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Business Segmentation and Geographical Distribution
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segmentation and Geographical Distribution

(10) Business Segmentation and Geographical Distribution

 

 

The Company operates as a single business segment, in which the factors used to make this determination include differences in products, services, geographical areas, regulatory environment, and other such criteria considered for the appropriateness of aggregation. The types of products and services for which the sole reportable segment, which is the same as the Company as a whole, offered by the Company are discussed in Note 2. Since the Company operates as a single segment, there were no intra-entity sales or transfers.

 

The role of Chief Operating Decision Maker for the Company is comprised of a committee that includes the Chief Executive and Chief Operating Officers. The Chief Operating Decision Maker assesses performance for the single segment and decides how to allocate resources based on net income and gross profit that also is reported on the income statement as net income. The measure of segment assets is reported on the balance sheet as total assets. The accounting policies of the sole segment are the same as those described in the summary of significant accounting policies in our most recently issued Form 10-K for the year ended December 31, 2024.

 

 

The Chief Operating Decision Maker uses gross profit and net income to evaluate Company performance and in what way to allocate resources. Significant segment expenses, which are the same as the entity as a whole, are as follows: 

 

                         
   For the three months ended
June 30,		   For the six months ended
June 30,		 
   2025   2024   2025   2024 
Total revenue  $20,359   $13,046   $34,984   $22,914 
                     
Employee costs   3,961    3,028    7,327    6,075 
Contractors and professional services   3,787    1,806    7,205    3,000 
Materials and supplies   7,462    4,710    12,572    7,034 
Depreciation   225    235    451    469 
Interest expense   282    191    458    409 
Other income   (1,428)   —    (1,428)   — 
Tax expense   418    23    447    54 
Facilities   990    849    1,933    1,572 
Shipping   265    205    522    473 
Testing   79    236    269    430 
IT services   347    272    681    503 
Insurance   213    197    414    378 
Manufacturing other expense   277    158    167    339 
Selling, general and administrative expense   813    280    1,219    430 
Total Expense   17,692    12,190    32,237    21,167 
                     
Net Income  $2,667   $856   $2,747   $1,747 

 

Revenue from international sources approximated $2,519 and $478 for the three months ended June 30, 2025 and 2024, respectively, and $3,512 and $755 for the six months ended June 30, 2025 and 2024, respectively. As part of our revenue from international sources, we recognized approximately $2,109 and $173 for the three months ended June 30, 2025 and 2024, respectively, and $2,109 and $249 for the six months ended June 30, 2025 and 2024, respectively in product revenue from companies in the United Kingdom.

 

Our operations comprise a single business segment and all of our long-lived assets are located within the United States. We categorize our revenue stream into three main product categories, personal care ingredients, advanced materials and consumer products. The revenues for the three and six months ended June 30, 2025 and 2024 by category are as follows:

 

   Three months ended June 30,   Six months ended June 30, 
Product Category  2025   2024   2025   2024 
Consumer Products  $17,544   $11,200   $30,426   $19,304 
Personal Care Ingredients   2,687    1,745    4,061    3,121 
Advanced Materials   128    101    497    489 
Total Sales  $20,359   $13,046   $34,984   $22,914