v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net income (loss) $ (50,304) $ 59,944 $ 226,493
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion and accretion expense 165,459 102,207 41,634
Amortization expense of acquired intangible assets 23,547 12,316 0
Amortization of debt discount 5,712 3,573 761
Amortization of deferred financing costs 403 435 337
Change in fair value of contingent consideration (3,360) 0 0
Loss on disposal of assets 0 19,672 0
Stock and unit-based compensation 33,227 22,381 7,409
Deferred income tax (17,495) 15,002 29,201
Credit loss expense 4,778 25 28
Other 2,197 (1,618) 111
Changes in operating assets and liabilities:      
Accounts receivable (10,825) (13,105) 2,172
Accounts receivable - related party (72) 0 868
Inventories 3,686 (6,618) (835)
Spare part inventories (15,531) (4,739) (4,639)
Prepaid expenses and other current assets (14,715) 6,468 (9,959)
Other long-term assets 2,238 (644) (1,450)
Accounts payable (25,087) 22,854 5,198
Accounts payable - related parties (204) (51) 123
Deferred revenue (7,274) (2,468) 0
Accrued liabilities and other liabilities 20,966 20,826 1,575
Net cash provided by operating activities 117,346 256,460 299,027
Investing activities:      
Purchases of property, plant and equipment (148,271) (373,983) (365,486)
Acquisitions, net of cash acquired (204,169) (153,425) 0
Proceeds from insurance recovery 7,615 14,700 0
Net cash used in investing activities (344,825) (512,708) (365,486)
Financing Activities:      
Proceeds from equity offering, net of issuance costs 253,070 0 0
Proceeds from term loan borrowing 186,805 168,500 0
Proceeds from ABL credit facility 50,000 70,000 0
Principal payments on term loan borrowings (17,461) (14,383) (16,573)
Payment on ABL credit facility (70,000) 0
Payment on Deferred Cash Consideration Note (101,252) 0 0
Issuance costs associated with debt financing (281) (1,189) (4,397)
Payments under finance leases (3,972) (2,625) (2,001)
Repayment of equipment finance notes (5,475) (3,563) 0
Dividends and distributions (92,281) (96,895) (62,163)
Taxes withheld on vesting RSUs (2,546) (2,067) 0
Repurchases of Common Stock under share repurchase program (200) 0 0
Net proceeds from IPO 0 0 303,426
Payment of offering costs 0 0 (6,020)
Member distributions prior to IPO 0 0 (15,000)
Prepayment fee on 2021 Term Loan Credit Facility 0 0 (2,649)
Net cash provided by financing activities 196,407 117,778 194,623
Net increase (decrease) in cash and cash equivalents (31,072) (138,470) 128,164
Cash and cash equivalents, beginning of period 71,704 210,174 82,010
Cash and cash equivalents, end of period 40,632 71,704 210,174
Supplemental cash flow information      
Interest 48,765 38,469 15,210
Taxes (net of refunds) 914 2,275 11,403
Supplemental disclosure of non-cash investing activities:      
Property, plant and equipment in accounts payable and accrued liabilities 8,359 37,294 44,381
Acquisition consideration, equity issuance 33,904 189,082 0
Contingent consideration 1,890 0 0
Equipment assets acquired through debt 19,800 5,455 0
Hi-Crush acquisition consideration, Deferred Cash Consideration Note 0 106,613 0
Redeemable noncontrolling interest cumulative adjustment to redemption value 0 0 185,412
Finance lease assets acquired through debt 0 0 39,454
Finance lease liabilities converted to debt $ 0 $ 0 $ 42,795

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