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

Summary of Significant Accounting Policies (Tables)

v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
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 sum to the total of the same such amounts shown in the statement of cash flows.

December 31,
2024 2023
Cash and cash equivalents $ 60,967  $ 16,556 
Restricted cash 21,359  7,742 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 82,326  $ 24,298 
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 sum to the total of the same such amounts shown in the statement of cash flows.

December 31,
2024 2023
Cash and cash equivalents $ 60,967  $ 16,556 
Restricted cash 21,359  7,742 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 82,326  $ 24,298 
Schedule of Allowance for Expected Credit Losses
Following is a roll forward of the allowance for expected credit losses for the years ended December 31, 2024, 2023 and 2022 (in thousands):
Balance, January 1, 2022 $ 18,085 
Change in provision for expected credit losses 3,550 
Recoveries of receivables previously charged to credit loss expense (161)
Write-offs charged against the provision (17,887)
Balance, December 31, 2022 3,587 
Change in provision for expected credit losses 47 
Recoveries of receivables previously charged to credit loss expense (638)
Write-offs charged against the provision (2,831)
Balance, December 31, 2023 165 
Change in provision for expected credit losses 171,539 
Recoveries of receivables previously charged to credit loss expense (22)
Write-offs charged against the provision (283)
Balance, December 31, 2024 $ 171,399 
Schedule of Asset Retirement Obligations
Following is a roll forward of the Company’s asset retirement obligations for the years ended December 31, 2024 and 2023 (in thousands):
December 31,
2024 2023
Balance as of beginning of period $ 4,140  $ 3,981 
Additions and revisions of prior estimates —  — 
Accretion expense 161  141 
Foreign currency translation adjustment (67) 18 
Asset retirement obligation as of end of period $ 4,234  $ 4,140 
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, 2024 and 2023 and revenues derived for the years ended December 31, 2024, 2023 and 2022:
REVENUES ACCOUNTS RECEIVABLE
Years Ended December 31, At December 31,
2024 2023 2022 2024 2023
Customer A(a)
6  % 3  % 5  % 11  % 1  %
Customer B(b)
—  % 9  % 10  % —  % —  %
Customer C(c)
—  % —  % —  % 25  % 90  %
a.Customer A is a third-party customer. Revenues and the related accounts receivable balances earned from Customer A were derived from the Company’s well completion services segment.
b.Customer B is a third-party customer. Revenues and the related accounts receivable balances earned from Customer B were derived from the Company’s well completion services segment.
c.Customer C is a third-party customer. Revenues and the related accounts receivable balances earned from Customer C were derived from the Company’s infrastructure services segment. Accounts receivable for Customer C also includes receivables due for interest charged on delinquent accounts receivable.