OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2026

OPERATING SEGMENTS

Schedule of income statements by operating segment

The following tables present the Company’s income statements by operating segment (in thousands):


	Three Months Ended March 31, 2026
	USA Operations			Canada Operations			Consolidated
Operating revenues
Fee revenue	$	20,865		$	11,643		$	32,508
Reimbursable revenue		4,008			183			4,191
		24,873			11,826			36,699

Operating costs:
Fee operating expenses		13,882			5,548			19,430
Reimbursable operating expenses		4,008			183			4,191
Operating expenses		17,890			5,731			23,621
General and administrative		2,476			465			2,941
Depreciation and amortization		1,766			231			1,997
		22,132			6,427			28,559

Income from operations		2,741			5,399			8,140

Other income (expense):
Interest income		6			3			9
Interest expense		(484)			(17)			(501)
Other income (expense), net		23			—			23
Income before income tax		2,286			5,385			7,671
Income tax expense		(10)			—			(10)
Net income	$	2,276		$	5,385		$	7,661
Other Comprehensive loss:
Net unrealized loss on foreign exchange rate translation		-			(186)			(186)
Comprehensive income	$	2,276		$	5,199		$	7,475

Adjusted EBITDA	$	5,225		$	5,630		$	10,855


	Three Months Ended March 31, 2025
	USA Operations			Canada Operations			Consolidated
Operating revenues
Fee revenue	$	2,726		$	12,533		$	15,259
Reimbursable revenue		570			249			819
		3,296			12,782			16,078

Operating costs:
Fee operating expenses		4,615			6,345			10,960
Reimbursable operating expenses		570			249			819
Operating expenses		5,185			6,594			11,779
General and administrative		1,555			439			1,994
Depreciation and amortization		1,077			194			1,271
		7,817			7,227			15,044

(Loss) income from operations		(4,521)			5,555			1,034

Other income (expense):
Interest income		—			4			4
Interest expense		(63)			(13)			(76)
Other income (expense), net		41			(8)			33
(Loss) income before income tax		(4,543)			5,538			995
Income tax expense		(3)			—			(3)
Net (loss) income	$	(4,546)		$	5,538		$	992
Other Comprehensive loss:
Net unrealized loss on foreign exchange rate translation		—			(30)			(30)
Comprehensive (loss) income	$	(4,546)		$	5,508		$	962

Adjusted EBITDA	$	(3,403)		$	5,741		$	2,338

Schedule of total assets by operating segment

The following tables present the Company’s total assets, net property and equipment, capital expenditures and operating right of use assets disaggregated by operating segment (in thousands):


		March 31,			December 31,
		2026			2025
Total Assets
United States		$	48,650		$	48,577
Canada			15,746			7,433
Total Assets		$	64,396		$	56,010

Schedule of operating revenues, net property and equipment, capital expenditures and operating right-of-use assets



		March 31,			December 31,
		2026			2025
Net Property and Equipment
United States		$	31,399		$	28,683
Canada			1,848			2,092
Total		$	33,247		$	30,775


		March 31,			March 31,
		2026			2025
Capital Expenditures
United States		$	4,484		$	—
Canada			8			—
Total Capital Expenditures		$	4,492		$	—


		March 31,			December 31,
		2026			2025
Net Operating Right-of-use Assets
United States		$	2,068		$	2,093
Canada			871			943
Total		$	2,939		$	3,036

Schedule of reconciliation of the Company's Adjusted EBITDA to net income (loss) and to net cash provided by (used in) operating activities

The reconciliation of the Company’s Adjusted EBITDA to net income (loss) which are the most directly comparable GAAP financial measures, are provided in the following tables (in thousands):


	Three Months Ended March 31,
	2026 US			2026 CA			2026 Consol.			2025 US			2025 CA			2025 Consol.
Net income (loss)	$	2,276		$	5,385		$	7,661		$	(4,546)		$	5,538		$	992
Depreciation and amortization		1,766			231			1,997			1,077			194			1,271
Interest expense (income), net		478			14			492			63			9			72
Income tax expense		10			—			10			3			—			3
EBITDA		4,530			5,630			10,160			(3,403)			5,741			2,338
Strategic transaction costs		695			—			695			—			—			—
Adjusted EBITDA	$	5,225		$	5,630		$	10,855		$	(3,403)		$	5,741		$	2,338


	Three Months Ended March 31,
	2026 US			2026 CA			2026 Consol.			2025 US			2025 CA			2025 Consol.
Net cash provided by (used in) operating activities	$	1,899		$	(2,364)		$	(465)		$	1,544		$	208		$	1,752
Changes in working capital and other items		2,809			8,054			10,863			(4,530)			5,587			1,057
Non-cash adjustments to net income (loss)		(178)			(60)			(238)			(417)			(54)			(471)
EBITDA		4,530			5,630			10,160			(3,403)			5,741			2,338
Strategic transaction costs		695			—			695			—			—			—
Adjusted EBITDA	$	5,225		$	5,630		$	10,855		$	(3,403)		$	5,741		$	2,338