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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 9— SEGMENT REPORTING

 

As of June 30, 2024, the Company operates in two reportable operating segments, both of which are performed through the Company’s OmniMetrix subsidiary:

 

  ● Power Generation (“PG”). OmniMetrix’s PG services provide wireless remote monitoring and control systems and IoT applications for residential and commercial/industrial power generation equipment. This includes OmniMetrix’s AIRGuard product, which remotely monitors and controls industrial air compressors, and its Smart Annunciator product, which is typically sold to commercial customers that require a visual representation of the generator’s status and has a touchscreen display that indicates the current state of that generator.
     
  ● Cathodic Protection (“CP”). OmniMetrix’s CP services provide remote monitoring and control products for cathodic protection systems on gas pipelines serving the gas utilities market and pipeline operators. The CP product lineup includes solutions to remotely monitor and control rectifiers, test stations and bonds. OmniMetrix also offers the industry’s first RADTM (Remote AC Mitigation Disconnect) that mounts onto existing Solid-state Decouplers in the field and can remotely disconnect/connect these AC mitigation tools, which can drastically reduce a company’s expense while increasing employee safety.

 

The Company’s reportable segments are strategic business units, offering different products and services, and are managed separately as each business requires different technology and marketing strategies.

 

The following tables represent segmented data for the six- and three-month periods ended June 30, 2024 and 2023 (in thousands):

 

   PG   CP   Total 
Six months ended June 30, 2024:               
Revenues from external customers  $3,855   $552   $4,407 
Segment gross profit  $2,934   $322   $3,256 
Depreciation and amortization  $51   $7   $58 
Segment income (loss) before income taxes  $936   $(33)  $903 
                
Six months ended June 30, 2023:               
Revenues from external customers  $3,196   $526   $3,722 
Segment gross profit  $2,495   $311   $2,806 
Depreciation and amortization  $65   $11   $76 
Segment income (loss) before income taxes  $530   $(40)  $490 
                
Three months ended June 30, 2024:               
Revenues from external customers  $2,061   $214   $2,275 
Segment gross profit  $1,536   $129   $1,665 
Depreciation and amortization  $27   $3   $30 
Segment income (loss) before income taxes  $520   $(15)  $505 
                
Three months ended June 30, 2023:               
Revenues from external customers  $1,689   $284   $1,973 
Segment gross profit  $1,316   $174   $1,490 
Depreciation and amortization  $32   $6   $38 
Segment income before income taxes  $331   $8   $339 

 

The Company does not currently break out total assets by reportable segment as there is a high level of shared utilization between the segments. Further, the Chief Decision Maker does not review the assets by segment.

 

 

Reconciliation of Segment Income to Consolidated Net Income Before Income Taxes

 

 

   2024   2023   2024   2023 
  

Six months ended

June 30,

  

Three months ended

June 30,

 
   2024   2023   2024   2023 
   (in thousands) 
Total net income before income taxes for reportable segments  $903   $490   $505   $339 
Unallocated cost of corporate headquarters   (534)   (475)   (229)   (240)
Consolidated net income before income taxes  $369   $15   $276   $99