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SEGMENT INFORMATION | 12 Months Ended
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Mar. 31, 2025
SEGMENT INFORMATION |
SEGMENT INFORMATION | NOTE 16 – SEGMENT INFORMATION The Company has two wholly owned subsidiaries, Ranor and Stadco, each a reportable segment. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. All the Company’s operations, assets, and customers are located in the U.S. Each reportable segment focuses on the manufacture and assembly of specific components, primarily for defense, aerospace and other precision industrial customers. Our Chief Executive Officer, or CEO, is the Chief Operating Decision Maker, or CODM, and evaluates the performance of our segments based upon, among other things, segment revenue and operating profit. The operating profit metric is what the CODM uses in evaluating segment results of operations and the financial measure that provides insight into our overall performance and financial position. Segment operating profit includes executive, sales and marketing compensation, and other administrative and corporate expenses allocated equally to each segment based on a revenue run rate. The following table provides summarized financial information for our segments: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025 | ​ | March 31, 2024
​ |  | Ranor |  | Stadco |  | Total |  | Ranor |  | Stadco |  | Total
Revenue | ​ | $ | 18,165 | ​ | $ | 15,998 | ​ | $ | 34,163 | ​ | $ | 17,821 | ​ | $ | 14,567 | ​ | $ | 32,388
Intersegment elimination | ​ |  | — | ​ |  | (132) | ​ |  | (132) | ​ |  | (442) | ​ |  | (355) | ​ |  | (797)
Revenue, net | ​ |  | 18,165 | ​ |  | 15,866 | ​ |  | 34,031 | ​ |  | 17,379 | ​ |  | 14,212 | ​ |  | 31,591
Cost of revenue | ​ | ​ | 12,491 | ​ | ​ | 17,211 | ​ | ​ | 29,702 | ​ | ​ | 12,918 | ​ | ​ | 14,555 | ​ | ​ | 27,473
Selling, general, and administrative (1)(3) | ​ |  | 2,545 | ​ |  | 3,298 | ​ |  | 5,843 | ​ |  | 2,260 | ​ |  | 3,125 | ​ |  | 5,385
Profit (loss) from operations | ​ |  | 3,129 | ​ |  | (4,643) | ​ |  | (1,514) | ​ |  | 2,201 | ​ |  | (3,468) | ​ |  | (1,267)
Reconciliation of profit or loss: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unallocated items: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate general costs (2) | ​ |  | — | ​ |  | — | ​ |  | (225) | ​ |  | — | ​ |  | — | ​ |  | (398)
Costs related to terminated acquisition | ​ |  | — | ​ |  | — | ​ |  | (419) | ​ |  | — | ​ |  | — | ​ |  | (2,967)
Consolidated operating loss | ​ |  | — | ​ |  | — | ​ |  | (2,158) | ​ |  | — | ​ |  | — | ​ |  | (4,632)
Other income (expense), net | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (51) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 43
Interest expense | ​ |  | — | ​ |  | — | ​ |  | (541) | ​ |  | — | ​ |  | — | ​ |  | (521)
Consolidated loss before income taxes | ​ |  | ​ | ​ |  | ​ | ​ | $ | (2,750) | ​ |  | ​ | ​ |  | ​ | ​ | $ | (5,110)
Total assets | ​ | $ | 11,781 | ​ | $ | 21,746 | ​ | $ | 33,527 | ​ | $ | 12,327 | ​ | $ | 22,420 | ​ | $ | 34,747
Property, plant and equipment, net | ​ | ​ | 7,247 | ​ | ​ | 6,544 | ​ | ​ | 13,791 | ​ | ​ | 7,271 | ​ | ​ | 7,527 | ​ | ​ | 14,798
Depreciation and amortization | ​ |  | 1,044 | ​ |  | 1,752 | ​ |  | 2,796 | ​ |  | 700 | ​ |  | 1,729 | ​ |  | 2,429
Capital expenditures | ​ | ​ | 4,052 | ​ | ​ | 70 | ​ | ​ | 4,122 | ​ | ​ | 3,198 | ​ | ​ | 32 | ​ | ​ | 3,230
(1) | Corporate overhead costs such as executive and sales compensation, and other corporate facilities and administrative expenses are allocated equally to the segments.
(2) | Corporate general costs include executive and director compensation, stock-based compensation expense, and other corporate administrative expenses not allocated to the segments.
(3) | Prior period data is restated to reflect changes in corporate and administrative expenses allocated to the segments.

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