v3.26.3
Segment Information
 3 Months Ended
Aug. 29, 2026
Segment Reporting [Abstract]  
Segment Information

8. SEGMENT INFORMATION

The Company reports its financial performance to its chief operating decision maker ("CODM") based on the three operating and reportable segments defined as follows:

Power and Microwave Technologies ("PMT") includes the power grid and microwave tube business and RF, Wireless and Power technologies. PMT provides design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair. PMT also offers its customers technical services for both microwave and industrial equipment and continued sale of CT tubes pursuant to an exclusive supply agreement.

Green Energy Solutions ("GES") designs and manufactures products for the energy storage market and power management applications. We provide design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair.

Canvys provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial and medical original equipment manufacturers markets. Display solutions include touch screens, protective panels, custom enclosures, All-In-One computers, specialized cabinet finishes and application specific software packages and certification services.

The CODM is Edward J. Richardson (Chairman, Chief Executive Officer and President). The CODM utilizes segment gross profit compared to both the current forecast and the prior year to analyze and assess financial performance by segment. The CODM’s assessment of each segment’s financial performance is utilized to deliberate and execute decisions to allocate resources to manage the growth and profitability of the individual segments and the entire Company. Inventories, net is the only segment asset metric analyzed and reviewed by the CODM.

Operating results by segment for the three months ended August 29, 2026 and August 30, 2025 are summarized in the following table (in thousands):

 

 

Three Months Ended August 29, 2026

 

 

 

PMT

 

 

GES

 

 

Canvys

 

 

Total

 

Net Sales

 

$

46,765

 

 

$

9,231

 

 

$

8,927

 

 

$

64,923

 

Cost of sales

 

 

30,227

 

 

 

6,221

 

 

 

5,983

 

 

 

42,431

 

Gross profit

 

 

16,538

 

 

 

3,010

 

 

 

2,944

 

 

 

22,492

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

17,377

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

5,115

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

121

 

Foreign exchange loss

 

 

 

 

 

 

 

 

 

 

 

(188

)

Other, net

 

 

 

 

 

 

 

 

 

 

 

(1

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

5,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended August 30, 2025

 

 

 

PMT

 

 

GES

 

 

Canvys

 

 

Total

 

Net Sales

 

$

39,069

 

 

$

7,263

 

 

$

8,275

 

 

$

54,607

 

Cost of sales

 

 

26,843

 

 

 

5,113

 

 

 

5,722

 

 

 

37,678

 

Gross profit

 

 

12,226

 

 

 

2,150

 

 

 

2,553

 

 

 

16,929

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

15,961

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

968

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

169

 

Foreign exchange gain

 

 

 

 

 

 

 

 

 

 

 

289

 

Other, net

 

 

 

 

 

 

 

 

 

 

 

904

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

2,330

 

 

The segment assets, which consists of inventories, net are summarized in the following table (in thousands):

 

 

August 29, 2026

 

 

May 30, 2026

 

PMT

 

$

82,026

 

 

$

82,253

 

GES

 

 

13,654

 

 

 

13,174

 

Canvys

 

 

7,600

 

 

 

7,593

 

Total

 

$

103,280

 

 

$

103,020

 

The reconciliations of segment assets to the Consolidated Balance Sheets are summarized in the following table (in thousands):

 

 

August 29, 2026

 

 

May 30, 2026

 

Total segment assets

 

$

103,280

 

 

$

103,020

 

Cash and cash equivalents

 

 

36,915

 

 

 

31,779

 

Accounts receivable

 

 

34,939

 

 

 

33,162

 

Prepaid expenses and other assets

 

 

4,441

 

 

 

4,770

 

Property, plant and equipment, net

 

 

19,806

 

 

 

19,003

 

Intangible assets, net

 

 

270

 

 

 

285

 

Right of use lease assets, net

 

 

3,520

 

 

 

1,389

 

Deferred income tax assets

 

 

8,300

 

 

 

8,346

 

Other non-current assets

 

 

223

 

 

 

263

 

Total assets

 

$

211,694

 

 

$

202,017