1 unchanged sentence
Industry Risk
−Removed: The demand, pricing and terms for hydraulic fracturing services and related goods provided by us are largely dependent upon the level of drilling and completions activity in the U.S.
−Removed: oil and natural gas industry, as well as the available supply of hydraulic fracturing equipment.
+Added: The demand, pricing and terms for completions services and related goods provided by us are largely dependent upon the level of drilling and completions activity in the U.S.
+Added: oil and natural gas industry, as well as the available supply of hydraulic fracturing and completions services equipment.
These activity levels are influenced by numerous factors over which we have no control, including, but not limited to:
22 unchanged sentences
As of December 31, 2025, the Company had $246.7 million of debt outstanding, with a weighted average interest rate of 6.6%.
−Removed: Interest is calculated under the terms of our ABL Facility based on our selection, from time to time, of one of the index rates available to us plus an applicable margin that varies based on certain factors.
+Added: Interest is calculated under the terms of our Revolving Credit Facility and Caterpillar Agreement based on our selection, from time to time, of one of the index rates available to us plus an applicable margin that varies based on certain factors.
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.
3 unchanged sentences
Our material and fuel purchases expose us to commodity price risk.
−Removed: Material costs primarily include inventory consumed while performing hydraulic fracturing services.
−Removed: Fuel costs consist of diesel fuel and natural gas used by trucks and other motorized equipment used for hydraulic fracturing services.
+Added: Material costs primarily include inventory consumed while performing completions services.
+Added: Fuel costs consist of diesel fuel and natural gas used by trucks and other motorized equipment used for completions services.
At times, we have been able to pass along price increases for material costs and fuel costs to customers and conversely have been required to pass along price decreases for material costs to our customers, depending on market conditions.
−Removed: Further, we have purchase commitments with certain vendors to supply proppant inventory used in our operations at a fixed purchase price, including certain commitments which include minimum purchase obligations.
+Added: Further, we periodically enter into purchase commitments with certain vendors to supply proppant inventory used in our operations at a fixed purchase price, including certain commitments which include minimum purchase obligations.
Refer t o Note 15 — Commitments & Contingencies included in Part II, Item 8.
6 unchanged sentences
Adjustments resulting from the translation of the subsidiary’s financial statements are reported in other comprehensive (loss) income.
−Removed: During the years ended December 31, 2024 and 2023, the Company recorded a foreign currency translation loss of $13.7 million and a foreign currency translation gain of $1.3 million to comprehensive income, respectively.
+Added: During the years ended December 31, 2025 and 2024, the Company recorded a foreign currency translation gain of $5.9 million and a foreign currency translation loss of $13.7 million to comprehensive income, respectively.
Financial Statements and Supplementary Data
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.