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Segments (Tables)

12 Months Ended

Dec. 31, 2024

Segments

Schedule of operating revenues, net property and equipment, capital expenditures and right-of-use assets by operating segment

The following tables present the Company’s operating revenues, net property and equipment, capital expenditures and right-of-use assets by operating segment (in thousands):

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	2024		​	2023
Operating Revenues	​	​	​	​	​	​
United States	​	$	61,229		$	83,823
Canada	​	​	12,925		​	13,023
Total	​	$	74,154	​	$	96,846
​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	December 31,		​	December 31,
​		2024		​	2023
Net Property and Equipment	​	​	​	​	​	​
United States	​	$	10,818	​	$	14,386
Canada	​	​	2,161	​	​	2,122
Total	​	$	12,979	​	$	16,508

​

​

​	​	​	​	​	​	​
​	​	December 31,		​	December 31,
​		2024		​	2023
Capital Expenditures	​	​	​	​	​	​
United States	​	$	1,640	​	$	3,479
Canada	​	​	1,219	​	​	1,699
Total Capital Expenditures	​	$	2,859	​	$	5,178

​

​	​	​	​	​	​	​
​ ​	​	​	​	​	​	​

​	​	December 31,		​	December 31,
​		2024		​	2023
Operating Lease Right-of-use Assets	​	​	​	​	​	​
United States	​	$	1,881	​	$	2,808
Canada	​	​	1,121	​	​	400
Total	​	$	3,002	​	$	3,208

Schedule of income statements by operating segment

The following tables present the Company’s income statements by operating segment (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31, 2024
​	​	USA Operations		​	Canada Operations		​	Consolidated
Operating revenues	​	​	​	​	​	​	​	​	​
Fee revenue	​	$	40,748	​	$	12,731	​	$	53,479
Reimbursable revenue	​	​	20,481	​	​	194	​	​	20,675
​	​	​	61,229	​	​	12,925	​	​	74,154
​	​	​	​	​	​	​	​	​	​
Operating costs:	​	​	​	​	​	​	​	​	​
Fee operating expenses	​	​	32,797	​	​	9,549	​	​	42,346
Reimbursable operating expenses	​	​	20,481	​	​	194	​	​	20,675
Operating expenses	​	​	53,278	​	​	9,743	​	​	63,021
General and administrative	​	​	8,056	​	​	1,404	​	​	9,460
Severance expense	​	​	486	​	​	—	​	​	486
Depreciation and amortization	​	​	4,752	​	​	984	​	​	5,736
​	​	​	66,572	​	​	12,131	​	​	78,703
​	​	​	​	​	​	​	​	​	​
(Loss) income from operations	​	​	(5,343)	​	​	794	​	​	(4,549)
​	​	​	​	​	​	​	​	​	​
Other income (expense):	​	​	​	​	​	​	​	​	​
Interest income	​	​	260	​	​	48	​	​	308
Interest expense	​	​	(114)	​	​	(45)	​	​	(159)
Other income (expense), net	​	​	297	​	​	(9)	​	​	288
(Loss) income before income tax	​	​	(4,900)	​	​	788	​	​	(4,112)
Income tax expense	​	​	(7)	​	​	—	​	​	(7)
Net (loss) income	​	$	(4,907)	​	$	788	​	$	(4,119)
​	​	​	​	​	​	​	​	​	​
Adjusted EBITDA	​	$	192	​	$	1,769	​	$	1,961

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31, 2023
​	​	USA Operations		​	Canada Operations		​	Consolidated
Operating revenues	​	​	​	​	​	​	​	​	​
Fee revenue	​	$	49,045	​	$	12,402	​	$	61,447
Reimbursable revenue	​	​	34,778	​	​	621	​	​	35,399
​	​	​	83,823	​	​	13,023	​	​	96,846
​	​	​	​	​	​	​	​	​	​
Operating costs:	​	​	​	​	​	​	​	​	​
Fee operating expenses	​	​	39,898	​	​	11,610	​	​	51,508
Reimbursable operating expenses	​	​	34,528	​	​	621	​	​	35,149
Operating expenses	​	​	74,426	​	​	12,231	​	​	86,657
General and administrative	​	​	11,001	​	​	1,558	​	​	12,559
Severance expense	​	​	2,208	​	​	—	​	​	2,208
Depreciation and amortization	​	​	6,566	​	​	1,926	​	​	8,492
​	​	​	94,201	​	​	15,715	​	​	109,916
​	​	​	​	​	​	​	​	​	​
Loss from operations	​	​	(10,378)	​	​	(2,692)	​	​	(13,070)
​	​	​	​	​	​	​	​	​	​
Other income (expense):	​	​	​	​	​	​	​	​	​
Interest income	​	​	333	​	​	243	​	​	576
Interest expense	​	​	(75)	​	​	(28)	​	​	(103)
Other income (expense), net	​	​	295	​	​	59	​	​	354
Loss before income tax	​	​	(9,825)	​	​	(2,418)	​	​	(12,243)
Income tax benefit	​	​	96	​	​	—	​	​	96
Net loss	​	$	(9,729)	​	$	(2,418)	​	$	(12,147)
​	​	​	​	​	​	​	​	​	​
Adjusted EBITDA	​	$	(1,309)	​	$	(707)	​	$	(2,016)

Schedule of reconciliation of the Company's Adjusted EBITDA to net (loss) income

The reconciliation of the Company’s Adjusted EBITDA to its net (loss) income, which is the most directly comparable GAAP financial measure, is provided in the following table (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024 US

​

2024 CA

​

2024 Consol.

​

2023 US

​

2023 CA

​

2023 Consol.

Net (loss) income

$

(4,907)

​

$

788

​

$

(4,119)

​

$

(9,729)

​

$

(2,418)

​

$

(12,147)

Depreciation and amortization

​

4,752

​

​

984

​

​

5,736

​

​

6,566

​

​

1,926

​

​

8,492

Interest income, net

​

(146)

​

​

(3)

​

​

(149)

​

​

(258)

​

​

(215)

​

​

(473)

Income tax expense (benefit)

​

7

​

​

—

​

​

7

​

​

(96)

​

​

—

​

​

(96)

EBITDA

​

(294)

​

​

1,769

​

​

1,475

​

​

(3,517)

​

​

(707)

​

​

(4,224)

Severance expense

​

486

​

​

—

​

​

486

​

​

2,208

​

​

—

​

​

2,208

Adjusted EBITDA

$

192

​

$

1,769

​

$

1,961

​

$

(1,309)

​

$

(707)

​

$

(2,016)

Schedule of total assets disaggregated by operating segment

The following table present the Company’s total assets by operating segment (in thousands):

​

​	​	​	​	​	​	​
​	​	December 31,		​	December 31,
​		2024		​	2023
Total Assets	​	​	​	​	​	​
United States	​	$	21,257	​	$	48,822
Canada	​	​	9,613	​	​	8,697
Total Assets	​	$	30,870	​	$	57,519

​

X

- Definition

Tabular disclosure of reconciliation of net income (loss) to earnings before interest, taxes, depreciation, and amortization by operating segments.

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Tabular disclosure of information concerning operating revenues, net property and equipment, capital expenditures and right-of-use assets by operating segment.

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- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

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-Name Accounting Standards Codification
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-SubTopic 10
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