v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company’s Chief Operating Decision-Maker (“CODM”) is its Interim President and Chief Executive Officer.  The Company
continues to monitor and review its segment reporting structure in accordance with authoritative guidance to determine whether any changes
have occurred that would impact its reportable segments.During the six months ended June 30, 2026, the Company changed the composition of its reportable segments to better reflect how
the CODM manages the business. During the first quarter of fiscal 2026, the Water segment was separated into two segments, the
Desalination segment and the Wastewater segment, as both met the criteria of a reportable segment. During the first quarter of fiscal 2026,
the CO2 retail grocery business within the Emerging Technologies segment was wound-down, which resulted in the Emerging Technologies
segment no longer meeting the criteria of a reportable segment as of the second quarter of fiscal 2026. As a result, revenue and expenses
associated with the former Emerging Technologies segment have been included within Corporate and Other. Prior periods have been recast
to conform to the current year presentation. The recast of prior year information had no impact on the Company’s Condensed Consolidated
Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income (Loss)
and Condensed Consolidated Statements of Cash Flows.
Segment Definition
Income and type of expense activities that are included in the Desalination, Wastewater and Corporate and Other are as follows:
Desalination segment:  The continued development, sales and support of the PX, hydraulic turbochargers and pumps used in
seawater desalination treatment facilities.
Wastewater segment: The continued development, sales and support of the PX, hydraulic turbochargers and pumps used in
wastewater treatment facilities.
Corporate and Other:  The Corporate and Other include certain unallocated expenses outside of the operating segments, such
as audit and accounting services, legal services, board of director fees and expenses, human resources activities, information
systems activities and other separately managed general expenses not related to the identified segments.  In addition,
Corporate and Other includes the development costs, sales and support of activities related to Emerging Technologies as this
segment no longer met the criteria of a reportable segment as of June 30, 2026.
The following tables present a summary of the Company’s financial information by segment, including significant segment expenses,
and corporate operating expenses.
Three Months Ended June 30, 2026
Six Months Ended June 30, 2026
Desalination
Wastewater
Corporate
and Other
Total
Desalination
Wastewater
Corporate
and Other
Total
(In thousands)
Revenue
$11,483
$513
$—
$11,996
$20,390
$1,114
$198
$21,702
Cost of revenue
2,781
258
—
3,039
7,723
628
60
8,411
Restructuring - inventory reserve
—
—
—
—
—
—
1,632
1,632
Gross profit (loss)
8,702
255
—
8,957
12,667
486
(1,494)
11,659
Operating expenses
General and administrative
1,025
872
4,904
6,801
1,781
1,853
9,622
13,256
Sales and marketing
2,453
1,209
674
4,336
4,938
2,372
2,145
9,455
Research and development
2,391
262
196
2,849
4,007
398
1,233
5,638
Restructuring charges
—
—
855
855
335
18
2,038
2,391
Impairment of goodwill
—
—
—
—
—
—
1,662
1,662
Total operating expenses
5,869
2,343
6,629
14,841
11,061
4,641
16,700
32,402
Operating income (loss)
$2,833
$(2,088)
$(6,629)
$(5,884)
$1,606
$(4,155)
$(18,194)
$(20,743)
Three Months Ended June 30, 2025
Six Months Ended June 30, 2025
Desalination
Wastewater
Corporate
and Other
Total
Desalination
Wastewater
Corporate
and Other
Total
(In thousands)
Revenue
$25,500
$2,339
$212
$28,051
$33,259
$2,644
$213
$36,116
Cost of revenue
9,259
667
171
10,097
12,641
846
217
13,704
Gross profit (loss)
16,241
1,672
41
17,954
20,618
1,798
(4)
22,412
Operating expenses
General and administrative
788
535
6,346
7,669
1,633
1,263
13,347
16,243
Sales and marketing
2,183
1,097
2,080
5,360
4,291
2,134
3,841
10,266
Research and development
1,370
234
1,847
3,451
2,219
563
3,670
6,452
Restructuring charges
—
—
—
—
107
103
329
539
Total operating expenses
4,341
1,866
10,273
16,480
8,250
4,063
21,187
33,500
Operating income (loss)
$11,900
$(194)
$(10,232)
$1,474
$12,368
$(2,265)
$(21,191)
$(11,088)