is determined on a quantitative basis based on a function of Adjusted EBITDA, as well as a qualitative basis, such as nature of the product and service offerings and types of customers. The Company defines Adjusted EBITDA as net income (loss) from continuing operations before depreciation, depletion, amortization and accretion, gains or losses on disposal of assets, net, impairment of long-lived assets, stock based compensation, interest (income) expense and financing charges, net, other expense (income), net (which is comprised of interest on trade accounts receivable and certain legal expenses) and provision (benefit) for income taxes, further adjusted to add back interest on trade accounts receivable. The Company’s significant segment expenses include cost of revenue, exclusive of depreciation, depletion, amortization and accretion, and selling, general and administrative expense.
The Company principally provides products and services to our customers primarily in the oil and natural gas and utility infrastructure industries. As of December 31, 2025, the Company had five reportable segments, which includes rental services (“Rentals”), infrastructure services (“Infrastructure”) and natural sand proppant services (“Sand”), accommodation services (“Accommodations”) and drilling services (“Drilling”). The Rentals segment provides construction, oilfield and aviation rentals to operators primarily in the northeast and midwest regions of the United States as well as Hawaii. The Infrastructure segment provides design and fiber optic services to utility customers in the midwest region of the United States. The Sand segment provides sand mining, processing and selling services for use in hydraulic fracturing. The Sand segment primarily services the Utica Shale and Montney Shale in British Columbia and Alberta, Canada. The Accommodations segment provides housing, kitchen and dining, and recreational service facilities for oilfield workers located in remote areas away from readily available lodging in northern Alberta, Canada. The Drilling segment provides directional drilling services primarily in the Anadarko and Permian Basins.

Sales from one segment to another are generally priced at estimated equivalent commercial selling prices. All transactions conducted between segments are eliminated in consolidation. Transactions conducted by companies within the same reportable segment are eliminated within each reportable segment. Corporate selling, general and administrative costs are allocated to each segment based on forecasted revenue, expense and asset base. Corporate interest expense is allocated to each segment based on its intercompany payable position with the Company’s corporate entity. U.S. income tax expense is not allocated to each segment. Foreign income tax expense is realized in the segment in which the foreign operations occur.

To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of December 31, 2025. The following tables set forth certain financial information with respect to the Company’s reportable segments (in thousands):

Year Ended December 31, 2025 Rentals Infrastructure Sand Accommodations Drilling Total
Revenue from external and related party customers $ 11,025  $ 4,086  $ 16,552  $ 8,954  $ 3,675  $ 44,292 
Intersegment revenue 73  —  —  —  —  73 
11,098  4,086  16,552  8,954  3,675  44,365 
Reconciliation of Revenue
Eliminations(a)
(73)
Total consolidated revenue $ 44,292 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties $ 6,701  $ 5,893  $ 18,117  $ 5,951  $ 3,765 
Selling, general and administrative, exclusive of stock based compensation 4,155  1,019  5,131  1,957  944 
Segment Adjusted EBITDA $ 242  $ (2,826) $ (6,696) $ 1,046  $ (1,034) $ (9,268)
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
$ 8,163 
Depreciation, depletion, amortization and accretion 10,292 
Gains on disposal of assets, net (2,371)
Impairment of long-lived assets 31,669 
Stock based compensation 412 
Interest expense and financing charges, net (1,670)
Other expense, net 3,906 
Loss from continuing operations before income taxes $ (59,669)
Year Ended December 31, 2024 Rentals Infrastructure Sand Accommodations Drilling Total
Revenue from external customers $ 6,712  $ 1,476  $ 19,057  $ 10,851  $ 3,558  $ 41,654 
Intersegment revenue 393  —  —  —  —  393 
7,105  1,476  19,057  10,851  3,558  42,047 
Reconciliation of Revenue
Other(b)
3,950 
Eliminations(a)
(398)
Total consolidated revenue $ 45,599 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties 4,955  2,280  17,791  6,397  4,373 
Selling, general and administrative, exclusive of stock based compensation 1,851  880  6,741  2,361  1,338 
Segment Adjusted EBITDA $ 299  $ (1,684) $ (5,475) $ 2,093  $ (2,153) $ (6,920)
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
$ 103,609 
Depreciation, depletion, amortization and accretion 11,715 
Gains on disposal of assets, net (2,762)
Stock based compensation 875 
Interest expense and financing charges, net 9,497 
Other expense (income), net 64,564 
Loss from continuing operations before income taxes $ (194,418)
(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 December 31, 2025:
Total assets for reportable segments $ 75,004  $ 2,598  $ 68,028  $ 14,309  $ 1,859  $ 161,798 
Other assets(a)
167,900 
Total consolidated assets, excluding discontinued operations $ 329,698 
As of December 31, 2024:
Total assets for reportable segments $ 8,451  $ 1,803  $ 118,855  $ 12,811  $ 1,870  $ 143,790 
Other assets(a)
130,049 
Total consolidated assets, excluding discontinued operations $ 273,839 
(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, marketable securities, restricted cash and other current assets.
Following is a breakout of purchases of property, plant and equipment for the periods indicated (in thousands):
Year Ended December 31,
2025 2024
Rentals $ 69,953  $ 351 
Infrastructure 128  299 
Accommodations 343  161 
Drilling 128  184 
Total segment purchases of property, plant and equipment 70,552  995 
Other(a)
—  219 
Total consolidated purchases of property, plant and equipment, excluding discontinued operations $ 70,552  $ 1,214 
(a) Includes purchases related to non-operating legacy services that are no longer active.

Geographic Areas

The following table presents consolidated revenues by country based on sales destination of the products or services (in thousands):
Year Ended December 31,
2025 2024
United States $ 27,508  $ 23,550 
Canada 16,708  22,033 
Other 76  16 
Total $ 44,292  $ 45,599 

The following table presents long-lived assets, excluding deferred income tax assets, by country (in thousands):
Year Ended December 31,
2025 2024
United States $ 146,537  $ 127,712 
Canada 7,531  7,549 
Total $ 154,068  $ 135,261