Quarterly report [Sections 13 or 15(d)]

Reportable Segments

v3.26.1
Reportable Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
The Company’s Chief Operating Officer, Chief Financial Officer and Chief Business Officer comprise the Company’s chief operating decision makers (“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 customers operating in the oil and natural gas, aviation and utility infrastructure industries. At March 31, 2026, the Company had five reportable segments, which includes rental services (“Rentals”), infrastructure services (“Infrastructure”), natural sand proppant services (“Sand”), accommodation services (“Accommodations”) and drilling services (“Drilling”). The Company has determined that its operating segments meet the criteria in ASC Topic 280, Segment Reporting, to be aggregated into five reportable segments, where applicable, and the Rentals segment includes Stingray Rentals LLC, Mammoth Equipment Leasing LLC, Cobra Aviation LLC and Leopard Aviation LLC, providing construction, oilfield, and aviation rentals and aviation sales 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 March 31, 2026. The following tables set forth certain financial information with respect to the Company’s reportable segments (in thousands):
Three Months Ended March 31, 2026 Rentals Infrastructure Sand Accommodations Drilling Total
Revenue from external and related party customers $ 12,935  $ 269  $ 3,864  $ 3,541  $ 1,421  $ 22,030 
Intersegment revenue 32  —  —  —  —  32 
12,967  269  3,864  3,541  1,421  22,062 
Reconciliation of Revenue
Other(b)
48 
Eliminations(a)
(80)
Total consolidated revenue $ 22,030 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties 8,060  511  4,455  2,138  1,192 
Selling, general and administrative, exclusive of stock based compensation 1,268  186  853  332  251 
Segment Adjusted EBITDA $ 3,639  $ (428) $ (1,444) $ 1,071  $ (22) $ 2,816 
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
$ 889 
Depreciation, depletion, amortization and accretion 3,470 
Gain on disposal of assets, net (674)
Interest income, net (514)
Unrealized gain on marketable securities, net (7,103)
Other expense, net 609 
Income from continuing operations before income taxes $ 6,139 
Three Months Ended March 31, 2025 Rentals Infrastructure Sand Accommodations Drilling Total
Revenue from external and related party customers $ 1,917  $ 712  $ 6,739  $ 2,081  $ 182  $ 11,631 
Intersegment revenue 10  —  —  —  —  10 
1,927  712  6,739  2,081  182  11,641 
Reconciliation of Revenue
Other(b)
— 
Eliminations(a)
(10)
Total consolidated revenue $ 11,631 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties $ 1,418  $ 874  $ 5,476  $ 1,432  $ 396 
Selling, general and administrative, exclusive of stock based compensation 368  122  1,430  389  210 
Segment Adjusted EBITDA $ 141  $ (284) $ (167) $ 260  $ (424) $ (474)
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
$ 1,867 
Depreciation, depletion, amortization and accretion 2,083 
Gains on disposal of assets, net (3,472)
Stock based compensation 211 
Interest (income) expense and financing charges, net, inclusive of related parties (85)
Other expense, net 333 
Loss from continuing operations before income taxes $ (1,411)
(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 March 31, 2026:
Total assets for reportable segments $ 83,649  $ 4,593  $ 67,776  $ 14,132  $ 2,722  $ 172,872 
Other assets(a)
170,495 
Total consolidated assets, excluding discontinued operations $ 343,367 
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 
(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.