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Segment Reporting | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company’s Chief Operating Decision-Maker (“CODM”) is its President and Chief Executive Officer. The Company continue s to monitor and review its segment reporting structure in accordance with authoritative guidance to determine whether any changes have occurred that would impact its reportable segments.Segment Definition Income and type of expense activities that are included in the Water and Emerging Technologies segments and corporate operating expenses are as follows: Water segment: The continued development, sales and support of the PX, hydraulic turbochargers and pumps used in seawater desalination and wastewater treatment activities. Emerging Technologies segment: The continued development, sales and support of activities related to emerging technologies, such as the PX G1300 used in industrial and commercial refrigeration applications. Corporate operating expenses: The corporate expenses include certain unallocated expenses outside of the operating segments, such as audit and accounting services, legal services, board of director fees and expenses, human resources activities, information systems activities and other separately managed general expenses not related to the identified segments. Segment Financial Information The CODM allocates resources to, and assesses the performance of, each operating segment using information about its revenue and operating income. The CODM reviews consolidated reports and analysis at the levels presented in the following tables. In addition, the operating income (loss) for each segment excludes other income, other expenses, and corporate operating expenses that are not included when the CODM assesses the performance of the operating segments, such as income taxes and other separately managed expenses not attributed to the operating segments. Assets and liabilities are reviewed at the consolidated level by the CODM and are not attributed to the segments. The following table presents a summary of the Company’s financial information by segment, including significant segment expenses, and corporate operating expenses.
| Year Ended December 31, 2025 |  | Year Ended December 31, 2024 |  | Year Ended December 31, 2023
| Water |  | Emerging Technologies |  | Corporate |  | Total |  | Water |  | Emerging Technologies |  | Corporate |  | Total |  | Water |  | Emerging Technologies |  | Corporate |  | Total
(In thousands) |
Revenue | $134,702 |  | $285 |  | $— |  | $134,987 |  | $144,310 |  | $638 |  | $— |  | $144,948 |  | $127,725 |  | $624 |  | $— |  | $128,349
Cost of revenue | 46,923 |  | 133 |  | — |  | 47,056 |  | 47,389 |  | 626 |  | — |  | 48,015 |  | 40,290 |  | 980 |  | — |  | 41,270
Gross profit (loss) | 87,779 |  | 152 |  | — |  | 87,931 |  | 96,921 |  | 12 |  | — |  | 96,933 |  | 87,435 |  | (356) |  | — |  | 87,079
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative | 5,686 |  | 2,350 |  | 21,733 |  | 29,769 |  | 8,127 |  | 3,821 |  | 21,126 |  | 33,074 |  | 7,751 |  | 3,927 |  | 17,186 |  | 28,864
Sales and marketing | 13,664 |  | 5,449 |  | 1,813 |  | 20,926 |  | 15,683 |  | 7,340 |  | 2,400 |  | 25,423 |  | 13,691 |  | 6,053 |  | 2,420 |  | 22,164
Research and development | 6,344 |  | 6,690 |  | — |  | 13,034 |  | 4,523 |  | 11,713 |  | — |  | 16,236 |  | 4,251 |  | 12,750 |  | — |  | 17,001
Restructuring charges | 105 |  | 47 |  | 161 |  | 313 |  | 1,147 |  | 832 |  | 497 |  | 2,476 |  | — |  | — |  | — |  | —
Total operating expenses | 25,799 |  | 14,536 |  | 23,707 |  | 64,042 |  | 29,480 |  | 23,706 |  | 24,023 |  | 77,209 |  | 25,693 |  | 22,730 |  | 19,606 |  | 68,029
Operating income (loss) | $61,980 |  | $(14,384) |  | $(23,707) |  | $23,889 |  | $67,441 |  | $(23,694) |  | $(24,023) |  | $19,724 |  | $61,742 |  | $(23,086) |  | $(19,606) |  | $19,050
The following table presents a summary of the Company’s depreciation and amortization by segment and corporate operating expenses.
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
(In thousands) |
Water | $2,788 |  | $2,875 |  | $2,779
Emerging Technologies | 310 |  | 478 |  | 521
Corporate | 662 |  | 693 |  | 802
Total depreciation and amortization | $3,760 |  | $4,046 |  | $4,102

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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