Business Segment, Geographic and Major Customer and Supplier Information (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of financial information regarding reportable segments

Summarized financial information of the reportable segments is as follows (in thousands):


As of and for the years ended December 31,	Chemistry Technologies		Data Analytics		Corporate and Other		Total
2023
Revenue from external customers
Products	$	56,721	$	5,275	$	—	$	61,996
Services	2,295		2,227		—		4,522
Total revenue from external customers	59,016		7,502		—		66,518
Revenue from related party
Products	120,698		2		—		120,700
Services	205		635		—		840
Total revenue from related parties	120,903		637		—		121,540
Gross profit	20,345		3,918		—		24,263
Change in fair value of contract consideration convertible notes	(29,969)		—		—		(29,969)
Income (loss) from operations	39,043		(53)		(15,767)		23,223
Paid-in-kind interest on contract consideration convertible notes payable	2,129		—		—		2,129
Paid-in-kind interest on convertible notes payable	—		—		238		238
Interest on ABL	—		—		453		453
Other interest	—		—		37		37
Depreciation	613		95		26		734
Additions to long-lived assets	180		466		435		1,081
Income tax expense	—		—		(149)		(149)

2022
Revenue from external customers
Product	$	47,004	$	3,903	$	—	$	50,907
Service	1,956		1,481		—		3,437
Total revenue from external customers	48,960		5,384		—		54,344
Revenue from related party
Product	81,614		—		—		81,614
Service	4		130		—		134
Total revenue from related parties	81,618		130		—		81,748
Gross profit (loss)	(7,317)		617		—		(6,700)
Change in fair value of contract consideration convertible notes	(75)		—		—		(75)
Loss from operations	(14,729)		(2,877)		(17,815)		(35,421)
Paid-in-kind interest on contract consideration convertible notes payable	4,185		—		—		4,185
Paid-in-kind interest on convertible notes payable	—		—		1,771		1,771
Accrued issuance costs on convertible notes payable	—		—		912		912
Depreciation	668		63		3		734
Additions to long-lived assets	56		134		231		421
Income tax benefit	—		—		22		22

Assets of the Company by reportable segments are as follows (in thousands):


	December 31,
	2023		2022
Chemistry Technologies	$	138,559	$	146,542
Data Analytics	6,604		5,645
Corporate and Other	12,350		12,623
Total assets	$	157,513	$	164,810

Schedule of revenue by geographic location

Revenue by geographic location is as follows (in thousands):


	Years ended December 31,
	2023		2022
U.S. (1)	$	180,300	$	124,399
UAE	6,549		9,257
Other countries	1,209		2,436
Total revenue	$	188,058	$	136,092

(1) Includes revenue from related parties of $121,540 and $81,748, respectively.

Schedule of revenue by major customers

Revenue from major customers, as a percentage of consolidated revenue, is as follows (in thousands):


	Revenue		% of Total Revenue
Year ended December 31, 2023
Customer A (related party - ProFrac Services, LLC)	$	121,540	64.6	%


Year ended December 31, 2022
Customer A (related party - ProFrac Services, LLC)	$	80,359	59.0	%
Customer B	$	14,395	10.6	%

Schedule of expenditure with major suppliers by reporting segments

Expenditure with major suppliers, as a percentage of consolidated supplier expenditure, is as follows (in thousands):


	Expenditure		% of Total Expenditure
Year ended December 31, 2023
Supplier A	$	42,684	30.1	%
Supplier B	28,222		19.9	%
Supplier C	16,447		11.6	%


Year ended December 31, 2022
Supplier A	$	25,057	27.7	%
Supplier B	15,302		16.9	%
Supplier C	15,255		16.8	%