| Segment Information |
(13) Segment Information Operating segments are identified as components of an enterprise about which separate, discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company’s chief operating decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company reports two segments: Thermal Barrier and Energy Industrial. The Company evaluates segment performance based on the segment loss before corporate expenses. Summarized below are the Revenue, Cost of Goods Sold and Segment Operating Loss for each reporting segment:
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Revenue |
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Cost of Goods Sold |
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Revenue |
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Cost of Goods Sold |
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Three Months Ended |
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Three Months Ended |
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Six Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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2026 |
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2025 |
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2026 |
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2025 |
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(In thousands) |
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(In thousands) |
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Energy industrial |
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$ |
20,372 |
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$ |
22,793 |
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$ |
16,491 |
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$ |
14,483 |
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$ |
41,960 |
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$ |
52,615 |
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$ |
34,792 |
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$ |
32,615 |
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Thermal barrier |
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29,477 |
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55,231 |
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30,094 |
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38,225 |
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45,773 |
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104,132 |
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45,401 |
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76,004 |
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Total |
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$ |
49,849 |
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$ |
78,024 |
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$ |
46,585 |
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$ |
52,708 |
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$ |
87,733 |
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$ |
156,747 |
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$ |
80,193 |
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$ |
108,619 |
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Segment Operating Loss |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(In thousands) |
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(In thousands) |
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Energy industrial |
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$ |
3,881 |
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$ |
8,310 |
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$ |
7,168 |
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$ |
20,000 |
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Thermal barrier |
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(617 |
) |
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17,006 |
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372 |
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28,128 |
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Total |
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$ |
3,264 |
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$ |
25,316 |
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$ |
7,540 |
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$ |
48,128 |
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Corporate expenses |
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23,138 |
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24,578 |
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47,821 |
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50,329 |
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Restructuring and demobilization costs |
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— |
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4,938 |
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427 |
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14,728 |
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Impairment of property, plant and equipment |
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— |
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955 |
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— |
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287,567 |
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Loss on property damage |
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8,910 |
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— |
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8,910 |
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— |
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Operating loss |
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(28,784 |
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(5,155 |
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(49,618 |
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(304,496 |
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Other income (expense), net |
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6,139 |
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(3,080 |
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3,029 |
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(3,912 |
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Income tax expense |
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(619 |
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(821 |
) |
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(366 |
) |
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(1,897 |
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Net loss |
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$ |
(23,264 |
) |
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$ |
(9,056 |
) |
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$ |
(46,955 |
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$ |
(310,305 |
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Depreciation Expense |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(In thousands) |
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(In thousands) |
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Energy industrial |
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$ |
2,091 |
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$ |
2,844 |
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$ |
4,916 |
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$ |
5,710 |
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Thermal barrier |
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$ |
2,201 |
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2,952 |
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$ |
4,757 |
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5,879 |
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Consolidated depreciation expense |
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$ |
4,292 |
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$ |
5,796 |
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$ |
9,673 |
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$ |
11,589 |
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Total Assets |
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June 30, |
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December 31, |
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2026 |
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2025 |
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(In thousands) |
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Energy industrial |
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$ |
68,150 |
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$ |
93,111 |
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Thermal barrier |
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71,418 |
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69,550 |
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Total assets of reportable segments |
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139,568 |
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162,661 |
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Construction in progress and held for sale |
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44,439 |
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41,970 |
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All other corporate assets |
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208,928 |
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202,048 |
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Total assets |
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$ |
392,935 |
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$ |
406,679 |
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