XML 47 R32.htm IDEA: XBRL DOCUMENT
v3.25.3

Note 21 - Segment and Geographic Information | 12 Months Ended
--- | ---
Sep. 30, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 21. Segment and Geographic Information Effective October 1, 2024, the Company changed the composition of its three operating business segments and changed its methodology for allocating manufacturing costs including overhead and other costs of revenue to the segments. The Company's business segments are now comprised of: Smart Water, Energy Solutions and Intelligent Industrial. The Smart Water segment emphasizes the Company’s targeted approach in the water management industry. This business segment contains the Hydroconn® smart water connectivity offerings and the Company's Aquana products. The Energy Solutions segment encompasses the Company’s traditional business in oil and gas land and marine exploration products, reservoir monitoring solutions, and will additionally incorporate emerging energy solutions and microseismic monitoring. This segment will include energy-related business from Quantum’s SADAR® products and associated analytics. The Intelligent Industrial segment includes seismic sensor products used for vibration monitoring geotechnical applications such as mine safety applications and earthquake detection, seismic products targeted at the border and perimeter security markets, imaging products, as well as providing contract manufacturing services. The change in methodology for allocating manufacturing costs affected each business segment's operating income (loss) but had no effect on consolidated operating income (loss). The Company defines its segments as those operations our chief operating decision maker (“CODM”) regularly reviews to analyze performance and allocate resources. The Company’s CODM is the Chief Executive Officer. The CODM regularly reviews revenue, gross profit, operating expenses and operating income (loss) by segment as the primary measures of segment performance. The CODM reviews revenue as a primary indicator of operational performance, assessing how much revenue is brought in from core business activities, which reflects demand and execution of each segment’s strategy. Gross profit is reviewed by the CODM as a diagnostic metric, particularly useful in evaluating margin trends. Operating income is the key profitability metric used to assess performance across segments and make decisions related to resource allocation, including capital expenditures, headcount, and other investment initiatives. Each of these metrics is considered in budgeting, forecasting, and operational planning decisions. For financial reporting purposes, we are organized into these reportable segments and “Corporate”, which includes the remainder of our businesses. The following table summarizes the Company’s segment information (in thousands). Segment information for the fiscal year ended September 30, 2024 has been recast for comparability.
|  | YEAR ENDED SEPTEMBER 30, |
|  | 2025 |  |  | 2024 |
Revenue: |  |  |  |  |  |  |  |
Smart Water |  | $ | 35,816 |  |  | $ | 32,434 |
Energy Solutions |  |  | 50,706 |  |  |  | 77,977 |
Intelligent Industrial |  |  | 23,960 |  |  |  | 24,891 |
Corporate |  |  | 321 |  |  |  | 296 |
|  | 110,803 |  |  | 135,598 |
Cost of revenue: |  |  |  |  |  |  |  |
Smart Water |  |  | 21,106 |  |  |  | 16,653 |
Energy Solutions |  |  | 36,580 |  |  |  | 46,922 |
Intelligent Industrial |  |  | 20,082 |  |  |  | 19,335 |
Corporate |  |  | 138 |  |  |  | 115 |
|  | 77,906 |  |  | 83,025 |
Gross profit: |  |  |  |  |  |  |  |
Smart Water |  |  | 14,710 |  |  |  | 15,781 |
Energy Solutions |  |  | 14,126 |  |  |  | 31,055 |
Intelligent Industrial |  |  | 3,878 |  |  |  | 5,556 |
Corporate |  |  | 183 |  |  |  | 181 |
|  | 32,897 |  |  | 52,573 |
Operating expenses: |  |  |  |  |  |  |  |
Smart Water |  |  | 9,047 |  |  |  | 6,566 |
Energy Solutions |  |  | 13,738 |  |  |  | 12,485 |
Intelligent Industrial |  |  | 8,207 |  |  |  | 12,247 |
Corporate |  |  | 17,805 |  |  |  | 14,158 |
|  | 48,797 |  |  | 45,456 |
Gain on disposal of property: |  |  |  |  |  |  |  |
Corporate |  |  | 4,616 |  |  |  | — |
Income (loss) from operations: |  |  |  |  |  |  |  |
Smart Water |  |  | 5,663 |  |  |  | 9,215 |
Energy Solutions |  |  | 388 |  |  |  | 18,570 |
Intelligent Industrial |  |  | (4,329 | ) |  |  | (6,691 | )
Corporate |  |  | (13,006 | ) |  |  | (13,977 | )
|  | (11,284 | ) |  | 7,117 |
Other segment disclosures: |  |  |  |  |  |  |  |
Interest income: |  |  |  |  |  |  |  |
Smart Water |  |  | — |  |  |  | 315 |
Energy Solutions |  |  | 1,694 |  |  |  | — |
Intelligent Industrial |  |  | — |  |  |  | — |
Corporate |  |  | 843 |  |  |  | 1,243 |
|  | 2,537 |  |  | 1,558 |
Interest expense: |  |  |  |  |  |  |  |
Smart Water |  |  | — |  |  |  | 17 |
Energy Solutions |  |  | 23 |  |  |  | — |
Corporate |  |  | 146 |  |  |  | 170 |
|  | 169 |  |  | 187 |
Depreciation and amortization expenses: |  |  |  |  |  |  |  |
Smart Water |  |  | 1,145 |  |  |  | 482 |
Energy Solutions |  |  | 7,333 |  |  |  | 13,243 |
Intelligent Industrial |  |  | 1,049 |  |  |  | 653 |
Corporate |  |  | 619 |  |  |  | 388 |
|  | 10,146 |  |  | 14,766 |
Impairment, inventory obsolescence and stock-based compensation expenses: |  |  |  |  |  |  |  |
Smart Water |  |  | 31 |  |  |  | 189 |
Energy Solutions |  |  | 2,618 |  |  |  | 993 |
Intelligent Industrial |  |  | 907 |  |  |  | 2,830 |
Corporate |  |  | 1,020 |  |  |  | 642 |
|  | 4,576 |  |  | 4,654 |
The Company’s manufacturing operations for its business segments are combined. Therefore, the Company does not segregate and report separate balance sheet accounts for each of its segments and, therefore, no such segment balance sheet information is presented in the table above. “Corporate” expense from operations primarily consists of the Company’s Houston headquarters general and administrative expenses. The Company generates revenue from product sales, product rentals and services from its subsidiaries located in the United States, Canada, Colombia, the Russian Federation (sold in August 2024) and the United Kingdom. Revenue generated by the Company’s subsidiaries is as follows (in thousands):
|  | YEAR ENDED SEPTEMBER 30, |
|  | 2025 |  |  | 2024 |
United States |  | $ | 106,603 |  |  | $ | 127,488 |
Canada |  |  | 1,552 |  |  |  | 1,777 |
Russian Federation |  |  | — |  |  |  | 3,487 |
United Kingdom |  |  | 2,648 |  |  |  | 2,846 |
|  | $ | 110,803 |  |  | $ | 135,598 |
A summary of revenue by geographic area is as follows (in thousands):
|  | YEAR ENDED SEPTEMBER 30, |
|  | 2025 |  |  | 2024 |
Asia (including Russian Federation) |  | $ | 26,552 |  |  | $ | 51,103 |
Canada |  |  | 2,931 |  |  |  | 2,015 |
Europe |  |  | 5,067 |  |  |  | 13,817 |
Mexico |  |  | 2,746 |  |  |  | 1,959 |
South America |  |  | 3,146 |  |  |  | 2,798 |
United States |  |  | 69,291 |  |  |  | 63,061 |
Other |  |  | 1,070 |  |  |  | 845 |
|  | $ | 110,803 |  |  | $ | 135,598 |
Revenue is attributed to countries based on the ultimate destination of the product sold, if known. If the ultimate destination is not known, revenue is attributed to countries based on the geographic location of the initial shipment. Long-lived asset balances are as follows (in thousands):
|  | AS OF SEPTEMBER 30, |
|  | 2025 |  |  | 2024 |
United States |  | $ | 63,332 |  |  | $ | 61,487 |
Canada |  |  | 366 |  |  |  | 414 |
Colombia |  |  | 392 |  |  |  | 399 |
United Kingdom |  |  | 447 |  |  |  | 528 |
|  | $ | 64,537 |  |  | $ | 62,828 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration