v3.26.1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 18 — SEGMENT REPORTING

 

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief operating decision maker in order to allocate resources and assess performance of the segment.

 

The Company is primarily engaged in the business of manufacturing and sales of a wide selection of farm and ranch tested UTVs, recreational ATVs, and Pontoon Boats. The Company has identified that the Company engages in two distinct business activities, generating revenues from different products, and individually holds assets exceeding 10% of the Company’s consolidated total. Hence, the Company concludes that it has two reporting.

 

The summary of key information by segments for the three months ended March 31, 2026 and 2025 was as follows:

 

 

For the three months ended March 31, 2026

 

   Sales of UTVs, ATVs and e-bikes   Sales of
Pontoon Boats		   Total 
Revenue from external customers  $12,345,833   $369,163   $12,714,996 
Cost of revenue  $7,382,341   $257,074   $7,639,415 
Gross profit (loss)  $4,963,492   $112,089   $5,075,581 

 

For the three months ended March 31, 2025

 

   Sales of UTVs, ATVs and e-bikes   Sales of
Pontoon Boats		   Total 
Revenue from external customers  $15,424,435   $(522,713)  $14,901,722 
Cost of revenue  $10,982,604   $(305,532)  $10,677,072 
Gross profit (loss)  $4,441,831   $(217,181)  $4,224,650