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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE 10— SEGMENT REPORTING As of June 30, 2025, 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 TrueGuard power generator monitors and 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 CODM is the Company’s Chief Executive Officer (CEO). (b) Information about profit or loss and assets The accounting policies of all the segments are those described in the summary of significant accounting policies. The Company evaluates performance by segment based on revenue (driven by the number of connections), gross profit and net income or loss before taxes. The Company does not systematically allocate assets to the divisions of the subsidiaries constituting its consolidated group, unless the division constitutes a significant operation. Further, the CODM does not review the assets by segment. Segment expenses that are routinely provided to the CODM are COGS and R&D expense. R&D expense may be allocated to each segment based on the percentage of segment revenue to total revenue or based on estimated time on dedicated projects within the segment. SG&A expense and interest income is allocated to each segment based on the percentage of segment revenue to total revenue instead of being specifically identified to each segment since the Company’s resources have a high level of shared utilization between the segments. The following tables represent segmented data for the six- and three-month periods ended June 30, 2025 and 2024 (in thousands): SUMMARY OF SEGMENTED DATA
|  | PG |  |  | CP |  |  | Total |
Six months ended June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 6,247 |  |  | $ | 376 |  |  | $ | 6,623 |
COGS |  |  | 1,525 |  |  |  | 133 |  |  |  | 1,658 |
Segment gross profit |  |  | 4,722 |  |  |  | 243 |  |  |  | 4,965 |
R&D expense |  |  | 524 |  |  |  | 32 |  |  |  | 556 |
SG&A expense |  |  | 2,025 |  |  |  | 148 |  |  |  | 2,173 |
Segment operating income |  |  | 2,173 |  |  |  | 63 |  |  |  | 2,236 |
Interest income, net |  |  | 46 |  |  |  | 3 |  |  |  | 49 |
Segment income before income taxes |  | $ | 2,219 |  |  | $ | 66 |  |  | $ | 2,285 |
Six months ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 3,855 |  |  | $ | 552 |  |  | $ | 4,407 |
COGS |  |  | 921 |  |  |  | 230 |  |  |  | 1,151 |
Segment gross profit |  |  | 2,934 |  |  |  | 322 |  |  |  | 3,256 |
R&D expense |  |  | 348 |  |  |  | 116 |  |  |  | 464 |
SG&A expense |  |  | 1,679 |  |  |  | 243 |  |  |  | 1,922 |
Segment operating income (loss) |  |  | 907 |  |  |  | (37 | ) |  |  | 870 |
Interest income, net |  |  | 29 |  |  |  | 4 |  |  |  | 33 |
Segment income (loss) before income taxes |  | $ | 936 |  |  | $ | (33 | ) |  | $ | 903 |
|  | PG |  |  | CP |  |  | Total |
Three months ended June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 3,360 |  |  | $ | 165 |  |  | $ | 3,525 |
COGS |  |  | 828 |  |  |  | 58 |  |  |  | 886 |
Segment gross profit |  |  | 2,532 |  |  |  | 107 |  |  |  | 2,639 |
R&D expense |  |  | 253 |  |  |  | 12 |  |  |  | 265 |
SG&A expense |  |  | 1,071 |  |  |  | 78 |  |  |  | 1,149 |
Segment operating income |  |  | 1,208 |  |  |  | 17 |  |  |  | 1,225 |
Interest income, net |  |  | 24 |  |  |  | 2 |  |  |  | 26 |
Segment income before income taxes |  | $ | 1,232 |  |  | $ | 19 |  |  | $ | 1,251 |
Three months ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 2,061 |  |  | $ | 214 |  |  | $ | 2,275 |
COGS |  |  | 525 |  |  |  | 85 |  |  |  | 610 |
Segment gross profit |  |  | 1,536 |  |  |  | 129 |  |  |  | 1,665 |
R&D expense |  |  | 169 |  |  |  | 57 |  |  |  | 226 |
SG&A expense |  |  | 863 |  |  |  | 89 |  |  |  | 952 |
Segment operating income (loss) |  |  | 504 |  |  |  | (17 | ) |  |  | 487 |
Interest income, net |  |  | 16 |  |  |  | 2 |  |  |  | 18 |
Segment income (loss) before income taxes |  | $ | 520 |  |  | $ | (15 | ) |  | $ | 505 |
Reconciliation of Segment Income to Consolidated Net Income Before Income Taxes SCHEDULE OF RECONCILIATION OF SEGMENT DATA TO CONSOLIDATED STATEMENT OF OPERATIONS
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Six months ended June 30, |  |  | Three months ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (in thousands) |
Total net income before income taxes for reportable segments |  | $ | 2,285 |  |  | $ | 903 |  |  | $ | 1,251 |  |  | $ | 505 |
Unallocated cost of corporate headquarters |  |  | (683 | ) |  |  | (534 | ) |  |  | (277 | ) |  |  | (229 | )
Consolidated net income before income taxes |  | $ | 1,602 |  |  | $ | 369 |  |  | $ | 974 |  |  | $ | 276 |

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