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Disaggregation of Revenues and Segment Reporting | 9 Months Ended
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Sep. 30, 2025
Disaggregation of Revenues and Segment Reporting [Abstract] |
DISAGGREGATION OF REVENUES AND SEGMENT REPORTING | NOTE 4—DISAGGREGATION OF REVENUES AND SEGMENT REPORTING The Company’s revenues are disaggregated based on revenue type, including (i) solar system installations, and (ii) roofing installations. The Company’s net revenues for the three and nine months ended September 30, 2025 and 2024 are disaggregated as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Solar system installations, net |  | $ | 23,635,215 |  |  | $ | 19,230,550 |  |  | $ | 49,699,771 |  |  | $ | 52,332,526 |
Roofing installations |  |  | 261,233 |  |  |  | 427,355 |  |  |  | 1,082,302 |  |  |  | 2,263,807 |
Total net revenues |  | $ | 23,896,448 |  |  | $ | 19,657,905 |  |  | $ | 50,782,073 |  |  | $ | 54,596,333 |
For the nine months ended September 30, 2025 and 2024, the Company had three and two customers, respectively, who exceeded 10% of revenue recognized. Their aggregate revenue recognized was $44,636,037 and $44,943,845 for the nine months ended September 30, 2025 and 2024, respectively. Segment information for the three and nine months ended September 30, 2025 and 2024 are as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net revenues |  | $ | 23,896,448 |  |  | $ | 19,657,905 |  |  | $ | 50,782,073 |  |  | $ | 54,596,333 |
Less: cost of revenues (exclusive of depreciation and amortization shown below): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct labor |  |  | 2,218,124 |  |  |  | 2,787,617 |  |  |  | 5,692,497 |  |  |  | 7,666,087 |
Materials |  |  | 7,230,607 |  |  |  | 7,389,256 |  |  |  | 13,678,280 |  |  |  | 20,614,402 |
Other |  |  | 604,935 |  |  |  | (389,523 | ) |  |  | 2,757,055 |  |  |  | 2,524,666 |
Cost of revenues (exclusive of depreciation and amortization): |  |  | 10,053,666 |  |  |  | 9,787,350 |  |  |  | 22,127,832 |  |  |  | 30,805,155 |
Less: depreciation and amortization related to cost of revenues |  |  | 135,393 |  |  |  | 283,326 |  |  |  | 568,415 |  |  |  | 614,272 |
Total gross profit |  | $ | 13,707,389 |  |  | $ | 9,587,229 |  |  | $ | 28,085,826 |  |  | $ | 23,176,906 |
Depreciation and amortization |  |  | 114,054 |  |  |  | 216,550 |  |  |  | 7,757,213 |  |  |  | 798,802 |
Commissions expense |  |  | 5,965,767 |  |  |  | 4,893,360 |  |  |  | 12,735,435 |  |  |  | 12,663,350 |
Sales and marketing (exclusive of commissions expense above) |  |  | 3,622,618 |  |  |  | 309,165 |  |  |  | 4,619,082 |  |  |  | 3,515,025 |
General and administrative |  |  | 5,985,459 |  |  |  | 7,151,005 |  |  |  | 21,319,509 |  |  |  | 15,893,998 |
Other income, net |  |  | (165,308 | ) |  |  | (137,508 | ) |  |  | (300,999 | ) |  |  | (188,329 | )
Interest expense |  |  | 129,719 |  |  |  | 209,227 |  |  |  | 130,007 |  |  |  | 294,257 |
Gain on change in fair value of warrant liabilities |  |  | (124,200 | ) |  |  | (138,000 | ) |  |  | (691,380 | ) |  |  | (828,000 | )
Total net loss before income taxes |  |  | (1,820,720 | ) |  |  | (2,916,570 | ) |  |  | (17,483,041 | ) |  |  | (8,972,197 | )
Income tax benefit (provision) |  |  | (48,752 | ) |  |  | 44,146 |  |  |  | (385,258 | ) |  |  | 235,352 |
Net loss |  | $ | (1,869,472 | ) |  | $ | (2,872,424 | ) |  | $ | (17,868,299 | ) |  | $ | (8,736,845 | )
The Company has one operating segment and one reportable segment, the business of sales and installation of solar panel technology to individual households within the United States. The Company’s chief operating decision-maker (“CODM”) is the chief executive officer. The CODM reviews and evaluates consolidated net income (loss) for purposes of evaluating financial performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

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