v3.26.1
Segment and Geographic Information
 12 Months Ended
May 30, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information
11.
SEGMENT AND GEOGRAPHIC INFORMATION

During the fiscal year ended May 31, 2025 and prior, we had four reportable segments: Power and Microwave Technologies ("PMT"), Green Energy Solutions ("GES"), Canvys, and Healthcare. Beginning June 1, 2025, we realigned our operating segment structure and now have three segments: PMT, GES and Canvys, as the Company reevaluated its operating segments to better align with how the Company's CODM makes operating decisions, assesses business performance, allocates resources and evaluates performance. The key factor in this evaluation was the sale of the majority of assets in the Healthcare segment to DirectMed and continued sale of CT tubes pursuant to an exclusive supply agreement, as described in Note 10, Disposal of Healthcare Assets and Related Charges. Accordingly, the Company decided to integrate PMT and Healthcare into one segment, thereby resulting in three reporting segments. The segment results for prior periods were recast to reflect the new segment reporting structure.

The Company reports its financial performance to its CODM based on the three operating and reportable segments defined as follows:

PMT includes the power grid and microwave tube business and RF, Wireless and Power technologies. PMT provides design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair. PMT also offers its customers technical services for both microwave and industrial equipment and continued sale of CT tubes pursuant to an exclusive supply agreement.

GES designs and manufactures products for the energy storage market and power management applications. We provide design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair.

Canvys provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial and medical original equipment manufacturers markets. Display solutions include touch screens, protective panels, custom enclosures, All-In-One computers, specialized cabinet finishes and application specific software packages and certification services.

The CODM is Edward J. Richardson (Chairman, Chief Executive Officer and President). The CODM utilizes segment gross profit compared to both the current forecast and the prior year to analyze and assess financial performance by segment. The CODM’s assessment of each segment’s financial performance is utilized to deliberate and execute decisions to allocate resources to manage the growth and profitability of the individual segments and the entire Company. Inventories, net is the only segment asset metric analyzed and reviewed by the CODM.

Operating results by segment are summarized in the following tables (in thousands):

 

 

 

Fiscal Year Ended May 30, 2026

 

 

 

PMT

 

 

GES

 

 

Canvys

 

 

Total

 

Net sales

 

$

160,490

 

 

$

30,814

 

 

$

37,260

 

 

$

228,564

 

Cost of sales

 

 

110,398

 

 

 

21,487

 

 

 

25,332

 

 

 

157,217

 

Gross profit

 

 

50,092

 

 

 

9,327

 

 

 

11,928

 

 

 

71,347

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

65,717

 

Loss on disposal of property, plant and equipment

 

 

 

 

 

 

 

 

 

 

 

13

 

Gain on disposal of healthcare assets and related charges

 

 

 

 

 

 

 

 

 

 

 

(847

)

Operating income

 

 

 

 

 

 

 

 

 

 

 

6,464

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

544

 

Foreign exchange loss

 

 

 

 

 

 

 

 

 

 

 

(452

)

Other, net

 

 

 

 

 

 

 

 

 

 

 

922

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

7,478

 

 

 

 

 

Fiscal Year Ended May 31, 2025

 

 

 

PMT

 

 

GES

 

 

Canvys

 

 

Total

 

Net sales

 

$

147,045

 

 

$

28,719

 

 

$

33,145

 

 

$

208,909

 

Cost of sales

 

 

102,164

 

 

 

19,689

 

 

 

22,256

 

 

 

144,109

 

Gross profit

 

 

44,881

 

 

 

9,030

 

 

 

10,889

 

 

 

64,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

62,173

 

Loss on disposal of property, plant and equipment

 

 

 

 

 

 

 

 

 

 

 

16

 

Loss on disposal of healthcare assets and related charges

 

 

 

 

 

 

 

 

 

 

 

5,074

 

Operating loss

 

 

 

 

 

 

 

 

 

 

 

(2,463

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

392

 

Foreign exchange gain

 

 

 

 

 

 

 

 

 

 

 

496

 

Other, net

 

 

 

 

 

 

 

 

 

 

 

44

 

Loss before income taxes

 

 

 

 

 

 

 

 

 

 

$

(1,531

)

 

 

 

Fiscal Year Ended June 1, 2024

 

 

 

PMT

 

 

GES

 

 

Canvys

 

 

Total

 

Net sales

 

$

140,783

 

 

$

23,233

 

 

$

32,444

 

 

$

196,460

 

Cost of sales

 

 

98,397

 

 

 

16,626

 

 

 

21,471

 

 

 

136,494

 

Gross profit

 

 

42,386

 

 

 

6,607

 

 

 

10,973

 

 

 

59,966

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

59,548

 

Loss on disposal of property, plant and equipment

 

 

 

 

 

 

 

 

 

 

 

70

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

348

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

284

 

Foreign exchange loss

 

 

 

 

 

 

 

 

 

 

 

(436

)

Other, net

 

 

 

 

 

 

 

 

 

 

 

(39

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

157

 

The segment assets, which consist of inventories, net are summarized in the following table (in thousands):

 

 

 

PMT

 

 

GES

 

 

Canvys

 

 

Total Segment Assets

 

2026

 

$

82,253

 

 

$

13,174

 

 

$

7,593

 

 

$

103,020

 

2025

 

 

76,143

 

 

 

17,367

 

 

 

9,289

 

 

 

102,799

 

 

The reconciliations of segment assets to the Consolidated Balance Sheets are summarized in the following table (in thousands):

 

 

 

May 30, 2026

 

 

May 31, 2025

 

Total segment assets

 

$

103,020

 

 

$

102,799

 

Cash and cash equivalents

 

 

31,779

 

 

 

35,901

 

Accounts receivable

 

 

33,162

 

 

 

24,117

 

Prepaid expenses and other assets

 

 

4,770

 

 

 

3,070

 

Property, plant and equipment, net

 

 

19,003

 

 

 

18,355

 

Intangible assets, net

 

 

285

 

 

 

345

 

Right of use lease assets, net

 

 

1,389

 

 

 

2,276

 

Deferred income tax assets

 

 

8,346

 

 

 

8,744

 

Other non-current assets

 

 

263

 

 

 

228

 

Total assets

 

$

202,017

 

 

$

195,835

 

 

Geographic net sales information is primarily grouped by customer destination into five areas: North America; Asia/Pacific; Europe; Latin America; and Other.

Net sales and gross profit by geographic region are summarized in the following table (in thousands):

 

 

Fiscal Year Ended

 

 

 

May 30, 2026

 

 

May 31, 2025

 

 

June 1, 2024

 

Net Sales

 

 

 

 

 

 

 

 

 

North America (1)

 

$

98,159

 

 

$

91,096

 

 

$

77,269

 

Asia/Pacific (2)

 

 

58,000

 

 

 

43,211

 

 

 

45,264

 

Europe (3)

 

 

65,656

 

 

 

64,949

 

 

 

61,476

 

Latin America (4)

 

 

6,749

 

 

 

8,366

 

 

 

10,908

 

Other (5)

 

 

—

 

 

 

1,287

 

 

 

1,543

 

Total

 

$

228,564

 

 

$

208,909

 

 

$

196,460

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

North America

 

$

33,385

 

 

$

36,718

 

 

$

29,306

 

Asia/Pacific

 

 

16,976

 

 

 

13,890

 

 

 

13,682

 

Europe

 

 

18,359

 

 

 

18,572

 

 

 

18,516

 

Latin America

 

 

2,628

 

 

 

3,236

 

 

 

3,983

 

Other

 

 

(1

)

 

 

(7,616

)

 

 

(5,521

)

Total

 

$

71,347

 

 

$

64,800

 

 

$

59,966

 
(1)
The United States represented approximately 40%, 44% and 40% of total net sales in FY26, FY25 and FY24, respectively. No other country generated a material amount.
(2)
China represented approximately 12% of total net sales in FY26. No other country generated a material amount.
(3)
Germany represented approximately 11% of total net sales in FY24. No other country generated a material amount.
(4)
No country generated a material amount.
(5)
Includes primarily net sales not allocated to a specific geographical region, unabsorbed value-add cost and other unallocated expenses.

Net assets by geographic region are summarized in the following table (in thousands):

 

 

Fiscal Year Ended

 

 

 

May 30, 2026

 

 

May 31, 2025

 

Net Assets

 

 

 

 

 

 

North America (1)

 

$

85,272

 

 

$

92,312

 

Asia/Pacific (2)

 

 

13,519

 

 

 

12,483

 

Europe (3)

 

 

62,917

 

 

 

50,167

 

Latin America (2)

 

 

1,993

 

 

 

1,697

 

Total

 

$

163,701

 

 

$

156,659

 
(1)
The United States represented approximately 52% and 58% of total net assets in FY26 and FY25, respectively. No other country generated a material amount.
(2)
No country generated a material amount.
(3)
The Netherlands represented approximately 28% and 22% of total net assets in FY26 and FY25, respectively. No other country generated a material amount.

The Company had long-lived assets of $20.7 million as of May 30, 2026 and $20.5 million as of May 31, 2025. The long-lived assets which include property, plant and equipment-net, intangible assets-net and right of use lease assets, were primarily in the U.S. There were $1.6 million of long-lived assets that belong to our foreign affiliates as of May 30, 2026 and $2.1 million as of May 31, 2025.