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Segment Information
 3 Months Ended
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