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Operating Segments | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Operating Segments | 12. Operating Segments In accordance with ASC 280, “Segment Reporting”, the Company defines an operating segment as a business activity: (1) from which we may earn revenue and incur expenses; (2) whose operating results are regularly reviewed by the CODM to make decisions about resources to be allocated to the segment and assess its performance; and (3) for which discrete financial information is available. The Company’s CODM generally does not utilize total asset in allocating resources to its operating segments. Our reporting segments are defined below: TREATMENT SEGMENT, which includes:
| - | nuclear, low-level radioactive, mixed waste (containing both hazardous and low-level radioactive constituents), hazardous and non-hazardous waste treatment, processing and disposal services primarily through four uniquely licensed and permitted treatment and storage facilities; and
| - | Research and Development (“R&D”) activities to identify, develop and implement innovative waste processing techniques for problematic waste streams.
SERVICES SEGMENT, which includes:
| - | Technical services, which include:
| ○ | professional radiological measurement and site survey of large government and commercial installations using advanced methods, technology and engineering;
| ○ | integrated Occupational Safety and Health services including industrial hygiene (“IH”) assessments; hazardous materials surveys, e.g., exposure monitoring; lead and asbestos management/abatement oversight; indoor air quality evaluations; health risk and exposure assessments; health & safety plan/program development, compliance auditing and training services; and Occupational Safety and Health Administration (“OSHA”) citation assistance;
| ○ | global technical services providing consulting, engineering, project management, waste management, environmental, and decontamination and decommissioning field, technical, and management personnel and services to commercial and government customers; and
| ○ | on-site waste management services to commercial and governmental customers.
| - | Nuclear services, which include:
| ○ | technology-based services including engineering, decontamination and decommissioning (“D&D”), specialty services and construction, logistics, transportation, processing and disposal;
| ○ | remediation of nuclear licensed and federal facilities and the remediation cleanup of nuclear legacy sites. Such services capability includes: project investigation; radiological engineering; partial and total plant D&D; facility decontamination, dismantling, demolition, and planning; site restoration; logistics; transportation; and emergency response; and
| - | A company owned equipment calibration and maintenance laboratory that services, maintains, calibrates, and sources (i.e., rental) health physics, IH and customized nuclear, environmental, and occupational safety and health (“NEOSH”) instrumentation.
Our reporting segments exclude our corporate headquarters and our discontinued operations (see “Note 10 – Discontinued Operations”) which do not generate revenues. The table below presents certain financial information of our operating segments for the three and nine months ended September 30, 2024, and 2023 (in thousands). Schedule of Segment Reporting Information Segment Reporting for the Quarter Ended September 30, 2024
|  |  |  |  |  |  |  |  |  |  | (1) |  |  |  |
|  | Treatment |  |  | Services |  |  | Segments Total |  |  | Corporate (1) |  |  | Consolidated Total |
Revenue from external customers |  | $ | 9,064 |  |  | $ | 7,748 |  |  | $ | 16,812 |  |  | $ | — |  |  | $ | 16,812 |
Intercompany revenues |  |  | 13 |  |  |  | 23 |  |  |  | 36 |  |  |  | — |  |  |  | — |
Gross profit |  |  | 410 |  |  |  | 924 |  |  |  | 1,334 |  |  |  | — |  |  |  | 1,334 |
Research and development |  |  | 205 |  |  |  | 34 |  |  |  | 239 |  |  |  | 64 |  |  |  | 303 |
Interest income |  |  | 6 |  |  |  | — |  |  |  | 6 |  |  |  | 286 |  |  |  | 292 |
Interest expense |  |  | (37 | ) |  |  | (3 | ) |  |  | (40 | ) |  |  | (81 | ) |  |  | (121 | )
Interest expense-financing fees |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (18 | ) |  |  | (18 | )
Depreciation and amortization |  |  | 370 |  |  |  | 44 |  |  |  | 414 |  |  |  | 19 |  |  |  | 433 |
Segment loss |  |  | (4,902 | ) |  |  | (2,294 | ) |  |  | (7,196 | ) |  |  | (1,610 | ) |  |  | (8,806 | )(4)
Expenditures for segment assets |  |  | 1,203 |  |  |  | 180 |  |  |  | 1,383 |  |  |  | — |  |  |  | 1,383 | (2)
Segment Reporting for the Quarter Ended September 30, 2023
|  |  |  |  |  |  |  |  |  |  | (1) |  |  |  |
|  | Treatment |  |  | Services |  |  | Segments Total |  |  | Corporate (1) |  |  | Consolidated Total |
Revenue from external customers |  | $ | 10,795 |  |  | $ | 11,082 |  |  | $ | 21,877 |  |  | $ | — |  |  | $ | 21,877 |
Intercompany revenues |  |  | 4 |  |  |  | 88 |  |  |  | 92 |  |  |  | — |  |  |  | — |
Gross profit |  |  | 1,494 |  |  |  | 3,055 |  |  |  | 4,549 |  |  |  | — |  |  |  | 4,549 |
Research and development |  |  | 102 |  |  |  | 1 |  |  |  | 103 |  |  |  | 17 |  |  |  | 120 |
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 146 |  |  |  | 146 |
Interest expense |  |  | (23 | ) |  |  | (1 | ) |  |  | (24 | ) |  |  | (65 | ) |  |  | (89 | )
Interest expense-financing fees |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (36 | ) |  |  | (36 | )
Depreciation and amortization |  |  | 584 |  |  |  | 88 |  |  |  | 672 |  |  |  | 14 |  |  |  | 686 |
Segment income (loss) |  |  | 1,014 |  |  |  | 1,120 |  |  |  | 2,134 |  |  |  | (1,888 | ) |  |  | 246 |
Expenditures for segment assets |  |  | 333 |  |  |  | 7 |  |  |  | 340 |  |  |  | — |  |  |  | 340 | (3)
Segment Reporting for the Nine Months Ended September 30, 2024
|  |  |  |  |  |  |  |  |  |  | (1) |  |  |  |
|  | Treatment |  |  | Services |  |  | Segments Total |  |  | Corporate (1) |  |  | Consolidated Total |
Revenue from external customers |  | $ | 26,116 |  |  | $ | 18,299 |  |  | $ | 44,415 |  |  | $ | — |  |  | $ | 44,415 |
Intercompany revenues |  |  | 67 |  |  |  | 52 |  |  |  | 119 |  |  |  | — |  |  |  | — |
Gross (loss) profit |  |  | (839 | ) |  |  | 247 |  |  |  | (592 | ) |  |  | — |  |  |  | (592 | )
Research and development |  |  | 609 |  |  |  | 87 |  |  |  | 696 |  |  |  | 176 |  |  |  | 872 |
Interest income |  |  | 7 |  |  |  | — |  |  |  | 7 |  |  |  | 672 |  |  |  | 679 |
Interest expense |  |  | (107 | ) |  |  | (4 | ) |  |  | (111 | ) |  |  | (235 | ) |  |  | (346 | )
Interest expense-financing fees |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (47 | ) |  |  | (47 | )
Depreciation and amortization |  |  | 1,104 |  |  |  | 133 |  |  |  | 1,237 |  |  |  | 58 |  |  |  | 1,295 |
Segment loss |  |  | (7,416 | ) |  |  | (3,713 | ) |  |  | (11,129 | ) |  |  | (4,920 | ) |  |  | (16,049 | )(4)
Expenditures for segment assets |  |  | 1,820 |  |  |  | 404 |  |  |  | 2,224 |  |  |  | — |  |  |  | 2,224 | (2)
Segment Reporting for the Nine Months Ended September 30, 2023
|  |  |  |  |  |  |  |  |  |  | (1) |  |  |  |
|  | Treatment |  |  | Services |  |  | Segments Total |  |  | Corporate (1) |  |  | Consolidated Total |
Revenue from external customers |  | $ | 33,223 |  |  | $ | 33,793 |  |  | $ | 67,016 |  |  | $ | — |  |  | $ | 67,016 |
Intercompany revenues |  |  | 234 |  |  |  | 124 |  |  |  | 358 |  |  |  | — |  |  |  | — |
Gross profit |  |  | 5,237 |  |  |  | 6,837 |  |  |  | 12,074 |  |  |  | — |  |  |  | 12,074 |
Research and development |  |  | 260 |  |  |  | 11 |  |  |  | 271 |  |  |  | 69 |  |  |  | 340 |
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 445 |  |  |  | 445 |
Interest expense |  |  | (68 | ) |  |  | (2 | ) |  |  | (70 | ) |  |  | (119 | ) |  |  | (189 | )
Interest expense-financing fees |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (80 | ) |  |  | (80 | )
Depreciation and amortization |  |  | 1,745 |  |  |  | 337 |  |  |  | 2,082 |  |  |  | 42 |  |  |  | 2,124 |
Segment income (loss) |  |  | 2,619 |  |  |  | 2,933 |  |  |  | 5,552 |  |  |  | (5,104 | ) |  |  | 448 |
Expenditures for segment assets |  |  | 1,376 |  |  |  | 10 |  |  |  | 1,386 |  |  |  | — |  |  |  | 1,386 | (3)
(1) |  | Amounts reflect the activity for corporate headquarters not included in the segment information.
(2) |  | Net of financed amount of $361,000 and $406,000 for the three and nine months ended September 30, 2024, respectively.
(3) |  | Net of financed amount of $152,000 and $309,000 for the three and nine months ended September 30, 2023, respectively.
(4) |  | Includes tax expense recorded in the amount of approximately $6,417,000 in the third quarter of 2024 in connection with a full valuation allowance against the Company’s U.S. deferred tax assets (see “Note 13 – Income Taxes” below for a discussion of this tax expense).

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