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Note 16 - Segment Reporting
 9 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

16. Segment Reporting

 

The Company has one reportable operating segment, the optics segment that is managed on a consolidated basis. The optics segment designs and manufactures products at locations in the U.S., Europe and Asia and manages the business activities on a consolidated basis. Our Chief Operating Decision Maker (“CODM”) is the chief executive officer. The CODM assesses performance for the optics segment and decides how to allocate resources based on consolidated net loss that also is reported on the consolidated statements of comprehensive income (loss) as consolidated net loss. The types of products and services from which the optics segment derives its revenues is described in Note 6, Revenue. The accounting policies of the optics segment are the same as those described in Note 2, Significant Accounting Policies, to these unaudited Condensed Consolidated Financial Statements. The measure of segment assets is reported on the consolidated balance sheet as total assets. See Note 6, Revenue, for detail about revenue by product and service group, and Note 15, Foreign Operations, for geographic information.

 

The CODM uses consolidated net loss to evaluate income generated from segment assets, and to determine whether to invest in new capabilities related to this segment. The CODM monitors budget to actual results for revenue, gross profit, operating expenses and net loss on a consolidated basis. The CODM reporting package includes non-operating items to reconcile to net income. The following table represents the financial information regularly reviewed by the CODM, in addition to the Consolidated Financial Statements. Interest expense is reported on consolidated statements of comprehensive income (loss) as interest expense, net; depreciation and amortization expense, stock-based compensation expense, and total expenditures for long-lived assets are reported on the consolidated statement of cash flows.

 

  

Optics Segment

  

Three Months Ended

  

Nine Months Ended

 
  

March 31,

  

March 31,

 
  

2026

  

2025

  

2026

  

2025

 

Revenue

 $19,149,814  $9,167,627  $50,559,747  $24,992,837 

Cost of goods sold

  12,193,531   6,503,526   33,100,562   17,553,476 

Segment gross profit

  6,956,283   2,664,101   17,459,185   7,439,361 
                 

Less:

                

Sales & marketing

  865,308   919,174   2,429,171   2,253,941 

General & administrative

  3,085,465   1,676,591   7,752,628   4,385,267 

Corporate

  2,345,513   1,852,594   6,357,818   4,435,797 

New product development

  1,041,794   757,938   2,658,051   1,998,775 

Loss on disposal of equipment

  —   2,068   4,016   80,505 

Amortization of intangible assets

  477,245   779,025   1,378,295   1,469,512 

Change in fair value of acquisition liabilities

  3,393,000   130,445   12,234,529   130,445 

Interest expense, net

  (271,641)  486,833   282,235   805,246 

Other non-operating income (expense), net(1)

  34,496   (458,138)  563,924   (463,117)

Provision for income taxes

  91,390   100,031   203,216   160,192 

Segment net loss

  (4,106,287)  (3,582,460)  (16,404,698)  (7,817,202)

Reconciliation of profit or loss

                

Adjustments and reconciling items

  —   —   —   — 

Consolidated net loss

 $(4,106,287) $(3,582,460) $(16,404,698) $(7,817,202)

  

(1) Other non-operating income (expense) includes loss on extinguishment of debt, change in fair value of warrant liability, and other income (expense), net, each of which is presented on the unaudited condensed consolidated statements of comprehensive income (loss).