v3.25.1
Business Segmentation and Geographical Distribution
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Business Segmentation and Geographical Distribution

(11) Business Segmentation and Geographical Distribution

 

The Company operates as a single business segment, in which the factors used to make this determination include differences in products, services, geographical areas, regulatory environment, and other such criteria considered for the appropriateness of aggregation. The types of products and services for which the sole reportable segment, which is the same as the Company as a whole, offered by the Company are discussed in Note 2. Since the Company operates as a single segment, there were no intra-entity sales or transfers.

 

The role of Chief Operating Decision Maker for the Company is comprised of a committee that includes the Chief Executive and Chief Operating Officers. The Chief Operating Decision Maker assesses performance for the single segment and decides how to allocate resources based on net income and gross profit that also is reported on the income statement as net income. The measure of segment assets is reported on the balance sheet as total assets. The accounting policies of the sole segment are the same as those described in the summary of significant accounting policies in our most recently issued Form 10-K for the year ended December 31, 2024.

 

The Chief Operating Decision Maker uses gross profit and net income to evaluate Company performance and in what way to allocate resources. Significant segment expenses, which are the same as the entity as a whole, are as follows: 

 

             
   For the three months ended March 31, 
   2025   2024 
Total revenue  $14,625   $9,868 
           
Employee costs   3,366    3,047 
Contractors and professional services   3,418    1,194 
Materials and supplies   5,110    2,324 
Depreciation   225    234 
Interest expense   176    218 
Tax expense   29    31 
Facilities   943    724 
Shipping   257    268 
Testing   190    194 
IT services   334    231 
Insurance   201    182 
Manufacturing other expense   (110)   181 
Selling, general and administrative expense   406    147 
Total Expense   14,545    8,975 
           
Net Income  $80   $893 

 

Revenue from international sources approximated $993 and $288 for the three months ended March 31, 2025 and 2024, respectively. As part of our revenue from international sources, we recognized approximately $0 and $130 in product revenue from German companies, in the aggregate, for the years ended March 31, 2025 and 2024, respectively.

 

Our operations comprise a single business segment and all of our long-lived assets are located within the United States. We categorize our revenue stream into three main product categories, personal care ingredients, advanced materials and consumer products. The revenues for the three months ended March 31,2025 and 2024 by category are as follows:

 

  

For the three months ended

March 31

 
Product Category  2025   2024 
Consumer Products  $12,882   $8,104 
Personal Care Ingredients   1,373    1,376 
Advanced Materials   370    388 
Total Sales  $14,625   $9,868