Quarterly report [Sections 13 or 15(d)]

Basis of Presentation and Significant Accounting Policies (Tables)

v3.26.1
Basis of Presentation and Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
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):

March 31, December 31,
2026 2025
Cash and cash equivalents $ 92,717  $ 101,987 
Restricted cash 12,097  12,085 
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows $ 104,814  $ 114,072 
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):

March 31, December 31,
2026 2025
Cash and cash equivalents $ 92,717  $ 101,987 
Restricted cash 12,097  12,085 
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows $ 104,814  $ 114,072 
Schedule of Allowance for Expected Credit Losses
Following is a rollforward of the changes in our allowance for expected credit losses for the three months ended March 31, 2026 (in thousands):

Balance, December 31, 2025 $ 170,937 
Change in provision for expected credit losses before recoveries — 
Recoveries of receivables previously charged to credit loss expense (5)
Write-offs charged against the provision 5 
Balance, March 31, 2026 $ 170,937 
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 March 31, 2026 and December 31, 2025 and percentages of total revenue derived for the three months ended March 31, 2026 and 2025:
REVENUE ACCOUNTS RECEIVABLE, NET
Three Months Ended March 31, At March 31, At December 31,
2026 2025 2026 2025
Customer A(a)
35  % —  % 3  % —  %
Customer B(b)
10  % 23  % 4  % 4  %
Customer C(a)
4  % 11  % 3  % 2  %
Customer D(b)
—  % 14  % —  % —  %
Customer E(b)
—  % 13  % —  % —  %
Customer F(c)
—  % 12  % —  % 5  %
Customer G(d)
—  % —  % 58  % 69  %
(a)Revenue and the related accounts receivable balances earned from Customer A and C were derived from the Company’s rental services segment.
(b)Revenue and the related accounts receivable balances earned from Customer B, D and E were derived from the Company’s natural sand proppant services segment.
(c)Revenue and the related accounts receivable balances earned from Customer F were derived from the Company’s accommodations services segment.
(d)The accounts receivable balance with Customer G was derived from the Company’s other services.