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Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting


11. Segment Reporting

 

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 Chief Operating Decision Maker (“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 has two reporting segments, consisting of the Treatment and Services Segments, which are primarily based on a service offering approach and defined as follow:

 

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
-R&D activities to identify, develop and implement innovative waste processing techniques for problematic waste streams.

 

SERVICES SEGMENT, which includes:

 

-Technical services, which include:

 

oprofessional radiological measurement and site survey of large government and commercial installations using advanced methods, technology and engineering;
ointegrated 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;
oglobal technical services providing consulting, engineering, project management, waste management, environmental, and decontamination and decommissioning (“D&D”) field, technical, and management personnel and services to commercial and government customers; and
oon-site waste management services to commercial and governmental customers.

 

 

-Nuclear services, which include:

 

otechnology-based services including engineering, D&D, specialty services and construction, logistics, transportation, processing and disposal;
oremediation 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.

 

The Company’s reporting segments exclude our corporate headquarter which serves to support its two reporting segments through various functions, such as our executives, finance, treasury, human resources, accounting, and legal departments. Financial results for the corporate headquarter are not considered by the CODM in evaluating the performance of the reportable segments. Our reporting segment also excludes our discontinued operations (see “Note 10 – Discontinued Operations”) which do not generate revenues.

 

The Company’s CODM, which is its chief executive officer, evaluates the performance of the Treatment and Services segments and allocates resources (including financial or capital resources) to each reporting segment based on revenue and (loss) income from operations by comparing actual results for these metrics to budgeted and forecasted amounts for these metrics on a monthly, quarterly and year-to-date basis. The Company’s CODM does not evaluate and allocate resources for the reportable segments using assets; therefore, the Company does not disclosure assets for its reporting segments.

 

The table below summarizes loss from operations for the Company’s two reporting segments and its corporate headquarter and provides reconciliation of such financial metric to the Company’s consolidated totals for the three months ended March 31, 2025, and 2024 for our continuing operations. Significant segment expenses that are included in the measure of segment profit or losses for each reportable segment, and regularly provided to the CODM include payroll and benefit, material and supplies, disposal, transportation and subcontract expenses and are reflected separately, where applicable (in thousands).

 Schedule of Segment Reporting Information

Segment Reporting for the Quarter Ended March 31, 2025

 

                     
   Treatment   Services   Segments Total   Corporate (1)   Consolidated Total 
Revenue from external customers  $9,186   $4,733   $13,919   $—   $13,919 
Cost of Goods Sold:                         
Payroll and benefits expenses   4,437    2,013    6,450    —    6,450 
Material and supplies expenses   1,351    —    1,351    —    1,351 
Disposal expenses   220    —    220    —    220 
Transportation expenses   495    —    495    —    495 
Subcontract expenses   —    908    908    —    908 
Other cost of goods sold (2)   2,433    1,405    3,838    —    3,838 
Total cost of goods sold   8,936    4,326    13,262    —    13,262 
Gross profit   250    407    657    —    657 
Selling, general and administrative expenses (“SG&A”):                         
Payroll and benefits   873    538    1,411    931    2,342 
Other SG&A (3)   483    198    681    992    1,673 
Total SG&A   1,356    736    2,092    1,923    4,015 
Research and development   291    23    314    69    383 
Gain on disposal of property and equipment   —    (5)   (5)   —    (5)
Loss from operations  $(1,397)  $(347)  $(1,744)  $(1,992)   (3,736)
Interest income                       335 
Interest expense                       (112)
Interest expense-financing fees                       (20)
Other income                       33 
Loss from continuing operations before taxes                       (3,500)
Income tax expense                       — 
Loss from continuing operations, net of taxes                      $(3,500)

 

 

Segment Reporting for the quarter ended March 31, 2024

 

                          
   Treatment   Services   Segments Total   Corporate (1)   Consolidated Total 
Revenue from external customers  $8,709   $4,908   $13,617   $—   $13,617 
Cost of goods sold:                         
Payroll and benefit expenses   3,751    2,452    6,203    —    6,203 
Material and supplies expenses   763    —    763    —    763 
Disposal expenses   1,569    —    1,569    —    1,569 
Transportation expenses   298    —    298    —    298 
Subcontract expenses    —    1,810    1,810    —    1,810 
Other cost of goods sold (2)   2,380    1,214    3,594    —    3,594 
Total cost of goods sold   8,761    5,476    14,237    —    14,237 
Gross loss   (52)   (568)   (620)   —    (620)
SG&A:                         
Payroll and benefits   670    655    1,325    834    2,159 
Other SG&A (3)   395    137    532    853    1,385 
Total SG&A   1,065    792    1,857    1,687    3,544 
Research and development   218    28    246    50    296 
Loss from operations  $(1,335)  $(1,388)  $(2,723)  $(1,737)   (4,460)
Interest income                       174 
Interest expense                       (116)
Interest expense-financing fees                       (13)
Other income                       1 
Loss from continuing operations before taxes                       (4,414)
Income tax benefit                       (956)
Loss from continuing operations, net of taxes                      $(3,458)

 

(1) Amounts reflect the activity for corporate headquarters not included in the segment reporting information.
   
(2) Other cost of goods sold for each reportable segment includes:
 

Treatment - lab, regulatory, maintenance, depreciation and amortization, travel, outside services and general expenses.

Services - material and supplies, disposal, transportation, lab, regulatory, maintenance, depreciation and amortization, travel, outside services and general expenses.

   
(3) Other SG&A for each reportable segment and Corporate includes:
  Treatment-depreciation and amortization, travel, outside services, maintenance and general expenses.
  Services- travel, outside services, maintenance and general expenses.
  Corporate-maintenance, depreciation and amortization, travel, public company, outside services and general expenses.

 

The following table presents depreciation and amortization for the three months ended March 31, (in thousand):

 Schedule of depreciation and amortization

   2025   2024 
Treatment  $381   $366 
Services   44    44 
Total segment   425    410 
Corporate   11    21 
Total  $436   $431 

 

The following table presents capital expenditures for the three months ended March 31, (net of financed amount of $132 and $44 for the three months ended March 31, 2025, and 2024, respectively) (in thousand):

 

SCHEDULE OF CAPITAL EXPENDITURES

   2025   2024 
Treatment  $487   $160 
Services   36    84 
Total segment   523    244 
Corporate    —    — 
Total  $523   $244