Financial Analysis

Commitments and Contingencies In the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state, and local levels. In addition, in connection with the Sale Transaction, we have indemnified the Purchaser for certain pre-closing contingencies of the Fluids Systems business. While the outcome of litigation or other proceedings against us, including pre-closing contingencies of the Fluids Systems business, cannot be predicted with certainty, management does not expect that any loss resulting from such litigation or other proceedings, in excess of any amounts accrued or covered by insurance, will have a material adverse impact on our consolidated financial statements. In 2024, we recognized a $0.6 million gain related to a legal settlement as well as a $0.1 million gain related to the final insurance settlement associated with Hurricane Ida in August 2021. Other We do not have any special purpose entities. At December 31, 2025, we had $10.3 million in outstanding letters of credit (inclusive of the amount outstanding under the Credit Facility as described above), performance bonds, and other guarantees. We also enter into normal short-term operating leases for office and warehouse space, as well as certain operating equipment. None of these off-balance sheet arrangements either had, or is expected to have, a mate …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Financing Arrangements Financing arrangements consisted of the following: December 31, 2025 December 31, 2024 (In thousands) Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Credit Facility $ 5,300 $ $ 5,300 $ $ $ Finance leases 11,562 11,562 7,622 7,622 Other debt 106 (1) 105 Total debt 16,862 16,862 7,728 (1) 7,727 Less: current portion (5,170) (5,170) (2,900) (2,900) Long-term debt $ 11,692 $ $ 11,692 $ 4,828 $ (1) $ 4,827 Credit Facility. In June 2025, we entered into a U.S. senior secured revolving credit agreement (the Credit Facility) with a group of lenders that provides financing of up to $150 million available for borrowings (inclusive of letters of credit), which can be increased up to $250 million, subject to certain conditions. The Credit Facility and the loans made under the Credit Facility are secured by a first priority lien on substantially all of the personal property of the Company and its significant U.S. subsidiaries as guarantors (subject to customary exceptions and exclusions). The Credit Facility will mature in June 2030. In connection with the Credit Facility, we terminated our U.S. asset-based revolving credit agreement and recognized a charge of $0.2 million in interest expense for the write-off of debt issuance costs in connection with the termination in the second quarter of 2025. As of December 31, 2025, we had $5.3 million in outstanding borrowings a …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents further disaggregated revenues by type: Year Ended December 31, (In thousands) 2025 2024 2023 Rental revenues $ 124,171 $ 89,512 $ 83,400 Service revenues 59,538 56,273 66,554 Product sales revenues 93,334 71,704 57,694 Total revenues $ 277,043 $ 217,489 $ 207,648

DisaggregationOfRevenueTableTextBlock

Stock-Based Compensation and Other Benefit Plans The following describes stockholder approved plans utilized by us for the issuance of stock-based awards. 2014 Non-Employee Directors Restricted Stock Plan In May 2014, our stockholders approved the 2014 Non-Employee Directors Restricted Stock Plan (2014 Director Plan) which authorizes grants of restricted stock to non-employee directors. Each restricted share granted to a non-employee director vests in full on the earlier of the day prior to the next annual meeting of stockholders following the grant date or the first anniversary of the grant. At December 31, 2025, 0.3 million shares remained available for award under the 2014 Director Plan. 2015 Employee Equity Incentive Plan In May 2015, our stockholders approved the 2015 Employee Equity Incentive Plan (2015 Plan) pursuant to which the Compensation Committee of our Board of Directors (Compensation Committee) may grant to key employees, including executive officers and other employees, a variety of forms of equity-based compensation, including shares of restricted common stock, restricted stock units, options to purchase shares of common stock, stock appreciation rights, other stock-based awards, and performance-based awards. At December 31, 2025, 3.0 million shares remained available for award under the 2015 Plan. In June 2017, our Board of Directors approved the Long-Term Cash Incentive Plan (Cash Plan), a sub-plan to the 2015 Plan, pursuant to which the Compensation Commit …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value of Financial Instruments and Concentrations of Credit Risk Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, receivables, payables, and debt. We believe the carrying values of these instruments approximated their fair values at December 31, 2025 and 2024. Cash equivalents primarily consist of money market accounts which are measured at fair value on a recurring basis using a market approach based on quoted prices in active markets. Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk primarily consist of cash, cash equivalents, and trade accounts receivable. At December 31, 2025, substantially all of our cash and cash equivalents reside in U.K. and U.S. financial institutions or money market funds. As part of our investment strategy, we perform periodic evaluations of the relative credit standing of these financial institutions and money market funds. Customer Revenue Concentration We derive a significant portion of our revenues and profitability from customers operating within the utilities sector, which include power transmission service providers as well as large regulated electrical utility providers . For 2025, 2024 and 2023, revenues from our 20 largest customers represented approximately 74%, 67% and 67%, respectively, of our consolidated revenues. For 2025, our three largest customers represented 19%, 15%, and 10%, respectively, of our reve …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill are as follows: (In thousands) Balance at December 31, 2023 $ 47,283 Effects of foreign currency (61) Balance at December 31, 2024 47,222 Acquisition 28,179 Effects of foreign currency 940 Balance at December 31, 2025 $ 76,341 We completed the annual evaluation of the carrying value of our goodwill as of November 1, 2025 and determined that the fair value exceeded the net carrying value, and therefore, no impairment was required. In November 2025, we completed the acquisition of Grassform, which resulted in additions to goodwill of $28.2 million and amortizable intangible assets of $12.8 million. See Note 2 for additional information. Other intangible assets consisted of the following: December 31, 2025 December 31, 2024 (In thousands) Gross Carrying Amount Accumulated Amortization Other Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Other Intangible Assets, Net Technology related $ 11,600 $ (6,561) $ 5,039 $ 11,600 $ (5,757) $ 5,843 Customer related 31,300 (15,042) 16,258 18,250 (13,762) 4,488 Total intangible assets $ 42,900 $ (21,603) $ 21,297 $ 29,850 $ (19,519) $ 10,331 Total amortization expense related to other intangible assets was $2.1 million, $2.1 million and $2.4 million in 2025, 2024 and 2023, respectively. Estimated future amortization expense for the years ended December 31 is as follows: (In thousands) 2026 2027 2028 2029 2030 Thereafter Total Technology rela …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The provision (benefit) for income taxes from continuing operations is as follows: Year Ended December 31, (In thousands) 2025 2024 2023 Current: U.S. Federal $ 44 $ 4,165 $ 3,692 U.S. State 398 2,185 878 Foreign 110 (33) Total current 552 6,350 4,537 Deferred: U.S. Federal 11,664 (11,975) 1,424 U.S. State (475) (1,247) (199) Foreign (36) 134 (189) Total deferred 11,153 (13,088) 1,036 Total provision (benefit) for income taxes from continuing operations $ 11,705 $ (6,738) $ 5,573 Income from continuing operations before income taxes is as follows: Year Ended December 31, (In thousands) 2025 2024 2023 U.S. $ 49,957 $ 30,990 $ 20,335 Foreign (2,307) (2,129) (613) Income from continuing operations before income taxes $ 47,650 $ 28,861 $ 19,722 The effective income tax rate from continuing operations for the year ended December 31, 2025 is reconciled to the statutory federal income tax rate as follows: Year Ended December 31, 2025 (In thousands) Amount Percentage Provision (benefit) for income taxes from continuing operations at federal statutory rate $ 10,007 21.0 % State and local income tax, net of federal (national) income tax effect (1) (93) (0.2) % Foreign tax effects: United Kingdom 609 1.3 % Other foreign jurisdictions (51) (0.1) % Tax credits (84) (0.2) % Nontaxable or nondeductible items: Nondeductible executive compensation 1,447 3.0 % Other items, net (7) % Changes in unrecognized tax benefits (67) (0.1) % Other items, net (56) (0.1) % Total provision for …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases We lease certain office space, warehouses, land, and equipment. Leases in the consolidated balance sheets consisted of the following at December 31: (In thousands) Balance Sheet Classification 2025 2024 Assets: Operating Operating lease assets $ 11,195 $ 11,793 Finance Property, plant and equipment, net 12,816 7,316 Total lease assets $ 24,011 $ 19,109 Liabilities: Current: Operating Accrued liabilities $ 2,442 $ 2,162 Finance Current debt 5,170 2,794 Noncurrent: Operating Noncurrent operating lease liabilities 9,877 10,896 Finance Long-term debt, less current portion 6,392 4,827 Total lease liabilities $ 23,881 $ 20,679 Lease costs in the consolidated statements of operations were as follows: Year Ended December 31, (In thousands) 2025 2024 2023 Operating lease expenses Long-term operating leases expenses $ 2,686 $ 2,383 $ 2,568 Short-term operating leases expenses 2,852 1,874 3,226 Total operating lease expenses 5,538 4,257 5,794 Amortization of leased assets for finance leases 3,544 2,818 1,744 Sublease income (1,172) (978) (758) Total net lease cost $ 7,910 $ 6,097 $ 6,780 Total operating lease expenses approximate cash paid during each period. Interest for finance leases is not material. Operating lease expenses and amortization of leased assets for finance leases are included in either cost of revenues or selling, general and administrative expenses. Interest for finance leases is included in interest expense, net. The sublease income in the table above relates t …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

New Accounting Pronouncements Standards Adopted in 2025 Income Taxes: Improvements to Income Tax Disclosures. In December 2023, the FASB issued new guidance intended to enhance the transparency and decision usefulness of income tax disclosures. We adopted this guidance on a prospective basis in this Annual Report on Form 10-K. The new guidance had no impact on our consolidated financial position, results of operations, or cash flows, but did result in expanded income tax disclosures. See Note 9 for additional information. Standards Not Yet Adopted Disaggregation of Income Statement Expenses. In November 2024, the FASB issued new guidance which requires entities to disclose additional information about specific expense categories, such as employee compensation and depreciation. This guidance will be effective for us for years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted on either a prospective or retrospective basis. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures.

NewAccountingPronouncementsPolicyPolicyTextBlock

Segment and Related Information Following the sale of the Fluids Systems segment in September 2024, we have one reportable segment. See Note 2 for financial information for our previously reported Fluids Systems segment, now reported as discontinued operations. The Companys chief operating decision maker (CODM), its Chief Executive Officer, allocates resources and assesses financial performance on a consolidated basis. The Companys operations, currently in the United States and United Kingdom, are substantially similar with respect to services provided, type of customers, and sourcing of materials. Resource allocations are based on the capacity of the Companys existing rental fleet, manufacturing facility and current status of operations, including projected demand for our products and services in the industries and locations we serve. Consolidated income from continuing operations as presented in the consolidated statements of operations is used to measure performance. As such, management has determined that the Company functions as a single operating segment, and reports as a single reportable segment. The following table presents further disaggregated revenues by type: Year Ended December 31, (In thousands) 2025 2024 2023 Rental revenues $ 124,171 $ 89,512 $ 83,400 Service revenues 59,538 56,273 66,554 Product sales revenues 93,334 71,704 57,694 Total revenues $ 277,043 $ 217,489 $ 207,648 Service revenues in the table above include certain services performed that are dire …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Capital Stock Common Stock Changes in outstanding common stock were as follows: (In thousands of shares) 2025 2024 2023 Outstanding, beginning of year 111,669 111,669 111,452 Shares issued for time vested restricted stock (net of forfeitures) 129 Shares issued for employee stock purchase plan 88 Shares cancelled (21,535) Outstanding, end of year 90,134 111,669 111,669 Outstanding shares of common stock include shares held as treasury stock totaling 5,616,798, 25,114,978 and 26,471,738 as of December 31, 2025, 2024 and 2023, respectively. Treasury Stock Changes in treasury stock were as follows: (In thousands of shares) 2025 2024 2023 Outstanding, beginning of year 25,115 26,472 21,751 Shares purchased under our Repurchase Program 3,039 6,523 Shares purchased for employee stock options, restricted stock and employee stock purchase plan 283 529 577 Shares reissued for employee stock options, restricted stock and employee stock purchase plan (1,285) (1,886) (2,379) Shares cancelled (21,535) Outstanding, end of year 5,617 25,115 26,472 During 2025, 2024 and 2023, we purchased shares surrendered in lieu of taxes upon vesting of restricted shares for an aggregate cost of $2.3 million, $4.5 million and $2.2 million, respectively. Repurchase Program Our Board of Directors has authorized a securities repurchase program available for repurchases of our common stock. In April 2025, our Board of Directors increased the remaining authorization under the repurchase program to $100.0 millio …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies In the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state, and local levels. In addition, in connection with the Sale Transaction, we have indemnified the Purchaser for certain pre-closing contingencies of the Fluids Systems business. While the outcome of litigation or other proceedings against us, including pre-closing contingencies of the Fluids Systems business, cannot be predicted with certainty, management does not expect that any loss resulting from such litigation or other proceedings, in excess of any amounts accrued or covered by insurance, will have a material adverse impact on our consolidated financial statements.

CommitmentsAndContingenciesDisclosureTextBlock

Financing Arrangements and Fair Value of Financial Instruments Financing arrangements consisted of the following: June 30, 2026 December 31, 2025 (In thousands) Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Credit Facility $ $ $ $ 5,300 $ $ 5,300 Finance leases 10,566 10,566 11,562 11,562 Total debt 10,566 10,566 16,862 16,862 Less: current portion (5,183) (5,183) (5,170) (5,170) Long-term debt $ 5,383 $ $ 5,383 $ 11,692 $ $ 11,692 Credit Facility. In June 2025, we entered into a U.S. senior secured revolving credit agreement (the Credit Facility) with a group of lenders that provides financing of up to $150 million available for borrowings (inclusive of letters of credit), which can be increased up to $250 million, subject to certain conditions. The Credit Facility and the loans made under the Credit Facility are secured by a first priority lien on substantially all of the personal property of the Company and its significant U.S. subsidiaries as guarantors (subject to customary exceptions and exclusions). The Credit Facility will mature in June 2030. As of June 30, 2026, we had no outstanding borrowings and $1.9 million in outstanding letters of credit, resulting in $148.1 million of remaining availability under the Credit Facility. Under the terms of the Credit Facility, we may elect to borrow at a variable interest rate based on either the Term SOFR rate or an alternate base …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents further disaggregated revenues by type: Second Quarter First Half (In thousands) 2026 2025 2026 2025 Rental revenues $ 37,208 $ 31,654 $ 72,833 $ 59,764 Service revenues 16,344 14,658 32,672 29,941 Product sales revenues 28,033 21,921 51,150 43,305 Total revenues $ 81,585 $ 68,233 $ 156,655 $ 133,010

DisaggregationOfRevenueTableTextBlock

Stock-Based and Other Long-Term Incentive Compensation During the second quarter of 2026, the Compensation Committee of our Board of Directors (Compensation Committee) approved equity-based compensation awards to executive officers and other key employees consisting of an aggregate of 0.2 million restricted stock units, which will vest in equal installments over a three-year period. In addition, non-employee directors received grants of an aggregate of 0.1 million restricted stock awards, which will vest in full on the earlier of the day prior to the next annual meeting of stockholders following the grant date or the first anniversary of the grant date. The weighted average grant-date fair value was $15.29 per share for the restricted stock units and $15.52 per share for the restricted stock awards. At June 30, 2026, 2.9 million shares remained available for awards under the 2015 Plan and 0.2 million shares remained available for awards under the 2014 Director Plan. Also, during the second quarter of 2026, the Compensation Committee approved the issuance of 0.2 million performance-based restricted stock units to certain executive officers with the payout of shares for each executive ranging from 0% to 200% of target. The performance-based restricted stock units will be settled in shares of common stock, with 70% to be settled based on the relative ranking of the Companys total shareholder return (TSR) as compared to the TSR of a designated peer group and 30% to be settled bas …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

New Accounting Pronouncements Standards Not Yet Adopted Disaggregation of Income Statement Expenses. In November 2024, the FASB issued new guidance which requires entities to disclose additional information about specific expense categories, such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization. This guidance will be effective for us for years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted on either a prospective or retrospective basis. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures.

NewAccountingPronouncementsPolicyPolicyTextBlock

Segment Data We have one reportable segment. The Companys chief operating decision maker (CODM), its Chief Executive Officer, allocates resources and assesses financial performance on a consolidated basis. The Companys operations, currently in the United States and United Kingdom, are substantially similar with respect to services provided, type of customers, and sourcing of materials. Resource allocations are based on the capacity of the Companys existing rental fleet, manufacturing facility and current status of operations, including projected demand for our products and services in the industries and locations we serve. Consolidated income from continuing operations as presented in the consolidated statements of operations is used to measure performance. As such, management has determined that the Company functions as a single operating segment, and reports as a single reportable segment. The following table presents further disaggregated revenues by type: Second Quarter First Half (In thousands) 2026 2025 2026 2025 Rental revenues $ 37,208 $ 31,654 $ 72,833 $ 59,764 Service revenues 16,344 14,658 32,672 29,941 Product sales revenues 28,033 21,921 51,150 43,305 Total revenues $ 81,585 $ 68,233 $ 156,655 $ 133,010 Service revenues in the table above include certain services performed that are directly related to mat rental operations. Such services include freight (hauling of rental mats), rental mat installation and removal, and direct labor related to such activities, and …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Repurchase Program Our Board of Directors has authorized a securities repurchase program available for repurchases of our common stock. Our repurchase program authorizes us to purchase outstanding shares of our common stock in the open market or as otherwise determined by management, subject to certain limitations under the Credit Facility (as defined in Note 8) and other factors. The repurchase program has no specific term. Repurchases are expected to be funded from operating cash flows, available cash on hand, and borrowings under our Credit Facility. As part of the share repurchase program, our management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. During the first half of 2026, we repurchased an aggregate of 0.2 million shares of our common stock under the repurchase program for a cost of $2.7 million. During the first half of 2025, we repurchased an aggregate of 2.6 million shares of our common stock under the repurchase program for a cost of $17.0 million. As of June 30, 2026, we had $89.0 million remaining under the program.

StockholdersEquityNoteDisclosureTextBlock