Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.25.2
Segment Information
3 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information

18. Segment Information

The Company has a single reportable segment: microturbine systems and their related parts, rentals and services. The Company is one line of business that provides for the development, manufacture, sale and rental of turbine generator sets and their related parts and services to customers. The Company derives revenue primarily in North America and the Company’s Chief Operating Decision Maker (“CODM”) regularly reviews financial information presented on a consolidated basis for purposes of allocating resources and assessing performance. The Company defines its CODM as the Chief Executive Officer.

The CODM assesses performance for the single reportable segment under a GAAP basis of accounting, consistent with the basis of presentation in our financial statements and decides how to allocate resources based on consolidated net loss. This measure is used to monitor performance which is compared to prior periods and forecasted results to support operational efficiencies and business expansion. The CODM does not evaluate its reportable segment using asset or liability information. There are no intra-equity sales or transfers between the reporting units within the consolidated entity.

The following table presents the Company’s information about reported segment revenue, segment gross profit, segment profit or loss and significant segment expenses that are regularly provided to the Company’s CODM as a single reporting segment and a reconciliation of the Condensed Consolidated Statement of Operations:

Three Months Ended June 30,

 

2025

    

2024

Revenue, net:

$

27,871

    

$

15,643

Less:

Cost of revenue

20,307

11,856

Gross profit

7,564

3,787

Less:

Research and development

814

548

Selling, general & administrative expenses

5,816

4,170

Non-recurring professional expenses (1)

1,105

2,613

Other (income) expense items (2)

527

393

Consolidated net loss

$

(698)

$

(3,937)

(1) Non-recurring professional expenses include restructuring, financing, shareholder litigation, non-recurring legal, restatement, merger and acquisition activity, and SEC investigation.
(2) Other segment items included in segment (income) expense include other income (expense), interest expense, interest income and income tax expense.