0001738827-26-000032 | 10-Q | XBRL Viewer | KLX Energy Services Holdings INC

Print Document

Net Loss Per Common Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Restricted Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive securities excluded from determination of diluted earnings per common share (in shares)	0.3	0.8	0.4	0.7

Inventories, Net

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Inventories, Net

Inventories consisted of the following:


	June 30, 2026		December 31, 2025
Spare parts	$	19.4	$	19.3
Plugs	8.4		9.0
Consumables	4.6		4.6
Other	3.1		1.9
Subtotal	35.5		34.8
Less: Inventory reserve	(3.5)		(4.1)
Total inventories, net	$	32.0	$	30.7

Inventories are made up of spare parts, composite and dissolvable plugs, consumables (including thru-tubing accessory tools, chemicals and cement) and other (including coiled tubing strings and wireline spools) used to perform services for customers. The Company values inventories at the lower of cost or net realizable value. Inventories are reported net of inventory reserve of $3.5 and $4.1 as of June 30, 2026 and December 31, 2025, respectively.

Business Combinations

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combinations

On June 2, 2026 (the “Closing Date”), KLX Energy Services Holdings, Inc., a Delaware corporation (the “Company”), completed the acquisition (the “Wolf Pack Acquisition”) of certain assets owned by Wolf Pack Rentals, LLC, a Texas limited liability company (“Wolf Pack” or the “Seller”), pursuant to an asset purchase agreement, dated June 2, 2026, by and among Wolf Pack, KLX Energy Services LLC, a Delaware limited liability company and indirect wholly owned subsidiary of the Company (the “Buyer”) and the Company (the “Purchase Agreement”). The purchase price for the Wolf Pack Acquisition is $16.9, subject to customary post-closing adjustments and to be paid as follows: (i) on the Closing Date, the Buyer paid the Seller $14.1; (ii) two deferred payments of $1.5 each, to be paid at 180 and 360 days after the Closing Date, either in cash or shares of common stock, par value $0.01 per share, of the Company (the “Common Stock”), in its sole

discretion, with a net present value of $2.7; and (iii) estimated post-closing adjustment to the purchase price of $0.1.

This transaction was accounted for as a purchase under FASB Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). The results of operations for the Wolf Pack Acquisition are included in the accompanying condensed consolidated statements of operations from the respective date of acquisition.

Under the acquisition method of accounting, we allocate the fair value of purchase consideration transferred to the tangible assets and intangible assets acquired, if any, and liabilities assumed based on their estimated fair values on the date of the acquisition. The fair values assigned, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants, are based on estimates and assumptions determined by management. The estimated fair value of the assets acquired, net of liabilities assumed, exceeds the purchase consideration, resulting in a bargain purchase gain. The Company believes the bargain purchase gain resulted from an opportunistic transaction. This has been presented as a separate line item on the condensed consolidated statements of operations for the three and six months ended June 30, 2026.

The fair values assigned to certain assets acquired and liabilities assumed in relation to the Wolf Pack Acquisition have been prepared on a preliminary basis with information currently available and are subject to change. The Company expects to finalize its analysis by the second quarter of 2027. The following table summarizes the fair values of assets acquired and liabilities assumed in the Wolf Pack Acquisition in accordance with ASC 805:


	Wolf Pack

Accounts receivable-trade	$	7.9
Inventories	0.3
Other current and non-current assets	(0.8)
Property and equipment	22.7


Accounts payable	(4.2)
Accrued liabilities	(1.6)
Other current and non-current liabilities	(0.9)
Bargain purchase, net of deferred taxes	(6.5)
Total purchase price	$	16.9

Unaudited Supplemental Pro Forma Information

The unaudited supplemental pro forma financial information has been provided for illustrative purposes only and does not purport to be indicative of the actual results that would have been achieved by combining the companies for the periods presented, or of the results that may be achieved by the combined companies in the future. Further, actual results may vary significantly from the results reflected in the following unaudited supplemental pro forma financial information because of future events and transactions, as well as other factors. The unaudited supplemental pro forma financial information does not include adjustments to reflect the impact of other cost savings or synergies that may result from the Wolf Pack Acquisition.

On a pro forma basis to give effect to the Wolf Pack Acquisition, as if it occurred on January 1, 2025, revenues and net loss for the three and six months ended June 30, 2026 and June 30, 2025 would have been as follows:


	Unaudited Pro Forma
	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Revenues	$	174.1	$	168.9	$	329.0	$	332.6
Net loss	(6.2)		(19.1)		(30.5)		(47.0)

From the acquisition date through June 30, 2026, Wolf Pack contributed approximately $3.4 of revenue and $0.3 of net income (excluding the $6.5 bargain purchase gain and $1.8 tax benefit related to the Wolf Pack

Acquisition) to the Company’s consolidated results. We incurred transaction costs related to the Wolf Pack Acquisition of approximately $0.8 and have included these on the income statement under “Selling, general and administrative”.

Net Loss Per Common Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Net loss	$ (8.4)	$ (24.0)	$ (19.9)	$ (27.9)	$ (32.4)	$ (47.8)
Basic weighted average common shares (in shares)	20.5		19.2		20.0	18.2
Effect of dilutive securities - dilutive securities (in shares)	0.0		0.0		0.0	0.0
Diluted weighted average common shares (in shares)	20.5		19.2		20.0	18.2
Basic net loss per common share (in dollars per share)	$ (0.41)		$ (1.04)		$ (1.62)	$ (2.63)
Diluted net loss per common share (in dollars per share)	$ (0.41)		$ (1.04)		$ (1.62)	$ (2.63)

Equity and Stock-Based Compensation	6 Months Ended
Equity and Stock-Based Compensation	Jun. 30, 2026
Equity [Abstract]
Equity and Stock-Based Compensation	Equity and Stock-Based Compensation Equity Distribution Agreement On June 14, 2021, the Company entered into an Equity Distribution Agreement (as amended from time to time, the “Equity Distribution Agreement”) with Piper Sandler & Co. as sales agent (the “Agent”). Pursuant to the terms of the Equity Distribution Agreement, the Company may sell from time to time through the Agent (the “ATM Offering”) the Company’s common stock, par value $0.01 per share (“Common Stock”), having an aggregate offering price of up to $50.0. On November 16, 2022, the Company entered into Amendment No. 1 to the Equity Distribution Agreement, which, among other things, allows for debt-for-equity exchanges in accordance with Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”). On March 14, 2025, the Company entered into Amendment No. 2 to the Equity Distribution Agreement (the “EDA Amendment”), which, among other things, increased the aggregate offering price to up to approximately $57.8 (which amount includes all of the Common Stock previously sold pursuant to the Equity Distribution Agreement prior to the EDA Amendment) and provides for the Company's election not to deliver a placement notice. Common Stock offered and sold in the ATM Offering was issued pursuant to the Company’s shelf registration statement on Form S-3 (Registration No. 333-271182) filed with the SEC on April 7, 2023 and declared effective on April 19, 2023 (the “Registration Statement”), the prospectus supplement relating to the ATM Offering filed with the SEC on March 14, 2025 and any applicable additional prospectus supplements related to the ATM Offering that formed a part of the Registration Statement. Sales of Common Stock under the Equity Distribution Agreement were made in transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act. The Registration Statement expired on April 19, 2026 pursuant to Rule 415(a)(5) under the Securities Act. Sales under the ATM Offering program may restart when and if the Company files a prospectus supplement under a successor registration statement. The Equity Distribution Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and the Agent, including for liabilities under the Securities Act, other obligations of the parties and termination provisions. Under the terms of the Equity Distribution Agreement, the Company will pay the Agent a commission equal to 3.0% of the gross sales price of the Common Stock sold. The Company has used and plans to use the net proceeds from the ATM Offering, after deducting the Agent’s commissions and the Company’s offering expenses, for general corporate purposes, which may include, among other things, paying or refinancing all or a portion of the Company’s then-outstanding indebtedness and funding acquisitions, capital expenditures and working capital. During the three and six months ended June 30, 2026, the Company did not sell any shares of Common Stock and incurred legal and administrative fees of $0.2 and $0.2, respectively. During the three and six months ended June 30, 2025, the Company sold 25,000 and 167,769 shares of Common Stock, respectively, in exchange for gross proceeds of approximately $0.1 and $0.6, respectively, and incurred legal and administrative fees of $0.1 and $0.1, respectively. Stock-Based Compensation The Company has a Long-Term Incentive Plan (“LTIP”) under which the compensation committee of the Board of Directors (the “Board”) of the Company (the “Compensation Committee”) has the authority to grant stock options, stock appreciation rights, restricted stock, restricted stock units or other forms of equity-based or equity-related awards. Compensation cost for the LTIP grants is generally recorded on a straight-line basis over the vesting term of the shares based on the grant date value using the closing trading price. On May 10, 2023, the stockholders of KLXE approved the Second Amended and Restated KLX Energy Services Holdings, Inc. Long-Term Incentive Plan, amended and restated as of March 8, 2023 (the “Amended and Restated LTIP”), which, among other things, increased the total number of shares of Company Common Stock, par value $0.01 per share, for issuance by 1,200,000 shares, resulting in an increase of the total number of shares of our Common Stock reserved for issuance to 1,256,289, and extended the expiration date to March 8, 2033. A description of the Amended and Restated LTIP is included in the Company’s proxy statement, filed with the SEC on March 28, 2023. Compensation cost recognized during the three and six months ended June 30, 2026 and June 30, 2025 was related to grants of restricted stock as approved by the Compensation Committee. Stock-based compensation was $0.6 and $0.6 for the three months ended June 30, 2026 and 2025, respectively, and $0.9 and $1.4 for the six months ended June 30, 2026 and 2025, respectively. Unrecognized compensation cost related to restricted stock awards made by the Company was $2.9 at June 30, 2026 and $3.0 at December 31, 2025.

Business Combinations - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended				6 Months Ended
	Jun. 02, 2026	Jun. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	May 10, 2023
Business Combinations
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01				$ 0.01		$ 0.01	$ 0.01
Revenues			$ 167.3		$ 159.0		$ 312.0	$ 313.0
Net income			(8.4)	$ (24.0)	(19.9)	$ (27.9)	(32.4)	(47.8)
Bargain purchase gain			6.5		0.0		6.5	0.0
Income tax (benefit) expense			$ (1.7)		$ 0.2		$ (1.5)	$ 0.4
Wolf Pack
Business Combinations
Purchase price	$ 16.9
Cash paid for acquisition	14.1
Deferred payment	$ 1.5
Common stock, par value (in dollars per share)	$ 0.01
Common stock value issued as consideration	$ 2.7
Post-closing adjustment to purchase price	$ 0.1
Revenues		$ 3.4
Net income		0.3
Bargain purchase gain		6.5
Income tax (benefit) expense		1.8
Acquisition - related cost, expense		$ 0.8

Segment Reporting - Revenues and Operating (Loss) Earnings by Reportable Segment (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) segment	Jun. 30, 2025 USD ($)
Segment Reporting, Descriptive Information [Abstract]
Number of reportable segments \| segment			3
Revenues	$ 167.3	$ 159.0	$ 312.0	$ 313.0
Cost of sales	130.9	125.6	250.0	249.4
Depreciation and amortization	20.8	23.7	42.7	48.4
Selling, general and administrative	19.0	18.0	34.4	39.6
Segment operating income	2.1	(8.7)	(10.0)	(25.2)
Unallocated corporate expenses	(3.4)	(9.0)	(11.3)	(20.2)
Interest income	0.0	0.0	0.0	0.3
Interest expense	(12.5)	(11.0)	(24.2)	(21.3)
(Gain) loss on debt extinguishment	0.3	0.0	0.3	(1.2)
Net loss before income tax	(10.1)	(19.7)	(33.9)	(47.4)
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfGoodsAndServicesSold
Segment Reporting, Descriptive Information [Abstract]
Unallocated corporate expenses	(1.0)	(0.6)	(1.9)	(1.4)
Location, Statement of Income, Balance [Axis]: us-gaap:DepreciationDepletionAndAmortization
Segment Reporting, Descriptive Information [Abstract]
Unallocated corporate expenses	(0.7)	(0.4)	(0.9)	(1.0)
Location, Statement of Income, Balance [Axis]: us-gaap:OtherAssetImpairmentCharges
Segment Reporting, Descriptive Information [Abstract]
Unallocated corporate expenses	5.7	(0.4)	5.3	(0.8)
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Segment Reporting, Descriptive Information [Abstract]
Unallocated corporate expenses	(7.4)	(7.6)	(13.8)	(17.0)
Eliminations
Segment Reporting, Descriptive Information [Abstract]
Revenues	0.2	0.4	0.4	0.7
Cost of sales	(0.2)	(0.4)	(0.4)	(0.7)
Total
Segment Reporting, Descriptive Information [Abstract]
Segment operating income	5.5	0.3	1.3	(5.0)
Rocky Mountains \| Operating Segments
Segment Reporting, Descriptive Information [Abstract]
Revenues	50.8	54.2	89.4	102.1
Cost of sales	40.9	40.2	74.7	77.9
Depreciation and amortization	5.4	6.5	11.3	13.3
Selling, general and administrative	2.0	1.9	3.9	3.8
Other segment items	2.3	2.3	3.1	4.0
Segment operating income	0.2	3.3	(3.6)	3.1
Southwest \| Operating Segments
Segment Reporting, Descriptive Information [Abstract]
Revenues	64.7	59.0	118.4	124.4
Cost of sales	52.4	48.7	98.2	98.4
Depreciation and amortization	7.5	8.4	15.4	16.7
Selling, general and administrative	2.9	3.0	6.0	6.4
Other segment items	1.7	0.6	2.0	1.6
Segment operating income	0.2	(1.7)	(3.2)	1.3
Northeast /Mid-Con \| Operating Segments
Segment Reporting, Descriptive Information [Abstract]
Revenues	52.0	46.2	104.6	87.2
Cost of sales	36.7	36.6	75.5	72.4
Depreciation and amortization	7.2	8.4	15.1	17.4
Selling, general and administrative	1.6	1.5	3.2	3.1
Other segment items	1.4	1.0	2.7	3.7
Segment operating income	$ 5.1	$ (1.3)	$ 8.1	$ (9.4)

Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Less: Accumulated depreciation and amortization	$ (542.0)	$ (512.3)
Total property and equipment, net	164.8	161.1
Depreciable Property, Plant and Equipment
Property, Plant, and Equipment [Line Items]
Total property and equipment	702.7	669.4
Land, buildings and improvements
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 35.3	36.1
Land, buildings and improvements \| Minimum
Property, Plant, and Equipment [Line Items]
Useful Life (Years)	1 year
Land, buildings and improvements \| Maximum
Property, Plant, and Equipment [Line Items]
Useful Life (Years)	40 years
Machinery
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 306.4	299.8
Machinery \| Minimum
Property, Plant, and Equipment [Line Items]
Useful Life (Years)	1 year
Machinery \| Maximum
Property, Plant, and Equipment [Line Items]
Useful Life (Years)	20 years
Equipment and furniture
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 277.5	248.6
Equipment and furniture \| Minimum
Property, Plant, and Equipment [Line Items]
Useful Life (Years)	1 year
Equipment and furniture \| Maximum
Property, Plant, and Equipment [Line Items]
Useful Life (Years)	15 years
ROU assets - finance leases
Property, Plant, and Equipment [Line Items]
ROU assets - finance leases	$ 83.5	84.9
ROU assets - finance leases \| Minimum
Property, Plant, and Equipment [Line Items]
Useful Life (Years)	1 year
ROU assets - finance leases \| Maximum
Property, Plant, and Equipment [Line Items]
Useful Life (Years)	20 years
Add: Construction in progress
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 4.1	$ 4.0

Fair Value Information - Senior Secured Notes and Assets Held for Sale (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets Held for Sale	$ 2.2	$ 0.0
Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	237.7	246.0
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets Held for Sale	0.0	0.0
Level 1 \| Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	0.0	0.0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets Held for Sale	2.2	0.0
Level 2 \| Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	0.0	0.0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets Held for Sale	0.0	0.0
Level 3 \| Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	237.7	246.0
2030 Senior Notes \| Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	237.7	246.0
2030 Senior Notes \| Level 1 \| Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	0.0	0.0
2030 Senior Notes \| Level 2 \| Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	0.0	0.0
2030 Senior Notes \| Level 3 \| Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	$ 237.7	$ 246.0

Debt - Debt Outstanding (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Long term debt, gross	$ 310.3	$ 280.1
Less: Unamortized debt issuance costs	(5.6)	(6.2)
Less: Unamortized issue discount	(15.8)	(15.6)
Total debt	288.9	258.3
Less: Current portion of long-term debt	4.6	4.4
Long-term debt	284.3	253.9
2030 Senior Notes
Debt Instrument [Line Items]
Long term debt, gross	254.3	244.1
Total debt	232.9
2028 ABL Facility
Debt Instrument [Line Items]
Long term debt, gross	$ 56.0	$ 36.0

Property and Equipment, Net - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) facility	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) facility	Jun. 30, 2025 USD ($)
Property, Plant, and Equipment [Abstract]
Depreciation expense	$ 15.9	$ 18.9	$ 32.8	$ 37.9
Finance lease fixed cost	4.8	$ 4.6	9.7	$ 10.2
Held-for-sale	$ 1.0		$ 1.0
Number of operational facilities \| facility	1		1

Equity and Stock-Based Compensation (Details) - USD ($)				3 Months Ended		6 Months Ended
Equity and Stock-Based Compensation (Details) - USD ($)	Mar. 14, 2025	May 10, 2023	Jun. 14, 2021	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01		$ 0.01		$ 0.01
Common stock, increase (decrease) in capital (in shares)		1,200,000
Shares reserved for issuance (in shares)		1,256,289
Share based compensation expense, net				$ 600,000	$ 600,000	$ 900,000	$ 1,400,000
Unrecognized compensation cost				$ 2,900,000		$ 2,900,000		$ 3,000,000.0
At The Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share)			$ 0.01
Maximum consideration on transaction	$ 57,800,000		$ 50,000,000.0
Commission fee			3.00%
Number of shares issued in transaction (in shares)				0	25,000	0	167,769
Gross proceeds					$ 100,000		$ 600,000
Payments of stock issuance costs				$ 200,000	$ 100,000	$ 200,000	$ 100,000

Description of Business and Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2026 facility
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of service facilities	60

Subsequent Event (Details)	Aug. 10, 2026 USD ($) $ / shares shares	Aug. 06, 2026 USD ($)	Dec. 31, 2029	Jun. 30, 2029	Dec. 31, 2028	Jun. 30, 2028	Dec. 31, 2027	Jun. 30, 2027	Dec. 31, 2026	Sep. 30, 2026	Aug. 05, 2026 USD ($)	Dec. 31, 2025
2030 Senior Notes
Subsequent Event [Line Items]
Net leverage ratio												4.50
2030 Senior Notes \| Forecast
Subsequent Event [Line Items]
Net leverage ratio			2.50	3.00	3.00	3.50	3.50	4.00	4.00	4.50
Subsequent Event
Subsequent Event [Line Items]
Aggregate amount		$ 94,000,000.0
Exchange price, percentage		100.00%
Maximum percentage of shares outstanding owned	9.995%	30.00%
Maximum aggregate cash proceeds		$ 125,000,000.0
Minimum percentage of shares outstanding held to appoint a board member		10.00%
Minimum maintained percentage of shares outstanding held to appoint a board member		7.50%
Maximum premium percentage		101.00%
Subscription price (in dollars per share) \| $ / shares	$ 1.49
Right to purchase shares (in shares) \| shares	3.885
Net cash proceeds used for general corporate purposes	$ 31,000,000.0
Subsequent Event \| 2030 Senior Notes
Subsequent Event [Line Items]
Net leverage ratio incurrence test		3.00									2.50
Minimum purchase money and capital lease obligations amount		$ 85,000,000.0									$ 75,000,000.0
Maximum premium percentage											102.00%

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Jul. 31, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-38609
Entity Registrant Name	KLX Energy Services Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4904146
Entity Address, Address Line One	3040 Post Oak Boulevard
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	832
Local Phone Number	844-1015
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	KLXE
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		21,273,059
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001738827
Amendment Flag	false

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events Backstop Agreement On August 6, 2026, the Company entered into a Rights Offering Backstop Agreement (the “Backstop Agreement”) with the holders of the 2030 Senior Notes (the “Backstop Parties”), in connection with the Rights Offering (as defined below), to purchase aggregate Individual Backstop Commitments (as defined below) of $94.0. Pursuant to the Rights Offering, the Company will distribute to all eligible holders of record of its Common Stock, as of 5:00 p.m., New York City time on August 21, 2026 (the “Record Date”), at no cost and on a pro rata basis, transferable subscription rights to purchase shares of Common Stock at the Subscription Price (as defined below). Pursuant to the terms of the Backstop Agreement, and subject to the satisfaction of certain conditions thereunder, the Backstop Parties have committed, severally and not jointly, to purchase from the Company, at the Subscription Price, any unsubscribed shares in the Rights Offering following the expiration of the Rights Offering, through an exchange of the Backstop Parties’ 2030 Senior Notes for such shares, whereby (x) the exchange price for any exchanged 2030 Senior Notes shall be 100% of the principal amount thereof and (y) any accrued and unpaid interest on any exchanged 2030 Senior Notes shall also be exchanged for additional shares of Common Stock at the Subscription Price (the “Backstop Exchange”). Each Backstop Party’s individual backstop commitment (the “Individual Backstop Commitment”) shall decrease automatically, as necessary, (x) to ensure that such Backstop Party, together with its affiliates, will own no more than 30.0% of the Company’s outstanding Common Stock on a pro forma fully diluted basis, including all Common Stock held by such Backstop Party and any Common Stock to be purchased pursuant to the exercise of Subscription Rights and the Backstop Exchange, and (y) to the extent that the aggregate gross cash proceeds received from Rights Offering subscriptions, together with the aggregate Individual Backstop Commitments, exceeds $125.0. Each Backstop Party shall have the right, but shall not be obligated, to increase its Individual Backstop Commitment prior to August 21, 2026. Each Backstop Party shall have the right, but shall not be obligated, to exercise all Basic Subscription Rights (as defined below) and Over-Subscription Rights (as defined below) allocated to such Backstop Party in the Rights Offering; provided that any such exercise shall be the purchase of shares of Common Stock for cash in accordance with the Rights Offering prospectus and shall not reduce the Backstop Party’s Individual Backstop Commitment. Shares of Common Stock acquired by the Backstop Parties pursuant to the Backstop Exchange are not registered under the Securities Act, and will be issued in a private placement exempt from registration under Section 4(a)(2) of the Securities Act. The Backstop Parties are entitled to customary registration rights in respect of such shares pursuant to a registration rights agreement to be entered into at closing (the “Registration Rights Agreement”). The Backstop Agreement contains customary representations and warranties from the Company, on the one hand, and from the Backstop Parties on the other hand. The Backstop Agreement also contains customary covenants and agreements by the Company and the Backstop Parties. The closing of the Backstop Exchange is subject to certain closing conditions, including consummation of the Rights Offering, the accuracy of the representations and warranties of each party (subject to certain customary exceptions), material compliance by each party with its covenants under the Backstop Agreement, execution and delivery of the Registration Rights Agreement, execution and delivery of the A&R Indenture (as defined below) governing the 2030 Senior Notes, and, with respect to the obligations of the Backstop Parties, aggregate Individual Backstop Commitments of at least $94.0. The Backstop Agreement shall terminate automatically without any action by or on behalf of any party (i) if the Rights Offering is validly terminated in accordance with its terms without being consummated or (ii) upon the parties’ mutual written consent. Effective as of the closing of the Backstop Exchange, each of Cross Ocean Partners Management LP and Whitebox Advisors LLC (each on behalf of certain of their respective advised funds), for so long as such entity, together with its controlled affiliates, holds at least 10% of the Company’s outstanding Common Stock after giving effect to the closing (each, a “Designating Holder”), shall have the right to designate one individual (each, a “Designated Director”) for appointment to the Board, subject to certain eligibility requirements. The Company agreed to use its reasonable best efforts to cause each Designated Director to be appointed to the Board effective as of the closing. Each Designating Holder will have the right to have its Designated Director nominated for election as a director at each subsequent annual meeting of stockholders of the Company and included among the slate of nominees recommended by the Board for election at each such annual meeting of stockholders for so long as such Designating Holder (together with its controlled affiliates) continues to beneficially own at least 7.5% of the Company’s outstanding Common Stock. Amended and Restated Indenture Substantially concurrently with the closing of the Backstop Exchange, and in connection with the Rights Offering, the Company, the subsidiaries party thereto, as guarantors, and U.S. Bank Trust Company, National Association, as trustee and notes collateral agent, will enter into an Amended and Restated Indenture (the “A&R Indenture”). The A&R Indenture will amend and restate in its entirety the 2030 Senior Notes Indenture, governing the 2030 Senior Notes. The 2030 Senior Notes will remain guaranteed and secured on substantially the same terms other than as described below. The 2030 Senior Notes Indenture will be amended and restated to provide additional covenant flexibility and other amendments, including, among other things: (i) reset the total net leverage ratio maintenance covenant step-down schedule to: (w) 4.50:1.00, commencing with the fiscal quarter ending September 30, 2026, (x) 4.00:1.00, commencing on the fiscal quarter ending June 30, 2027, (y) 3.50:1.00, commencing on the fiscal quarter ending June 30, 2028, and (z) 3.00:1.00, commencing on the fiscal quarter ending June 30, 2029, (ii) relax the total net leverage ratio incurrence test for additional indebtedness from 2.50:1.00 to 3.00:1.00, (iii) permanently exclude capital lease obligations from the definition of “Consolidated Total Indebtedness” for purposes of the financial maintenance covenant, incurrence-based tests/ratios/baskets, and the Secured Net Leverage Ratio (as defined in the A&R Indenture), (iv) increase the basket for indebtedness in respect of purchase money obligations and capital lease obligations from $75.0 to $85.0, (v) provide for par redemption of 2030 Senior Notes in connection with the Backstop Agreement and exclude Rights Offering redemption proceeds from the excess cash flow sweep, (vi) reset the make-whole expiry date to two years from the effective date of the A&R Indenture and reduce the premium from 102% to 101%, (vii) grant the holders of the 2030 Senior Notes a right of first offer with respect to any debtor-in-possession financing secured by notes priority collateral on a pro rata basis and (viii) require that any opportunity to provide permitted pari passu notes lien indebtedness be offered first to existing holders on a pro rata basis. Rights Offering On August 10, 2026, the Company announced that its Board approved the Rights Offering, which will be available to all holders of record of Common Stock, as of 5:00 p.m., New York City time, on the Record Date. The Rights Offering will be made through a distribution to all holders of record of Common Stock as of the Record Date of transferable subscription rights to purchase shares of Common Stock at a subscription price of $1.49 per share (the “Subscription Price”). The Rights Offering is currently expected to commence on August 24, 2026, and expire at 5:00 p.m., New York City time, on September 23, 2026 (the “Expiration Date”). The rights being issued in the offering are expected to be listed for trading on The Nasdaq Stock Market LLC under the symbol “KLXER” and therefore will be transferable. Pursuant to the Rights Offering, each stockholder of the Company of record as of the Record Date will receive one subscription right for each share of Common Stock held by such stockholder as of the Record Date, and each subscription right will entitle the holder to purchase 3.885 shares of Common Stock at the Subscription Price per share (the “Basic Subscription Right”). Each stockholder who exercises its Basic Subscription Rights may subscribe for additional shares of Common Stock to the extent they are available, at the Subscription Price (the “Over-Subscription Right” and, together with the Basic Subscription Right, the “Subscription Rights”); provided that no stockholder (other than the Backstop Parties) shall be entitled to exercise Subscription Rights to the extent that such exercise would result in such stockholder, together with its affiliates and any persons acting in concert with such stockholder, beneficially owning more than 9.995% of the Company’s outstanding Common Stock on a pro forma basis after giving effect to such exercise. The Company will not issue any fractional shares of Common Stock in the Rights Offering, and all exercises of Subscription Rights will be rounded down to the nearest whole share. In addition, the Company will not issue fractional Subscription Rights or pay cash in lieu of fractional Subscription Rights. The Company intends to use any net cash proceeds it receives in connection with the Rights Offering up to $31.0 for general corporate purposes, and for any amounts over $31.0, the Company intends to repurchase 2030 Senior Notes at par, which is permitted under the Backstop Agreement. The Rights Offering will be made pursuant to the Company’s existing effective shelf registration statement on Form S-3 (Reg. No. 333-295905) on file with the Securities and Exchange Commission (the “SEC”) and a prospectus supplement (and the accompanying base prospectus) to be filed with the SEC prior to the commencement of the Rights Offering. The Company reserves the right to extend, amend or terminate the planned Rights Offering, subject to certain conditions, at any time.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (1.7)	$ 0.2	$ (1.5)	$ 0.4

Segment Reporting - Schedule of Total Assets by Reportable Segment (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Segment Reporting [Line Items]
Total assets	$ 371.9	$ 340.3
Operating Segments
Segment Reporting [Line Items]
Total assets	364.0	334.6
Unallocated assets
Segment Reporting [Line Items]
Total assets	7.9	5.7
Rocky Mountains \| Operating Segments
Segment Reporting [Line Items]
Total assets	93.3	103.0
Southwest \| Operating Segments
Segment Reporting [Line Items]
Total assets	162.0	139.2
Northeast /Mid-Con \| Operating Segments
Segment Reporting [Line Items]
Total assets	$ 108.7	$ 92.4

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 7.9	$ 5.7
Accounts receivable–trade, net of allowance for credit losses of $1.9 and $1.7	121.9	102.7
Inventories, net	32.0	30.7
Prepaid expenses and other current assets	17.1	10.8
Total current assets	178.9	149.9
Property and equipment, net	164.8	161.1
Operating lease assets	21.7	22.3
Intangible assets, net	0.9	1.1
Other assets	5.6	5.9
Total assets	371.9	340.3
Current liabilities:
Accounts payable	77.3	68.7
Accrued interest	0.5	0.4
Accrued liabilities	47.7	26.0
Current portion of long-term debt	4.6	4.4
Current portion of operating lease liabilities	7.5	7.1
Current portion of finance lease liabilities	14.0	19.6
Total current liabilities	151.6	126.2
Long-term debt	284.3	253.9
Long-term operating lease liabilities	15.3	15.9
Long-term finance lease liabilities	17.3	17.4
Other non-current liabilities	5.8	1.1
Commitments, contingencies and off-balance sheet arrangements (Note 7)
Stockholders’ equity:
Common stock, $0.01 par value; 110.0 authorized; 21.6 and 18.9 issued	0.2	0.2
Additional paid-in capital	575.7	571.3
Treasury stock, at cost, 0.6 shares and 0.5 shares	(6.4)	(6.2)
Accumulated deficit	(671.9)	(639.5)
Total stockholders’ deficit	(102.4)	(74.2)
Total liabilities and stockholders’ deficit	$ 371.9	$ 340.3

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax benefit was $1.7 and $1.5 for the three and six months ended June 30, 2026, respectively, and was comprised primarily of state and local taxes, offset by a deferred tax benefit recognized from a reduction in the valuation allowance related to the Wolf Pack Acquisition. Comparatively, income tax expense was $0.2 and $0.4 for the three and six months ended June 30, 2025, respectively, and was comprised primarily of state and local taxes. The Company has a full valuation allowance recorded against its net deferred tax assets and, as a result, it was unable to recognize a federal tax benefit on its year-to-date losses. The Company continues to monitor additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service and others.

Commitments, Contingencies and Off-Balance- Sheet Arrangements	6 Months Ended
	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Off-Balance-Sheet Arrangements	Commitments, Contingencies and Off-Balance-Sheet Arrangements Environmental Regulations & Liabilities The Company is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for the protection of the environment. The Company continues to monitor the status of these laws and regulations. However, the Company cannot predict the future impact of such laws and regulations, as well as standards and requirements, on our business, which are subject to change and can have retroactive effectiveness. Currently, the Company has not been fined, cited or notified of any environmental violations or liabilities that would have a material adverse effect on its condensed consolidated financial statement position, results of operations, liquidity or capital resources. However, management does recognize that by the very nature of its business, material costs could be incurred in the future to maintain compliance. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible regulation or liabilities, the unknown timing and extent of the corrective actions that may be required, the determination of the Company’s liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification. Litigation The Company is at times either a plaintiff or a defendant in various legal actions arising in the normal course of business, the outcomes of which, in the opinion of management, neither individually nor in the aggregate are likely to result in a material adverse effect on the Company’s condensed consolidated financial statements. Indemnities, Commitments and Guarantees During its ordinary course of business, the Company has made certain indemnities, commitments and guarantees under which it may be required to make payments in relation to certain transactions. These indemnities include indemnities to various lessors in connection with facility leases for certain claims arising from such facility or lease, as well as indemnities to other parties to certain acquisition agreements. The duration of these indemnities, commitments and guarantees varies and, in certain cases, is indefinite. Many of these indemnities, commitments and guarantees provide for limitations on the maximum potential future payments the Company could be obligated to make. However, the Company is unable to estimate the maximum amount of liability related to its indemnities, commitments and guarantees because such liabilities are contingent upon the occurrence of events that are not reasonably determinable. Management believes that any liability for these indemnities, commitments and guarantees would not be material to the accompanying condensed consolidated financial statements. Accordingly, no significant amounts have been accrued for indemnities, commitments and guarantees.

Debt - Additional Information (Details) $ / shares in Units, $ in Millions			3 Months Ended	6 Months Ended
	Mar. 11, 2025 USD ($)	Mar. 07, 2025 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) shares	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2029	Jun. 30, 2029	Mar. 31, 2029	Dec. 31, 2028	Jun. 30, 2028	Mar. 31, 2028	Dec. 31, 2027	Jun. 30, 2027	Mar. 31, 2027	Dec. 31, 2026	Sep. 30, 2026	Mar. 06, 2026 USD ($)	Dec. 31, 2025 USD ($)	Mar. 12, 2025 USD ($)	Dec. 31, 2024
Debt Instrument [Line Items]
Aggregate principal amount				$ 2.2	$ 0.0
Long term debt, gross			$ 310.3	310.3														$ 280.1
Long term debt outstanding			288.9	288.9														258.3
Accrued interest			0.5	0.5														0.4
Outstanding short-term debt			$ 12.3	$ 12.3
Weighted average interest rate			11.80%	11.80%
Leaseback transaction failed sale accounting financing obligation			$ 7.2	$ 7.2
Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccruedLiabilitiesCurrent
Debt Instrument [Line Items]
Leaseback transaction failed sale accounting financing obligation			2.1	2.1
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesNoncurrent
Debt Instrument [Line Items]
Leaseback transaction failed sale accounting financing obligation			5.1	5.1
Asset Based Revolving Line of Credit
Debt Instrument [Line Items]
Outstanding letter of credit amount			$ 6.8	$ 6.8														$ 6.9
2025 Senior Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate (as a percent)																				11.50%
Aggregate principal amount	$ 143.6
2030 Senior Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate (as a percent)		2.00%	12.12%	12.12%
Principle amount		$ 232.2
Aggregate shares purchased (in shares) \| shares		2,373,187
Exercise price (in dollars per share) \| $ / shares		$ 0.01
Debt-for-equity exchanges		$ 78.4
Aggregate principal amount				$ 2.2
Basis spread on variable rate		1.00%
Net leverage ratio																		4.50
Net capital expenditures maximum		$ 65.0
Net capital expenditures of revenue, percentage		7.00%
Cross-acceleration to indebtedness		$ 7.5
Pari passu indebtedness incurred		$ 150.0
Long term debt, gross			$ 254.3	254.3														$ 244.1
Long term debt outstanding			232.9	232.9
Accrued interest			$ 0.0	$ 0.0														0.0
2030 Senior Notes \| Common Stock
Debt Instrument [Line Items]
Exchange aggregate shares (In shares) \| shares			627,521
2030 Senior Notes \| Forecast
Debt Instrument [Line Items]
Net leverage ratio						2.50	3.00		3.00	3.50		3.50	4.00		4.00	4.50
Senior Secured Notes Due 2030, First Amendment
Debt Instrument [Line Items]
Debt instrument, collateral amount																	$ 6.7
Senior Secured Notes Due 2030, First Amendment \| Forecast
Debt Instrument [Line Items]
Net leverage ratio							2.50	3.00			3.50			4.50
2028 ABL Facility \| Asset Based Revolving Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate		4.625%
Revolving credit facility		$ 125.0
Incremental revolving loans		$ 25.0
Reduction limit on basis spread		0.125%
Repayment in full over-advance		$ 5.0
Current borrowing capacity																			$ 39.9
Consolidated fixed charge coverage ratio																			1.00
Asset based facility																			$ 7.0
2028 ABL Facility \| Filo Facility
Debt Instrument [Line Items]
Basis spread on variable rate		6.00%
Revolving credit facility		$ 10.0
Reduction limit on basis spread		0.50%
2028 ABL Facility
Debt Instrument [Line Items]
Debt instrument, stated interest rate (as a percent)			8.36%	8.36%
Long term debt, gross			$ 56.0	$ 56.0														36.0
Accrued interest			0.5	0.5														$ 0.4
2028 ABL Facility \| Asset Based Revolving Line of Credit
Debt Instrument [Line Items]
Net borrowing capacity			$ 45.4	$ 45.4

Inventories, Net - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Inventory reserve	$ 3.5	$ 4.1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (32.4)	$ (47.8)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities
Depreciation and amortization	42.7	48.4
Impairment and other charges	0.5	0.0
Non-cash compensation	0.9	1.4
Amortization of deferred financing fees	3.0	1.2
Provision for inventory reserve	0.3	0.6
Change in allowance for credit losses	0.5	0.4
Gain on disposal of property, equipment and other	(4.1)	(3.8)
Non-cash interest expense	15.0	7.1
(Gain) loss on debt extinguishment	(0.3)	1.2
Bargain purchase gain	(6.5)	0.0
Deferred taxes	(1.8)	0.0
Other	(0.4)	0.6
Changes in operating assets and liabilities:
Accounts receivable	(11.8)	(9.5)
Inventories	(1.5)	(2.0)
Prepaid expenses and other current and non-current assets	(1.0)	0.8
Accounts payable	1.3	(3.8)
Other current and non-current liabilities	6.4	(13.3)
Net cash flows provided by (used in) operating activities	10.8	(18.5)
Cash flows from investing activities:
Purchases of property and equipment	(17.3)	(27.7)
Proceeds from sale of property and equipment	5.6	6.4
Wolf Pack Acquisition	(13.5)	0.0
Net cash flows used in investing activities	(25.2)	(21.3)
Cash flows from financing activities:
Proceeds from stock issuance, net of costs	(0.1)	0.6
Borrowings under 2028 ABL Facility	114.9	62.0
Proceeds from issuance of 2030 Senior Notes and warrants	0.0	225.2
Payments on finance lease obligations	(11.0)	(10.6)
Proceeds from note payable	13.2	5.7
Payments of debt issuance costs	0.0	(8.5)
Change in financed payables	(2.8)	(2.8)
Other	(0.2)	(0.4)
Net cash flows provided by (used in) financing activities	16.6	(34.5)
Net change in cash and cash equivalents	2.2	(74.3)
Cash and cash equivalents, beginning of period	5.7	91.6
Cash and cash equivalents and restricted cash, end of period	7.9	17.3
Cash paid during period for:
Income taxes paid, net of refunds	0.2	1.0
Interest	6.1	14.9
Supplemental schedule of non-cash activities:
Accrued capital expenditures	11.8	12.0
Non-cash interest expense (paid in kind)	15.0	7.1
Debt-for-equity exchanges	2.2	0.0
Prior ABL Facility
Cash flows from financing activities:
Repayments on ABL Facility	0.0	(50.0)
2028 ABL Facility
Cash flows from financing activities:
Repayments on ABL Facility	(94.9)	(17.0)
2025 Senior Notes
Cash flows from financing activities:
Repayments of Senior Notes	0.0	(236.3)
2030 Senior Notes
Cash flows from financing activities:
Repayments of Senior Notes	(2.5)	$ (2.4)
Supplemental schedule of non-cash activities:
Debt-for-equity exchanges	$ 2.2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1.9	$ 1.7
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	110.0	110.0
Common stock, shares issued (in shares)	21.6	18.9
Treasury stock (in shares)	0.6	0.5

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Stuart Porter, a greater than 5% passive shareholder of the company, is the Senior Partner of Trace Capital. From time to time and in the ordinary course of business and at arms-length, certain Trace Capital portfolio companies engage us as service providers. The revenue associated with these related party transactions was $1.4 and $0.1 for the three months ended June 30, 2026 and 2025, respectively, and $4.8 and $0.5 for the six months ended June 30, 2026 and 2025, respectively. The related accounts receivable balance was $0.7 and $3.9 as of June 30, 2026 and December 31, 2025, respectively.

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		17.5
Beginning balance at Dec. 31, 2024	$ (10.5)	$ 0.2	$ 557.5	$ (5.8)	$ (562.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock, net of forfeitures	0.8		0.8
Purchase of treasury stock	(0.4)			(0.4)
Issuance of common stock, net of cost (in shares)		0.6
Issuance of common stock, net of cost	0.4	$ 0.0	0.4
Net loss	(27.9)				(27.9)
Ending balance (in shares) at Mar. 31, 2025		18.1
Ending balance at Mar. 31, 2025	(26.6)	$ 0.2	569.7	(6.2)	(590.3)
Beginning balance (in shares) at Dec. 31, 2024		17.5
Beginning balance at Dec. 31, 2024	(10.5)	$ 0.2	557.5	(5.8)	(562.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(47.8)
Ending balance (in shares) at Jun. 30, 2025		18.3
Ending balance at Jun. 30, 2025	(47.2)	$ 0.2	569.0	(6.2)	(610.2)
Beginning balance (in shares) at Mar. 31, 2025		18.1
Beginning balance at Mar. 31, 2025	(26.6)	$ 0.2	569.7	(6.2)	(590.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock, net of forfeitures	0.5		0.5
Issuance of common stock, net of cost (in shares)		0.0
Issuance of common stock, net of cost	0.0	$ 0.0	0.0
Issuance of warrants	11.0		11.0
Exercise of warrants (in shares)		0.2
Exercise of warrants	(1.2)	$ 0.0	(1.2)
Net loss	(19.9)				(19.9)
Ending balance (in shares) at Jun. 30, 2025		18.3
Ending balance at Jun. 30, 2025	(47.2)	$ 0.2	569.0	(6.2)	(610.2)
Beginning balance (in shares) at Dec. 31, 2025		18.9
Beginning balance at Dec. 31, 2025	(74.2)	$ 0.2	571.3	(6.2)	(639.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock, net of forfeitures (in shares)		(0.1)
Restricted stock, net of forfeitures	0.3	$ 0.0	0.3
Purchase of treasury stock	(0.2)			(0.2)
Issuance of common stock, net of cost (in shares)		0.4
Issuance of common stock, net of cost	0.0	$ 0.0
Issuance of warrants	2.0		2.0
Exercise of warrants (in shares)		1.3
Exercise of warrants	0.0	$ 0.0
Net loss	(24.0)				(24.0)
Ending balance (in shares) at Mar. 31, 2026		20.5
Ending balance at Mar. 31, 2026	(96.1)	$ 0.2	573.6	(6.4)	(663.5)
Beginning balance (in shares) at Dec. 31, 2025		18.9
Beginning balance at Dec. 31, 2025	(74.2)	$ 0.2	571.3	(6.2)	(639.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(32.4)
Ending balance (in shares) at Jun. 30, 2026		21.6
Ending balance at Jun. 30, 2026	(102.4)	$ 0.2	575.7	(6.4)	(671.9)
Beginning balance (in shares) at Mar. 31, 2026		20.5
Beginning balance at Mar. 31, 2026	(96.1)	$ 0.2	573.6	(6.4)	(663.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock, net of forfeitures (in shares)		(0.0)
Restricted stock, net of forfeitures	0.5	$ 0.0	0.5
Issuance of common stock, net of cost (in shares)		0.7
Issuance of common stock, net of cost	1.6	$ 0.0	1.6
Exercise of warrants (in shares)		0.4
Exercise of warrants	0.0	$ 0.0
Net loss	(8.4)				(8.4)
Ending balance (in shares) at Jun. 30, 2026		21.6
Ending balance at Jun. 30, 2026	$ (102.4)	$ 0.2	$ 575.7	$ (6.4)	$ (671.9)

Inventories, Net - Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Spare parts	$ 19.4	$ 19.3
Plugs	8.4	9.0
Consumables	4.6	4.6
Other	3.1	1.9
Subtotal	35.5	34.8
Less: Inventory reserve	(3.5)	(4.1)
Total inventories, net	$ 32.0	$ 30.7

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All adjustments which, in the opinion of the Company’s management, are considered necessary for a fair presentation of the results of operations for the periods shown are of a normal recurring nature and have been reflected in the condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of the results expected for the full year 2026 or for any future period. The information included in these condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and accompanying notes included in the Company’s 2025 Annual Report on Form 10-K filed with the SEC on March 12, 2026. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates.