Revenues
The Company recognizes revenues from the sales of products at a point in time and revenues from the sales of services over time.
Disaggregation of Revenues
Disaggregated revenue for the years ended December 31, 2025 and 2024 was as follows:
| | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 |
| (in thousands) |
| Cement | $ | 211,283 | | | $ | 200,028 | |
| Coiled tubing | 104,114 | | | 110,369 | |
| Wireline | 115,814 | | | 111,341 | |
| Service revenues | $ | 431,211 | | | $ | 421,738 | |
| | | |
| Tools | $ | 130,700 | | | $ | 132,366 | |
| Product revenues | $ | 130,700 | | | $ | 132,366 | |
| | | |
| Total revenues | $ | 561,911 | | | $ | 554,104 | |
Revenue by country, which is determined based on country of origination, for the years ended December 31, 2025 and 2024 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2025 | | Year Ended December 31, 2024 |
| Amount | | Percentage | | Amount | | Percentage |
| (in thousands, except percentages) |
| United States | $ | 550,631 | | | 98.0 | % | | $ | 545,262 | | | 98.4 | % |
| International | 11,280 | | | 2.0 | % | | 8,842 | | | 1.6 | % |
| $ | 561,911 | | | 100.0 | % | | $ | 554,104 | | | 100.0 | % |
Performance Obligations
At December 31, 2025 and December 31, 2024, the amount of remaining performance obligations was not material.
Contract Balances
At December 31, 2025 and December 31, 2024, contract assets and contract liabilities were not material.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.