v3.25.2
Segment Information
 9 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company owns and operates adult nightclubs and Bombshells Restaurants and Bars. The Company has identified such segments based on management responsibility and the nature of the Company’s products, services, and costs. There are no major distinctions in geographical areas served as all operations are in the United States. The Company measures segment profit (loss) as income (loss) from operations. Segment assets are those assets controlled by each reportable segment. The Other category below includes our media and energy drink divisions that are not significant to the unaudited condensed consolidated financial statements.
Below is the financial information related to the Company’s segments (in thousands):
Three Months Ended
June 30,		Nine Months Ended
June 30,
2025202420252024
Revenues (from external customers)
Nightclubs$62,336 $62,823 $181,601 $183,228 
Bombshells8,609 13,139 26,425 38,641 
Other200 218 478 501 
$71,145 $76,180 $208,504 $222,370 
Income (loss) from operations
Nightclubs$17,761 $13,640 $53,246 $45,030 
Bombshells87 (8,914)1,831 (8,129)
Other(441)(108)(1,292)(581)
Corporate(8,694)(7,154)(22,995)(21,034)
$8,713 $(2,536)$30,790 $15,286 
Depreciation and amortization
Nightclubs$3,311 $2,996 $9,440 $8,828 
Bombshells302 615 961 1,908 
Other13 3 40 7 
Corporate266 287 796 895 
$3,892 $3,901 $11,237 $11,638 
Capital expenditures
Nightclubs$1,972 $2,424 $4,218 $6,655 
Bombshells1,278 1,684 6,924 5,127 
Other325 2,288 762 5,991 
Corporate106 21 385 1,446 
$3,681 $6,417 $12,289 $19,219 
4. Segment Information—continued
June 30, 2025September 30, 2024
Total assets
Nightclubs$477,731 $454,892 
Bombshells77,071 79,091 
Other9,407 14,197 
Corporate33,203 36,184 
$597,412 $584,364 
Excluded from revenues in the table above are intercompany rental revenues of the Nightclubs, Other, and Corporate segments for the three months ended June 30, 2025, amounting to $4.9 million, $45,000, and $0, respectively, and for the nine months ended June 30, 2025, amounting to $14.5 million, $90,000, and $385,000, respectively; and intercompany sales of Robust Energy Drink included in Other segment for the three and nine months ended June 30, 2025, amounting to $58,000 and $195,000, respectively. Excluded from revenues in the table above are intercompany rental revenues of the Nightclubs, Other, and Corporate segments for the three months ended June 30, 2024, amounting to $4.7 million, $0, and $21,000, respectively, and for the nine months ended June 30, 2024, amounting to $13.8 million, $0, and $269,000, respectively; and intercompany sales of Robust Energy Drink included in Other segment for the three and nine months ended June 30, 2024, amounting to $66,000 and $194,000, respectively. These intercompany revenue amounts are eliminated upon consolidation.
Corporate expenses include corporate salaries, health insurance and social security taxes for officers, legal, accounting and information technology employees, corporate taxes and insurance, legal and accounting fees, unallocated self-insurance reserve, depreciation and other corporate costs such as automobile and travel costs. Management considers these to be non-allocable costs for segment purposes.
Certain real estate assets previously wholly assigned to Bombshells have been subdivided and allocated to other future development or investment projects. Accordingly, those asset costs have been transferred out of the Bombshells segment.