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SEGMENT REPORTING | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE 11— SEGMENT REPORTING (a) General Information As of March 31, 2026, the Company operates in three reportable operating segments, each of which is performed through the Company’s OmniMetrix subsidiary:
| ● | Power Generation (“PG”). OmniMetrix’s PG services provide wireless remote monitoring and control systems and Internet of Things (“IoT”) applications for commercial/industrial and residential power generation equipment. In 2025, the Company launched the Omni family of products—the OmniPro commercial monitor and the Omni residential monitor—built on a new proprietary common communications core called the OCOM, a platform designed to enhance connectivity, reliability and performance in remote monitoring systems. These products are replacing the Company’s legacy TrueGuard and AIRGuard product lines, offering enhanced flexibility, expandability, and improved connectivity with easier installation. OmniMetrix also offers the Smart Annunciator product for commercial customers who require a visual representation of generator status via a touchscreen display.
| ● | 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. In 2025, the Company launched the RADex, an OCOM-based expansion of the Company’s RAD™ (Remote AC Mitigation Disconnect) that adds cathodic protection measurements while retaining the ability to remotely disconnect/connect AC mitigation tools on solid-state decouplers, reducing expense and increasing employee safety.
| ● | Infrastructure Solutions (“IS”). OmniMetrix’s IS services provide smart infrastructure monitoring hardware, software and solutions for telecommunications, energy and data center infrastructure asset management in the North American market. Under a Technology Partnership Agreement effective January 1, 2026 with AIO Systems Ltd. (“AIO”), an Israel-based technology company, OmniMetrix has the exclusive right to market, distribute, integrate and sell, on a white-label basis, AIO’s IoT monitoring controllers, sensors, power management devices, security products, environmental monitoring equipment, and a cloud-based Management-of-Management (MOM) platform that provides centralized monitoring, alerting, ticketing and workflow orchestration for telecommunications towers, energy sites and data centers. Revenue in the IS segment is expected to be derived from hardware product sales, recurring monitoring service contracts and other bundled arrangements. The IS segment had no revenue for the three months ended March 31, 2026 as operations were in the pre-revenue stage.
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. Accordingly, where a division of a subsidiary constitutes a segment that does not meet the quantitative thresholds of applicable accounting principles, depreciation expense is recorded against the operations of such segment, without allocating the related depreciable assets to that segment. However, where a division of a subsidiary constitutes a segment that does meet the quantitative thresholds, related depreciable assets, along with other identifiable assets, are allocated to such division. 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. Further, the CODM does not review the assets by segment. The following tables represent segmented data for the three-month periods ended March 31, 2026 and 2025 (in thousands): SCHEDULE OF SEGMENTED DATA
|  | PG |  |  | CP |  |  | IS |  |  | Total |
Three months ended March 31, 2026: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 2,083 |  |  | $ | 144 |  |  | $ | — |  |  | $ | 2,227 |
COGS |  |  | 402 |  |  |  | 40 |  |  |  | — |  |  |  | 442 |
Segment gross profit |  |  | 1,681 |  |  |  | 104 |  |  |  | — |  |  |  | 1,785 |
R&D expense |  |  | 232 |  |  |  | 23 |  |  |  | — |  |  |  | 255 |
SG&A expense |  |  | 987 |  |  |  | 98 |  |  |  | 50 |  |  |  | 1,135 |
Segment operating income (loss) |  |  | 462 |  |  |  | (17 | ) |  |  | (50 | ) |  |  | 395 |
Interest income, net |  |  | 28 |  |  |  | 2 |  |  |  | — |  |  |  | 30 |
Segment income (loss) before income taxes |  | $ | 490 |  |  | $ | (15 | ) |  | $ | (50 | ) |  | $ | 425 |
|  | PG |  |  | CP |  |  | IS |  |  | Total |
Three months ended March 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 2,887 |  |  | $ | 211 |  |  | $ | — |  |  | $ | 3,098 |
COGS |  |  | 697 |  |  |  | 75 |  |  |  | — |  |  |  | 772 |
Segment gross profit |  |  | 2,190 |  |  |  | 136 |  |  |  | — |  |  |  | 2,326 |
R&D expense |  |  | 271 |  |  |  | 20 |  |  |  | — |  |  |  | 291 |
SG&A expense |  |  | 954 |  |  |  | 70 |  |  |  | — |  |  |  | 1,024 |
Segment operating income |  |  | 965 |  |  |  | 46 |  |  |  | — |  |  |  | 1,011 |
Interest income, net |  |  | 22 |  |  |  | 1 |  |  |  | — |  |  |  | 23 |
Segment income before income taxes |  | $ | 987 |  |  | $ | 47 |  |  | $ | — |  |  | $ | 1,034 |
Reconciliation of Segment Net Income to Consolidated Net Income Before Income Taxes SCHEDULE OF RECONCILIATION OF SEGMENT DATA TO CONSOLIDATED STATEMENT OF OPERATIONS
|  | 2026 |  |  | 2025 |
|  | Three months ended March 31, |
|  | 2026 |  |  | 2025 |
|  | $ |
Total net income before income taxes for reportable segments |  | $ | 425 |  |  | $ | 1,034 |
Unallocated cost of corporate headquarters, net of interest income |  |  | (523 | ) |  |  | (406 | )
Consolidated net (loss) income before income taxes |  | $ | (98 | ) |  | $ | 628 |

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