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Note 12 - Geographic and Segment Information
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 12.     GEOGRAPHIC AND SEGMENT INFORMATION

 

Operating segments are aggregated into reportable segments only if they exhibit similar economic characteristics. In addition to similar economic characteristics, the Company also considers the following factors in determining the reportable segments: the nature of business activities, the management structure directly accountable to its chief operating decision maker for operating and administrative activities, availability of discrete financial information and information presented to the Board of Directors and investors. Asset information is not reviewed by the chief operating decision maker by segment and is not available by segment, accordingly, the Company has not presented a measure of assets by segment.

 

The Company’s reportable segments are disclosed as principally organized and managed as two operating segments: Advanced Energy and OEM. “Corporate & Other” includes certain unallocated corporate and administrative costs which were not specifically attributed to any reportable segment. The OEM segment is primarily development and manufacturing contract and product driven. As a result, all related expenses are recorded as cost of sales and, therefore, there are no segment specific operating expenses incurred.

 

Summarized financial information with respect to reportable segments is as follows:

 

  

Three Months Ended September 30, 2024

 

(In thousands)

 

Advanced Energy

  

OEM

  

Corporate & Other

  

Total

 

Sales

 

 $9,288  $2,199  $—  $11,487 
                 

(Loss) income from operations

  (469)  373   (3,539)  (3,635)
                 

Interest income

  —   —   378   378 

Interest expense

  —   —   (1,431)  (1,431)

Other income, net

  —   —   24   24 

Income tax expense

  —   —   60   60 

 

  

Three Months Ended September 30, 2023

 

(In thousands)

 

Advanced Energy

  

OEM

  

Corporate & Other

  

Total

 

Sales

 $9,836  $2,140  $—  $11,976 
                 

Income (loss) from operations

  (63)  591   (5,165)  (4,637)
                 

Interest income

  —   —   248   248 

Interest expense

  —   —   (585)  (585)

Other loss, net

  —   —   (19)  (19)

Income tax benefit

  —   —   (318)  (318)

 

  

Nine Months Ended September 30, 2024

 

(In thousands)

 

Advanced Energy

  

OEM

  

Corporate & Other

  

Total

 

Sales

 $26,507  $7,373  $—  $33,880 
                 

(Loss) income from operations

  (5,105)  1,566   (12,258)  (15,797)
                 

Interest income

  —   —   1,312   1,312 

Interest expense

  —   —   (4,254)  (4,254)

Other income, net

  —   —   2   2 

Income tax expense

  —   —   163   163 

 

  

Nine Months Ended September 30, 2023

 

(In thousands)

 

Advanced Energy

  

OEM

  

Corporate & Other

  

Total

 

Sales

 $31,248  $6,439  $—  $37,687 
                 

(Loss) income from operations

  (950)  1,795   (12,328)  (11,483)
                 

Interest income

  —   —   478   478 

Interest expense

  —   —   (1,362)  (1,362)

Other income, net

  —   —   622   622 

Income tax benefit

  —   —   (2,519)  (2,519)

 

International sales represented approximately 32.2% and 30.8% of total revenues for the three and nine months ended September 30, 2024, respectively, as compared with approximately 27.8% and 26.6% of total revenues for the three and nine months ended September 30, 2023, respectively.

 

Sales by geographic region, based on the customer's “ship to” location on the invoice, are as follows:

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Sales by Domestic and International

                

Domestic

 $7,793  $8,652  $23,459  $27,660 

International

  3,694   3,324   10,421   10,027 

Total

 $11,487  $11,976  $33,880  $37,687