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Segment reporting | 12 Months Ended
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Dec. 31, 2024
Segment reporting [Abstract] |
Segment reporting | 7. Segment reporting We apply the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, “Segment Reporting.” We view our operations and manage our business as one segment: the design, development and marketing of software-driven technology and printing solutions and the sale of printer and terminal related software, services, supplies and spare parts. Factors used to identify TransAct’s single operating segment include the similar design, construction and functionality of our products and services, the combined research & development team that supports the entire company, a combined assembly, production and supply chain logistics process used to construct our products and services and a similar class of customers within our core markets (distributors, resellers, original equipment manufacturers (“OEMs”) and end users). Other factors used to identify TransAct’s single operating segment include the organizational structure of the Company and the financial information available for evaluation by the chief operating decision-maker (“CODM”) in making decisions about how to allocate resources and assess performance. The Company’s chief operating decision makers, who are the Company’s chief executive officer and the Company’s chief financial officer, utilize a consolidated approach to assess the performance of and allocate resources to the business. We generally use measures of sales, gross margin percentage, net income, earnings before interest, taxes, depreciation and amortization (“EBITDA”) and adjusted EBITDA to make operational and strategic decisions. These financial measures are compared to budgeted and forecasted amounts by the CODMs on a regular basis to measure our progress towards our strategic plans, pursue product enhancements, conduct research and development initiatives and make any other necessary overall strategic changes to the business. The following table provides the operating financial results of our segment:
|  | December 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Revenues |  | $ | 43,384 |  |  | $ | 72,631 |
Cost of materials sold |  |  | 15,268 |  |  |  | 25,990 |
Compensation costs |  |  | 18,323 |  |  |  | 20,004 |
Professional services |  |  | 3,493 |  |  |  | 4,965 |
Occupancy costs |  |  | 1,477 |  |  |  | 1,485 |
Marketing expenses |  |  | 1,109 |  |  |  | 1,715 |
IT expenses |  |  | 1,255 |  |  |  | 1,203 |
Severance expense |  |  | 75 |  |  |  | 1,785 |
Depreciation and amortization |  |  | 1,037 |  |  |  | 1,489 |
Other segment expenses(1) |  |  | 4,973 |  |  |  | 8,289 |
|  |  | (3,626 | ) |  |  | 5,706 |
Interest income |  |  | 469 |  |  |  | 55 |
Interest expense |  |  | (322 | ) |  |  | (310 | )
Other (expense) income |  |  | (89 | ) |  |  | 452 |
Income tax benefit (expense) |  |  | (6,295 | ) |  |  | (1,155 | )
Net (loss) income |  | $ | (9,863 | ) |  | $ | 4,748 |
(1) | Other Segment expenses included in Segment net income primarily include other cost of goods sold, other administrative costs and engineering costs.
A reconciliation of net (loss) income to EBITDA and adjusted EBITDA follows:
|  | Years Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Net (loss) income |  | $ | (9,863 | ) |  | $ | 4,748 |
Interest (income) expense, net |  |  | (147 | ) |  |  | 255 |
Income tax expense |  |  | 6,295 |  |  |  | 1,155 |
Depreciation and amortization |  |  | 1,037 |  |  |  | 1,489 |
EBITDA |  |  | (2,678 | ) |  |  | 7,647 |
Share-based compensation |  |  | 1,157 |  |  |  | 860 |
Adjusted EBITDA(1) |  | $ | (1,521 | ) |  | $ | 8,507 |
(1) | Adjusted EBITDA in 2023 includes a $1.5 million severance charge related to the resignation of the Company’s former Chief Executive Officer.
Please see Note 14 for net sales and long-lived assets by geographic area.

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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