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

Summary of Significant Accounting Policies (Tables)

v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sums to the total of the same such amounts shown in the statement of cash flows.

December 31,
2025 2024
Cash and cash equivalents $ 101,987  $ 60,845 
Restricted cash 12,085  19,359 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 114,072  $ 80,204 
Schedule of Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sums to the total of the same such amounts shown in the statement of cash flows.

December 31,
2025 2024
Cash and cash equivalents $ 101,987  $ 60,845 
Restricted cash 12,085  19,359 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 114,072  $ 80,204 
Schedule of Allowance for Expected Credit Losses
Following is a roll forward of the allowance for expected credit losses for the year ended December 31, 2025 (in thousands):
Balance, December 31, 2024 $ 171,264 
Change in provision for expected credit losses 133 
Recoveries of receivables previously charged to credit loss expense (84)
Write-offs charged against the provision (376)
Balance, December 31, 2025 $ 170,937 
Schedule of Asset Retirement Obligations
Following is a rollforward of the Company’s asset retirement obligations for the years ended December 31, 2025 and 2024 (in thousands):
December 31,
2025 2024
Balance as of beginning of period $ 4,234  $ 4,140 
Accretion expense 114  161 
Impairment (1,629) — 
Foreign currency translation adjustment 40  (67)
Asset retirement obligation as of end of period $ 2,759  $ 4,234 
Schedule of Concentration of Credit Risk and Significant Customers Following is a summary of our significant customers based on accounts receivable balances at December 31, 2025 and 2024 and revenues derived for the years ended December 31, 2025 and 2024:
REVENUES ACCOUNTS RECEIVABLE
Years Ended December 31, At December 31,
2025 2024 2025 2024
Customer A(a)
18  % 18  % 4  % 3  %
Customer B(b)
12  % 14  % 5  % 1  %
Customer C(c)
10  % 10  % 2  % 2  %
Customer D(d)
5  % 12  % —  % 15  %
Customer E(e)
—  % —  % 69  % 49  %
(a)Revenues and the related accounts receivable balances earned from Customer A were derived from the Company’s natural sand proppant services segment.
(b)Revenues and the related accounts receivable balances earned from Customer B were derived from the Company’s accommodations services segment.
(c)Revenues and the related accounts receivable balances earned from Customer C were derived from the Company’s rental services segment.
(d)Revenues and the related accounts receivable balances earned from Customer D were derived from the Company’s natural sand proppant services segment.
(e)The accounts receivable balance with Customer E was derived from the Company’s other services.