XML 20 R8.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Our business is aggregated into the following two reportable segments:
•Mobile Solutions, which is focused on growth in the automotive, general industrial, and medical end markets; and
•Power Solutions, which is focused on growth in the electrical, general industrial, automotive, and medical end markets.
These components are operating segments as each has engaged in business activities for which it earns revenues and incurs expenses, discrete financial information is available for each, and this is the level at which the chief operating decision maker (“CODM”) reviews discrete financial information for purposes of allocating resources and assessing performance. The CODM, who is our President and Chief Executive Officer, uses segment income (loss) from operations to evaluate the performance of our segments each quarter and for annual forecasting purposes. Income (loss) from operations is used to make key operating decisions, such as the amount and timing of capital expenditures, plant optimization actions, and allocation of management resources. In addition to our two reportable segments, we report a Corporate category, which includes corporate costs and unallocated expenses.
The following tables reconcile segment revenues to consolidated loss before provision for income taxes and share of net income from joint venture.
Three Months Ended September 30, 2025Mobile
Solutions		Power
Solutions		Corporate and EliminationsTotal
Net sales$59,117 $44,948 (183)$103,882 
Cost of sales52,286 34,318 (194)86,410 
Selling, general, and administrative expense3,830 2,586 4,643 11,059 
Depreciation expense4,451 818 390 5,659 
Other segment items (1)1,404 1,794 (197)3,001 
Segment income (loss) from operations$(2,854)$5,432 $(4,825)$(2,247)
Interest expense5,666 
Other income, net(70)
Loss before provision for income taxes and share of net income from joint venture$(7,843)

Three Months Ended September 30, 2024Mobile
Solutions		Power
Solutions		Corporate and EliminationsTotal
Net sales$70,678 $42,935 (26)$113,587 
Cost of sales62,072 35,093 (34)97,131 
Selling, general, and administrative expense3,080 2,522 4,655 10,257 
Depreciation expense6,049 1,027 363 7,439 
Other segment items (1)918 1,788 (196)2,510 
Segment income (loss) from operations$(1,441)$2,505 $(4,814)$(3,750)
Interest expense5,404 
Other income, net(5,315)
Loss before provision for income taxes and share of net income from joint venture$(3,839)
Nine Months Ended September 30, 2025Mobile
Solutions		Power
Solutions		Corporate and EliminationsTotal
Net sales$184,752 $133,096 (356)$317,492 
Cost of sales164,553 103,583 (381)267,755 
Selling, general, and administrative expense11,153 7,654 15,518 34,325 
Depreciation expense12,954 2,402 1,183 16,539 
Other segment items (1)2,743 5,220 (589)7,374 
Segment income (loss) from operations$(6,651)$14,237 $(16,087)$(8,501)
Interest expense16,517 
Loss on extinguishment of debt3,007 
Other income, net(2,858)
Loss before provision for income taxes and share of net income from joint venture$(25,167)

Nine Months Ended September 30, 2024Mobile
Solutions		Power
Solutions		Corporate and EliminationsTotal
Net sales$216,593 $141,324 (140)$357,777 
Cost of sales188,128 111,512 (166)299,474 
Selling, general, and administrative expense11,055 9,385 16,676 37,116 
Depreciation expense20,491 3,154 1,190 24,835 
Other segment items (1)2,133 5,469 (570)7,032 
Segment income (loss) from operations$(5,214)$11,804 $(17,270)$(10,680)
Interest expense16,643 
Other income, net(4,623)
Loss before provision for income taxes and share of net income from joint venture$(22,700)
_______________________________
(1)    Other segment items includes amortization expense and other operating expenses and income.

The following table presents capital expenditures and depreciation and amortization by reportable segment.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Capital expenditures:
Mobile Solutions$2,377 $5,245 $7,907 $11,427 
Power Solutions844 507 2,057 2,543 
Corporate207 548 1,094 1,382 
Total$3,428 $6,300 $11,058 $15,352 
Depreciation and amortization:
Mobile Solutions$5,290 $6,887 $15,469 $23,006 
Power Solutions3,385 3,594 10,103 10,956 
Corporate389 363 1,184 1,190 
Total$9,064 $10,844 $26,756 $35,152 
The following table summarizes total assets by reportable segment.
September 30, 2025December 31, 2024
Mobile Solutions (1)$292,003 $294,204 
Power Solutions128,374 124,460 
Corporate30,585 38,229 
Total$450,962 $456,893 
_______________________________
(1)     Total assets in Mobile Solutions includes $39.5 million and $35.0 million as of September 30, 2025 and December 31, 2024, respectively, related to our investment in a joint venture (see Note 7).