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

Note 15 – Segment Information

Ross Dove, the Company’s Chief Executive Officer, is the chief operating decision maker. The CODM uses segment operating income (loss) to assess segment performance and allocate resources. The CODM is not regularly provided segment asset information, and the Company therefore does not disclose segment assets.

The following tables set forth certain financial information for the Company's reportable segments for the three month periods ended June 30, 2026 and 2025 (in thousands):

 

 

Three Months Ended June 30, 2026

 

 

 

Auction and Liquidation

 

 

Refurbishment & Resale

 

 

Consumer Loans

 

 

Commercial Loans

 

 

Specialty Lending

 

 

Corporate and other

 

 

Consolidated

 

Gross profit [1]

 

$

2,565

 

 

$

1,291

 

 

$

2,441

 

 

$

1,779

 

 

$

266

 

 

$

—

 

 

$

8,342

 

Operating expenses [2]

 

 

(2,242

)

 

 

(1,039

)

 

 

(1,292

)

 

 

(1,643

)

 

 

(3,756

)

 

 

(1,107

)

 

 

(11,079

)

Earnings from equity method investments

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(18,176

)

 

 

—

 

 

 

(18,174

)

Operating income (loss)

 

$

325

 

 

$

252

 

 

$

1,149

 

 

$

136

 

 

$

(21,666

)

 

$

(1,107

)

 

$

(20,911

)

 

 

 

Three Months Ended June 30, 2025

 

 

 

Auction and Liquidation

 

 

Refurbishment & Resale

 

 

Consumer Loans

 

 

Commercial Loans

 

 

Specialty Lending

 

 

Corporate and other

 

 

Consolidated

 

Gross profit [1]

 

$

2,853

 

 

$

1,420

 

 

$

3,707

 

 

$

—

 

 

$

431

 

 

$

—

 

 

$

8,411

 

Operating expenses [2]

 

 

(1,964

)

 

 

(1,017

)

 

 

(1,730

)

 

 

—

 

 

 

(311

)

 

 

(1,236

)

 

 

(6,258

)

Earnings from equity method investments

 

 

19

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

60

 

 

 

—

 

 

 

79

 

Operating income (loss)

 

$

908

 

 

$

403

 

 

$

1,977

 

 

$

—

 

 

$

180

 

 

$

(1,236

)

 

$

2,232

 

 

The following tables set forth certain financial information for the Company's reportable segments for the six month periods ended June 30, 2026 and 2025 (in thousands):

 

 

Six Months Ended June 30, 2026

 

 

 

Auction and Liquidation

 

 

Refurbishment & Resale

 

 

Consumer Loans

 

 

Commercial Loans

 

 

Specialty Lending

 

 

Corporate and other

 

 

Consolidated

 

Gross profit [1]

 

$

4,960

 

 

$

2,830

 

 

$

5,929

 

 

$

2,428

 

 

$

493

 

 

$

—

 

 

$

16,640

 

Operating expenses [2]

 

 

(4,421

)

 

 

(2,071

)

 

 

(3,116

)

 

 

(2,898

)

 

 

(4,026

)

 

 

(2,340

)

 

 

(18,872

)

Earnings from equity method investments

 

 

522

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(18,193

)

 

 

—

 

 

 

(17,671

)

Operating income (loss)

 

$

1,061

 

 

$

759

 

 

$

2,813

 

 

$

(470

)

 

$

(21,726

)

 

$

(2,340

)

 

$

(19,903

)

 

 

 

Six Months Ended June 30, 2025

 

 

 

Auction and Liquidation

 

 

Refurbishment & Resale

 

 

Consumer Loans

 

 

Commercial Loans

 

 

Specialty Lending

 

 

Corporate and other

 

 

Consolidated

 

Gross profit [1]

 

$

5,728

 

 

$

2,743

 

 

$

7,086

 

 

$

—

 

 

$

800

 

 

$

65

 

 

$

16,422

 

Operating expenses [2]

 

 

(4,088

)

 

 

(2,068

)

 

 

(3,509

)

 

 

—

 

 

 

(664

)

 

 

(2,581

)

 

 

(12,910

)

Earnings from equity method investments

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

124

 

 

 

—

 

 

 

123

 

Operating income (loss)

 

$

1,639

 

 

$

675

 

 

$

3,577

 

 

$

—

 

 

$

260

 

 

$

(2,516

)

 

$

3,635

 

 

[1] Within the Company’s Industrial Asset division, management allocates gross profit resulting from certain auctions from Auctions and Liquidation (HGP) to Refurbishment & Resale (ALT). From time to time, ALT may source and refer an auction project to HGP or directly sell lab equipment inventory through the auction channel. In these instances, the profits relating to these transactions are allocated to ALT rather than accounted for under the segment profit or loss of HGP. During the three months ended June 30, 2026, the total amount of gross profit allocated to ALT from HGP was not material, as compared to the total amount of gross profit allocated to ALT during the same period of 2025 of approximately $0.4 million. During the six months ended June 30, 2026, the total amount of gross profit allocated to ALT from HGP was approximately $0.1 million, as compared to the total amount of gross profit allocated to ALT during the same period of 2025 of approximately $0.6 million.

 

[2] All financing arrangements are originated with Corporate and other. Management may determine from time to time that interest incurred from financing arrangements are directly attributable to a specific segment. As a result, interest incurred may be charged to the segment and included in that segment’s profit or loss as a charge to operating expense. No interest expense has been allocated to operating segments during the three or six months ended June 30, 2026 and 2025.