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Segment Information | 3 Months Ended
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Aug. 30, 2025
Segment Reporting [Abstract] |
Segment Information | 9. SEGMENT INFORMATION In June 2025, the Company reevaluated its operating segments to better align with how the CODM allocates resources and evaluates performance. The key factor in this evaluation was the sale of the majority of assets in the Healthcare segment to DirectMed and continued sale of CT tubes pursuant to an exclusive supply agreement. Accordingly, the Company decided to integrate PMT and Healthcare into one segment, thereby resulting in three reporting segments. The segment results for prior periods were retrospectively recast to reflect the new segment reporting structure. The Company reports its financial performance to its CODM based on the three operating and reportable segments defined as follows: Power and Microwave Technologies ("PMT") includes the power grid and microwave tube business and RF, Wireless and Power technologies. PMT provides design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair. PMT also offers its customers technical services for both microwave and industrial equipment and includes CT tubes sold to DirectMed pursuant to a supply agreement. Green Energy Solutions ("GES") designs and manufactures products for the energy storage market and power management applications. We provide design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair. Canvys provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial and medical original equipment manufacturers markets. Display solutions include touch screens, protective panels, custom enclosures, All-In-One computers, specialized cabinet finishes and application specific software packages and certification services. The CODM for Richardson Electronics, Ltd. is Edward J. Richardson (Chairman, Chief Executive Officer and President). The CODM utilizes segment gross profit compared to both the current forecast and the prior year to analyze and assess financial performance by segment. The CODM’s assessment of each segment’s financial performance is utilized to deliberate and execute decisions to allocate resources to manage the growth and profitability of the individual segments and the entire Company. Inventories, net is the only segment asset metric analyzed and reviewed by the CODM. Operating results by segment are summarized in the following table (in thousands):
|  | Three Months Ended August 30, 2025 |
|  | PMT |  |  | GES |  |  | Canvys |  |  | Total |
Sales |  | $ | 39,069 |  |  | $ | 7,263 |  |  | $ | 8,275 |  |  | $ | 54,607 |
Cost of sales |  |  | 26,843 |  |  |  | 5,113 |  |  |  | 5,722 |  |  |  | 37,678 |
Gross profit |  |  | 12,226 |  |  |  | 2,150 |  |  |  | 2,553 |  |  |  | 16,929 |
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  | 15,961 |
Operating income |  |  |  |  |  |  |  |  |  |  |  | 968 |
Interest income |  |  |  |  |  |  |  |  |  |  |  | 169 |
Foreign exchange gain |  |  |  |  |  |  |  |  |  |  |  | 289 |
Other, net |  |  |  |  |  |  |  |  |  |  |  | 904 |
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 2,330 |
|  | Three Months Ended August 31, 2024 |
|  | PMT |  |  | GES |  |  | Canvys |  |  | Total |
Sales |  | $ | 38,001 |  |  | $ | 8,086 |  |  | $ | 7,638 |  |  | $ | 53,725 |
Cost of sales |  |  | 26,570 |  |  |  | 5,712 |  |  |  | 5,017 |  |  |  | 37,299 |
Gross profit |  |  | 11,431 |  |  |  | 2,374 |  |  |  | 2,621 |  |  |  | 16,426 |
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  | 16,112 |
Gain on disposal of property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  | 2 |
Operating income |  |  |  |  |  |  |  |  |  |  |  | 316 |
Interest income |  |  |  |  |  |  |  |  |  |  |  | 58 |
Foreign exchange gain |  |  |  |  |  |  |  |  |  |  |  | 277 |
Other, net |  |  |  |  |  |  |  |  |  |  |  | (3 | )
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 648 |
The segment assets, which consists of inventories, net are summarized in the following table (in thousands):
|  | August 30, 2025 |  |  | May 31, 2025 |
PMT |  | $ | 77,804 |  |  | $ | 76,143 |
GES |  |  | 17,441 |  |  |  | 17,367 |
Canvys |  |  | 9,390 |  |  |  | 9,289 |
Total |  | $ | 104,635 |  |  | $ | 102,799 |
The reconciliations of segment assets to the Consolidated Balance Sheets are summarized in the following table:
|  | August 30, 2025 |  |  | May 31, 2025 |
Total segment assets |  | $ | 104,635 |  |  | $ | 102,799 |
Cash and cash equivalents |  |  | 35,654 |  |  |  | 35,901 |
Accounts receivable |  |  | 27,039 |  |  |  | 24,117 |
Prepaid expenses and other assets |  |  | 2,948 |  |  |  | 3,070 |
Property, plant and equipment, net |  |  | 18,439 |  |  |  | 18,355 |
Intangible assets, net |  |  | 330 |  |  |  | 345 |
Right of use lease assets |  |  | 2,026 |  |  |  | 2,276 |
Other non-current assets |  |  | 301 |  |  |  | 228 |
Deferred income tax assets |  |  | 8,695 |  |  |  | 8,744 |
Total assets |  | $ | 200,067 |  |  | $ | 195,835 |

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- Definition The entire disclosure for reporting segments including data and tables. 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