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Note 11 - Segment Reporting
 6 Months Ended
Jun. 28, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

(11)       Segment Reporting

 

The Company views its operations and manages its business as one segment. The Company produces and sells advanced material solutions, primarily metal matrix composites, to assemblers of high density electronics and other specialty components and subassemblies. The Company also assembles housings and packages for hybrid circuits, selling to the same customers mentioned above. These customers represent a single market or segment with similar stringent and well-defined requirements. The Company’s customers, in turn, sell the components and subassemblies which incorporate the products into many different end markets, however, these end markets are two to three levels removed from the Company. The Company also sells armor strike faces to armor manufacturers, using the same manufacturing process used in its other product solutions. The Company makes operating decisions and assesses financial performance only for the Company as a whole and does not make operating decisions or assess financial performance by the end markets which ultimately use the products. Our chief operating decision maker (CODM) is Brian Mackey, our President and CEO. The Company's CODM regularly reviews financial information presented and does not evaluate the Company's operating segment using asset or liability information. Instead, the CODM uses revenue, gross margin, and net income or loss to allocate operating and capital resources and assess performance by comparing actual results to historical results and previously forecasted financial information.

 

The following table presents segment information for the Company's single reporting segment:

 

    Three Months Ended     Six Months Ended  
   

June 28, 2025

    

June 29, 2024

    

June 28, 2025

    

June 29, 2024

  

Product sales

   $ 8,078,657     $ 5,030,313     $ 15,584,578     $ 10,942,947  
                                 

Cost of product sales

     6,742,341       5,260,305       13,017,261       10,266,629  

Gross profit (loss)

     1,336,316       (229,992 )     2,567,317       676,318  
                                 

Selling, general, and administrative expenses

     1,199,389       1,084,995       2,300,739       2,250,917  

Income (loss) from operations

     136,927       (1,314,987 )     266,578       (1,574,599 )
                                 

Other income, net

     19,025       90,851       69,501       170,021  

Income (loss) before income taxes

     155,952       (1,224,136 )     336,079       (1,404,578 )

Income tax provision (benefit)

     52,119       (269,832       136,284       (307,120 )

Net income (loss)

   $ 103,833     $ (954,304 )   $ 199,795     $ (1,097,458 )