Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 05, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-37936 | |
Entity Registrant Name | SMART SAND, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-2809926 | |
Entity Address, Address Line One | 1000 Floral Vale Boulevard | |
Entity Address, Address Line Two | Suite 225 | |
Entity Address, City or Town | Yardley | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19067 | |
City Area Code | 281 | |
Local Phone Number | 231-2660 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | SND | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 42,926,544 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001529628 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 6,257 | $ 6,072 |
Accounts receivable | 26,232 | 23,231 |
Unbilled receivables | 4,332 | 2,561 |
Inventory | 25,031 | 26,823 |
Prepaid expenses and other current assets | 2,929 | 3,217 |
Total current assets | 64,781 | 61,904 |
Property, plant and equipment, net | 246,530 | 255,092 |
Operating lease right-of-use assets | 24,431 | 23,265 |
Intangible assets, net | 5,480 | 5,876 |
Other assets | 593 | 163 |
Total assets | 341,815 | 346,300 |
Current liabilities: | ||
Accounts payable | 9,548 | 16,041 |
Accrued expenses and other liabilities | 12,808 | 11,024 |
Deferred revenue | 636 | 1,154 |
Current portion of long-term debt | 5,485 | 15,711 |
Current portion of operating lease liabilities | 10,593 | 10,536 |
Total current liabilities | 39,070 | 54,466 |
Long-term debt | 9,330 | 3,449 |
Long-term operating lease liabilities | 15,062 | 14,056 |
Deferred tax liabilities, net | 15,029 | 12,101 |
Asset retirement obligations | 20,421 | 19,923 |
Other non-current liabilities | 38 | 38 |
Total liabilities | 98,950 | 104,033 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity | ||
Common stock, $0.001 par value, 350,000,000 shares authorized; 46,254,641 issued and 38,771,217 outstanding at June 30, 2024; 45,858,022 issued and 38,486,762 outstanding at December 31, 2023 | 39 | 39 |
Treasury stock, at cost, 7,483,424 and 7,371,260 shares at June 30, 2024 and December 31, 2023, respectively | (14,471) | (14,249) |
Additional paid-in capital | 183,492 | 181,973 |
Retained earnings | 73,893 | 74,539 |
Accumulated other comprehensive loss | (88) | (35) |
Total stockholders’ equity | 242,865 | 242,267 |
Total liabilities and stockholders’ equity | $ 341,815 | $ 346,300 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, shares issued (in shares) | 46,254,641 | 45,858,022 |
Common stock, shares outstanding (in shares) | 38,771,217 | 38,486,762 |
Treasury stock, shares (in shares) | 7,483,424 | 7,371,260 |
CONDENSED CONSOLIDATED INCOME S
CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues: | $ 73,800 | $ 74,776 | $ 156,852 | $ 157,126 |
Cost of goods sold: | 60,727 | 62,087 | 131,968 | 132,800 |
Gross profit | 13,073 | 12,689 | 24,884 | 24,326 |
Operating expenses: | ||||
Selling, general and administrative | 8,871 | 8,953 | 19,221 | 19,717 |
Depreciation and amortization | 671 | 629 | 1,345 | 1,221 |
Loss (gain) on disposal of fixed assets, net | 3 | 24 | 6 | 1,913 |
Total operating expenses | 9,545 | 9,606 | 20,572 | 22,851 |
Operating income | 3,528 | 3,083 | 4,312 | 1,475 |
Interest expense, net | (393) | (223) | (882) | (664) |
Other income | 75 | 159 | 171 | 207 |
Total other expenses, net | (1,628) | (64) | (2,021) | (457) |
Income (loss) before income tax expense (benefit) | 1,900 | 3,019 | 2,291 | 1,018 |
Income tax expense (benefit) | 2,330 | (3,288) | 2,937 | (1,690) |
Net (loss) income | $ (430) | $ 6,307 | $ (646) | $ 2,708 |
Net (loss) income per common share: | ||||
Basic (in dollars per share) | $ (0.01) | $ 0.17 | $ (0.02) | $ 0.07 |
Diluted (in dollars per share) | $ (0.01) | $ 0.17 | $ (0.02) | $ 0.07 |
Weighted-average number of common shares: | ||||
Basic (in shares) | 38,724 | 37,968 | 38,639 | 39,611 |
Diluted (in shares) | 38,724 | 37,968 | 38,639 | 39,659 |
Gain (Loss) on Extinguishment of Debt | $ (1,310) | $ 0 | $ (1,310) | $ 0 |
Sand | ||||
Revenues: | 71,020 | 72,445 | 150,739 | 152,464 |
Cost of goods sold: | 58,903 | 60,193 | 127,870 | 128,932 |
SmartSystems | ||||
Revenues: | 2,780 | 2,331 | 6,113 | 4,662 |
Cost of goods sold: | $ 1,824 | $ 1,894 | $ 4,098 | $ 3,868 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (430) | $ 6,307 | $ (646) | $ 2,708 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustment | (27) | (41) | (53) | (107) |
Comprehensive (loss) income | $ (457) | $ 6,266 | $ (699) | $ 2,601 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Restricted Stock | Common Stock | Common Stock Restricted Stock | Treasury Stock | Treasury Stock Restricted Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income |
Beginning balance (in shares) at Dec. 31, 2022 | 43,088,106 | ||||||||
Beginning balance at Dec. 31, 2022 | $ 243,471 | $ 43 | $ (5,075) | $ 178,386 | $ 69,890 | $ 227 | |||
Beginning balance (in shares) at Dec. 31, 2022 | 2,010,961 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Foreign currency translation adjustment | (66) | (66) | |||||||
Vesting of restricted stock (in shares) | 4,750 | ||||||||
Stock-based compensation | 779 | 779 | |||||||
Employee stock purchase plan compensation | 7 | 7 | |||||||
Employee stock purchase plan issuance (in shares) | 21,810 | ||||||||
Employee stock purchase plan issuance | 33 | 33 | |||||||
Stock buy back (in shares) | 5,175,688 | (1,618) | (5,175,688) | 1,618 | |||||
Stock buy back | (8,850) | $ (3) | $ (5) | $ (8,845) | $ (3) | ||||
Net (loss) income | (3,599) | (3,599) | |||||||
Ending balance (in shares) at Mar. 31, 2023 | 37,937,360 | ||||||||
Ending balance at Mar. 31, 2023 | 231,772 | $ 38 | $ (13,923) | 179,205 | 66,291 | 161 | |||
Ending balance (in shares) at Mar. 31, 2023 | 7,188,267 | ||||||||
Beginning balance (in shares) at Dec. 31, 2022 | 43,088,106 | ||||||||
Beginning balance at Dec. 31, 2022 | 243,471 | $ 43 | $ (5,075) | 178,386 | 69,890 | 227 | |||
Beginning balance (in shares) at Dec. 31, 2022 | 2,010,961 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Foreign currency translation adjustment | (107) | ||||||||
Net (loss) income | 2,708 | ||||||||
Ending balance (in shares) at Jun. 30, 2023 | 38,117,265 | ||||||||
Ending balance at Jun. 30, 2023 | 238,802 | $ 38 | $ (14,000) | 180,046 | 72,598 | 120 | |||
Ending balance (in shares) at Jun. 30, 2023 | 7,236,398 | ||||||||
Beginning balance (in shares) at Mar. 31, 2023 | 37,937,360 | ||||||||
Beginning balance at Mar. 31, 2023 | 231,772 | $ 38 | $ (13,923) | 179,205 | 66,291 | 161 | |||
Beginning balance (in shares) at Mar. 31, 2023 | 7,188,267 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Foreign currency translation adjustment | (41) | (41) | |||||||
Vesting of restricted stock (in shares) | 228,036 | ||||||||
Stock-based compensation | 833 | 833 | |||||||
Employee stock purchase plan compensation | 8 | 8 | |||||||
Stock buy back (in shares) | 48,131 | (48,131) | |||||||
Stock buy back | (77) | $ (77) | |||||||
Net (loss) income | 6,307 | 6,307 | |||||||
Ending balance (in shares) at Jun. 30, 2023 | 38,117,265 | ||||||||
Ending balance at Jun. 30, 2023 | $ 238,802 | $ 38 | $ (14,000) | 180,046 | 72,598 | 120 | |||
Ending balance (in shares) at Jun. 30, 2023 | 7,236,398 | ||||||||
Beginning balance (in shares) at Dec. 31, 2023 | 38,486,762 | 38,486,762 | |||||||
Beginning balance at Dec. 31, 2023 | $ 242,267 | $ 39 | $ (14,249) | 181,973 | 74,539 | (35) | |||
Beginning balance (in shares) at Dec. 31, 2023 | 7,371,260 | 7,371,260 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Foreign currency translation adjustment | $ (26) | (26) | |||||||
Vesting of restricted stock (in shares) | 288,817 | ||||||||
Stock-based compensation | 642 | 642 | |||||||
Employee stock purchase plan compensation | 6 | 6 | |||||||
Employee stock purchase plan issuance (in shares) | 17,891 | ||||||||
Employee stock purchase plan issuance | 25 | 25 | |||||||
Stock buy back (in shares) | 87,462 | 87,462 | |||||||
Stock buy back | (170) | $ (170) | |||||||
Net (loss) income | (216) | (216) | |||||||
Ending balance (in shares) at Mar. 31, 2024 | 38,706,008 | ||||||||
Ending balance at Mar. 31, 2024 | $ 242,528 | $ 39 | $ (14,419) | 182,646 | 74,323 | (61) | |||
Ending balance (in shares) at Mar. 31, 2024 | 7,458,722 | ||||||||
Beginning balance (in shares) at Dec. 31, 2023 | 38,486,762 | 38,486,762 | |||||||
Beginning balance at Dec. 31, 2023 | $ 242,267 | $ 39 | $ (14,249) | 181,973 | 74,539 | (35) | |||
Beginning balance (in shares) at Dec. 31, 2023 | 7,371,260 | 7,371,260 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Foreign currency translation adjustment | $ (53) | ||||||||
Net (loss) income | $ (646) | ||||||||
Ending balance (in shares) at Jun. 30, 2024 | 38,771,217 | 38,771,217 | |||||||
Ending balance at Jun. 30, 2024 | $ 242,865 | $ 39 | $ (14,471) | 183,492 | 73,893 | (88) | |||
Ending balance (in shares) at Jun. 30, 2024 | 7,483,424 | 7,483,424 | |||||||
Beginning balance (in shares) at Mar. 31, 2024 | 38,706,008 | ||||||||
Beginning balance at Mar. 31, 2024 | $ 242,528 | $ 39 | $ (14,419) | 182,646 | 74,323 | (61) | |||
Beginning balance (in shares) at Mar. 31, 2024 | 7,458,722 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Foreign currency translation adjustment | (27) | (27) | |||||||
Vesting of restricted stock (in shares) | 89,911 | ||||||||
Stock-based compensation | 840 | 840 | |||||||
Employee stock purchase plan compensation | 6 | 6 | |||||||
Stock buy back (in shares) | 24,702 | 24,702 | |||||||
Stock buy back | $ (52) | $ (52) | |||||||
Net (loss) income | $ (430) | (430) | |||||||
Ending balance (in shares) at Jun. 30, 2024 | 38,771,217 | 38,771,217 | |||||||
Ending balance at Jun. 30, 2024 | $ 242,865 | $ 39 | $ (14,471) | $ 183,492 | $ 73,893 | $ (88) | |||
Ending balance (in shares) at Jun. 30, 2024 | 7,483,424 | 7,483,424 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities: | ||
Net (loss) income | $ (646) | $ 2,708 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and accretion of asset retirement obligations | 14,496 | 13,338 |
Amortization of intangible assets | 398 | 398 |
Net loss on disposal of fixed assets | 6 | 1,913 |
Amortization of deferred financing cost | 53 | 53 |
Accretion of debt discount | 92 | 93 |
Loss on extinguishment of debt | 1,310 | 0 |
Deferred income taxes | 2,927 | (1,748) |
Stock-based compensation, net | 1,482 | 1,612 |
Employee stock purchase plan compensation | 12 | 15 |
Changes in assets and liabilities: | ||
Accounts receivable | (3,001) | 5,908 |
Unbilled receivables | (1,771) | (336) |
Inventory | 1,793 | (2,820) |
Prepaid expenses and other assets | 118 | 4,195 |
Deferred revenue | (518) | (614) |
Accounts payable | (7,247) | (2,049) |
Accrued and other expenses | 1,515 | (1,493) |
Net cash provided by operating activities | 11,019 | 21,173 |
Investing activities: | ||
Purchases of property, plant and equipment | (3,000) | (9,245) |
Proceeds from disposal of assets | 2 | 73 |
Net cash used in investing activities | (2,998) | (9,172) |
Financing activities: | ||
Proceeds from the issuance of notes payable | 9,109 | 0 |
Repayments of notes payable | (8,904) | (7,450) |
Proceeds from revolving credit facility | 15,000 | 15,000 |
Repayment of revolving credit facility | (21,000) | (15,000) |
Payments under finance leases | (114) | (123) |
Payment of deferred financing and debt issuance costs | (503) | 0 |
Payment for debt extinguishment costs | (1,227) | 0 |
Employee stock purchase plan issuance | 25 | 33 |
Purchase of treasury stock | (222) | (4,479) |
Net cash used in financing activities | (7,836) | (12,019) |
Net increase (decrease) in cash and cash equivalents | 185 | (18) |
Cash and cash equivalents at beginning of year | 6,072 | 5,510 |
Cash and cash equivalents at end of period | 6,257 | 5,492 |
Supplemental disclosure of cash flow information | ||
Purchases of property, plant and equipment in accounts payable and accrued expenses | 1,310 | 3,752 |
Treasury stock purchased with debt | 0 | 4,425 |
Fixed assets purchased with debt | $ 1,358 | $ 0 |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | Organization and Nature of Business The Company was incorporated in July 2011 and is headquartered in Yardley, Pennsylvania. The Company primarily operates as a fully integrated frac and industrial sand supply and services company. The Company offers complete mine to wellsite proppant supply and logistics solutions to our frac sand customers in the oil and natural gas industry. These operations include the excavation, processing and sale of sand, or proppant, for hydraulic fracturing operations as well as proppant logistics and wellsite storage solutions through its SmartSystems TM products and services. The Company also provides sand to customers for industrial uses through its Industrial Product Solutions (“IPS”), such as glass, foundry, building products, filtration, geothermal, renewables, ceramics, turf & landscape, retail, and recreation. Sand Mines and Processing Facilities The Company’s integrated Oakdale facility, with on-site rail infrastructure and wet and dry sand processing facilities, has access to two Class I rail lines, the Canadian Pacific Railway through its onsite rail terminal and the Union Pacific Railway through its nearby Byron, Wisconsin facility. The Company commenced operations at its mine and processing facility near Oakdale, Wisconsin in July 2012, and subsequently expanded its operations in 2014, 2015 and 2018. The annual processing capacity at the Oakdale facility is approximately 5.5 million tons. In September 2020, the Company acquired two frac sand mines and related processing facilities in Utica, Illinois and New Auburn, Wisconsin. The annual processing capacity at the Utica, Illinois facility is approximately 1.6 million tons and it has access to the Class I Burlington Northern Santa Fe railway through the Peru, Illinois transload facility. The Company began operating the Utica, Illinois mine and Peru, Illinois transload facility in October 2020. The Company currently has no plans to operate the New Auburn facility for the foreseeable future. In March 2022, the Company acquired a frac sand mine and processing facility in Blair, Wisconsin. The annual processing capacity at the Blair facility is approximately 2.9 million tons and contains an onsite, unit train capable rail terminal with access to the Class 1 Canadian National Railway. The Company commenced operations at the Blair facility in April 2023. Transload & Logistics Solutions The Company also offers proppant logistics solutions to its customers through, among other things, its network of in-basin transloading terminals and its SmartSystems TM wellsite proppant storage and management capabilities. The Company has direct access to four Class I rail lines and the ability to access all Class 1 rail lines within the United States and Canada. Its network of terminal and rail line access enables the Company to provide cost-effective delivery options to its customers. The Company has several in-basin rail terminals. The Company acquired rights in March 2018 to operate a unit train capable transloading terminal in Van Hook, North Dakota to service the Bakken Formation in the Williston Basin. In 2020, the Company, as part of its acquisition of the Utica, Illinois facility, obtained rights to use a rail terminal located in El Reno, Oklahoma. In September 2021, the Company acquired the rights to construct and operate a transloading terminal in Waynesburg, Pennsylvania to service the Appalachian Basin, including the Marcellus and Utica Formations, which became operational in January 2022 and was further expanded in the fourth quarter of 2023. In December 2023 and January 2024, the Company acquired rights to use transloading terminals in Minerva, Ohio and Dennison, Ohio, respectively. These terminals will service the Appalachian Basin. The Minerva terminal became operational in the second quarter of 2024 and the Dennison terminal became operational in the third quarter of 2024. The Company’s SmartSystems offer proppant storage solutions that create efficiencies, flexibility, enhanced safety and reliability for customers by providing the capability to unload, store and deliver proppant at the wellsite, as well as having the ability to rapidly set up, takedown and transport the entire system. The SmartDepot TM silo includes passive and active dust suppression technology, along with the capability of gravity-fed operation. The SmartPath ® transloader is a mobile sand transloading system designed to work with bottom dump trailers and features a drive over conveyor, surge bin, and dust collection system. The Company has developed the Smartbelt TM a belt system to pair with its SmartPath, which allows for feeding sand directly into the hopper at the wellsite. Rapid deployment trailers are designed for quick setup, takedown and transportation of the entire SmartSystem, and they detach from the wellsite equipment, which allows for removal from the wellsite during operation. A proprietary software program, the SmartSystem Tracker TM , allows customers to monitor silo-specific information, including location, proppant type and proppant inventory. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The information presented below supplements the complete description of our significant accounting policies disclosed in our 2023 Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 11, 2024. Revision of Previously Issued Financial Statements The Company has reclassified some prior year line items on its condensed consolidated statements of operations to conform to the current financial statement presentation. These reclassifications have no effect on previously reported total revenue or net income. The Company changed the names and types of revenue that are reported on each line item under revenues. Sand revenue now includes sand sales, shortfall, railcar rental, and transportation. SmartSystems revenue is primarily from the rental of our patented SmartSystems equipment and related services provided to customers. There has been no change in the manner in which we recognize revenue. Basis of Presentation and Consolidation The accompanying unaudited quarterly condensed consolidated financial statements (“interim statements”) of the Company are presented in accordance with the rules and regulations of the SEC for quarterly reports on Form 10-Q and therefore do not include all the information and notes required by GAAP. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. All adjustments are of a normal recurring nature. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. The consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of and for the year ended December 31, 2023. These interim statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2023. Use of Estimates The preparation of interim statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates used in the preparation of these financial statements include, but are not limited to: impairment considerations of assets, including intangible assets, fixed assets, and inventory; estimated cost of future asset retirement obligations; fair value of acquired assets and assume liabilities; recoverability of deferred tax assets; inventory reserve; the collectability of receivables; and certain liabilities. Actual results could differ from management’s best estimates as additional information or actual results become available in the future, and those differences could be material. Additionally, global events such as the ongoing conflict in Ukraine and the recent conflict in the Middle East may affect oil and natural gas prices and significant volatility in the oilfield service sector. The Company is currently unable to estimate the effect of current or future events on its future financial position and results of operations. Therefore, the Company can give no assurances that these events will not have a material adverse effect on its financial position or results of operations. Employee Retention Credit The Company qualified for federal government assistance through employee retention credit provisions of the Consolidated Appropriations Act of 2021. As of June 30, 2024 and December 31, 2023, the Company included $522 in prepaid expenses and other current assets on its consolidated balance sheets related to receivables for the employee retention credits. The calculation of the credit was based on employees continued employment and represents a portion of the wages paid to them. For income tax purposes, the credit will result in decreased expense related to the wages it offsets in the period received. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting, which updates various reportable disclosure requirements, primarily through incremental disclosures of segment expenses in both annual and interim reporting. The Update is effective for the Company as of the annual reporting period beginning January 1, 2024 and interim periods beginning January 1, 2025. While the Company is still in the process of evaluating the effects of ASU 2023-07 and its related updates on the consolidated financial statements, at the time of adoption, it believes the primary effect will be updated note disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes, which updates various disclosures including enhancing the income tax rate reconciliation and income taxes paid disclosures by requiring greater disaggregation of information. The other amendments in this Update are intended to improve the effectiveness and comparability of disclosures. The Update is effective for the Company for the annual reporting period beginning January 1, 2025 and for interim periods beginning January 1, 2026. While the Company is still in the process of evaluating the effects of ASU 2023-07 and its related updates on the consolidated financial statements, at the time of adoption, it believes the primary effect will be updated note disclosures. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory consisted of the following: June 30, 2024 December 31, 2023 Raw material $ 1,032 $ 467 Work in progress 5,929 9,391 Finished goods 8,833 8,244 Spare parts 9,237 8,721 Total inventory $ 25,031 $ 26,823 |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | Property, Plant and Equipment, net Net property, plant and equipment consisted of: June 30, 2024 December 31, 2023 Machinery, equipment and tooling $ 42,434 $ 40,632 SmartSystems 31,127 30,651 Vehicles 4,225 4,082 Furniture and fixtures 1,479 1,466 Plant and building 216,460 213,756 Real estate properties 7,209 7,209 Railroad and sidings 35,719 35,491 Land and land improvements 40,528 40,519 Asset retirement obligations 22,910 22,910 Mineral properties 7,442 7,442 Deferred mining costs 3,906 3,802 Construction in progress 6,121 6,270 419,560 414,230 Less: accumulated depreciation and depletion 173,030 159,138 Total property, plant and equipment, net $ 246,530 $ 255,092 |
Accrued and Other Expenses
Accrued and Other Expenses | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued and Other Expenses | Accrued and Other Expenses Accrued and other expenses were comprised of the following: June 30, 2024 December 31, 2023 Employee related expenses $ 2,100 $ 1,767 Accrued equipment expense 96 524 Accrued professional fees 563 461 Accrued royalties 2,584 3,149 Accrued freight and delivery charges 2,293 2,066 Accrued real estate tax 2,363 1,044 Accrued utilities 1,153 604 Sales tax liability 340 486 Income tax payable 845 865 Other accrued liabilities 471 58 Total accrued liabilities $ 12,808 $ 11,024 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt The current portion of long-term debt consists of the following: June 30, 2024 December 31, 2023 ABL Credit Facility $ 2,000 $ 8,000 VFI Equipment Financing 2,381 — Oakdale Equipment Financing — 6,462 Notes payable 880 1,011 Finance leases 224 238 Current portion of long-term debt $ 5,485 $ 15,711 Long-term debt, net of current portion consists of the following: June 30, 2024 December 31, 2023 VFI Equipment Financing $ 6,728 $ — Oakdale Equipment Financing — 1,388 Notes payable 2,171 1,519 Finance leases 431 542 Long-term debt $ 9,330 $ 3,449 The follow summarizes the maturity of our debt: ABL Credit Facility VFI Equipment Financing Notes Payable Finance Leases Total Remainder of 2024 $ 2,000 $ 1,470 $ 418 $ 141 $ 4,029 2025 — 2,940 1,003 272 4,215 2026 — 2,940 935 261 4,136 2027 — 2,940 675 65 3,680 2028 — 579 325 7 911 2029 and thereafter — — 80 — 80 Total minimum payments 2,000 10,869 3,436 746 17,051 Amount representing interest — (1,760) (385) (91) (2,236) Amount representing unamortized lender fees — — — — — Present value of payments 655 Less: current portion (2,000) (2,381) (880) (224) (5,485) Total long-term debt $ — $ 6,728 $ 2,171 $ 431 $ 9,330 ABL Credit Facility On December 13, 2019, the Company entered into a $20,000 five-year senior secured asset-based credit facility with Jefferies Finance LLC. The available borrowing amount under the ABL Credit Facility as of June 30, 2024 was $20,000 and is based on the Company’s eligible accounts receivable and inventory. The Company had $2,000 outstanding and $18,000 available to be drawn under this facility as of June 30, 2024. The weighted average interest rate on our ABL credit facility for the six months ended June 30, 2024 was 8.04%. VFI Equipment Financing On June 28, 2024, the Company entered into an equipment financing arrangement with VFI with a principal amount of $10,000. The VFI Equipment Financing is legally comprised of a Master Lease Agreement and one lease schedule. The VFI Equipment Financing is considered a lease under article 2A of the Uniform Commercial Code but is considered a financing arrangement for accounting and financial reporting purposes, and not a lease. The collateral under the VFI Equipment Financing includes the majority of the Company’s SmartSystems equipment. The VFI Equipment Financing bears interest at a fixed rate of 8.56%. The Company used the net proceeds to repay in full and terminate the Oakdale Equipment Financing, and the remainder was added to working capital. The VFI Equipment Financing matures on May 8, 2028. Company has the right to reacquire the underlying equipment on the lease schedule upon maturity for one dollar. Oakdale Equipment Financing On December 13, 2019, the Company received net proceeds of $23,000 in an equipment financing arrangement with Nexseer. Substantially all of the Company’s mining and processing equipment at its Oakdale facility are pledged as collateral under the Oakdale Equipment Financing. The Oakdale Equipment Financing bore interest at a fixed rate of 5.79%. This facility was paid in full and terminated on June 28, 2024. Notes Payable The Company has entered into various financing arrangements, primarily to finance heavy equipment. As of June 30, 2024, these notes payable bear interest at rates between 3.99% and 7.49%. On February 28, 2023, the Company purchased 5,176 shares of the Company’s common stock from Clearlake Capital Partners II (Master), L.P., an affiliate of Clearlake Capital Group (“Clearlake”), for $8,850, of which $4,425 was paid in cash and the remainder was financed through an unsecured promissory note, bearing interest of 10.00%, issued to Clearlake. This |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Leases Lessee The operating and financing components of the Company’s right-of-use assets and lease liabilities on the consolidated balance sheets were as follows: Balance Sheet Location June 30, 2024 December 31, 2023 Right-of-use assets Operating Operating right-of-use assets $ 24,431 $ 23,265 Financing Property, plant and equipment, net 640 908 Total right-of use assets $ 25,071 $ 24,173 Lease liabilities Operating Operating lease liabilities, current and long-term portions $ 25,655 $ 24,592 Financing Long-term debt, current and long-term portions 655 780 Total lease liabilities $ 26,310 $ 25,372 Operating lease costs are recorded as a single expense on the statement of operations and allocated to the right-of-use assets and the related lease liabilities as depreciation expense and interest expense, respectively. Lease cost recognized in the consolidated statement of operations for the three and six months ended June 30, 2024 and 2023 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Finance lease cost Amortization of right-of-use assets $ 58 $ 49 $ 115 $ 143 Interest on lease liabilities 16 18 34 34 Operating lease cost 3,393 3,418 6,780 6,613 Short-term lease cost 9 9 18 18 Total lease cost $ 3,476 $ 3,494 $ 6,947 $ 6,808 Other information related to the Company’s leasing activity for the six months ended June 30, 2024 and 2023 is as follows: Six Months Ended June 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for finance leases $ 34 $ 33 Operating cash flows used for operating leases $ 6,866 $ 7,383 Financing cash flows used for finance leases $ 114 $ 123 Right-of-use assets obtained in exchange for new operating lease liabilities $ 7,700 $ 5,157 Weighted average remaining lease term - finance leases 2.8 years 3.2 years Weighted average discount rate - finance leases 9.56 % 9.30 % Weighted average remaining lease term - operating leases 2.8 years 2.8 years Weighted average discount rate - operating leases 6.99 % 6.09 % Maturities of the Company’s lease liabilities as of June 30, 2024 are as follows: Operating Leases Finance Leases Total Remainder of 2024 $ 6,430 $ 141 $ 6,571 2025 10,317 272 10,589 2026 6,343 261 6,604 2027 3,520 65 3,585 2028 1,427 7 1,434 Thereafter 258 — 258 Total cash lease payments 28,295 746 29,041 Less: amounts representing interest (2,640) (91) (2,731) Total lease liabilities $ 25,655 $ 655 $ 26,310 |
Leases | Leases Lessee The operating and financing components of the Company’s right-of-use assets and lease liabilities on the consolidated balance sheets were as follows: Balance Sheet Location June 30, 2024 December 31, 2023 Right-of-use assets Operating Operating right-of-use assets $ 24,431 $ 23,265 Financing Property, plant and equipment, net 640 908 Total right-of use assets $ 25,071 $ 24,173 Lease liabilities Operating Operating lease liabilities, current and long-term portions $ 25,655 $ 24,592 Financing Long-term debt, current and long-term portions 655 780 Total lease liabilities $ 26,310 $ 25,372 Operating lease costs are recorded as a single expense on the statement of operations and allocated to the right-of-use assets and the related lease liabilities as depreciation expense and interest expense, respectively. Lease cost recognized in the consolidated statement of operations for the three and six months ended June 30, 2024 and 2023 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Finance lease cost Amortization of right-of-use assets $ 58 $ 49 $ 115 $ 143 Interest on lease liabilities 16 18 34 34 Operating lease cost 3,393 3,418 6,780 6,613 Short-term lease cost 9 9 18 18 Total lease cost $ 3,476 $ 3,494 $ 6,947 $ 6,808 Other information related to the Company’s leasing activity for the six months ended June 30, 2024 and 2023 is as follows: Six Months Ended June 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for finance leases $ 34 $ 33 Operating cash flows used for operating leases $ 6,866 $ 7,383 Financing cash flows used for finance leases $ 114 $ 123 Right-of-use assets obtained in exchange for new operating lease liabilities $ 7,700 $ 5,157 Weighted average remaining lease term - finance leases 2.8 years 3.2 years Weighted average discount rate - finance leases 9.56 % 9.30 % Weighted average remaining lease term - operating leases 2.8 years 2.8 years Weighted average discount rate - operating leases 6.99 % 6.09 % Maturities of the Company’s lease liabilities as of June 30, 2024 are as follows: Operating Leases Finance Leases Total Remainder of 2024 $ 6,430 $ 141 $ 6,571 2025 10,317 272 10,589 2026 6,343 261 6,604 2027 3,520 65 3,585 2028 1,427 7 1,434 Thereafter 258 — 258 Total cash lease payments 28,295 746 29,041 Less: amounts representing interest (2,640) (91) (2,731) Total lease liabilities $ 25,655 $ 655 $ 26,310 |
Asset Retirement Obligation
Asset Retirement Obligation | 6 Months Ended |
Jun. 30, 2024 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Asset Retirement Obligations The Company had a post-closure reclamation and site restoration obligation of $20,421 as of June 30, 2024. The following is a reconciliation of the total reclamation liability for asset retirement obligations. Balance at December 31, 2023 $ 19,923 Accretion expense 498 Balance at June 30, 2024 $ 20,421 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue The following table presents the Company’s revenues disaggregated by type and percentage of total revenues for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue Percentage of Total Revenue Revenue Percentage of Total Revenue Revenue Percentage of Total Revenue Revenue Percentage of Total Revenue Sand revenue $ 71,020 96 % $ 72,445 97 % $ 150,739 96 % $ 152,464 97 % SmartSystems revenue 2,780 4 % 2,331 3 % 6,113 4 % 4,662 3 % Total revenue $ 73,800 100 % $ 74,776 100 % $ 156,852 100 % $ 157,126 100 % The Company recorded $1,154 of deferred revenue on the consolidated balance |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company calculates its interim income tax provision by estimating the annual expected effective tax rate and applying that rate to its ordinary year-to-date earnings or loss. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the interim period in which the change occurs. For the three months ended June 30, 2024 and 2023, the effective tax rate was approximately 122.6% and (108.9)%, respectively, based on the annual effective tax rate net of discrete federal and state taxes. For the six months ended June 30, 2024 and 2023, the effective tax rate was approximately 128.2% and (166.0)%, respectively, based on the annual effective tax rate net of discrete federal and state taxes. For the three and six months ended June 30, 2024 and 2023, the statutory tax rate was 21.0%. The computation of the effective tax rate includes modifications from the statutory rate such as income tax credits, tax depletion deduction, carrybacks, and state apportionment changes, among other items. The Company has recorded a liability for uncertain tax positions included in its consolidated balance sheet of $2,240 as of December 31, 2023. There was no material change for the six months ended June 30, 2024. The Company determined that it is more likely than not that it will not be able to fully realize the benefits of certain existing deductible temporary differences and has recorded a partial valuation allowance against the gross deferred tax assets, which is included in the long-term deferred tax liabilities, net on its consolidated balance sheets. At December 31, 2023, the Company recorded a partial valuation allowance against the gross deferred tax assets on its consolidated balance sheet in the amount of $874. There was no material change for the three and six months ended June 30, 2024. The Company’s federal income tax returns subsequent to 2017 remain open to audit by taxing authorities. The Company has not been informed that its tax returns are the subject of any audit or investigation by taxing authorities. |
Concentrations
Concentrations | 6 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Concentrations As of June 30, 2024, three customers accounted for 44% of the Company’s total accounts receivable. As of December 31, 2023, four customers accounted for 70% of the Company’s total accounts receivable. During the three months ended June 30, 2024, 72% of the Company’s revenues were earned from five customers. During the three months ended June 30, 2023, 29% of the Company’s revenues were earned from one customer. During the six months ended June 30, 2024, 45% of the Company’s revenues were earned from two customers. During the six months ended June 30, 2023, 41% of the Company’s revenues were earned from two customers. As of June 30, 2024, two vendors accounted for 32% of the Company’s accounts payable. As of December 31, 2023, one vendor accounted for 11% of the Company’s accounts payable. During the three months ended June 30, 2024, two vendors accounted for 39% of the Company’s cost of goods sold. During the three months ended June 30, 2023, two vendors accounted for 35% of the Company’s cost of goods sold. During the six months ended June 30, 2024, two vendors accounted for 37% of the Company’s cost of goods sold. During the six months ended June 30, 2023, two vendors accounted for 35% of the Company’s cost of goods sold. The Company’s primary product is Northern White sand, and its mining operations are limited to Wisconsin and Illinois. There is a risk of loss if there are significant environmental, legal or economic changes to the geographic areas of our mines, the oil and natural gas producing basins they serve, or the transportation routes between them. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation In addition to the matters described below, the Company may be subject to various legal proceedings, claims and governmental inspections, audits or investigations arising out of our operations in the normal course of business, which cover matters such as general commercial, governmental and trade regulations, product liability, environmental, intellectual property, employment and other actions. Although the outcomes of these routine claims cannot be predicted with certainty, in the opinion of management, the ultimate resolution of these matters will not have a material adverse effect on our financial statements. Cory Berg, et al. v. Hi-Crush Blair LLC, LLC et al., Case No. 2019-cv-65, Trempealeau County, Wisconsin Leland Drangstveit, et al. v. Hi-Crush Blair, LLC, et al., Case No. 2019-cv-66, Trempealeau County, Wisconsin On April 22, 2019 and September 29, 2021, Cory Berg, et al. and Leland Drangstveit, et al., respectively (collectively, the “Plaintiffs”), filed complaints and an amended complaint in separate actions against Blair, certain of its subcontractors and its and their respective insurance companies in the Circuit Court of the State of Wisconsin in and for Trempealeau County (Case Nos. 19-CV-65 and 19-CV-66, respectively). The Plaintiffs allege that Blair and its subcontractors were negligent and created a nuisance by, among other things, generating excessive noise, light and dust. The Plaintiffs are seeking unspecified monetary damages and other relief. The insurance companies included as defendants have asserted counterclaims seeking declarations as to their rights and liabilities under their respective applicable commercial general liability insurance policies. HCR has agreed under the Purchase Agreement to indemnify the Company for any actions or omissions of HCR or its affiliates (including Blair) that occurred prior to the closing of the Company’s acquisition of Blair. The cases are currently in the discovery phase and at this time, the Company is unable to express an opinion as to the likely outcome in the matter. Bonds The Company has performance bonds with various public and private entities regarding reclamation, permitting and maintenance of public roadways. Total aggregate principal amount of performance bonds outstanding as of June 30, 2024 was $19,727. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Revision of Previously Issued Financial Statements | Revision of Previously Issued Financial Statements |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying unaudited quarterly condensed consolidated financial statements (“interim statements”) of the Company are presented in accordance with the rules and regulations of the SEC for quarterly reports on Form 10-Q and therefore do not include all the information and notes required by GAAP. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. All adjustments are of a normal recurring nature. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. The consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of and for the year ended December 31, 2023. These interim statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2023. |
Use of Estimates | Use of Estimates The preparation of interim statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates used in the preparation of these financial statements include, but are not limited to: impairment considerations of assets, including intangible assets, fixed assets, and inventory; estimated cost of future asset retirement obligations; fair value of acquired assets and assume liabilities; recoverability of deferred tax assets; inventory reserve; the collectability of receivables; and certain liabilities. |
Employee Retention Credit | Employee Retention Credit The Company qualified for federal government assistance through employee retention credit provisions of the Consolidated Appropriations Act of 2021. As of June 30, 2024 and December 31, 2023, the Company included $522 in prepaid expenses and other current assets on its consolidated balance sheets related to receivables for the employee retention credits. The calculation of the credit was based on employees continued employment and represents a portion of the wages paid to them. For income tax purposes, the credit will result in decreased expense related to the wages it offsets in the period received. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting, which updates various reportable disclosure requirements, primarily through incremental disclosures of segment expenses in both annual and interim reporting. The Update is effective for the Company as of the annual reporting period beginning January 1, 2024 and interim periods beginning January 1, 2025. While the Company is still in the process of evaluating the effects of ASU 2023-07 and its related updates on the consolidated financial statements, at the time of adoption, it believes the primary effect will be updated note disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes, which updates various disclosures including enhancing the income tax rate reconciliation and income taxes paid disclosures by requiring greater disaggregation of information. The other amendments in this Update are intended to improve the effectiveness and comparability of disclosures. The Update is effective for the Company for the annual reporting period beginning January 1, 2025 and for interim periods beginning January 1, 2026. While the Company is still in the process of evaluating the effects of ASU 2023-07 and its related updates on the consolidated financial statements, at the time of adoption, it believes the primary effect will be updated note disclosures. |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventory consisted of the following: June 30, 2024 December 31, 2023 Raw material $ 1,032 $ 467 Work in progress 5,929 9,391 Finished goods 8,833 8,244 Spare parts 9,237 8,721 Total inventory $ 25,031 $ 26,823 |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Net Property, Plant and Equipment | Net property, plant and equipment consisted of: June 30, 2024 December 31, 2023 Machinery, equipment and tooling $ 42,434 $ 40,632 SmartSystems 31,127 30,651 Vehicles 4,225 4,082 Furniture and fixtures 1,479 1,466 Plant and building 216,460 213,756 Real estate properties 7,209 7,209 Railroad and sidings 35,719 35,491 Land and land improvements 40,528 40,519 Asset retirement obligations 22,910 22,910 Mineral properties 7,442 7,442 Deferred mining costs 3,906 3,802 Construction in progress 6,121 6,270 419,560 414,230 Less: accumulated depreciation and depletion 173,030 159,138 Total property, plant and equipment, net $ 246,530 $ 255,092 |
Accrued and Other Expenses (Tab
Accrued and Other Expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued and Other Expenses | Accrued and other expenses were comprised of the following: June 30, 2024 December 31, 2023 Employee related expenses $ 2,100 $ 1,767 Accrued equipment expense 96 524 Accrued professional fees 563 461 Accrued royalties 2,584 3,149 Accrued freight and delivery charges 2,293 2,066 Accrued real estate tax 2,363 1,044 Accrued utilities 1,153 604 Sales tax liability 340 486 Income tax payable 845 865 Other accrued liabilities 471 58 Total accrued liabilities $ 12,808 $ 11,024 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The current portion of long-term debt consists of the following: June 30, 2024 December 31, 2023 ABL Credit Facility $ 2,000 $ 8,000 VFI Equipment Financing 2,381 — Oakdale Equipment Financing — 6,462 Notes payable 880 1,011 Finance leases 224 238 Current portion of long-term debt $ 5,485 $ 15,711 Long-term debt, net of current portion consists of the following: June 30, 2024 December 31, 2023 VFI Equipment Financing $ 6,728 $ — Oakdale Equipment Financing — 1,388 Notes payable 2,171 1,519 Finance leases 431 542 Long-term debt $ 9,330 $ 3,449 |
Schedule of Maturities of Long-term Debt | The follow summarizes the maturity of our debt: ABL Credit Facility VFI Equipment Financing Notes Payable Finance Leases Total Remainder of 2024 $ 2,000 $ 1,470 $ 418 $ 141 $ 4,029 2025 — 2,940 1,003 272 4,215 2026 — 2,940 935 261 4,136 2027 — 2,940 675 65 3,680 2028 — 579 325 7 911 2029 and thereafter — — 80 — 80 Total minimum payments 2,000 10,869 3,436 746 17,051 Amount representing interest — (1,760) (385) (91) (2,236) Amount representing unamortized lender fees — — — — — Present value of payments 655 Less: current portion (2,000) (2,381) (880) (224) (5,485) Total long-term debt $ — $ 6,728 $ 2,171 $ 431 $ 9,330 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Assets And Liabilities, Lessee | The operating and financing components of the Company’s right-of-use assets and lease liabilities on the consolidated balance sheets were as follows: Balance Sheet Location June 30, 2024 December 31, 2023 Right-of-use assets Operating Operating right-of-use assets $ 24,431 $ 23,265 Financing Property, plant and equipment, net 640 908 Total right-of use assets $ 25,071 $ 24,173 Lease liabilities Operating Operating lease liabilities, current and long-term portions $ 25,655 $ 24,592 Financing Long-term debt, current and long-term portions 655 780 Total lease liabilities $ 26,310 $ 25,372 |
Lease, Cost | Lease cost recognized in the consolidated statement of operations for the three and six months ended June 30, 2024 and 2023 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Finance lease cost Amortization of right-of-use assets $ 58 $ 49 $ 115 $ 143 Interest on lease liabilities 16 18 34 34 Operating lease cost 3,393 3,418 6,780 6,613 Short-term lease cost 9 9 18 18 Total lease cost $ 3,476 $ 3,494 $ 6,947 $ 6,808 Other information related to the Company’s leasing activity for the six months ended June 30, 2024 and 2023 is as follows: Six Months Ended June 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for finance leases $ 34 $ 33 Operating cash flows used for operating leases $ 6,866 $ 7,383 Financing cash flows used for finance leases $ 114 $ 123 Right-of-use assets obtained in exchange for new operating lease liabilities $ 7,700 $ 5,157 Weighted average remaining lease term - finance leases 2.8 years 3.2 years Weighted average discount rate - finance leases 9.56 % 9.30 % Weighted average remaining lease term - operating leases 2.8 years 2.8 years Weighted average discount rate - operating leases 6.99 % 6.09 % |
Finance Lease, Liability, Maturity | Maturities of the Company’s lease liabilities as of June 30, 2024 are as follows: Operating Leases Finance Leases Total Remainder of 2024 $ 6,430 $ 141 $ 6,571 2025 10,317 272 10,589 2026 6,343 261 6,604 2027 3,520 65 3,585 2028 1,427 7 1,434 Thereafter 258 — 258 Total cash lease payments 28,295 746 29,041 Less: amounts representing interest (2,640) (91) (2,731) Total lease liabilities $ 25,655 $ 655 $ 26,310 |
Lessee, Operating Lease, Liability, Maturity | Maturities of the Company’s lease liabilities as of June 30, 2024 are as follows: Operating Leases Finance Leases Total Remainder of 2024 $ 6,430 $ 141 $ 6,571 2025 10,317 272 10,589 2026 6,343 261 6,604 2027 3,520 65 3,585 2028 1,427 7 1,434 Thereafter 258 — 258 Total cash lease payments 28,295 746 29,041 Less: amounts representing interest (2,640) (91) (2,731) Total lease liabilities $ 25,655 $ 655 $ 26,310 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Reconciliation of Total Reclamation Liability for Asset Retirement Obligations | The following is a reconciliation of the total reclamation liability for asset retirement obligations. Balance at December 31, 2023 $ 19,923 Accretion expense 498 Balance at June 30, 2024 $ 20,421 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Disaggregation of Revenue The following table presents the Company’s revenues disaggregated by type and percentage of total revenues for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue Percentage of Total Revenue Revenue Percentage of Total Revenue Revenue Percentage of Total Revenue Revenue Percentage of Total Revenue Sand revenue $ 71,020 96 % $ 72,445 97 % $ 150,739 96 % $ 152,464 97 % SmartSystems revenue 2,780 4 % 2,331 3 % 6,113 4 % 4,662 3 % Total revenue $ 73,800 100 % $ 74,776 100 % $ 156,852 100 % $ 157,126 100 % |
Organization and Nature of Bu_2
Organization and Nature of Business (Detail) T in Millions | Jun. 30, 2024 T | Mar. 04, 2022 T | Sep. 30, 2020 mine |
Business Acquisition [Line Items] | |||
Processing capacity | 5.5 | ||
Number Of Mines And Related Facilities Acquired | mine | 2 | ||
Blair | |||
Business Acquisition [Line Items] | |||
Asset Acquisition, Annual Processing Capacity Once Operational | 2.9 | ||
Utica | |||
Business Acquisition [Line Items] | |||
Processing capacity | 1.6 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounting Policies [Line Items] | ||
Prepaid expenses and other current assets | $ 2,929 | $ 3,217 |
Employee Retention Credit | ||
Accounting Policies [Line Items] | ||
Prepaid expenses and other current assets | $ 522 | $ 522 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory [Line Items] | ||
Inventory, Net, Total | $ 25,031 | $ 26,823 |
Sand | ||
Inventory [Line Items] | ||
Raw material | 1,032 | 467 |
Work in progress | 5,929 | 9,391 |
Finished goods | 8,833 | 8,244 |
Spare parts | 9,237 | 8,721 |
Inventory, Net, Total | $ 25,031 | $ 26,823 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Net Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 419,560 | $ 414,230 |
Less: accumulated depreciation and depletion | 173,030 | 159,138 |
Total property, plant and equipment, net | 246,530 | 255,092 |
Machinery, equipment and tooling | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 42,434 | 40,632 |
SmartSystems | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 31,127 | 30,651 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,225 | 4,082 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,479 | 1,466 |
Plant and building | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 216,460 | 213,756 |
Real estate properties | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,209 | 7,209 |
Railroad and sidings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 35,719 | 35,491 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 40,528 | 40,519 |
Asset retirement obligations | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 22,910 | 22,910 |
Mineral properties | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,442 | 7,442 |
Deferred mining costs | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,906 | 3,802 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 6,121 | $ 6,270 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expenses | $ 6,997 | $ 6,543 | $ 13,978 | $ 12,885 |
Accrued and Other Expenses (Det
Accrued and Other Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Employee related expenses | $ 2,100 | $ 1,767 |
Accrued equipment expense | 96 | 524 |
Accrued professional fees | 563 | 461 |
Accrued royalties | 2,584 | 3,149 |
Accrued freight and delivery charges | 2,293 | 2,066 |
Accrued real estate tax | 2,363 | 1,044 |
Accrued utilities | 1,153 | 604 |
Sales tax liability | 340 | 486 |
Accrued Income Taxes, Current | 845 | 865 |
Other accrued liabilities | 471 | 58 |
Total accrued liabilities | $ 12,808 | $ 11,024 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | ||
Current portion of long-term debt | $ 5,485 | $ 15,711 |
Long-term debt | 9,330 | 3,449 |
Debt Instrument [Line Items] | ||
Remainder of 2024 | 4,029 | |
2025 | 4,215 | |
2026 | 4,136 | |
2027 | 3,680 | |
2028 | 911 | |
2029 and thereafter | 80 | |
Total minimum payments | 17,051 | |
Amount representing interest | (2,236) | |
Amount representing unamortized lender fees | 0 | |
Present value of payments | 655 | 780 |
Less: current portion | (5,485) | (15,711) |
Long-term debt | 9,330 | 3,449 |
ABL Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Current portion of long-term debt | 2,000 | 8,000 |
Long-term debt | 0 | |
Debt Instrument [Line Items] | ||
Remainder of 2024 | 2,000 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
2029 and thereafter | 0 | |
Total minimum payments | 2,000 | |
Amount representing interest | 0 | |
Amount representing unamortized lender fees | 0 | |
Less: current portion | (2,000) | (8,000) |
Long-term debt | 0 | |
Oakdale Equipment Financing | ||
Line of Credit Facility [Line Items] | ||
Current portion of long-term debt | 0 | 6,462 |
Long-term debt | 0 | 1,388 |
Debt Instrument [Line Items] | ||
Less: current portion | 0 | (6,462) |
Long-term debt | 0 | 1,388 |
Notes payable | ||
Line of Credit Facility [Line Items] | ||
Current portion of long-term debt | 880 | 1,011 |
Long-term debt | 2,171 | 1,519 |
Debt Instrument [Line Items] | ||
Remainder of 2024 | 418 | |
2025 | 1,003 | |
2026 | 935 | |
2027 | 675 | |
2028 | 325 | |
2029 and thereafter | 80 | |
Total minimum payments | 3,436 | |
Amount representing interest | (385) | |
Amount representing unamortized lender fees | 0 | |
Less: current portion | (880) | (1,011) |
Long-term debt | 2,171 | 1,519 |
Finance leases | ||
Line of Credit Facility [Line Items] | ||
Current portion of long-term debt | 224 | 238 |
Long-term debt | 431 | 542 |
Debt Instrument [Line Items] | ||
Remainder of 2024 | 141 | |
2025 | 272 | |
2026 | 261 | |
2027 | 65 | |
2028 | 7 | |
2029 and thereafter | 0 | |
Total minimum payments | 746 | |
Amount representing interest | (91) | |
Amount representing unamortized lender fees | 0 | |
Present value of payments | 655 | |
Less: current portion | (224) | (238) |
Long-term debt | 431 | 542 |
us-gaap_VFIEquipmentFinancing | ||
Line of Credit Facility [Line Items] | ||
Current portion of long-term debt | 2,381 | 0 |
Long-term debt | 6,728 | 0 |
Debt Instrument [Line Items] | ||
Remainder of 2024 | 1,470 | |
2025 | 2,940 | |
2026 | 2,940 | |
2027 | 2,940 | |
2028 | 579 | |
2029 and thereafter | 0 | |
Total minimum payments | 10,869 | |
Amount representing interest | (1,760) | |
Amount representing unamortized lender fees | 0 | |
Less: current portion | (2,381) | 0 |
Long-term debt | $ 6,728 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 13, 2019 | Jun. 30, 2024 |
Line of Credit Facility [Line Items] | ||
Remainder of 2024 | $ 4,029 | |
ABL Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Remainder of 2024 | $ 2,000 | |
Weighted average interest rate | 8.04% | |
Nexseer Capital | Oakdale Equipment Financing | ||
Line of Credit Facility [Line Items] | ||
Proceeds from secured notes payable | $ 23 | |
Interest rates on notes | 5.79% | |
Nexseer Capital | us-gaap_VFIEquipmentFinancing | ||
Line of Credit Facility [Line Items] | ||
Proceeds from secured notes payable | 10,000 | |
Interest rates on notes | 8.56% | |
ABL Revolving Credit Facility | Jeffries Finance L L C | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility | $ 20 | |
Term | 5 years | |
Current borrowing capacity | $ 20,000 | |
Remaining borrowing capacity | $ 18,000 |
Debt (Details)_2
Debt (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2023 | Dec. 13, 2019 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Instrument [Line Items] | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 8,850 | ||||
Payments for Repurchase of Common Stock | $ 222 | $ 4,479 | |||
Oakdale Equipment Financing | Nexseer Capital | |||||
Debt Instrument [Line Items] | |||||
Interest rates on notes | 5.79% | ||||
Proceeds from secured notes payable | $ 23 | ||||
us-gaap_VFIEquipmentFinancing | Nexseer Capital | |||||
Debt Instrument [Line Items] | |||||
Interest rates on notes | 8.56% | ||||
Proceeds from secured notes payable | $ 10,000 | ||||
Clearlake Capital Partners II (Master), L.P. | |||||
Debt Instrument [Line Items] | |||||
Restricted stock buy back (in shares) | 5,176 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 8,850 | ||||
Payments for Repurchase of Common Stock | $ 4,425 | ||||
Repurchase Of Common Stock, Percentage Of Outstanding Shares Before Transaction | 11.30% | ||||
Clearlake Capital Group | Common Stock Repurchase, Promissory Note | |||||
Debt Instrument [Line Items] | |||||
Interest rates on notes | 10% | ||||
Minimum | Product Financing Arrangement | |||||
Debt Instrument [Line Items] | |||||
Interest rates on notes | 3.99% | ||||
Maximum | Product Financing Arrangement | |||||
Debt Instrument [Line Items] | |||||
Interest rates on notes | 7.49% |
Leases - Right of Use Assets an
Leases - Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 24,431 | $ 23,265 |
Property, plant and equipment, net | 640 | 908 |
Total right-of use assets | 25,071 | 24,173 |
Operating lease liabilities, current and long-term portions | 25,655 | 24,592 |
Long-term debt, current and long-term portions | 655 | 780 |
Total lease liabilities | $ 26,310 | $ 25,372 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Amortization of right-of-use assets | $ 58 | $ 49 | $ 115 | $ 143 |
Interest on lease liabilities | 16 | 18 | 34 | 34 |
Operating lease cost | 3,393 | 3,418 | 6,780 | 6,613 |
Short-term lease cost | 9 | 9 | 18 | 18 |
Total lease cost | $ 3,476 | $ 3,494 | $ 6,947 | $ 6,808 |
Leases - Other Lease (Details)
Leases - Other Lease (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||
Operating cash flows used for finance leases | $ 34 | $ 33 |
Operating cash flows used for operating leases | 6,866 | 7,383 |
Payments under finance leases | 114 | 123 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 7,700 | $ 5,157 |
Weighted average remaining lease term - finance leases | 2 years 9 months 18 days | 3 years 2 months 12 days |
Weighted average discount rate - finance leases | 9.56% | 9.30% |
Weighted average remaining lease term - operating leases | 2 years 9 months 18 days | 2 years 9 months 18 days |
Weighted average discount rate - operating leases | 6.99% | 6.09% |
Leases - Lease Maturities (Deta
Leases - Lease Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Operating Leases | ||
Remainder of 2024 | $ 6,430 | |
2025 | 10,317 | |
2026 | 6,343 | |
2027 | 3,520 | |
2028 | 1,427 | |
Thereafter | 258 | |
Total cash lease payments | 28,295 | |
Less: amounts representing interest | (2,640) | |
Operating lease liabilities, current and long-term portions | 25,655 | $ 24,592 |
Finance Leases | ||
Remainder of 2024 | 141 | |
2025 | 272 | |
2026 | 261 | |
2027 | 65 | |
2028 | 7 | |
Thereafter | 0 | |
Total cash lease payments | 746 | |
Less: amounts representing interest | (91) | |
Long-term debt, current and long-term portions | 655 | $ 780 |
Total | ||
Remainder of 2024 | 6,571 | |
2025 | 10,589 | |
2026 | 6,604 | |
2027 | 3,585 | |
2028 | 1,434 | |
Thereafter | 258 | |
Total cash lease payments | 29,041 | |
Less: amounts representing interest | (2,731) | |
Total lease liabilities | $ 26,310 |
Asset Retirement Obligation - A
Asset Retirement Obligation - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Asset Retirement Obligation Disclosure [Abstract] | ||
Post-closure reclamation and site restoration obligation | $ 20,421 | $ 19,923 |
Asset Retirement Obligation - R
Asset Retirement Obligation - Reconciliation of Total Reclamation Liability for Asset Retirement Obligations (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
December 31, 2023 | $ 19,923 |
Accretion expense | 498 |
June 30, 2024 | $ 20,421 |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Details) - Product Concentration Risk - Revenue from Contract with Customer Benchmark [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 100% | 100% | 100% | 100% |
Sand | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 96% | 97% | 96% | 97% |
Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 4% | 3% | 4% | 3% |
Revenue Deferred Revenue (Detai
Revenue Deferred Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Contract with customer, liability | $ 1,154 | |
Revenue recognized | $ 1,154 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue expected to be recognized | 147,339 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue expected to be recognized | 65,022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue expected to be recognized | $ 82,317 |
Revenue Performance Obligation
Revenue Performance Obligation (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized | $ 147,339 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized | $ 65,022 |
Remaining performance obligation, expected timing of satisfaction, period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized | $ 82,317 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||||
Statutory tax rate | 122.60% | (108.90%) | 128.20% | (166.00%) | |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 2,240 | ||||
Tax Credit Carryforward, Valuation Allowance | $ 874 | ||||
Statutory tax rate | 21% | 21% | 21% | 21% |
Concentrations - Additional Inf
Concentrations - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Accounts Receivable | Customer Concentration Risk | Three Customers | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 44% | ||||
Accounts Receivable | Customer Concentration Risk | Four Customers | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 70% | ||||
Revenue | Customer Concentration Risk | Five Customers | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 72% | ||||
Revenue | Customer Concentration Risk | One Customers | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 29% | ||||
Revenue | Customer Concentration Risk | Two Customers | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 45% | 41% | |||
Accounts Payables | Supplier Concentration Risk | Two Vendors | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 32% | ||||
Accounts Payables | Supplier Concentration Risk | One Vendor | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 11% | ||||
Cost of Goods Sold | Supplier Concentration Risk | Two Vendors | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 39% | 35% | 37% | 35% |
Commitments and Contingencies L
Commitments and Contingencies Litigation (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Permit Bond | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Guarantor obligations, current carrying value | $ 19,727 |