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Segment information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment information | 15. Segment information: As a result of the classification of the Light-Duty segment as discontinued operations (note 5), the Company reports its results in the following three reportable segments: High-Pressure Controls & Systems, Heavy-Duty OEM, and Cespira. The prior year comparatives were recast to reflect this change in reportable segments. Segment earnings or losses before income taxes, interest, depreciation, and amortization ("Segment EBITDA") is the measure of segment profitability used by the Company. The accounting policies of our reportable segments are the same as those applied in our consolidated financial statements. Management prepared the financial results of the Company's reportable segments on basis that is consistent with the manner in which Management internally disaggregates financial information to assist in making internal operating decisions. Certain common costs and expenses were allocated among segments and presented differently than the Company would for stand-alone financial information prepared in accordance with GAAP. These include certain costs and expenses of shared services, such as IT, human resources, legal, finance and supply chain management. Segment EBITDA is not defined under US GAAP and may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for net earnings or other results reported in accordance with GAAP. The Company's Chief Operating Decision Maker ("CODM") uses Segment EBITDA disclosed below to evaluate the performance of its reportable segments. The Company believes Segment EBITDA is most reflective of the operational profitability or loss of its reportable segments. The CODM uses this information to drive decisions and resource allocations. Segment EBITDA is used as the key profitability measure when the Company sets its annual budget. 15. Segment information (continued): Financial information by reportable segment as follows:
|  |  | Three months ended September 30, 2025
|  |  | High-Pressure Controls & Systems |  | Heavy-Duty OEM |  |  |  | Cespira |  | Total Segment
Revenue |  |  | $ | 1,606 |  |  | $ | 11 |  |  |  |  | $ | 19,328 |  |  | $ | 20,945 |
Cost of revenue |  |  | 1,145 |  |  | — |  |  |  |  | 20,364 |  |  | 21,509 |
Gross profit |  |  | 461 |  |  | 11 |  |  |  |  | (1,036) |  |  | (564) |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 2,293 |  |  | 26 |  |  |  |  | 1,135 |  |  | 3,454 |
General and administrative |  |  | 484 |  |  | 34 |  |  |  |  | 2,410 |  |  | 2,928 |
Sales and marketing |  |  | 103 |  |  | 3 |  |  |  |  | 357 |  |  | 463 |
Depreciation and amortization |  |  | 108 |  |  | — |  |  |  |  | 833 |  |  | 941 |
|  |  | 2,988 |  |  | 63 |  |  |  |  | 4,735 |  |  | 7,786 |
Add back: Depreciation and amortization 1 |  |  | 143 |  |  | — |  |  |  |  | 1,610 |  |  | 1,753 |
Segment EBITDA |  |  | $ | (2,384) |  |  | $ | (52) |  |  |  |  | $ | (4,161) |  |  | $ | (6,597) |
|  |  | Three months ended September 30, 2024
|  |  | High-Pressure Controls & Systems |  | Heavy-Duty OEM |  |  |  | Cespira |  | Total Segment
Revenue |  |  | $ | 1,764 |  |  | $ | 3,113 |  |  |  |  | $ | 16,209 |  |  | $ | 21,086 |
Cost of revenue |  |  | 1,352 |  |  | 2,862 |  |  |  |  | 16,374 |  |  | 20,588 |
Gross profit |  |  | 412 |  |  | 251 |  |  |  |  | (165) |  |  | 498 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 1,257 |  |  | (629) |  |  |  |  | 1,830 |  |  | 2,458 |
General and administrative |  |  | 292 |  |  | 55 |  |  |  |  | 1,943 |  |  | 2,290 |
Sales and marketing |  |  | 44 |  |  | 36 |  |  |  |  | 335 |  |  | 415 |
Depreciation and amortization |  |  | 27 |  |  | 4 |  |  |  |  | 944 |  |  | 975 |
|  |  | 1,620 |  |  | (534) |  |  |  |  | 5,052 |  |  | 6,138 |
Add back: Depreciation and amortization 1 |  |  | 145 |  |  | 8 |  |  |  |  | 1,106 |  |  | 1,259 |
Segment EBITDA |  |  | $ | (1,063) |  |  | $ | 793 |  |  |  |  | $ | (4,111) |  |  | $ | (4,381) |
15. Segment information (continued):
|  |  | Nine months ended September 30, 2025
|  |  | High-Pressure Controls & Systems |  | Heavy-Duty OEM |  |  |  | Cespira |  | Total Segment
Revenue |  |  | $ | 6,392 |  |  | $ | 15,046 |  |  |  |  | $ | 48,147 |  |  | $ | 69,585 |
Cost of revenue |  |  | 5,313 |  |  | 13,276 |  |  |  |  | 50,594 |  |  | 69,183 |
Gross profit |  |  | 1,079 |  |  | 1,770 |  |  |  |  | (2,447) |  |  | 402 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 5,027 |  |  | 159 |  |  |  |  | 6,025 |  |  | 11,211 |
General and administrative |  |  | 1,189 |  |  | 133 |  |  |  |  | 7,829 |  |  | 9,151 |
Sales and marketing |  |  | 253 |  |  | 26 |  |  |  |  | 975 |  |  | 1,254 |
Depreciation and amortization |  |  | 223 |  |  | — |  |  |  |  | 2,423 |  |  | 2,646 |
|  |  | 6,692 |  |  | 318 |  |  |  |  | 17,252 |  |  | 24,262 |
Add back: Depreciation and amortization 1 |  |  | 432 |  |  | — |  |  |  |  | 4,901 |  |  | 5,333 |
Segment EBITDA |  |  | $ | (5,181) |  |  | $ | 1,452 |  |  |  |  | $ | (14,798) |  |  | $ | (18,527) |
|  |  | Nine months ended September 30, 2024
|  |  | High-Pressure Controls & Systems |  | Heavy-Duty OEM |  |  |  | Cespira |  | Total Segment
Revenue |  |  | $ | 7,813 |  |  | $ | 25,601 |  |  |  |  | $ | 20,268 |  |  | $ | 53,682 |
Cost of revenue |  |  | 5,766 |  |  | 25,168 |  |  |  |  | 20,275 |  |  | 51,209 |
Gross profit |  |  | 2,047 |  |  | 433 |  |  |  |  | (7) |  |  | 2,473 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 4,208 |  |  | 4,229 |  |  |  |  | 2,951 |  |  | 11,388 |
General and administrative |  |  | 788 |  |  | 2,974 |  |  |  |  | 2,658 |  |  | 6,420 |
Sales and marketing |  |  | 404 |  |  | 886 |  |  |  |  | 404 |  |  | 1,694 |
Depreciation and amortization |  |  | 112 |  |  | 126 |  |  |  |  | 1,209 |  |  | 1,447 |
|  |  | 5,512 |  |  | 8,215 |  |  |  |  | 7,222 |  |  | 20,949 |
Add back: Depreciation and amortization 1 |  |  | 372 |  |  | 1,399 |  |  |  |  | 1,610 |  |  | 3,381 |
Segment EBITDA |  |  | $ | (3,093) |  |  | $ | (6,383) |  |  |  |  | $ | (5,619) |  |  | $ | (15,095) |
15. Segment information (continued): Reconciliations of reportable segment financial information to consolidated statement of operations:
| Three months ended September 30, 2025
| Total Segment |  | Less: Cespira |  | Add: Corporate & unallocated |  |  |  | Total Consolidated
Revenue | $ | 20,945 |  |  | $ | 19,328 |  |  | $ | — |  |  |  |  | $ | 1,617 |
Cost of revenue | 21,509 |  |  | 20,364 |  |  | — |  |  |  |  | 1,145 |
Gross profit | (564) |  |  | (1,036) |  |  | — |  |  |  |  | 472 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | 3,454 |  |  | 1,135 |  |  | — |  |  |  |  | 2,319 |
General and administrative | 2,928 |  |  | 2,410 |  |  | 3,612 |  |  |  |  | 4,130 |
Sales and marketing | 463 |  |  | 357 |  |  | 199 |  |  |  |  | 305 |
Depreciation and amortization | 941 |  |  | 833 |  |  | 38 |  |  |  |  | 146 |
| 7,786 |  |  | 4,735 |  |  | 3,849 |  |  |  |  | 6,900 |
Equity loss | — |  |  | — |  |  | (3,197) |  |  |  |  | (3,197) |
| Three months ended September 30, 2024
| Total Segment |  | Less: Cespira |  | Add: Corporate & unallocated |  |  |  | Total Consolidated
Revenue | $ | 21,086 |  |  | $ | 16,209 |  |  | $ | — |  |  |  |  | $ | 4,877 |
Cost of revenue | 20,588 |  |  | 16,374 |  |  | — |  |  |  |  | 4,214 |
Gross profit | 498 |  |  | (165) |  |  | — |  |  |  |  | 663 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | 2,458 |  |  | 1,830 |  |  | — |  |  |  |  | 628 |
General and administrative | 2,290 |  |  | 1,943 |  |  | 3,069 |  |  |  |  | 3,416 |
Sales and marketing | 415 |  |  | 335 |  |  | 287 |  |  |  |  | 367 |
Depreciation and amortization | 975 |  |  | 944 |  |  | 72 |  |  |  |  | 103 |
| 6,138 |  |  | 5,052 |  |  | 3,428 |  |  |  |  | 4,514 |
Equity loss | — |  |  | — |  |  | (3,002) |  |  |  |  | (3,002) |
| Nine months ended September 30, 2025
| Total Segment |  | Less: Cespira |  | Add: Corporate & unallocated |  |  |  | Total Consolidated
Revenue | $ | 69,585 |  |  | $ | 48,147 |  |  | $ | — |  |  |  |  | $ | 21,438 |
Cost of revenue | 69,183 |  |  | 50,594 |  |  | — |  |  |  |  | 18,589 |
Gross profit | 402 |  |  | (2,447) |  |  | — |  |  |  |  | 2,849 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | 11,211 |  |  | 6,025 |  |  | — |  |  |  |  | 5,186 |
General and administrative | 9,151 |  |  | 7,829 |  |  | 9,586 |  |  |  |  | 10,908 |
Sales and marketing | 1,254 |  |  | 975 |  |  | 759 |  |  |  |  | 1,038 |
Depreciation and amortization | 2,646 |  |  | 2,423 |  |  | 137 |  |  |  |  | 360 |
| 24,262 |  |  | 17,252 |  |  | 10,482 |  |  |  |  | 17,492 |
Equity loss | — |  |  | — |  |  | (10,767) |  |  |  |  | (10,767) |
15. Segment information (continued):
| Nine months ended September 30, 2024
| Total Segment |  | Less: Cespira |  | Add: Corporate & unallocated |  |  |  | Total Consolidated
Revenue | $ | 53,682 |  |  | $ | 20,268 |  |  | $ | — |  |  |  |  | $ | 33,414 |
Cost of revenue | 51,209 |  |  | 20,275 |  |  | — |  |  |  |  | 30,934 |
Gross profit | 2,473 |  |  | (7) |  |  | — |  |  |  |  | 2,480 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | 11,388 |  |  | 2,951 |  |  | — |  |  |  |  | 8,437 |
General and administrative | 6,420 |  |  | 2,658 |  |  | 12,569 |  |  |  |  | 16,331 |
Sales and marketing | 1,694 |  |  | 404 |  |  | 1,160 |  |  |  |  | 2,450 |
Depreciation and amortization | 1,447 |  |  | 1,209 |  |  | 321 |  |  |  |  | 559 |
| 20,949 |  |  | 7,222 |  |  | 14,050 |  |  |  |  | 27,777 |
Equity loss | — |  |  | — |  |  | (4,104) |  |  |  |  | (4,104) |
Reconciliation of Segment EBITDA to Loss before income taxes |  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Total Segment EBITDA |  | $ | (6,597) |  |  | $ | (4,381) |  |  | $ | (18,527) |  |  | $ | (15,095) |
Adjustments: |  |  |  |  |  |  |  |
Depreciation and amortization 1 |  | 181 |  |  | 225 |  |  | 569 |  |  | 2,092 |
Cespira's Segment EBITDA |  | (4,161) |  |  | (4,111) |  |  | (14,798) |  |  | (5,619) |
Loss on investments accounted for under the equity method (note 8) |  | 3,197 |  |  | 3,002 |  |  | 10,767 |  |  | 4,104 |
Corporate and unallocated operating expenses |  | 3,811 |  |  | 3,356 |  |  | 10,345 |  |  | 13,729 |
Foreign exchange (loss) gain |  | 1,282 |  |  | (1,709) |  |  | (4,145) |  |  | 86 |
Gain on deconsolidation |  | — |  |  | — |  |  | — |  |  | (13,266) |
Loss on sale of investments |  | — |  |  | 352 |  |  | — |  |  | 352 |
Interest on long-term debt |  | 142 |  |  | 257 |  |  | 500 |  |  | 859 |
Interest and other income, net of bank charges |  | (653) |  |  | (215) |  |  | (1,155) |  |  | (235) |
Loss before income taxes in continuing operations |  | $ | (10,396) |  |  | $ | (5,538) |  |  | $ | (20,610) |  |  | $ | (17,197) |
1 Depreciation and amortization expenses used in computation for Segment EBITDA and reconciliation to consolidated loss before income taxes are included in cost of revenue and operating expenses on our statement of operations and comprehensive income (loss). 15. Segment information (continued):
|  | Three months ended September 30, |  | Nine months ended September 30,
Total additions to long-lived assets, excluding business combinations |  | 2025 |  | 2024 |  | 2025 |  | 2024
High-Pressure Controls & Systems |  | 514 |  |  | 183 |  |  | 1,893 |  |  | 1,620 |
Heavy-Duty OEM |  | — |  |  | — |  |  | — |  |  | 569 |
Corporate and unallocated |  | — |  |  | — |  |  | 16 |  |  | — |
Total consolidated |  | $ | 514 |  |  | $ | 183 |  |  | $ | 1,909 |  |  | $ | 2,189 |
Cespira's total additions to long-lived assets, excluding business combinations for the three and nine months ended September 30, 2025 was $1,325 and $2,896, respectively (three and nine months ended September 30, 2024 was $154 and $164, respectively). Revenues are attributable to geographical regions based on the location of the Company’s customers and are presented as a percentage of the Company's continuing revenues, as follows:
|  | % of revenue
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Europe |  | 25 | % |  | 84 | % |  | 75 | % |  | 86 | %
Asia |  | 33 | % |  | 8 | % |  | 16 | % |  | 10 | %
Americas |  | 42 | % |  | 8 | % |  | 9 | % |  | 4 | %
The measure of segment assets evaluated by the CODM are total assets as reported on the consolidated balance sheet. Total assets are allocated as follows:
|  | Total assets by segment
|  | September 30, 2025 |  | December 31, 2024
Light-Duty (Held-for-sale) |  | $ | — |  |  | $ | 207,893 |
High-Pressure Controls & Systems |  | 14,470 |  |  | 9,026 |
Heavy-Duty OEM |  | 266 |  |  | 9,138 |
Corporate |  | 89,357 |  |  | 65,564 |
Total consolidated assets |  | $ | 104,093 |  |  | $ | 291,621 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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