v3.25.2
Segmented Information and Geographic Data
 9 Months Ended
Dec. 31, 2024
Segmented Information and Geographic Data [Abstract]  
Segmented Information and Geographic Data
14. Segmented Information and Geographic Data

 

  (a) Segment Information

 

As of April 1 2024, the Company has identified the following reportable segments:

 

●Battery Energy Storage Systems (“BESS”) – The Company is focused on early stage development of utility scale BESS facilities, combining our technology, development and project financing expertise, and using our global presence and strong relationships with trusted supply chain partners, to de-risk project execution. Our local presence and strategic relationships in China gives us access to the best technologies and manufacturing capabilities, whilst our project delivery experience in Europe and Australia enable us deliver industry leading projects at scale and speed.

 

  ● Environmental Technologies (“ET”) – The Company continues to operate in the Emission Control Systems (“ECS”) market, installing and servicing marine exhaust scrubbers. We maintain our own global product patents and intellectual property for these market leading environmental technologies. Environmental Technologies also includes design, development and engineering services for Concentrated Solar Power (“CSP”) projects in China.

 

The segment profit or loss measure used by the Company’s chief operating decision maker (“CODM”) is gross profit and evaluated based on internal reports provided to the CODM. Our CODM has been identified as the Chief Executive Officer. 

 

The prior-period amounts have been restated to conform with the new presentation.

 

   Three Months Ended
December 31, 2024		   Nine Months Ended
December 31, 2024		 
   BESS
$000		   ET
$000		   Total
$000		   BESS
$000		   ET
$000		   Total
$000		 
                         
Revenues   693    828    1,521    2,129    3,054    5,183 
Cost of goods sold   (721)   (728)   (1,449)   (1,800)   (3,146)   (4,946)
Segment gross (loss) profit   (28)   100    72    329    (92)   237 
                               
Reconciliation of profit or loss                              
Segment gross (loss) profit   (28)   100    72    329    (92)   237 
Gain on de-recognition of BESS project subsidiaries   952    
–
    952    1,329    
–
    1,329 
                               
Unallocated amounts:                              
Total expenses             (3,977)             (11,531)
Interest expense             (1,369)             (2,226)
                               
Loss before income taxes             (4,322)             (12,191)

 

   Three Months Ended
December 31, 2023		   Nine Months Ended
December 31, 2023		 
   BESS
$000		   ET
$000		   Total
$000		   BESS
$000		   ET
$000		   Total
$000		 
                         
Revenues   524    9,733    10,257    524    12,087    12,611 
Cost of goods sold   (465)   (1,506)   (1,971)   (903)   (3,886)   (4,789)
Segment gross profit (loss)   59    8,227    8,286    (379)   8,201    7,822 
                               
Reconciliation of profit or loss                              
Segment gross profit (loss)   59    8,227    8,286    (379)   8,201    7,822 
Gain on de-recognition of BESS project subsidiaries   25,398    
–
    25,398    42,153    
–
    42,153 
                               
Unallocated amounts:                              
Total expenses             (11,594)             (25,634)
Interest expense             (3,923)             (5,944)
Total other (expense) income excluding interest expense             (8,373)             (8,306)
                               
Income before income taxes             9,794              10,091 

Total segment long-live assets reconciled to consolidated amounts are as follows:

 

   December 31, 2024 
   BESS
$000		   ET
$000		   Unallocated
$000		   Total
$000		 
                 
Property and equipment (1)   
–
    30    131    161 
Intangible assets   
–
    921    
–
    921 
Projects under development   8,497    
–
    
–
    8,497 
Right of use assets   48    22    985    1,055 
Total   8,545    973    1,116    10,634 

 

(1) The amounts presented for property and equipment are after the reclassification of $535,000 to assets held for sale at December 31, 2024 (see Note 5).

 

   March 31, 2024 
   BESS
$000		   ET
$000		   Unallocated
$000		   Total
$000		 
                 
Property and equipment   
–
    614    96    710 
Intangible assets   
–
    1,048    
–
    1,048 
Projects under development   8,468    
–
    
–
    8,468 
Right of use assets   
–
    63    1,307    1,370 
Total   8,468    1,725    1,403    11,596 

 

  (b) Geographic Data

 

The following tables show revenue and long-lived assets by geography: 

 

   Three Months
Ended
December 31,
2024
$		   Three Months
Ended
December 31,
2023
$		   Nine Months
Ended
December 31,
2024
$		  

Nine

Months
Ended
December 31,
2023
$

 
                 
Total revenues                
North America   –    39    14    56 
Europe   1,382    9,622    4,649    10,938 
Asia   139    596    520    1,617 
                     
Total   1,521    10,257    5,183    12,611 

 

   December 31,
2024
$000		   March 31,
2024
$000		 
         
Long-lived assets        
North America   920    1,047 
Europe   1,164    1,401 
Asia (1)   53    680 
Total   2,137    3,128 
           
Reconciliation of long-lived assets          
Property and equipment (1)   161    710 
Intangible assets   921    1,048 
Right of use assets   1,055    1,370 
Total   2,137    3,128 

 

(1) The amounts presented for property and equipment are after the reclassification of $535,000 to assets held for sale at December 31, 2024 (see Note 5).

For the three and nine months ended December 31, 2024, 46% and 41% of the Company’s revenues were derived from the largest customer respectively.

 

For the three and nine months ended December 31, 2023, 87% and 77% of the Company’s revenues were derived from the largest customer respectively.