Natural Gas Services (NGS) 10-Q 14 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-31398
Entity Registrant Name	NATURAL GAS SERVICES GROUP, INC.
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	75-2811855
Entity Address, Address Line One	404 Veterans Airpark Ln., Ste 300
Entity Address, City or Town	Midland
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79705
City Area Code	432
Local Phone Number	262-2700
Title of 12(b) Security	Common Stock, Par Value $0.01
Trading Symbol	NGS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,474,020
Entity Central Index Key	0001084991
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 410	$ 2,746
Trade accounts receivable, net of allowance for credit losses of $1,248 and $823, respectively	24,809	39,186
Inventory, net of allowance for obsolescence of $2,836 for each of the dates presented, respectively	20,175	21,639
Federal income tax receivable	11,382	11,538
Prepaid expenses and other	2,207	1,162
Total current assets	58,983	76,271
Long-term inventory, net of allowance for obsolescence of $1,168 for each of the dates presented, respectively	1,043	701
Rental equipment, net of accumulated depreciation of $211,841 and $191,745, respectively	407,761	373,649
Property and equipment, net of accumulated depreciation of $18,609 and $17,649, respectively	21,538	20,550
Intangibles, net of accumulated amortization of $2,478 and $2,384, respectively	681	775
Other assets	8,063	6,783
Total assets	498,069	478,729
Current Liabilities:
Accounts payable	26,473	17,628
Accrued liabilities	7,041	15,085
Total current liabilities	33,514	32,713
Long-term debt	163,000	164,000
Deferred income tax liability	45,691	41,636
Other long-term liabilities	4,678	4,486
Total liabilities	246,883	242,835
Commitments and contingencies (Note 9)
Stockholders’ Equity:
Preferred stock, 5,000 shares authorized, no shares issued or outstanding	0	0
Common stock, 30,000 shares authorized, par value $0.01; 13,741 and 13,688 shares issued, respectively	137	137
Additional paid-in capital	117,410	116,480
Retained earnings	148,643	134,281
Treasury shares, at cost, 1,310 shares for each of the dates presented, respectively	(15,004)	(15,004)
Total stockholders’ equity	251,186	235,894
Total liabilities and stockholders’ equity	$ 498,069	$ 478,729

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Allowance for credit losses	$ 1,248	$ 823
Allowance for inventory obsolescence, current	2,836	2,836
Allowance for inventory obsolescence, noncurrent	1,168	1,168
Accumulated depreciation, rental equipment	211,841	191,745
Accumulated depreciation, property and equipment	18,609	17,649
Accumulated amortization, intangibles	$ 2,478	$ 2,384
Stockholders’ Equity:
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	13,741,000	13,688,000
Treasury shares (in shares)	1,310,000	1,310,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Rental	$ 37,350	$ 27,705	$ 106,010	$ 74,533
Total revenue from contracts with customers	3,336	3,664	10,074	10,413
Total revenue	40,686	31,369	116,084	84,946
Operating costs and expenses:
Cost of rentals, exclusive of depreciation stated separately below	14,442	13,462	41,784	36,450
Cost of sales, exclusive of depreciation stated separately below	2,028	1,505	6,457	6,618
Cost of aftermarket services, exclusive of depreciation stated separately below	1,324	1,846	2,836	3,424
Selling, general and administrative expenses	5,213	2,845	14,706	12,267
Depreciation and amortization	8,086	6,807	22,878	19,390
Impairments	136	0	136	779
Retirement of rental equipment	0	0	5	0
Total operating costs and expenses	31,229	26,465	88,802	78,928
Operating income	9,457	4,904	27,282	6,018
Other income (expense):
Interest expense	(3,045)	(1,600)	(8,912)	(1,785)
Other income (expense), net	(15)	(87)	148	254
Total other expense	(3,060)	(1,687)	(8,764)	(1,531)
Income before provision for income taxes	6,397	3,217	18,518	4,487
Income tax expense	(1,383)	(1,046)	(4,156)	(1,442)
Net income	$ 5,014	$ 2,171	$ 14,362	$ 3,045
Earnings per share:
Basic (in dollars per share)	$ 0.40	$ 0.18	$ 1.16	$ 0.25
Diluted (in dollars per share)	$ 0.40	$ 0.18	$ 1.15	$ 0.25
Weighted average shares outstanding:
Basic (in shares)	12,427	12,378	12,404	12,295
Diluted (in shares)	12,526	12,403	12,511	12,372
Sales
Revenue:
Total revenue from contracts with customers	$ 1,843	$ 1,413	$ 6,616	$ 6,000
Aftermarket services
Revenue:
Total revenue from contracts with customers	$ 1,493	$ 2,251	$ 3,458	$ 4,413

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2022		0
Beginning balance at Dec. 31, 2022	$ 230,076	$ 0	$ 135	$ 115,411	$ 129,534	$ (15,004)
Beginning balance (in shares) at Dec. 31, 2022			13,519,000
Beginning balance (in shares) at Dec. 31, 2022						1,310,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense on common stock options	22			22
Issuance of restricted stock (in shares)			29,000
Compensation expense on restricted stock and performance share units	465			465
Taxes paid related to net shares settlement of equity awards	(184)			(184)
Net income	370				370
Ending balance (in shares) at Mar. 31, 2023		0
Ending balance at Mar. 31, 2023	230,749	$ 0	$ 135	115,714	129,904	$ (15,004)
Ending balance (in shares) at Mar. 31, 2023			13,548,000
Ending balance (in shares) at Mar. 31, 2023						1,310,000
Beginning balance (in shares) at Dec. 31, 2022		0
Beginning balance at Dec. 31, 2022	230,076	$ 0	$ 135	115,411	129,534	$ (15,004)
Beginning balance (in shares) at Dec. 31, 2022			13,519,000
Beginning balance (in shares) at Dec. 31, 2022						1,310,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,045
Ending balance (in shares) at Sep. 30, 2023		0
Ending balance at Sep. 30, 2023	233,965	$ 0	$ 136	116,254	132,579	$ (15,004)
Ending balance (in shares) at Sep. 30, 2023			13,688,000
Ending balance (in shares) at Sep. 30, 2023						1,310,000
Beginning balance (in shares) at Mar. 31, 2023		0
Beginning balance at Mar. 31, 2023	230,749	$ 0	$ 135	115,714	129,904	$ (15,004)
Beginning balance (in shares) at Mar. 31, 2023			13,548,000
Beginning balance (in shares) at Mar. 31, 2023						1,310,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense on common stock options	30			30
Issuance of restricted stock (in shares)			140,000
Issuance of restricted stock	0		$ 1	(1)
Compensation expense on restricted stock and performance share units	1,100			1,100
Taxes paid related to net shares settlement of equity awards	(798)			(798)
Net income	504				504
Ending balance (in shares) at Jun. 30, 2023		0
Ending balance at Jun. 30, 2023	231,585	$ 0	$ 136	116,045	130,408	$ (15,004)
Ending balance (in shares) at Jun. 30, 2023			13,688,000
Ending balance (in shares) at Jun. 30, 2023						1,310,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense on common stock options	22			22
Compensation expense on restricted stock and performance share units	187			187
Net income	2,171				2,171
Ending balance (in shares) at Sep. 30, 2023		0
Ending balance at Sep. 30, 2023	$ 233,965	$ 0	$ 136	116,254	132,579	$ (15,004)
Ending balance (in shares) at Sep. 30, 2023			13,688,000
Ending balance (in shares) at Sep. 30, 2023						1,310,000
Beginning balance (in shares) at Dec. 31, 2023	0	0
Beginning balance at Dec. 31, 2023	$ 235,894	$ 0	$ 137	116,480	134,281	$ (15,004)
Beginning balance (in shares) at Dec. 31, 2023	13,688,000		13,688,000
Beginning balance (in shares) at Dec. 31, 2023	1,310,000					1,310,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense on common stock options	$ 29			29
Compensation expense on restricted stock and performance share units	245			245
Taxes paid related to net shares settlement of equity awards (in shares)			6,000
Net income	5,098				5,098
Ending balance (in shares) at Mar. 31, 2024		0
Ending balance at Mar. 31, 2024	$ 241,266	$ 0	$ 137	116,754	139,379	$ (15,004)
Ending balance (in shares) at Mar. 31, 2024			13,694,000
Ending balance (in shares) at Mar. 31, 2024						1,310,000
Beginning balance (in shares) at Dec. 31, 2023	0	0
Beginning balance at Dec. 31, 2023	$ 235,894	$ 0	$ 137	116,480	134,281	$ (15,004)
Beginning balance (in shares) at Dec. 31, 2023	13,688,000		13,688,000
Beginning balance (in shares) at Dec. 31, 2023	1,310,000					1,310,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)	6,667
Net income	$ 14,362
Ending balance (in shares) at Sep. 30, 2024	0	0
Ending balance at Sep. 30, 2024	$ 251,186	$ 0	$ 137	117,410	148,643	$ (15,004)
Ending balance (in shares) at Sep. 30, 2024	13,741,000		13,741,000
Ending balance (in shares) at Sep. 30, 2024	1,310,000					1,310,000
Beginning balance (in shares) at Mar. 31, 2024		0
Beginning balance at Mar. 31, 2024	$ 241,266	$ 0	$ 137	116,754	139,379	$ (15,004)
Beginning balance (in shares) at Mar. 31, 2024			13,694,000
Beginning balance (in shares) at Mar. 31, 2024						1,310,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense on common stock options	46			46
Issuance of restricted stock (in shares)			33,000
Issuance of restricted stock	0			0
Compensation expense on restricted stock and performance share units	196			196
Taxes paid related to net shares settlement of equity awards	(98)			(98)
Net income	4,250				4,250
Ending balance (in shares) at Jun. 30, 2024		0
Ending balance at Jun. 30, 2024	245,660	$ 0	$ 137	116,898	143,629	$ (15,004)
Ending balance (in shares) at Jun. 30, 2024			13,727,000
Ending balance (in shares) at Jun. 30, 2024						1,310,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)			7,000
Exercise of common stock options	70			70
Compensation expense on common stock options	66			66
Issuance of restricted stock (in shares)			7,000
Compensation expense on restricted stock and performance share units	456			456
Taxes paid related to net shares settlement of equity awards	(80)			(80)
Net income	$ 5,014				5,014
Ending balance (in shares) at Sep. 30, 2024	0	0
Ending balance at Sep. 30, 2024	$ 251,186	$ 0	$ 137	$ 117,410	$ 148,643	$ (15,004)
Ending balance (in shares) at Sep. 30, 2024	13,741,000		13,741,000
Ending balance (in shares) at Sep. 30, 2024	1,310,000					1,310,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 14,362	$ 3,045
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,878	19,390
Amortization of debt issuance costs	530	287
Deferred income tax expense	4,055	1,408
Stock-based compensation	1,038	1,826
Provision for credit losses	433	199
Impairments	136	779
Gain on sale of assets	(475)	(281)
Retirement of rental equipment	5	0
Gain on company owned life insurance	(152)	49
Changes in operating assets and liabilities:
Trade accounts receivables	13,944	(13,572)
Inventory	1,122	(2,608)
Prepaid expenses and prepaid income taxes	(1,025)	(281)
Accounts payable and accrued liabilities	1,271	14,951
Deferred revenue	(418)	(37)
Other	(667)	543
NET CASH PROVIDED BY OPERATING ACTIVITIES	57,037	25,698
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of rental equipment, property and other equipment	(57,350)	(128,563)
Purchase of company owned life insurance	(13)	(378)
Proceeds from sale of property and equipment	504	231
Proceeds from surrender of company owned life insurance	178	0
NET CASH USED IN INVESTING ACTIVITIES	(56,681)	(128,710)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility borrowings	8,000	103,000
Repayment of credit facility borrowings	(9,000)	0
Payments of other long-term liabilities, net	(622)	(50)
Payments of debt issuance costs	(962)	(2,131)
Proceeds from exercise of stock options	70	0
Taxes paid related to net share settlement of equity awards	(178)	(982)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(2,692)	99,837
NET CHANGE IN CASH AND CASH EQUIVALENTS	(2,336)	(3,175)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	2,746	3,372
CASH AND CASH EQUIVALENTS AT END OF PERIOD	410	197
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	14,445	4,347
NON-CASH TRANSACTIONS
Transfer of rental equipment to inventory	0	708
Right of use assets acquired through a finance lease	2,174	63
Right of use asset acquired through an operating lease	$ 520	$ 0

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of BusinessNatural Gas Services Group, Inc. (the “Company,” “NGS,” “Natural Gas Services Group,” “we,” “us” or “our”) (a Colorado corporation), is a leading provider of natural gas compression equipment, technology and services to the energy industry. We rent, design, sell, install, service and maintain natural gas compressors for oil and natural gas production and processing facilities, generally using equipment from third-party fabricators and OEM suppliers along with limited in-house assembly. NGS is headquartered in Midland, Texas, with an assembly facility located in Tulsa, Oklahoma, a rebuild shop in Midland, Texas, and service facilities located in major oil and natural gas producing basins in the U.S. We operate in one reportable segment. The Company was formed on December 17, 1998.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company, its subsidiary, NGSG Properties, LLC, which owns the Company’s headquarters office building and the rabbi trust associated with our deferred compensation plan. All significant intercompany accounts and transactions for the periods presented have been eliminated in consolidation. These financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary for the fair presentation of our financial position at September 30, 2024 and the results of our operations for the three months and nine months ended September 30, 2024 and 2023. As permitted by the rules and regulations of the Securities and Exchange Commission (the “SEC”), the accompanying Condensed Consolidated Financial Statements do not include all disclosures normally required by generally accepted accounting principles in the United States of America (“GAAP”). These financial statements should be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 on file with the SEC. In our opinion, the Condensed Consolidated Financial Statements represent a fair representation of our financial position, results of operations, changes in stockholders’ equity and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2024. Revenue Recognition Policy Revenue is measured based on the consideration and terms specified in a customer’s contract, excluding any sale incentives and taxes collected on behalf of third parties (i.e. sales and property taxes). Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration that we expect to receive for those goods or services. To recognize revenue, we (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, we satisfy the performance obligation(s). Shipping and handling costs incurred are accounted for as fulfillment costs and are included in cost of revenues in our Condensed Consolidated Statements of Operations. Nature of Goods and Services The following is a description of principal activities from which we generate our revenue: Rental Revenue. We generate revenue from renting compressors to our customers. These contracts, which all qualify as operating leases under ASC Topic 842, Leases (“ASC 842”), may also include a fee for servicing the compressor during the rental contract. Our rental contracts typically range from six Sales Revenue . We generate revenue by the sale of custom/fabricated compressors and parts, as well as exchange/rebuilding customer owned compressors and sale of used rental equipment. Our sales revenue is recognized in accordance with ASC Topic 606, Revenues from Customers. Custom compressors - We design and coordinate the assembly of compressors based on our customer’s specifications outlined in their contract. Though the equipment being built is customized by the customer, control under these contracts does not pass to the customer until the compressor is completed and shipped, or in accordance with a bill and hold arrangement, in which the customer accepts title and assumes the risk and rewards of ownership at a specified time. We request certain of our customers to make progressive payments as the compressor is being built; these payments are presented as deferred revenue within Accrued liabilities on the Condensed Consolidated Balance Sheet until control has been transferred. These contracts also may include an assurance warranty clause to guarantee the product is free from defects in material and workmanship for a set duration of time; this is a standard industry practice and is not considered a performance obligation. Parts - Revenue is recognized after the customer obtains control of the parts. Control is passed either by the customer taking physical possession or the parts being shipped. The amount of revenue recognized is not adjusted for expected returns, as our historical part returns have been de minimis. Exchange or rebuild customer-owned compressors - Based on the contract, we will either exchange a new/rebuilt compressor for the customer’s malfunctioning compressor or rebuild the customer’s compressor. Revenue is recognized after control of the replacement or rebuilt compressor has transferred to the customer based on the terms of the contract, i.e., by physical delivery, delivery and installment, or shipment of the compressor. Used compressors - From time to time, a customer may request to purchase a used compressor out of our rental fleet. Revenue from the sale of rental equipment is recognized when the control has passed to the customer based on the terms of the contract, i.e. when the customer has taken physical possession or the equipment has been shipped. Aftermarket Service Revenue . We provide routine or call-out services on customer owned equipment as well as commissioning of new units for customers. Revenue is recognized after services in the contract are rendered. Payment terms for sales revenue and aftermarket services revenue discussed above are generally 30 to 60 days although terms for specific customers can vary. Also, the transaction prices are not subject to variable consideration constraints. Disaggregation of Revenue The following table summarizes our revenue disaggregated by product or service type for the periods presented: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) (in thousands) Compressors - sales $ 383 $ 207 $ 1,724 $ 1,214 Other (parts/rebuilds) - sales 1,460 1,206 4,892 4,786 Aftermarket services 1,493 2,251 3,458 4,413 Total revenue from contracts with customers 3,336 3,664 10,074 10,413 ASC 842 rental revenue 37,350 27,705 106,010 74,533 Total revenue $ 40,686 $ 31,369 $ 116,084 $ 84,946 Contract Balances We had the following receivables and deferred revenue from contracts with customers as of the dates presented: September 30, 2024 December 31, 2023 (in thousands) Accounts Receivable Sales and aftermarket services $ 4,394 $ 7,138 Rentals 21,663 32,871 Total Accounts Receivable 26,057 40,009 Less: Allowance for credit losses (1,248) (823) Total Accounts Receivable, net $ 24,809 $ 39,186 Deferred revenue $ — $ 418 We recognized sales revenues of $0.4 million for the nine months ended September 30, 2024 that was included in accrued liabilities at the beginning of 2024. Remaining Performance Obligations As of September 30, 2024, we had no deferred revenue related to unsatisfied performance obligations. Contract Costs We recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less. These costs are included within Selling, general and administrative expenses in our Condensed Consolidated Statements of Operations. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, and net operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established to reduce deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. To the extent we establish a valuation allowance or increase this allowance in a period, we include an expense in the tax provision in our Condensed Consolidated Statements of Operations. With respect to uncertain tax positions, GAAP prescribes the minimum recognition threshold a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the Condensed Consolidated Financial Statements. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon settlement. A liability for unrecognized tax benefits is recorded for any tax benefits claimed in our tax returns that do not meet these recognition and measurement standards. We had no liabilities for uncertain ta x positions as of September 30, 2024 and December 31, 2023. Our policy regarding income tax interest and penalties is to charge those items as components of interest expense and other expense, respectively. Capitalized Interest We capitalize interest from external borrowings on significant expenditures for the assembly of our natural gas compressor equipment until such projects are ready for their intended use. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful lives of the assets in the same manner as the underlying assets. For the three months ended September 30, 2024 and 2023, we capitalized interest aggregating approximately $1.2 million and $1.4 million, respectively. For the nine months ended September 30, 2024 and 2023, we capitalized interest aggregating approximately $3.6 million a nd $4.1 million , respe ctively. Recently Issued Accounting Pronouncements In December 2023, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09 “Income Taxes (Topics 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that ASU 2023-09 will have on our Consolidated Financial Statement disclosures. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”) which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. The adoption of ASU 2023-07 is not expected to have a material impact on our Consolidated Financial Statements or disclosures. In November 2024, the FASB issued ASU 2024-03 “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense ” (“ASU 2024-03”) which expands annual and interim disclosures expenses for certain types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling, general & administrative expenses, and research and development). ASU 2024-03 is effective for our annual periods beginning January 1, 2027, and for interim periods beginning January 1, 2028, with early adoption permitted. The adoption of ASU 2024-03 is not expected to have a material impact on our Consolidated Financial Statements or disclosures.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventory	Inventory The following table summarizes the components of our inventory, net of allowance for obsolescence, as of the dates presented: September 30, 2024 December 31, 2023 (in thousands) Inventory, net of allowance for obsolescence of $2,836 $ 19,563 $ 20,227 Work-in-process 612 1,412 Inventory - current 20,175 21,639 Raw materials - long term net of allowance of $1,168 1,043 701 Inventory - total $ 21,218 $ 22,340 Our long-term inventory consists of raw materials that remain viable but that we do not expect to sell or use within one year. Inventory Allowance We routinely review our inventory allowance balance to account for slow moving or obsolete inventory costs that may not be recoverable in the future. A summary of activity in our inventory allowance is as follows, for the periods presented: Nine months ended Year ended September 30, 2024 December 31, 2023 (in thousands) Beginning balance $ 4,004 $ 120 Accruals — 3,965 Write-offs — (81) Ending balance $ 4,004 $ 4,004

Federal Income Tax Receivable

Federal Income Tax Receivable	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Federal Income Tax Receivable	Federal Income Tax Receivable On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act ” ) was enacted in response to the economic impact caused by the COVID-19 pandemic. The CARES Act allowed net operating losses (“NOLs ”)

Rental Equipment

Rental Equipment	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Rental Equipment	Rental Equipment Our rental equipment and associated accumulated depreciation consisted of the following, as of the dates presented: September 30, 2024 December 31, 2023 (in thousands) Compressor units $ 564,594 $ 514,527 Work-in-process 55,008 50,867 619,602 565,394 Accumulated depreciation (211,841) (191,745) $ 407,761 $ 373,649

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Our outstanding long-term debt consists of the following, as of the dates presented: September 30, 2024 December 31, 2023 (in thousands) Credit facility borrowings $ 163,000 $ 164,000 Amended and Restated Credit Agreement On February 28, 2023, we entered into a five-year senior secured revolving credit agreement (“Amended and Restated Credit Agreement”) with the Texas Capital Bank, National Association (the “Lender ” ), as administrative agent, TCBI Securities, Inc., as joint lead arranger and sole book runner and Bank of America, N.A., as joint lead arranger, with an initial commitment of $175.0 million as of the closing date. The maturity date of the Amended and Restated Credit Agreement is February 28, 2028. The obligations under the Amended and Restated Credit Agreement are secured by a first priority lien on most of our assets, including inventory and accounts receivable as well as a variable number of our leased compressor equipment. In connection with the closing of the Amended and Restated Credit Agreement, we incurred fees of $2.0 million (representing fees equal to 1.39% of the $145.0 million increase in the commitment from the previous credit agreement) and reimbursed the lenders for their expenses. On November 14, 2023, we entered into a First Amendment to the Amended and Restated Credit Agreement (the “Amendment”) with the Lender, as administrative agent and certain other lenders to (i) increase the lender commitment from $175.0 million to $225.0 million, and (ii) to add First-Citizens Bank & Trust Company as a new lender to the facility. In connection with the Amendment, we incurred fees of $0.6 million (representing fees equal to 1.125% of the $50.0 million increase in the commitment) and reimbursed the lenders for their expenses. On June 6, 2024, we entered into a Second Amendment to the Amended and Restated Credit Agreement (the “Second Amendment”) with the Lender and certain other lenders primarily to (i) increase the aggregate lender commitment from $225.0 million to $300.0 million, (ii) revise the leverage ratio covenant (as more fully describe below) and (iii) to add Zions Bancorporation, N.A. (dba Amegy Bank) as a new lender to the facility. In connection with the Second Amendment, we incurred fees of $0.9 million (representing 1.125% of the $75.0 million increase in the commitment) and reimbursed the lenders for their expenses. On June 25, 2024, we entered into a Third Amendment to the Amended and Restated Credit Agreement (the “Third Amendment”) with the Lender, as administrative agent and the lenders thereto to increase the potential aggregate commitment of the existing credit facility from $300.0 million to $350.0 million. Under the Third Amendment, the Company has a right to request from the Lender, on an uncommitted basis, an increase of up to $50.0 million on the aggregate commitment; provided, however, the aggregate commitment amount is not permitted to exceed $350.0 million. In connection with the Third Amendment, we reimbursed the lenders for their expenses. As of September 30, 2024, we had $163.0 million outstanding under our Amended and Restated Credit Agreement with a weighted average interest rate of 8.82%. At September 30, 2024, we had approximately $131.1 million available for borrowing under the Amended and Restated Credit Agreement, subject to borrowing base determination. As of September 30, 2024, we were in compliance with all financial covenants in our Amended and Restated Credit Agreement. Borrowing Base . At any time before the maturity of the Amended and Restated Credit Agreement, we may draw, repay and re-borrow amounts available under the borrowing base up to the maximum aggregate availability discussed above. Generally, the borrowing base equals the sum of (a) 85% of eligible accounts receivable owed to us, plus (b) 50% of the eligible inventory, valued at the lower of cost or market value at such time, subject to a cap of this component not to exceed $2.5 million, plus (c) the lesser of (i) 95% of the net book value of the compressors that the Lender has determined are eligible for the extension of credit, valued at the lower of cost or market value with depreciation not to exceed 25 years, at such time and (ii) 80% of the net liquidation value percentage of the net book value of the eligible compressors that the Lender has determined are eligible for the extension of credit, valued at the lower of cost or market value with depreciation not to exceed 25 years, at such time, plus (d) 80% of the net book value, valued at the lower of cost (excluding any costs for capitalized interest or other noncash capitalized costs) or market of the eligible new compressor fleet, minus (e) any required availability reserves determined by the Lender in its sole discretion. The Lender may adjust the borrowing base components if material deviations in the collateral are discovered in future audits of the collateral. Interest and Fees. Under the terms of the Amended and Restated Credit Agreement, we have the option of selecting the applicable variable rate for each revolving loan, or portion thereof, of either (a) the Base Rate (as defined below) plus the Applicable Margin, or (b) in the case of a Term Secured Overnight Financing Rate (“SOFR”) Loan, the Adjusted Term SOFR rate plus the Applicable Margin. “Base Rate” means, for any day, a rate of interest per annum equal to the highest of (a) the prime rate for such day; (b) the sum of the federal funds rate for such day plus 0.50%; and (c) the Adjusted Term SOFR for such day plus 1.00%. The Applicable Margin is determined based upon the leverage ratio as set forth in the most recent compliance certificate received by the Lender for each fiscal quarter from time to time pursuant to the Amended and Restated Credit Agreement. Depending on the leverage ratio, the Applicable Margin can be 2.00% to 2.75% for Base Rate Loans (as defined in the Amended and Restated Credit Agreement) and 3.00% to 3.75% for Term SOFR Loans and for requested letters of credit. In addition, we are required to pay a monthly commitment fee on the daily average unused amount of the commitment while the Amended and Restated Credit Agreement is in effect at an annual rate equal to 0.50% of the unused commitment amount. Accrued interest is payable monthly on outstanding principal amounts and unused commitment fee, provided that accrued interest on Term SOFR Loans is payable at the end of each interest period, but in no event less frequently than quarterly. Covenants. The Amended and Restated Credit Agreement contains customary representations and warranties, as well as covenants which, among other things, condition or limit our ability to incur additional indebtedness and liens; enter into transactions with affiliates; make acquisitions in excess of certain amounts; pay dividends; redeem or repurchase capital stock or senior notes; make investments or loans; make negative pledges; consolidate, merge or effect asset sales; or change the nature of our business. In addition, we are subject to certain financial covenants in the Amended and Restated Credit Agreement that require us to maintain (i) a leverage ratio, as defined, lesser than or equal to (a) 3.50 to 1.00 as of the last day of each fiscal quarter ending on or prior to December 31, 2024, (b) 3.75 to 1.00 for the fiscal quarters ending on March 31, 2025 and June 30, 2025, (c) 3.50 to 1.00 for the fiscal quarters ending September 30, 2025, December 31, 2025 and March 31, 2026 and (d) 3.25 to 1.00 for the fiscal quarter ending June 30, 2026 and for each fiscal quarter thereafter and (ii) a fixed charge coverage ratio greater than or equal to 1.25 to 1.00 as of the last day of each fiscal quarter. Events of Default and Acceleration . The Amended and Restated Credit Agreement contains customary events of default for credit facilities of this size and type, and includes, without limitation, payment defaults; defaults in performance of covenants or other agreements contained in the Amended and Restated Credit Agreement and the other transaction documents; inaccuracies in representations and warranties; certain defaults, termination events or similar events; certain defaults with respect to any other Company indebtedness in excess of $1.0 million; certain bankruptcy or insolvency events; the rendering of certain judgments in excess of $1.0 million; certain ERISA events; certain change in control events and the defectiveness of any liens. Obligations outstanding under the Amended and Restated Credit Agreement may be accelerated upon the occurrence of an event of default.

Stock-Based and Other Long-Term

Stock-Based and Other Long-Term Incentive Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based and Other Long-Term Incentive Compensation	Stock-Based and Other Long-Term Incentive Compensation 1998 Stock Option Plan After consideration of the activity described in the table below, a total of 405,919 shares remained available for grant under the 1998 Stock Option Plan (the “Stock Option Plan” ) as of September 30, 2024. The last date that grants can be made under the Stock Option Plan is February 28, 2026. A summary of all option activity during the nine months ended September 30, 2024 is presented below: Number of Shares Underlying Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2023 129,751 $ 20.59 4.10 $ 274 Granted 46,000 $ 22.95 $ — Exercised (6,667) $ 10.58 $ 80 Canceled / Forfeited (7,167) $ 23.27 $ 3 Expired (29,667) $ 30.41 $ — Outstanding, September 30, 2024 132,250 $ 19.56 6.15 $ 368 Exercisable, September 30, 2024 69,417 $ 19.86 3.56 $ 208 The following table summarizes information about our stock options outstanding as of September 30, 2024: Range of Exercise Prices Options Outstanding Options Exercisable Shares Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Shares Weighted Average Exercise Price $0.01-$18.00 44,333 7.55 $ 10.80 25,333 $ 10.90 $18.01-$26.00 70,167 6.23 $ 22.93 26,334 $ 22.88 $26.01-$30.00 17,750 2.38 $ 28.15 17,750 $ 28.15 132,250 6.15 $ 19.56 69,417 $ 19.86 The following table summarizes changes in our unvested stock options during the nine months ended September 30, 2024: Unvested Stock Options: Shares Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2023 24,335 $ 5.45 Granted 46,000 $ 12.37 Vested (5,502) $ 5.97 Canceled/Forfeited (2,000) $ 12.46 Unvested, September 30, 2024 62,833 $ 10.25 As of September 30, 2024, there was $0.4 million of unrecognized compensation cost related to unvested options. For each of the three and nine months ended September 30, 2024 and 2023, there was approximately $0.1 million of compensation expense for stock options, respectively. 2019 Equity Incentive Plan The 2019 Equity Incentive Plan, as amended (the “Equity Incentive Plan” ), as approved by our shareholders, provides for up to 1,150,000 shares of common stock for issuance in the form of awards. After consideration of the activity described in detail below, a total of 278,113 shares remained available for grant under the Equity Incentive Plan as of September 30, 2024. The following summarizes grants of certain awards made under our Equity Incentive Plan during 2024: • On January 29, 2024, the Compensation Committee awarded Justin Jacobs, our Chief Executive Officer (“CEO”) , 31,382 time-vested restricted stock units (“RSUs ”) and two performance share unit (“PSUs ” ) awards, one for 6,494 shares representing a signing bonus and another for 31,382 shares representing an award for 2024 (pro-rated). The RSU awards vest over three years in equal tranches beginning on the one-year anniversary of the grant date. • On March 4, 2024, the Compensation Committee awarded Brian Tucker, our Chief Operating Officer (“COO”) , 11,293 time-vested RSUs and 11,293 PSUs. The RSU awards vest over three years in equal tranches beginning on the one-year anniversary of the grant date. • On March 14, 2024, the Compensation Committee awarded Mr. Hazlett, our Chief Technical Officer, 21,984 time-vested RSUs. These RSUs were to vest over three years in equal tranches beginning on the one-year anniversary of the grant date. In connection with Mr. Hazlett ’ s recent retirement on August 1, 2024, we adjusted the vesting terms of the RSUs to correspond with the term of his post-retirement consulting agreement. • On May 7, 2024 and July 9, 2024 the Compensation Committee awarded certain non-executive employees a combined total of 10,616 time-vested RSUs. These RSUs vest over three years in equal tranches beginning on the one-year anniversary of the grant date. • On June 13, 2024, the Compensation Committee awarded each of our four independent Board members a total 5,620 RSUs, or a total of 22,480 RSUs. One half of these awards, or 11,240 in total, will vest one year from the date of grant and will be settled in shares of common stock. The other 11,240 awards will vest one year from the date of grant and can be settled, at the discretion of the recipients, in cash or shares of common stock. • On September 13, 2024, the Compensation Committee awarded Stephen Taylor, our current Chairman of the Board, a total of 4,195 RSUs for his current Board service, of which 2,098 will vest one year from the date of grant and will be settled in shares of common stock and 2,097 awards will vest one year from the date of grant and can be settled, at the discretion of Mr. Taylor, in cash or shares of common stock. Performance Share Units In connection with the PSUs granted to our CEO and COO as set forth above, potential payout for the PSU award is based upon performance for a three-year period ending December 31, 2026 measured against relative total shareholder return (“TSR”) compared to a peer group of 16 companies as established by the Compensation Committee. The PSU award payout ranges from zero (if the Company ranks below the 31.25 percentile) and up to 200% (if the Company ranks first) based upon our relative TSR performance ranking (subject to certain caps based on absolute TSR). With respect to vesting, the PSUs have both a service condition and a market condition. Due to the presence of the TSR measurement for the common equity of 17 companies, including NGS common stock, which is deemed a “market condition”, the grant-date fair value of the PSUs must be determined using a binomial pricing model. The grant date fair values of $19.59 per unit and $22.48 per unit for the PSUs awarded to the CEO and COO, respectively, were derived by using a Monte Carlo simulation model. The ranges for the assumptions used in the model for the PSUs are presented as follows: (i) expected volatility - 43.4% to 43.8%, (ii) dividend yield - 0% and (iii) risk-free interest rates - 4.09% to 4.39%. The compensation expense associated with the PSUs, similar to stock options, will be recognized over the vesting term of three years whether or not the settlement results in the payout of shares. Cash Settled RSUs The 2024 grant of RSUs to the independent Board members and Mr. Taylor that can be settled in cash represent liability-classified awards. Compensation expense associated with these awards is based upon the fair value of NGS common stock at each reporting period relative to that portion of the service period that has passed. Accordingly, the compensation expense is variable in nature. Time-Vested RSUs A summary of all time-vested RSU activity during the nine months ended September 30, 2024 is presented below: Number Weighted Average Weighted Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2023 133,898 $ 10.66 1.57 $ 1,813 Granted 88,613 $ 17.67 $ 1,565 Vested (69,824) $ 10.24 $ 1,522 Canceled/Forfeited (23,399) $ 11.07 $ 217 Outstanding, September 30, 2024 129,288 $ 15.68 4.96 $ 2,471

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table reconciles the numerators and denominators of the basic and diluted earnings per share computation for the periods presented : Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 (in thousands, except per share data) Numerator: Net income $ 5,014 $ 2,171 $ 14,362 $ 3,045 Denominator for earnings per basic common share: Weighted average common shares outstanding 12,427 12,378 12,404 12,295 Denominator for earnings per diluted common share: Weighted average common shares outstanding 12,427 12,378 12,404 12,295 Dilutive effect of stock options, RSUs and PSUs 99 25 107 77 Diluted weighted average shares 12,526 12,403 12,511 12,372 Earnings per common share: Basic $ 0.40 $ 0.18 $ 1.16 $ 0.25 Diluted $ 0.40 $ 0.18 $ 1.15 $ 0.25

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesFrom time to time, we are a party to various claims and legal proceedings arising from our operations in the ordinary course of business. We are not currently a party to any material legal proceedings, and we are not aware of any threatened material litigation. While the outcome of any claims and legal proceedings against us cannot be predicted with certainty, we have concluded that it is not considered reasonably possible that a loss resulting from such claims or proceedings in excess of any amounts accrued has been incurred that is expected to have a material adverse effect on our financial condition, results of operations or cash flows. Furthermore, we believe that we maintain adequate insurance coverage against any potential litigation loss relating to insurable risks.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated all events subsequent to the balance sheet date as of September 30, 2024 and through the date this report was issued and determined that there have been no events that would require adjustments or additional disclosures to our Condensed Consolidated Financial Statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 5,014	$ 4,250	$ 5,098	$ 2,171	$ 504	$ 370	$ 14,362	$ 3,045

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Stephen C. Taylor [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Stephen C. Taylor, our Chairman of the Board of Directors, adopted a Rule 10b5-1 trading agreement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to an aggregate of 100,000 shares of the Company’s common stock , subject to various volume amounts and price thresholds. The plan became effective on August 21, 2024 and terminates on August 19, 2025, unless sooner terminated under its terms. The 10b5-1 Plan was entered into during an open insider trading window and no sales commenced under the plan until completion of the required cooling off period under Rule 10b5-1.
Name	Stephen C. Taylor,
Title	Chairman of the Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 21, 2024
Expiration Date	August 19, 2025
Arrangement Duration	363 days
Aggregate Available	100,000	100,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company, its subsidiary, NGSG Properties, LLC, which owns the Company’s headquarters office building and the rabbi trust associated with our deferred compensation plan. All significant intercompany accounts and transactions for the periods presented have been eliminated in consolidation. These financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary for the fair presentation of our financial position at September 30, 2024 and the results of our operations for the three months and nine months ended September 30, 2024 and 2023. As permitted by the rules and regulations of the Securities and Exchange Commission (the “SEC”), the accompanying Condensed Consolidated Financial Statements do not include all disclosures normally required by generally accepted accounting principles in the United States of America (“GAAP”). These financial statements should be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 on file with the SEC. In our opinion, the Condensed Consolidated Financial Statements represent a fair representation of our financial position, results of operations, changes in stockholders’ equity and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2024.
Revenue Recognition Policy and Contract Costs	Revenue Recognition Policy Revenue is measured based on the consideration and terms specified in a customer’s contract, excluding any sale incentives and taxes collected on behalf of third parties (i.e. sales and property taxes). Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration that we expect to receive for those goods or services. To recognize revenue, we (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, we satisfy the performance obligation(s). Shipping and handling costs incurred are accounted for as fulfillment costs and are included in cost of revenues in our Condensed Consolidated Statements of Operations. Nature of Goods and Services The following is a description of principal activities from which we generate our revenue: Rental Revenue. We generate revenue from renting compressors to our customers. These contracts, which all qualify as operating leases under ASC Topic 842, Leases (“ASC 842”), may also include a fee for servicing the compressor during the rental contract. Our rental contracts typically range from six Sales Revenue . We generate revenue by the sale of custom/fabricated compressors and parts, as well as exchange/rebuilding customer owned compressors and sale of used rental equipment. Our sales revenue is recognized in accordance with ASC Topic 606, Revenues from Customers. Custom compressors - We design and coordinate the assembly of compressors based on our customer’s specifications outlined in their contract. Though the equipment being built is customized by the customer, control under these contracts does not pass to the customer until the compressor is completed and shipped, or in accordance with a bill and hold arrangement, in which the customer accepts title and assumes the risk and rewards of ownership at a specified time. We request certain of our customers to make progressive payments as the compressor is being built; these payments are presented as deferred revenue within Accrued liabilities on the Condensed Consolidated Balance Sheet until control has been transferred. These contracts also may include an assurance warranty clause to guarantee the product is free from defects in material and workmanship for a set duration of time; this is a standard industry practice and is not considered a performance obligation. Parts - Revenue is recognized after the customer obtains control of the parts. Control is passed either by the customer taking physical possession or the parts being shipped. The amount of revenue recognized is not adjusted for expected returns, as our historical part returns have been de minimis. Exchange or rebuild customer-owned compressors - Based on the contract, we will either exchange a new/rebuilt compressor for the customer’s malfunctioning compressor or rebuild the customer’s compressor. Revenue is recognized after control of the replacement or rebuilt compressor has transferred to the customer based on the terms of the contract, i.e., by physical delivery, delivery and installment, or shipment of the compressor. Used compressors - From time to time, a customer may request to purchase a used compressor out of our rental fleet. Revenue from the sale of rental equipment is recognized when the control has passed to the customer based on the terms of the contract, i.e. when the customer has taken physical possession or the equipment has been shipped. Aftermarket Service Revenue . We provide routine or call-out services on customer owned equipment as well as commissioning of new units for customers. Revenue is recognized after services in the contract are rendered. Payment terms for sales revenue and aftermarket services revenue discussed above are generally 30 to 60 days although terms for specific customers can vary. Also, the transaction prices are not subject to variable consideration constraints. Contract Costs We recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less. These costs are included within Selling, general and administrative expenses in our Condensed Consolidated Statements of Operations.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, and net operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established to reduce deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. To the extent we establish a valuation allowance or increase this allowance in a period, we include an expense in the tax provision in our Condensed Consolidated Statements of Operations. With respect to uncertain tax positions, GAAP prescribes the minimum recognition threshold a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the Condensed Consolidated Financial Statements. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon settlement. A liability for unrecognized tax benefits is recorded for any tax benefits claimed in our tax returns that do not meet these recognition and measurement standards. We had no liabilities for uncertain ta x positions as of September 30, 2024 and December 31, 2023. Our policy regarding income tax interest and penalties is to charge those items as components of interest expense and other expense, respectively.
Capitalized Interest	Capitalized Interest
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09 “Income Taxes (Topics 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that ASU 2023-09 will have on our Consolidated Financial Statement disclosures. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”) which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. The adoption of ASU 2023-07 is not expected to have a material impact on our Consolidated Financial Statements or disclosures. In November 2024, the FASB issued ASU 2024-03 “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense ” (“ASU 2024-03”) which expands annual and interim disclosures expenses for certain types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling, general & administrative expenses, and research and development). ASU 2024-03 is effective for our annual periods beginning January 1, 2027, and for interim periods beginning January 1, 2028, with early adoption permitted. The adoption of ASU 2024-03 is not expected to have a material impact on our Consolidated Financial Statements or disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes our revenue disaggregated by product or service type for the periods presented: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) (in thousands) Compressors - sales $ 383 $ 207 $ 1,724 $ 1,214 Other (parts/rebuilds) - sales 1,460 1,206 4,892 4,786 Aftermarket services 1,493 2,251 3,458 4,413 Total revenue from contracts with customers 3,336 3,664 10,074 10,413 ASC 842 rental revenue 37,350 27,705 106,010 74,533 Total revenue $ 40,686 $ 31,369 $ 116,084 $ 84,946
Schedule of Contract with Customer, Asset and Liability	We had the following receivables and deferred revenue from contracts with customers as of the dates presented: September 30, 2024 December 31, 2023 (in thousands) Accounts Receivable Sales and aftermarket services $ 4,394 $ 7,138 Rentals 21,663 32,871 Total Accounts Receivable 26,057 40,009 Less: Allowance for credit losses (1,248) (823) Total Accounts Receivable, net $ 24,809 $ 39,186 Deferred revenue $ — $ 418

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	The following table summarizes the components of our inventory, net of allowance for obsolescence, as of the dates presented: September 30, 2024 December 31, 2023 (in thousands) Inventory, net of allowance for obsolescence of $2,836 $ 19,563 $ 20,227 Work-in-process 612 1,412 Inventory - current 20,175 21,639 Raw materials - long term net of allowance of $1,168 1,043 701 Inventory - total $ 21,218 $ 22,340 A summary of activity in our inventory allowance is as follows, for the periods presented: Nine months ended Year ended September 30, 2024 December 31, 2023 (in thousands) Beginning balance $ 4,004 $ 120 Accruals — 3,965 Write-offs — (81) Ending balance $ 4,004 $ 4,004

Rental Equipment (Tables)

Rental Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Rental Equipment	Our rental equipment and associated accumulated depreciation consisted of the following, as of the dates presented: September 30, 2024 December 31, 2023 (in thousands) Compressor units $ 564,594 $ 514,527 Work-in-process 55,008 50,867 619,602 565,394 Accumulated depreciation (211,841) (191,745) $ 407,761 $ 373,649

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Long-Term Debt	Our outstanding long-term debt consists of the following, as of the dates presented: September 30, 2024 December 31, 2023 (in thousands) Credit facility borrowings $ 163,000 $ 164,000

Stock-Based and Other Long-Te_2

Stock-Based and Other Long-Term Incentive Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Option Activity	A summary of all option activity during the nine months ended September 30, 2024 is presented below: Number of Shares Underlying Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2023 129,751 $ 20.59 4.10 $ 274 Granted 46,000 $ 22.95 $ — Exercised (6,667) $ 10.58 $ 80 Canceled / Forfeited (7,167) $ 23.27 $ 3 Expired (29,667) $ 30.41 $ — Outstanding, September 30, 2024 132,250 $ 19.56 6.15 $ 368 Exercisable, September 30, 2024 69,417 $ 19.86 3.56 $ 208
Schedule of Stock Options Outstanding	The following table summarizes information about our stock options outstanding as of September 30, 2024: Range of Exercise Prices Options Outstanding Options Exercisable Shares Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Shares Weighted Average Exercise Price $0.01-$18.00 44,333 7.55 $ 10.80 25,333 $ 10.90 $18.01-$26.00 70,167 6.23 $ 22.93 26,334 $ 22.88 $26.01-$30.00 17,750 2.38 $ 28.15 17,750 $ 28.15 132,250 6.15 $ 19.56 69,417 $ 19.86
Schedule of Status of Unvested Stock Options	The following table summarizes changes in our unvested stock options during the nine months ended September 30, 2024: Unvested Stock Options: Shares Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2023 24,335 $ 5.45 Granted 46,000 $ 12.37 Vested (5,502) $ 5.97 Canceled/Forfeited (2,000) $ 12.46 Unvested, September 30, 2024 62,833 $ 10.25
Schedule of Restricted Stock Activity	A summary of all time-vested RSU activity during the nine months ended September 30, 2024 is presented below: Number Weighted Average Weighted Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2023 133,898 $ 10.66 1.57 $ 1,813 Granted 88,613 $ 17.67 $ 1,565 Vested (69,824) $ 10.24 $ 1,522 Canceled/Forfeited (23,399) $ 11.07 $ 217 Outstanding, September 30, 2024 129,288 $ 15.68 4.96 $ 2,471

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles the numerators and denominators of the basic and diluted earnings per share computation for the periods presented : Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 (in thousands, except per share data) Numerator: Net income $ 5,014 $ 2,171 $ 14,362 $ 3,045 Denominator for earnings per basic common share: Weighted average common shares outstanding 12,427 12,378 12,404 12,295 Denominator for earnings per diluted common share: Weighted average common shares outstanding 12,427 12,378 12,404 12,295 Dilutive effect of stock options, RSUs and PSUs 99 25 107 77 Diluted weighted average shares 12,526 12,403 12,511 12,372 Earnings per common share: Basic $ 0.40 $ 0.18 $ 1.16 $ 0.25 Diluted $ 0.40 $ 0.18 $ 1.15 $ 0.25

Description of Business (Detail

Description of Business (Details)	9 Months Ended
	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segment	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from External Customer [Line Items]
Revenue recognized			$ 400,000
Deferred revenue	$ 0		$ 0		$ 418,000
Amortization period of capitalized contract costs	1 year		1 year
Uncertain tax positions	$ 0		$ 0		$ 0
Capitalized interest	$ 1,200,000	$ 1,400,000	$ 3,600,000	$ 4,100,000
Rental Contracts, Excluding Large Horsepower Compressors | Minimum
Revenue from External Customer [Line Items]
Rental contract term	6 months		6 months
Rental Contracts, Large Horsepower Compressors | Maximum
Revenue from External Customer [Line Items]
Rental contract term	60 months		60 months

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 3,336	$ 3,664	$ 10,074	$ 10,413
ASC 842 rental revenue	37,350	27,705	106,010	74,533
Total revenue	40,686	31,369	116,084	84,946
Compressors - sales
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	383	207	1,724	1,214
Other (parts/rebuilds) - sales
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	1,460	1,206	4,892	4,786
Aftermarket services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 1,493	$ 2,251	$ 3,458	$ 4,413

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Contract with Customer, Asset and Liability (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Accounts Receivable
Total Accounts Receivable	$ 26,057,000	$ 40,009,000
Less: Allowance for credit losses	(1,248,000)	(823,000)
Total Accounts Receivable, net	24,809,000	39,186,000
Deferred revenue	0	418,000
Sales and aftermarket services
Accounts Receivable
Total Accounts Receivable	4,394,000	7,138,000
Rentals
Accounts Receivable
Total Accounts Receivable	$ 21,663,000	$ 32,871,000

Inventory - Schedule of Invento

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Allowance for inventory obsolescence, current	$ 2,836	$ 2,836
Inventory, net of allowance for obsolescence of $2,836	19,563	20,227
Work-in-process	612	1,412
Inventory - current	20,175	21,639
Allowance for inventory obsolescence, noncurrent	1,168	1,168
Raw materials - long term net of allowance of $1,168	1,043	701
Inventory - total	$ 21,218	$ 22,340

Inventory - Schedule of Inven_2

Inventory - Schedule of Inventory Allowance (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Inventory Valuation Reserves [Roll Forward]
Beginning balance	$ 4,004	$ 120
Accruals	0	3,965
Write-offs	0	(81)
Ending balance	$ 4,004	$ 4,004

Federal Income Tax Receivable (

Federal Income Tax Receivable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Sep. 30, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal income tax receivable		$ 15,000	$ 11,382	$ 11,538
Deferred tax liability increase due to tax law change		$ 10,100
Income tax received refunds	$ 3,900

Rental Equipment (Details)

Rental Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Rental equipment	$ 619,602	$ 565,394
Accumulated depreciation	(211,841)	(191,745)
Rental equipment, net of accumulated depreciation	407,761	373,649
Compressor units
Property, Plant and Equipment [Line Items]
Rental equipment	564,594	514,527
Work-in-process
Property, Plant and Equipment [Line Items]
Rental equipment	$ 55,008	$ 50,867

Long-term Debt - Schedule of Ou

Long-term Debt - Schedule of Outstanding Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Credit facility borrowings	$ 163,000	$ 164,000

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) $ in Thousands

3 Months Ended

9 Months Ended

Jun. 25, 2024 USD ($)

Jun. 06, 2024 USD ($)

Nov. 14, 2023 USD ($)

Feb. 28, 2023 USD ($)

Jun. 30, 2026

Mar. 31, 2026

Dec. 31, 2025

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Sep. 30, 2024 USD ($)

Jun. 24, 2024 USD ($)

Jun. 05, 2024 USD ($)

Dec. 31, 2023 USD ($)

Nov. 13, 2023 USD ($)

Line of Credit Facility [Line Items]

Credit facility borrowings outstanding

$ 163,000

$ 164,000

Revolving credit facility

Line of Credit Facility [Line Items]

Debt instrument, term

5 years

Borrowing base amount available

$ 175,000

Amendment fees

$ 900

$ 600

$ 2,000

Amendment fees, percentage

1.125%

1.125%

1.39%

Increase in commitment

$ 145,000

Aggregate credit agreement commitment

$ 350,000

$ 300,000

$ 225,000

$ 300,000

$ 225,000

$ 175,000

Potential increase in borrowing capacity

50,000

$ 75,000

$ 50,000

Potential maximum borrowing capacity

$ 350,000

Credit facility borrowings outstanding

$ 163,000

Weighted average interest rate

8.82%

Outstanding credit facility

$ 131,100

Percentage of eligible non investment grade decors

85%

Percentage of eligible inventory

50%

Line of credit facility, non exceeding cap of components

$ 2,500

Percentage of eligible compressors for extension of credit

95%

Term for depreciation

25 years

Percentage of net liquidation value of eligible compressors for extension of credit

80%

Percentage of eligible value at cost

80%

Unused commitment fee, rate

0.50%

Maximum leverage ratio allowed

3.50

Fixed charge coverage ratio

1.25

Revolving credit facility | Forecast

Line of Credit Facility [Line Items]

Maximum leverage ratio allowed

3.25

3.50

3.50

3.50

3.75

3.75

Revolving credit facility | Maximum

Line of Credit Facility [Line Items]

Default trigger, certain defaults of other company indebtedness, amount

$ 1,000

Default trigger, rendering of certain judgments, amount

$ 1,000

Revolving credit facility | Federal Fund Rate

Line of Credit Facility [Line Items]

Variable rate, applicable margin

0.50%

Revolving credit facility | SOFR Rate

Line of Credit Facility [Line Items]

Variable rate, applicable margin

1%

Revolving credit facility | SOFR Rate | Minimum

Line of Credit Facility [Line Items]

Variable rate, applicable margin

3%

Revolving credit facility | SOFR Rate | Maximum

Line of Credit Facility [Line Items]

Variable rate, applicable margin

3.75%

Revolving credit facility | Base Rate | Minimum

Line of Credit Facility [Line Items]

Variable rate, applicable margin

2%

Revolving credit facility | Base Rate | Maximum

Line of Credit Facility [Line Items]

Variable rate, applicable margin

2.75%

Stock-Based and Other Long-Te_3

Stock-Based and Other Long-Term Incentive Compensation - 1998 Stock Option Plan, Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense	$ 0.4		$ 0.4
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.1	$ 0.1	$ 0.1	$ 0.1
Stock Options | Stock Option Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	405,919		405,919

Stock-Based and Other Long-Te_4

Stock-Based and Other Long-Term Incentive Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Shares Underlying Stock Options
Outstanding, beginning of period (in shares) | shares	129,751
Granted (in shares) | shares	46,000
Exercised (in shares) | shares	(6,667)
Cancelled/Forfeited (in shares) | shares	(7,167)
Expired (in shares) | shares	(29,667)
Outstanding, end of period (in shares) | shares	132,250	129,751
Exercisable (in shares) | shares	69,417
Weighted AverageExercise Price
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 20.59
Granted (in dollars per share) | $ / shares	22.95
Exercised (in dollars per share) | $ / shares	10.58
Cancelled/Forfeited (in dollars per share) | $ / shares	23.27
Expired (in dollars per share) | $ / shares	30.41
Outstanding, end of period (in dollars per share) | $ / shares	19.56	$ 20.59
Exercisable (in dollars per share) | $ / shares	$ 19.86
WeightedAverageRemainingContractual Life (years)
Outstanding, weighted average remaining contractual life	6 years 1 month 24 days	4 years 1 month 6 days
Exercisable, weighted average remaining contractual life	3 years 6 months 21 days
AggregateIntrinsicValue(in thousands)
Outstanding, aggregate intrinsic value | $	$ 368	$ 274
Granted, aggregate intrinsic value | $	0
Exercised, aggregate intrinsic value | $	80
Cancelled/Forfeited, aggregate intrinsic value | $	3
Expired, aggregate intrinsic value | $	0
Exercisable, aggregate intrinsic value | $	$ 208

Stock-Based and Other Long-Te_5

Stock-Based and Other Long-Term Incentive Compensation - Schedule of Stock Options Outstanding (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding, shares (in shares) | shares	132,250
Options outstanding, weighted average remaining contractual life (years)	6 years 1 month 24 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 19.56
Options exercisable, shares (in shares) | shares	69,417
Options exercisable, weighted average exercise price (in dollars per share)	$ 19.86
$0.01-$18.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, lower limit (in dollars per share)	0.01
Range of exercise prices, upper limit (in dollars per share)	$ 18
Options outstanding, shares (in shares) | shares	44,333
Options outstanding, weighted average remaining contractual life (years)	7 years 6 months 18 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 10.80
Options exercisable, shares (in shares) | shares	25,333
Options exercisable, weighted average exercise price (in dollars per share)	$ 10.90
$18.01-$26.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, lower limit (in dollars per share)	18.01
Range of exercise prices, upper limit (in dollars per share)	$ 26
Options outstanding, shares (in shares) | shares	70,167
Options outstanding, weighted average remaining contractual life (years)	6 years 2 months 23 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 22.93
Options exercisable, shares (in shares) | shares	26,334
Options exercisable, weighted average exercise price (in dollars per share)	$ 22.88
$26.01-$30.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, lower limit (in dollars per share)	26.01
Range of exercise prices, upper limit (in dollars per share)	$ 30
Options outstanding, shares (in shares) | shares	17,750
Options outstanding, weighted average remaining contractual life (years)	2 years 4 months 17 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 28.15
Options exercisable, shares (in shares) | shares	17,750
Options exercisable, weighted average exercise price (in dollars per share)	$ 28.15

Stock-Based and Other Long-Te_6

Stock-Based and Other Long-Term Incentive Compensation - Schedule of Status of Unvested Stock Options (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Shares
Unvested, beginning of period (in shares) | shares	24,335
Granted (in shares) | shares	46,000
Vested (in shares) | shares	(5,502)
Cancelled/Forfeited (in shares) | shares	(2,000)
Unvested, end of period (in shares) | shares	62,833
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning of period (in dollars per share) | $ / shares	$ 5.45
Granted (in dollars per share) | $ / shares	12.37
Vested (in dollars per share) | $ / shares	5.97
Canceled/Forfeited (in dollars per share) | $ / shares	12.46
Unvested, end of period (in dollars per share) | $ / shares	$ 10.25

Stock-Based and Other Long-Te_7

Stock-Based and Other Long-Term Incentive Compensation - 2019 Equity Incentive Plan, Narrative (Details) $ / shares in Units, $ in Millions						2 Months Ended	3 Months Ended		9 Months Ended
	Sep. 13, 2024 shares	Jun. 13, 2024 independent_director shares	Mar. 14, 2024 shares	Mar. 04, 2024 shares	Jan. 29, 2024 shares	Jul. 09, 2024 shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2019 shares
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)									88,613
Granted (in dollars per share) | $ / shares									$ 17.67
Restricted Stock | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of independent directors | independent_director		4
Restricted Stock | Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant under the Equity Incentive Plan (in shares)											1,150,000
Number of shares available for grant (in shares)							278,113		278,113
Share-based compensation expense | $							$ 0.5	$ 0.2	$ 0.9	$ 1.8
Restricted Stock Units (RSUs) | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					31,382
Award vesting period					3 years
Restricted Stock Units (RSUs) | Chief Operating Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				11,293
Award vesting period				3 years
Restricted Stock Units (RSUs) | Chief Technical Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			21,984
Award vesting period			3 years			3 years
Restricted Stock Units (RSUs) | Non-Executive Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)						10,616
Restricted Stock Units (RSUs) | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		22,480
Restricted Stock Units (RSUs) | Directors | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		11,240
Award vesting period		1 year
Restricted Stock Units (RSUs) | Directors | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		11,240
Award vesting period		1 year
Restricted Stock Units (RSUs) | Director One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		5,620
Restricted Stock Units (RSUs) | Director Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		5,620
Restricted Stock Units (RSUs) | Director Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		5,620
Restricted Stock Units (RSUs) | Director Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		5,620
Restricted Stock Units (RSUs) | Board of Directors Chairman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	4,195
Restricted Stock Units (RSUs) | Board of Directors Chairman | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	2,098
Award vesting period	1 year
Restricted Stock Units (RSUs) | Board of Directors Chairman | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	2,097
Award vesting period	1 year
Performance Shares | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					2
Granted (in dollars per share) | $ / shares									$ 19.59
Performance Shares | Chief Operating Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				11,293
Granted (in dollars per share) | $ / shares									$ 22.48
Performance Shares | Chief Executive Officer And Chief Operating Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period									3 years
Expected volatility rate, minimum									43.40%
Expected volatility rate, , maximum									43.80%
Dividend yield									0%
Risk -free interest rates, minimum									4.09%
Risk -free interest rates, maximum									4.39%
Performance Shares | Chief Executive Officer And Chief Operating Officer | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage									0%
Performance Shares | Chief Executive Officer And Chief Operating Officer | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage									200%
Performance Shares Signing Bonus | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					6,494
Performance Shares, 2024 Pro-Rated | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					31,382

Stock-Based and Other Long-Te_8

Stock-Based and Other Long-Term Incentive Compensation - Schedule of Restricted Stock Activity (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number  of Shares
Outstanding, beginning of period (in shares)	133,898
Granted (in shares)	88,613
Vested (in shares)	(69,824)
Canceled/Forfeited (in shares)	(23,399)
Outstanding, ending of period (in shares)	129,288	133,898
Weighted Average Grant Date Fair Value
Outstanding beginning of period (in dollars per share)	$ 10.66
Granted (in dollars per share)	17.67
Vested (in dollars per share)	10.24
Canceled/Forfeited (in dollars per share)	11.07
Outstanding ending of the period (in dollars per share)	$ 15.68	$ 10.66
Weighted Average Remaining Contractual Life (years)
Weighted average remaining contractual life (years)	4 years 11 months 15 days	1 year 6 months 25 days
Aggregate Intrinsic Value (in thousands)
Outstanding, aggregate intrinsic value	$ 2,471	$ 1,813
Granted, aggregate intrinsic value	1,565
Vested, aggregate intrinsic value	1,522
Cancelled/Forfeited, aggregate intrinsic value	$ 217

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 5,014	$ 4,250	$ 5,098	$ 2,171	$ 504	$ 370	$ 14,362	$ 3,045
Denominator for earnings per basic common share:
Weighted average common shares outstanding (in shares)	12,427			12,378			12,404	12,295
Denominator for earnings per diluted common share:
Weighted average common shares outstanding (in shares)	12,427			12,378			12,404	12,295
Dilutive effect of stock options, RSUs and PSUs (in shares)	99			25			107	77
Diluted weighted average shares (in shares)	12,526			12,403			12,511	12,372
Earnings per common share:
Basic (in dollars per share)	$ 0.40			$ 0.18			$ 1.16	$ 0.25
Diluted (in dollars per share)	$ 0.40			$ 0.18			$ 1.15	$ 0.25