Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.26.1
Segment Information
 3 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

18. Segment Information

Segment Structure

The Company operates as a single reportable segment encompassing the development, manufacture, sale, and rental of microturbine energy systems and their related parts and services. This determination is consistent with how the Company's Chief Executive Officer (the "CODM") evaluates performance and allocates resources on a consolidated basis.

The CODM assesses segment performance using consolidated net income (loss) on a GAAP basis, consistent with the basis of presentation in these financial statements. This measure is compared against prior periods and forecasted results to support operational decision-making, cost management, and business expansion initiatives. The CODM does not evaluate the segment using asset or liability information, and there are no intersegment sales or transfers within the consolidated entity.

Segment Profit or Loss and Reconciliation to Consolidated Statements of Operations

The following table presents reported segment revenue, gross profit, significant segment expenses regularly provided to the CODM, and a reconciliation to consolidated net income (loss) (in thousands):

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​

​

​

​

​

​

​

​

​

Three Months Ended June 30,

​

 

2026

  ​ ​ ​

2025

Revenue, net:

​

$

24,923

  ​ ​ ​

$

27,871

Less:

​

​

​

​

​

​

Cost of revenue

​

​

16,163

​

​

20,307

Gross profit

​

​

8,760

​

​

7,564

Less:

​

​

​

​

​

​

Research and development

​

​

1,221

​

​

814

Selling, general & administrative expenses

​

​

6,263

​

​

5,816

Non-recurring expenses (1)

​

​

309

​

​

1,105

Other (income) expense items (2)

​

​

930

​

​

527

Consolidated net income (loss)

​

$

37

​

$

(698)

 

(1) Non-recurring expenses include costs such as 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.