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

4. Business Segments

 

The Company’s CODM evaluates the financial performance of the Company’s segments based upon segment operating income or (loss) as the profitability measure. The Company has identified its Chief Executive Officer as the CODM. Items outside of operating income or (loss) are not reported by segment, since they are excluded from the single measure of segment profitability reviewed by the CODM.

 

Summarized financial information concerning the Company’s reportable segments for each of the quarters ended June 30, 2026 and 2025 is presented below.

 

Three Months Ended June 30, 2026 ($ in thousands)

 

   NexGel   CGN JV   Total 
Revenues, net  $2,881   $805   $3,686 
                
Cost of revenues   1,997    580    2,577 
                
Advertising, marketing and amazon fees   627    -    627 
General and administrative   2,808    159    2,967 
Total Selling, general and administrative   3,435    159    3,594 
                
Research and development   20    -    20 
                
Operating expenses   3,455    159    3,614 
Income (loss) from operations  $(2,571)  $66   $(2,505)

 

Three Months Ended June 30, 2025 ($ in thousands)

 

   NexGel   CGN JV   Total 
Revenues, net  $2,333   $551   $2,884 
                
Cost of revenues   1,283    343    1,626 
                
Advertising, marketing and amazon fees   622    -    622 
General and administrative   1,139    133    1,272 
Total Selling, general and administrative   1,761    133    1,894 
                
Research and development   -    -    - 
                
Operating expenses   1,761    133    1,894 
Income (loss) from operations  $(711)  $75   $(636)

 

 

Six Months Ended June 30, 2026 ($ in thousands)

 

   NexGel   CGN JV   Total 
Revenues, net  $4,826   $1,510   $6,336 
                
Cost of revenues   3,152    1,014    4,166 
                
Advertising, marketing and amazon fees   1,263    -    1,263 
General and administrative   4,046    304    4,350 
Total Selling, general and administrative   5,309    304    5,613 
                
Research and development   20    -    20 
                
Operating expenses   5,329    304    5,633 
Income (loss) from operations  $(3,655)  $192   $(3,463)

 

Six Months Ended June 30, 2025 ($ in thousands)

 

   NexGel   CGN JV   Total 
Revenues, net  $4,331   $1,359   $5,690 
                
Cost of revenues   2,326    918    3,244 
                
Advertising, marketing and amazon fees   1,263    -    1,263 
General and administrative   2,324    271    2,595 
Total Selling, general and administrative   3,587    271    3,858 
                
Research and development   1    -    1 
                
Operating expenses   3,588    271    3,859 
Income (loss) from operations  $(1,583)  $170   $(1,413)

 

Summarized total assets for the Company’s reportable segments as of June 30, 2026 and December 31, 2025 are presented below:

 

As of June 30, 2026 ($ in thousands)

 

   NexGel   CGN JV   Total 
Total Assets  $22,897   $3,550   $26,447 

 

As of December 31, 2025 ($ in thousands)

 

   NexGel   CGN JV   Total 
Total Assets  $6,777   $3,684   $10,461