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Business Segmentation and Geographical Distribution
 9 Months Ended
Sep. 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 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 condensed consolidated statement of operations as net income. The measure of segment assets is reported on the condensed consolidated 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 September 30,		   For the nine months
ended September 30,		 
   2025   2024   2025   2024 
Total revenue  $14,597   $16,866   $49,581   $39,780 
                     
Employee costs   4,546    3,504    11,874    9,580 
Contractors and professional services   2,021    2,325    9,225    5,325 
Materials and supplies   5,418    5,322    17,990    12,356 
Depreciation   225    231    676    700 
Interest expense   339    153    603    562 
Other income   —    —    (1,234)   — 
Tax expense   17    36    464    90 
Facilities   1,009    832    2,942    2,404 
Shipping   280    251    802    724 
Testing   119    212    388    642 
IT services   351    279    1,031    781 
Insurance   234    198    647    576 
Manufacturing other expense   496    17    663    355 
Selling, general and administrative expense   662    461    1,883    892 
Total Expense   15,717    13,821    47,954    34,987 
                     
Net (loss) Income  $(1,120)  $3,045   $1,627   $4,793 

 

Revenue from international sources approximated $1,656 and $735 for the three months ended September 30, 2025 and 2024, respectively, and $5,169 and $1,490 for the nine months ended September 30, 2025 and 2024, respectively. As part of our revenue from international sources, we recognized approximately $1,217 and $317 for the three months ended September 30, 2025 and 2024, respectively, and $3,326 and $566 for the nine months ended September 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 nine months ended September 30, 2025 and 2024 by category are as follows:

 

   Three months ended
September 30,		   Nine months ended
September 30,		 
Product Category  2025   2024   2025   2024 
Consumer Products  $13,943   $13,600   $44,368   $32,904 
Personal Care Ingredients   384    2,845    4,445    5,966 
Advanced Materials   270    421    768    910 
Total Sales  $14,597   $16,866   $49,581   $39,780