v3.25.2
Segment Reporting and Information about Geographical Areas
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Segment Reporting [Abstract]    
Segment Reporting and Information about Geographical Areas

19. Segment Reporting and Information about Geographical Areas

 

Reportable Segments

 

The Company develops and manufactures high-temperature proton exchange membranes (“HT-PEM” or “HT-PEMs”) and fuel cell systems for the off-grid and portable power markets and plans to expand into the mobility market. The Company’s current revenue is derived from the sale of fuel cell systems and from the sale of MEAs, membranes, and electrodes for specific applications in the fuel cell and energy storage (flow battery) markets. The research and development activities are viewed as another product line that contributes to the development, design, production and sale of fuel cell products; however, it is not considered a separate operating segment. The Company has identified one 1 business segment.

 

As a single reportable segment entity, the determined measure of profit or loss is the Company’s consolidated net income (loss). Consolidated asset information for the Company’s single reportable segment is presented in the Company’s consolidated balance sheets.

 

The table below is a summary of the segment net loss from continuing operations before income taxes, including significant segment expenses:

 

                                 
   

Three months ended
June 30,
(Unaudited)

    

Six months ended
June 30,

(Unaudited)

  
    2025     2024     2025     2024  
Revenue, net   $ 99     $ 654     $ 231     $ 3,392  
Cost of revenues     (392 )     (83 )     (704 )     (560 )
Gross loss     (293 )     571       (473 )     2,832  
Income from grants     1       424       43       1,262  
Research and development expenses     (342 )     (695 )     (698 )     (2,110 )
Administrative and selling expenses     (1,956 )     2,374       (4,206 )     (3,819 )
Sublease income     -       -       -       145  
Amortization of intangibles     (7 )     (1 )     (14 )     (2 )
Credit loss – customer contracts     (328 )     -       (515 )     -  
Impairment losses     -       -       -       -  
Operating loss     (2,925 )     2,673       (5,863 )     (1,692 )
Fair value change of warrant liability     -       -       -       59  
Finance income / (expenses), net     (325 )     (54 )     (569 )     (286 )
Foreign exchange gains / (losses), net     293       (156 )     394       (165 )
Loss contingency     (840 )     36       (1,034 )     (4,871 )
Net gains / (losses) on disposal/write-offs of property, plant and equipment and intangible assets     -       (12,714)       -       (12,735 )
Other income / (expenses), net     -       2       2       6  
Segment and consolidated net loss before income taxes   $ (3,797 )   $ (10,213 )   $ (7,070 )   $ (19,684 )

 

Geographic Information

 

The following table presents revenues, by geographic location (based on the location of the entity selling the product) for the three and six months ended June 30, 2025 and 2024:

Schedule of revenues, by geographic location                                
   

Three Months Ended
June 30,

(Unaudited)

    

Six Months Ended
June 30,

(Unaudited)

  
(Amounts in thousands)   2025     2024     2025     2024  
North America   $ 10     $ 649     $ 135     $ 3,217  
Europe     89       5       96       175  
Total net sales   $ 99     $ 654     $ 231     $ 3,392  

 

21. Segment Reporting and Information about Geographical Areas

 

Reportable Segments

 

The Company develops and manufactures high-temperature proton exchange membranes (“HT-PEM” or “HT-PEMs”) and fuel cell systems for the off-grid and portable power markets and plans to expand into the mobility market. The Company’s current revenue is derived from the sale of fuel cell systems and from the sale of MEAs, membranes, and electrodes for specific applications in the fuel cell and energy storage (flow battery) markets. The research and development activities are viewed as another product line that contributes to the development, design, production and sale of fuel cell products; however, it is not considered a separate operating segment. The Company has identified one business segment.

 

As a single reportable segment entity, the determined measure of profit or loss is the Company’s consolidated net income (loss). Consolidated asset information for the Company’s single reportable segment is presented in the Company’s consolidated balance sheets.

 

The table below is a summary of the segment net loss from continuing operations before income taxes, including significant segment expenses:

 

               
    Years Ended
December 31,		  
    2024     2023  
Revenue, net   $ 3,276     $ 1,536  
Cost of revenues     (1,488 )     (6,964 )
Gross profit (loss)     1,788       (5,428 )
Income from grants     887       1,582  
Research and development expenses     (3,225 )     (7,567 )
Administrative and selling expenses     (14,318 )     (28,825 )
Sublease income     145       543  
Amortization of intangibles     (29 )     (207 )
Credit loss – customer contracts     (3,617 )     (1,048 )
Impairment losses     -       (9,763 )
Operating loss     (18,369 )     (50,713 )
Fair value change of warrant liability     59       394  
Finance income / (expenses), net     (535 )     104  
Foreign exchange gains / (losses), net     (272 )     101  
Loss Contingency     (4,724 )     -  
Net gains/ (losses) on disposal/write-offs of property, plant and equipment and intangible assets     (6,235 )     -  
Other income / (expenses), net     7       (870 )
Segment and consolidated net loss before income taxes     (30,069 )     (50,984 )

 

Geographic Information

 

The following table presents revenues, by geographic location (based on the location of the entity selling the product or service) for the years ended December 31, 2024 and 2023:

 

               
    Years Ended
December 31,		  
(Amounts in thousands)   2024     2023  
North America   $ 3,101     $ 1,268  
Europe     175       268  
Total net sales   $ 3,276     $ 1,536