v3.26.1
Note 22 - Segment and Geographical Disclosures
3 Months Ended
Feb. 28, 2026
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

22.

SEGMENT AND GEOGRAPHICAL DISCLOSURES

 

Beginning in fiscal 2025, the Company manages its operations through two reportable channels: (1) Direct to Consumer (“DTC”) – includes sales through the Company’s e commerce website, Amazon storefronts, and Company operated retail stores, and (2) Wholesale ("dealer/distributor") – includes sales to distributors, law enforcement agencies, retailers, and international distributors.

 

The CEO, who is also the CODM, evaluates sales channel performance primarily based on sales channel revenue less cost of sales and gross margin. Operating expenses, including marketing and variable expenses, executive compensation, public company costs, certain IT infrastructure costs, share-based compensation, and items not allocable to a specific segment, are reported as Other Items. No segment specific balance sheet information is regularly reviewed by the CODM; therefore, the Company does not report segment assets or segment liabilities

 

The tables below (in thousands) summarize, by geographic region, the Company’s revenue for the three months ended February 28, 2026 and 2025, respectively, and long-lived assets and total assets as of  February 28, 2026 and November 30, 2025, respectively. The Company’s long-lived assets consist of intangible assets, property and equipment, right of use assets, and deposits for equipment:

 

Revenue:

                    

Three Months Ended

 

U.S./Mexico

  

South Africa

  

Europe/South America/Asia

  

Canada

  

Total

 

February 28, 2026

 $27,796  $  $529  $724  $29,049 

February 28, 2025

 $24,141  $143  $1,316  $590  $26,190 

 

Long-lived assets

 

US

  

South Africa

  

Total

 

February 28, 2026

 $14,153  $18  $14,171 

November 30, 2025

 $14,256  $93  $14,349 

 

Total Assets

 

US

  

South Africa

  

Canada

  

Total

 

February 28, 2026

 $75,947  $3,561  $392  $79,900 

November 30, 2025

 $80,160  $3,990  $338  $84,488 

 

The table below (in thousands) summarize the Company’s revenue by reportable sales channel as of February 28, 2026:

 

  

Three Months Ended

 
  

February 28, 2026

 
             
  

DTC

  

Wholesale

  

Total

 

Revenue

 $18,122  $10,927  $29,049 

COS

  6,329   5,319   11,648 

Gross Margin

 $11,793  $5,608  $17,401 

Gross Margin %

  65.1%  51.3%  59.9%
             

Operating Expenses

         $16,473 
             

Profit from operations

         $928 

Operating Margin %

          3.2%

 

The table below (in thousands) summarize the Company’s revenue by reportable sales channel as of February 28, 2025:

 

  

Three Months Ended

 
  

February 28, 2025

 
             
  

DTC

  

Wholesale

  

Total

 

Revenue

 $19,898  $6,292  $26,190 

COS

  6,947   3,319   10,266 

Gross Margin

 $12,951  $2,973  $15,924 

Gross Margin %

  65.1%  47.3%  60.8%
             

Operating Expenses

         $14,228 
             

Profit from operations

         $1,696 

Operating Margin %

          6.5%