Introduction of new EVOLV Composite Frac Plug product
On February 2, 2022, GEODynamics launched the EVOLV Composite Frac Plug product, which is a plug that's used for hydraulic fracturing. The new product compared to previous iterations will work much faster at a rate of 15 seconds, which is an exponential improvement from the usual 300-second time span it would take to work. The new product will also lower the amount of material it would take in when conducting fracturing which would contribute to its faster working time as it's designed to tackle horizontal challenges usual models would face.
Balance Sheet|New ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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