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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net income $ 14,748 $ 21,080
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 20,352 19,709
Amortization of deferred financing costs 139 94
Amortization of debt discount 0 58
Non-cash lease expense 4,515 4,139
Provision for excess and obsolete inventory 75 45
Provision for excess and obsolete property and equipment 122 510
Loss on asset disposal 489 0
Bad debt expense 117 307
Deferred tax expense 3,443 1,080
Gain on sale of property (101) (127)
Unrealized (gain) loss on equity securities 255 (234)
Unrealized (gain) loss on interest rate swap 0 (1,423)
Realized loss on interest rate swap 4 0
Gross profit from sale of lost-in-hole equipment (16,686) (16,813)
Stock-based compensation expense 3,986 0
Changes in operating assets and liabilities:    
Accounts receivable, net (1,048) (9,268)
Prepaid expenses and other current assets 519 (3,476)
Inventories, net (1,716) (906)
Deposits and other long-term assets (496) 17
Operating lease liabilities (4,415) (4,174)
Accounts payable (1,552) (1,432)
Accrued expenses and other current liabilities 583 4,808
Net cash flows from operating activities 23,334 13,994
Cash flows from investing activities:    
Proceeds from sale of property and equipment 202 1,042
Purchase of property, plant and equipment (43,750) (24,688)
Proceeds from sale of lost-in-hole equipment 19,684 21,116
Net cash from investing activities (23,864) (2,530)
Cash flows from financing activities:    
Proceeds from Merger and PIPE Financing, net of transaction costs 23,162 0
Payment of deferred financing costs (324) (251)
Proceeds from revolving line of credit 73,050 108,594
Payments on revolving line of credit (91,399) (116,670)
Payments on long-term debt 0 (1,000)
Payments on finance leases 0 (10)
Payments to holders of DTIH redeemable convertible preferred stock in connection with retiring their DTI stock upon the Merger (194) 0
Net cash from financing activities 4,295 (9,337)
Effect of Changes in Foreign Exchange Rate (114) 173
Net Change in Cash 3,651 2,300
Cash at Beginning of Period 2,352 52
Cash at End of Period 6,003 2,352
Supplemental cash flow information:    
Cash paid for interest 1,174 340
Cash paid for income taxes 3,006 723
Non-cash investing and financing activities:    
ROU assets obtained in exchange for lease liabilities 3,264 7,907
Purchases of inventory included in accounts payable and accrued expenses and other current liabilities 601 79
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities 1,422 372
Non-cash directors and officers insurance 695 0
Non-cash Merger financing 2,000 0
Exchange of DTIH redeemable convertible preferred stock for DTIC Common Stock in connection with Merger 7,193 0
Issuance of DTIC common stock to former holders of DTIH redeemable convertible preferred stock in connection with Exchange Agreements 10,805 0
Accretion of redeemable convertible preferred stock to redemption value $ 314 $ 1,189