v3.26.1
SEGMENT REPORTING
3 Months Ended
Mar. 31, 2026
SEGMENT REPORTING  
SEGMENT REPORTING

14. SEGMENT REPORTING

We manage our business activities on a consolidated basis and operate as a single operating segment: Semiconductor materials.  Our revenue is mostly generated from R&D grants and R&D tax credits.  The accounting policies of the semiconductor materials are the same as those described in Note 2 – Summary of Significant Accounting Policies.

Our CODM is our Chief Executive Officer and President, Ian Jenks.  The CODM uses net loss, as reported on our Consolidated Statements of Comprehensive Income, in evaluating performance of the Semiconductor materials segment and determining how to allocate resources of the Company as a whole and making decisions on perspective joint development and collaboration agreements. The CODM does not review assets in evaluating the results of the Semiconductor materials segment, and therefore, such information is not presented.

The following table provides the net losses of the Semiconductor materials segment:

Three Months Ended March 31, 

2026

  ​ ​ ​

2025

Revenue

$

20

$

23

Cost of revenue

4

1

Gross profit

16

22

Other operating income

34

251

Operating expenses

Research and development

913

1,497

General and administrative

1,664

2,009

Loss / (gain) on foreign currency transactions

46

(95)

Total operating expenses

2,623

3,411

Loss from operations

(2,573)

(3,138)

Total non-operating (expense) / income

(16,796)

979

Loss before income taxes

(19,369)

(2,159)

Income tax refund

25

Net loss

$

(19,369)

$

(2,134)