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Segment reporting | 6 Months Ended
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Jun. 30, 2025
Segment reporting [Abstract] |
Segment reporting | 6. Segment reporting We apply the provisions of FASB ASC Topic 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 for large and emerging markets, and provide related 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. We disclose these non-GAAP segment results because we believe they provide meaningful supplemental information and are used by the CODM in making decisions about how to allocate resources and assess performance. We are currently dependent upon one manufacturer located in Thailand for the manufacturing and assembly of substantially all of our printers and terminals. The majority of raw components used in the manufacturing and assembly of our printers and terminals are sourced locally in Thailand, and to a lesser extent, from other countries in the region, including China. The following table provides the operating financial results of our segment:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Revenues |  | $ | 13,798 |  |  | $ | 11,599 |  |  | $ | 26,851 |  |  | $ | 22,286 |
Cost of materials sold |  |  | 5,203 |  |  |  | 3,856 |  |  |  | 10,167 |  |  |  | 7,056 |
Compensation costs |  |  | 5,486 |  |  |  | 4,554 |  |  |  | 10,323 |  |  |  | 9,700 |
Professional services |  |  | 879 |  |  |  | 1,002 |  |  |  | 1,851 |  |  |  | 1,927 |
Occupancy costs |  |  | 368 |  |  |  | 369 |  |  |  | 732 |  |  |  | 731 |
Marketing expenses |  |  | 232 |  |  |  | 329 |  |  |  | 476 |  |  |  | 580 |
IT expenses |  |  | 319 |  |  |  | 318 |  |  |  | 648 |  |  |  | 616 |
Severance expenses |  |  | 1 |  |  |  | 43 |  |  |  | 8 |  |  |  | 70 |
Depreciation and amortization |  |  | 171 |  |  |  | 241 |  |  |  | 344 |  |  |  | 636 |
Other segment expenses (1) |  |  | 1,397 |  |  |  | 1,325 |  |  |  | 2,575 |  |  |  | 2,709 |
|  |  | 14,056 |  |  |  | 12,037 |  |  |  | 27,124 |  |  |  | 24,025 |
Operating loss |  |  | (258 | ) |  |  | (438 | ) |  |  | (273 | ) |  |  | (1,739 | )
Interest income |  |  | 126 |  |  |  | 106 |  |  |  | 233 |  |  |  | 234 |
Interest expense |  |  | (86 | ) |  |  | (80 | ) |  |  | (171 | ) |  |  | (160 | )
Other, net |  |  | 115 |  |  |  | 7 |  |  |  | 178 |  |  |  | (53 | )
Income tax (expense) benefit |  |  | (40 | ) |  |  | 86 |  |  |  | (91 | ) |  |  | 363 |
Net loss |  | $ | (143 | ) |  | $ | (319 | ) |  | $ | (124 | ) |  | $ | (1,355 | )
(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 to EBITDA and adjusted EBITDA follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Net loss |  | $ | (143 | ) |  | $ | (319 | ) |  | $ | (124 | ) |  | $ | (1,355 | )
Interest income, net |  |  | (40 | ) |  |  | (26 | ) |  |  | (62 | ) |  |  | (74 | )
Income tax expense (benefit) |  |  | 40 |  |  |  | (86 | ) |  |  | 91 |  |  |  | (363 | )
Depreciation and amortization |  |  | 171 |  |  |  | 241 |  |  |  | 344 |  |  |  | 636 |
EBITDA |  |  | 28 |  |  |  | (190 | ) |  |  | 249 |  |  |  | (1,156 | )
Share-based compensation |  |  | 450 |  |  |  | 279 |  |  |  | 773 |  |  |  | 544 |
Adjusted EBITDA |  | $ | 478 |  |  | $ | 89 |  |  | $ | 1,022 |  |  | $ | (612 | )

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- Definition The entire disclosure for reporting segments including data and tables. 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