FLOC — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-11

• Over the mid to long-term, we expect demand for oil and natural gas exploration and production as well as new energy platforms to continue to require more advanced technology from the energy services industry. While uncertainty remains due to the factors discussed above, we believe our integrated po…

• We continue to monitor developments in the global tariff environment and evaluate their potential impact on our

• operations, supply chain and cost structure. Although changes in tariffs and global trade policies may increase the cost of raw materials, affect product availability and contribute to inflationary pressures within our business and those of our customers, we do not currently expect the existing tari…

• During 2026, the Company received refunds of previously paid tariffs and expects to receive additional refunds as outstanding claims continue to be processed. While management does not currently expect tariffs or related refund activity to have a material impact on the Company's long-term operating …

• Net income attributable to redeemable non-controlling interests

Text removed vs the prior filing · source: 10-Q · 2026-05-06

• We acknowledge the evolving and complex nature of the global tariff environment. Additionally, we also understand that current uncertainties about the tariffs and their effects on trading relationships may affect cost for and availability of raw materials or contribute to inflation in the markets in…

• Over the mid to long-term, we expect demand for oil and natural gas exploration and production as well as new energy platforms to continue to require more advanced technology from the energy services industry. While the ongoing uncertainties persist for reasons mentioned above, we remain cautiously …

• Revenue – rentals. Rental revenue was $121.9 million for the three months ended March 31, 2026, an increase of $24.6 million, or 25%, from $97.3 million for the three months ended March 31, 2025. This increase in rental revenue was driven primarily by three factors as follows:

• Surface equipment fleet size experienced an increase of 188 average active systems per month from 1,480 during the three months ended March 31, 2025, to 1,668 average active surface equipment systems per month during the three months ended March 31, 2026. Additionally, average rental rate also had a…

• Downhole component fleets are new additions to our fleet footprint resulting from the Valiant Acquisition on March 2, 2026, as discussed above. Due to the timing of this acquisition, our rental revenues include one month of operations of these downhole component fleets. During the three months ended…

Text added vs the prior filing · source: 10-Q · 2026-08-11

• We did not design and maintain effective controls related to the period-end financial reporting process, including designing and maintaining formal accounting policies, procedures and controls to achieve, complete, accurate and timely financial accounting, reporting and disclosures. Additionally, we…

• These material weaknesses could result in misstatements of substantially all of our accounts or disclosures that would result in a material misstatement to the annual or interim financial statements that would not be prevented or detected.

• We are committed to maintaining a strong internal control environment and implementing measures designed to help ensure that control deficiencies contributing to the material weaknesses are remediated. We have made progress towards remediation and will continue to implement our remediation plan for …

Text removed vs the prior filing · source: 10-Q · 2026-05-06

• We did not design and maintain effective controls related to the period-end financial reporting process, including designing and maintaining formal accounting policies, procedures and controls to achieve,

• complete, accurate and timely financial accounting, reporting and disclosures. Additionally, we did not design and maintain effective controls over the preparation and review of account reconciliations and journal entries, including maintaining appropriate segregation of duties for all significant a…

• We are committed to maintaining a strong internal control environment and implementing measures designed to help ensure that control deficiencies contributing to the material weaknesses are remediated. We have made progress

• towards remediation and will continue to implement our remediation plan for the material weaknesses in internal control over financial reporting described above. We will not consider the material weaknesses remediated until the applicable controls operate for a sufficient period of time, and managem…

Text added vs the prior filing · source: 10-Q · 2026-08-11

• We are subject to information technology, cybersecurity and privacy risks, and have experienced cybersecurity incidents.

• We depend on various information technologies and other products and services to store and process business information and otherwise support our business activities. We also manufacture and sell hardware and software to provide monitoring, controls and optimization of customers’ critical assets in …

• During the second quarter of 2026, we experienced a cybersecurity incident in which a threat actor gained unauthorized access to certain Company systems, resulting in the exfiltration of certain internal business data. We promptly detected the incident, took steps to contain the unauthorized access,…

• We expect such cybersecurity threats targeting our systems and those of our third-party solutions to continue, and the Company’s and our customers’, partners’, vendors’ and other third- parties’ systems, networks, products and services remain potentially vulnerable to known or unknown cybersecurity …

• prior cybersecurity incident has been material to date, we attempt to mitigate these risks through employee training, technical security controls, incident response procedures and the maintenance of backup and protective systems. However, these measures may not be effective against all threats, and …

Text removed vs the prior filing · source: 10-Q · 2026-05-06

• We are no longer a “controlled company” within the meaning of the rules of the NYSE.

• Following the consummation of the offering of our Class A common stock by certain affiliates of GEC in March 2026, we are no longer a “controlled company” within the meaning of the rules of the NYSE. However, even though we are no longer a “controlled company,” during a one-year transition period we…

• the requirement that our Board be composed of a majority of independent directors;

• the requirement that our Compensation Committee be composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and

• the requirement that our Nominating and Corporate Governance Committee be composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities.

Text added vs the prior filing · source: 10-Q · 2026-08-11

• Effective August 11, 2026, the Company appointed Gareth Ford as Executive Vice President, Production Solutions. Mr. Ford joined the Company in March 2026 in connection with the Company’s acquisition of Valiant, where he previously served as Chief Executive Officer. In his new role, Mr. Ford will ove…