v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

Note 10 – Segment Information

 

The Company operates in one operating segment, and therefore one reportable segment, focused on the development and sale of high-performance water solutions to the medical and commercial markets. The Company manages business activities on a basis primarily through the development and commercialization of water filtration products, which are sold to U.S. and international customers.

 

The accounting policies for the Company’s single operating segment are the same as those described in the summary of significant accounting policies. The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”). The CODM manages the Company’s business activities as a single operating and reportable segment. Accordingly, our CODM uses net income (loss) to measure segment profit or loss, allocate resources, and assess performance. The measure of segment assets is reported on the balance sheet as total assets.

 

The following is a summary of the significant revenue and expense categories, and net income (loss) provided to the CODM (in thousands):

  

   2026   2025   2026   2025 
   Three Months Ended June 30,   Six Months Ended June 30, 
   2026   2025   2026   2025 
Net revenue:                    
Product revenues  $5,701   $4,311   $10,741   $9,017 
Service, royalty, and other revenues   316    108    488    279 
Total net revenues   6,017    4,419    11,229    9,296 
Cost of goods sold (1)   1,991    1,624    4,210    3,347 
Gross Margin   4,026    2,795    7,019    5,949 
Operating expenses:                    
Research and development   366    311    712    606 
Selling, general and administrative   2,418    2,201    4,939    4,455 
Other operating expenses (2)   29    35    58    74 
Total operating expenses   2,813    2,547    5,709    5,135 
Operating income   1,213    248    1,310    814 
Other expense   (3)   (2)   40    (10)
Income before income taxes   1,210    246    1,350    804 
Income tax expense   (13)   (9)   (13)   (9)
Net income  $1,197   $237   $1,337   $795 

 

(1) Cost of goods sold for the three and six months ended June 30, 2026 includes a tariff refund benefit of approximately $624,000.
(2) Other operating expenses is comprised of depreciation and amortization.