Quarterly report [Sections 13 or 15(d)]

Reportable Segments (Tables)

v3.25.3
Reportable Segments (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following tables set forth certain financial information with respect to the Company’s reportable segments (in thousands):
Three Months Ended September 30, 2025 Rentals Infrastructure Sand Accommodations Drilling Total
Revenue from external and related party customers $ 2,750  $ 4,761  $ 2,728  $ 2,280  $ 2,282  $ 14,801 
Intersegment revenue 16  —  —  —  —  16 
2,766  4,761  2,728  2,280  2,282  14,817 
Reconciliation of Revenue
Eliminations(a)
(16)
Total consolidated revenue $ 14,801 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties $ 1,691  $ 4,714  $ 4,148  $ 1,436  $ 1,840 
Selling, general and administrative, exclusive of stock based compensation 1,408  1,032  761  378  230 
Segment Adjusted EBITDA $ (333) $ (985) $ (2,181) $ 466  $ 212  $ (2,821)
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
$ 1,558 
Depreciation, depletion, amortization and accretion 2,756 
Losses on disposal of assets, net 1,874 
Interest (income) expense and financing charges, net (922)
Other expense, net 1,831 
Loss from continuing operations before income taxes $ (9,918)
Three Months Ended September 30, 2024 Rentals Infrastructure Sand Accommodations Drilling Total
Revenue from external and related party customers $ 2,146  $ 4,351  $ 4,909  $ 2,854  $ 1,557  $ 15,817 
Intersegment revenue 83  —  —  —  —  83 
2,229  4,351  4,909  2,854  1,557  15,900 
Reconciliation of Revenue
Other(b)
1,229 
Eliminations(a)
(77)
Total consolidated revenue $ 17,052 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties $ 1,303  $ 3,647  $ 3,164  $ 1,694  $ 1,362 
Selling, general and administrative, exclusive of stock based compensation 392  988  1,498  456  336 
Segment Adjusted EBITDA $ 534  $ (284) $ 247  $ 704  $ (141) $ 1,060 
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
$ 4,002 
Depreciation, depletion, amortization and accretion 3,156 
Gains on disposal of assets, net (192)
Stock based compensation 219 
Interest (income) expense and financing charges, net, inclusive of related parties 1,065 
Other expense, net 1,108 
Loss from continuing operations before income taxes $ (8,298)
Nine Months Ended September 30, 2025 Rentals Infrastructure Sand Accommodations Drilling Total
Revenue from external and related party customers $ 7,744  $ 14,881  $ 14,843  $ 6,127  $ 3,207  $ 46,802 
Intersegment revenue 54  —  —  —  —  54 
7,798  14,881  14,843  6,127  3,207  46,856 
Reconciliation of Revenue
Eliminations(a)
(54)
Total consolidated revenue $ 46,802 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties $ 4,675  $ 12,817  $ 14,886  $ 4,110  $ 2,994 
Selling, general and administrative, exclusive of stock based compensation 2,774  2,776  3,374  1,072  617 
Segment Adjusted EBITDA $ 349  $ (712) $ (3,417) $ 945  $ (404) $ (3,239)
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
$ 5,602 
Depreciation, depletion, amortization and accretion 7,679 
Gains on disposal of assets, net (2,675)
Impairment of long-lived assets 31,669 
Stock based compensation 412 
Interest (income) expense and financing charges, net (1,434)
Other expense, net 2,791 
Loss from continuing operations before income taxes $ (47,283)
Nine Months Ended September 30, 2024 Rentals Infrastructure Sand Accommodations Drilling Total
Revenue from external and related party customers $ 5,594  $ 13,957  $ 13,936  $ 8,474  $ 2,804  $ 44,765 
Intersegment revenue 326  —  —  —  —  326 
5,920  13,957  13,936  8,474  2,804  45,091 
Reconciliation of Revenue
Other(b)
3,658 
Eliminations(a)
(331)
Total consolidated revenue $ 48,418 
Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties $ 3,879  $ 11,367  $ 13,484  $ 4,953  $ 3,349 
Selling, general and administrative, exclusive of stock based compensation 1,048  2,888  4,105  1,336  830 
Segment Adjusted EBITDA $ 993  $ (298) $ (3,653) $ 2,185  $ (1,375) $ (2,148)
Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)
$ 100,438 
Depreciation, depletion, amortization and accretion 9,350 
Gains on disposal of assets, net (1,637)
Stock based compensation 657 
Interest (income) expense and financing charges, net, inclusive of related parties 8,712 
Other expense (income), net 64,624 
Loss from continuing operations before income taxes $ (184,292)
(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 September 30, 2025:
Total assets for reportable segments $ 51,147  $ 5,906  $ 68,854  $ 12,835  $ 3,636  $ 142,378 
Other assets(a)
187,425 
Total consolidated assets, excluding discontinued operations $ 329,803 
As of December 31, 2024:
Total assets for reportable segments $ 8,451  $ 6,010  $ 118,855  $ 12,811  $ 1,870  $ 147,997 
Other assets(a)
130,307 
Total consolidated assets, excluding discontinued operations $ 278,304 
(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 and restricted cash.
Following is a breakout of purchases of property, plant and equipment for the periods indicated (in thousands):
Three Months Ended Nine Months Ended
September 30, September 30,
2025 2024 2025 2024
Rentals $ 17,185  $ 127  $ 44,125  $ 350 
Infrastructure 19  —  120  291 
Sand —  —  93  — 
Accommodations 95  17  170  97 
Drilling —  15  116  100 
Total segment purchases of property, plant and equipment 17,299  159  44,624  838 
Other(a)
—  —  —  227 
Total consolidated purchases of property, plant and equipment, excluding discontinued operations $ 17,299  $ 159  $ 44,624  $ 1,065 
(a) Includes purchases related to non-operating legacy services that are no longer active.