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Disaggregation of Revenues and Segment Reporting
 9 Months Ended
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.