v3.26.3
SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
As of September 30, 2026, the Company operates and reports its results in four reportable segments: Intellectual Property Operations, Industrial Operations, Energy Operations and Manufacturing Operations.
The Company reports segment information based on the management approach and organizes its businesses based on products and services. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer, and the management approach designates the internal reporting used by the Chief Executive Officer for decision making, allocating resources and performance assessment as the basis for determining the Company’s reportable segments. The performance measure of the Company’s reportable segments is primarily income or (loss) from operations. Income or (loss) from
operations for each segment includes all revenues, cost of revenues, gross profit and other operating expenses directly attributable to the segment. The CODM reviews and considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. Specific asset information within each reportable segment is not included in CODM’s review at this time.
The Company’s Intellectual Property Operations segment invests in IP and engages in the licensing and enforcement of patented technologies. Through our Patent Licensing, Enforcement and Technologies Business we are a principal in the licensing and enforcement of patent portfolios, with our operating subsidiaries obtaining the rights in the patent portfolio or purchasing the patent portfolio outright. While we, from time to time, partner with inventors and patent owners, from small entities to large corporations, we assume all responsibility for advancing operational expenses while pursuing a patent licensing and enforcement program. When applicable, we share net licensing revenue with our patent partners as that program matures, on a prearranged and negotiated basis. We may also provide upfront capital to patent owners as an advance against future licensing revenue. Currently, on a consolidated basis, our operating subsidiaries own or control the rights to multiple patent portfolios, which include U.S. patents and certain foreign counterparts, covering technologies used in a variety of industries. We generate revenues and related cash flows from the granting of IP rights for the use of patented technologies that our operating subsidiaries control or own.
The Company’s Industrial Operations segment generates operating income by designing and manufacturing printers and consumable products for various industrial printing applications. Printers consist of hardware and embedded software and may be sold with maintenance service agreements. Consumable products include inked ribbons which are used in Printronix’s printers. Printronix’s products are primarily sold through channel partners, such as dealers and distributors, to end-users.
The Company’s Energy Operations segment generates operating income from its wells and engages in the acquisition, exploration, development, and production of oil and natural gas resources located in Texas and Oklahoma. Benchmark seeks to acquire predictable and shallow decline, cash flowing oil and gas properties whose value can be enhanced via a disciplined, field optimization strategy, with risk managed through robust commodity hedges and low leverage.
The Company’s Manufacturing Operations segment generates operating income by serving a broad range of wholesale and retail markets within the highly-fragmented specialty plastics industry. Deflecto primarily designs and manufactures (i) “take-one” point of purchase brochure, folder and applications display holders, (ii) plastic injection-molded office supply and arts, crafts and education products, (iii) plastic and aluminum air venting and air control products, (iv) extruded vinyl floor mats, (v) safety reflectors for bicycles and (vi) emergency warning triangles and mud flaps and splash guards for the heavy duty truck market and transportation industry.
In addition to the reportable segments above, we have a Parent category that includes activities not directly attributable to a specific reportable segment and includes broad corporate functions, including legal, human resources, accounting, analytics, finance and investment team as well as other general business costs.
We regularly provide management reports to the CODM that include segment revenue and segment operating income (loss). The significant segment expense reports regularly provided to the CODM include cost of revenue and operating expenses. There were no significant inter-segment transactions during the nine months ended September 30, 2026 and 2025.
The Company’s reportable segment information is as follows:
Three Months Ended September 30,
20262025
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufactur-
ing Operations		TotalIntellectual Property OperationsIndustrial OperationsEnergy OperationsManufactur-
ing Operations		Total
(In thousands)
Revenues:
License fees$263 $— $— $— $263 $7,795 $— $— $— $7,795 
Revenues - industrial operations— 7,531 — — 7,531 — 6,660 — — 6,660 
Oil sales— — 10,048 — 10,048 — — 6,614 — 6,614 
Natural gas sales— — 3,766 — 3,766 — — 3,738 — 3,738 
Natural gas liquids sales— — 4,963 — 4,963 — — 3,207 — 3,207 
Other service sales— — 678 — 678 — — 617 — 617 
Air distribution— — — 8,241 8,241 — — — 10,226 10,226 
Transportation safety— — — 11,299 11,299 — — — 11,287 11,287 
Office products— — — 7,656 7,656 — — — 9,302 9,302 
Total revenues263 7,531 19,455 27,196 54,445 7,795 6,660 14,176 30,815 59,446 
Cost of revenues:
Cost of sales - intellectual property operations2,310 — — — 2,310 8,301 — — — 8,301 
Cost of sales - industrial operations— 3,720 — — 3,720 — 3,376 — — 3,376 
Cost of sales - manufacturing operations— — — 22,105 22,105 — — — 23,285 23,285 
Cost of production - energy— — 11,922 — 11,922 — — 11,880 — 11,880 
Total cost of revenues2,310 3,720 11,922 22,105 40,057 8,301 3,376 11,880 23,285 46,842 
Segment gross (loss) profit(2,047)3,811 7,533 5,091 14,388 (506)3,284 2,296 7,530 12,604 
Other operating expenses:
General and administrative expenses and sales and marketing expenses1,906 2,780 1,200 5,820 11,706 1,914 2,996 1,162 6,404 12,476 
Segment operating (loss) income$(3,953)$1,031 $6,333 $(729)2,682 $(2,420)$288 $1,134 $1,126 128 
Parent general and administrative expenses6,266 6,554 
Operating loss(3,584)(6,426)
Total other (expense) income(3,541)3,064 
Loss before income taxes$(7,125)$(3,362)
The Company’s reportable segment information is as follows:
Nine Months Ended September 30,
20262025
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufactur-
ing Operations		TotalIntellectual Property OperationsIndustrial OperationsEnergy OperationsManufactur-
ing Operations		Total
(In thousands)
Revenues:
License fees$61,898 $— $— $— $61,898 $78,029 $— $— $— $78,029 
Revenues - industrial operations— 20,715 — — 20,715 — 20,926 — — 20,926 
Oil sales— — 30,278 — 30,278 — — 21,480 — 21,480 
Natural gas sales— — 13,419 — 13,419 — — 13,112 — 13,112 
Natural gas liquids sales— — 13,026 — 13,026 — — 11,779 — 11,779 
Other service sales— — 1,946 — 1,946 — — 1,428 — 1,428 
Air distribution— — — 25,592 25,592 — — — 29,684 29,684 
Transportation safety— — — 32,282 32,282 — — — 32,420 32,420 
Office products— — — 24,090 24,090 — — — 26,247 26,247 
Total revenues61,898 20,715 58,669 81,964 223,246 78,029 20,926 47,799 88,351 235,105 
Cost of revenues:
Cost of sales - intellectual property operations53,373 — — — 53,373 42,771 — — — 42,771 
Cost of sales - industrial operations— 10,041 — — 10,041 — 10,846 — — 10,846 
Cost of sales - manufacturing operations— — — 67,443 67,443 — — — 66,518 66,518 
Cost of production - energy— — 35,296 — 35,296 — — 36,887 — 36,887 
Total cost of revenues53,373 10,041 35,296 67,443 166,153 42,771 10,846 36,887 66,518 157,022 
Segment gross profit8,525 10,674 23,373 14,521 57,093 35,258 10,080 10,912 21,833 78,083 
Other operating expenses:
General and administrative expenses and sales and marketing expenses10,452 8,219 3,736 17,759 40,166 6,783 9,416 3,684 21,062 40,945 
Segment operating (loss) income$(1,927)$2,455 $19,637 $(3,238)16,927 $28,475 $664 $7,228 $771 37,138 
Parent general and administrative expenses20,352 17,644 
Operating (loss) income(3,425)19,494 
Total other (expense) income(33,625)5,863 
(Loss) income before income taxes$(37,050)$25,357 
The Company’s reportable asset information by segment is as follows:
September 30, 2026December 31, 2025
(In thousands)
Total parent assets$96,249 $117,617 
Segment total assets:
Intellectual property operations259,319 258,335 
Industrial operations52,011 50,866 
Energy operations227,498 216,806 
Manufacturing operations111,717 127,332 
Total assets$746,794 $770,956 
The Company’s revenues and long-lived tangible assets by geographic area are presented below. Intellectual Property Operations revenues are attributed to licensees domiciled in foreign jurisdictions. Printronix’s net sales to external customers are attributed to geographic areas based upon the final destination of products shipped. Deflecto’s net sales to external customers are attributed to geographic areas based upon the origin of products shipped. The Company, primarily
through its Printronix and Deflecto subsidiaries, has identified three global regions for marketing its products and services: Americas; Europe, Middle East and Africa; and Asia-Pacific. Assets are summarized based on the location of held assets. Benchmark’s sales are only attributed to the United States of America.
Three Months Ended September 30,
20262025
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufactur-
ing Operations		TotalIntellectual Property OperationsIndustrial OperationsEnergy OperationsManufactur-
ing Operations		Total
(In thousands)
Revenues by geographic area:
United States$263 $3,048 $19,455 $14,599 $37,365 $7,795 $3,281 $14,176 $17,404 $42,656 
Canada and Latin America— 190 — 3,953 4,143 — 416 — 6,040 6,456 
Total Americas263 3,238 19,455 18,552 41,508 7,795 3,697 14,176 23,444 49,112 
Europe, Middle East and Africa— 1,748 — 1,335 3,083 — 1,299 — 1,275 2,574 
China— 418 — 7,309 7,727 — 372 — 6,096 6,468 
India— 743 — — 743 — 391 — — 391 
Asia-Pacific, excluding China and India— 1,384 — — 1,384 — 901 — — 901 
Total Asia-Pacific— 2,545 — 7,309 9,854 — 1,664 — 6,096 7,760 
Total revenues$263 $7,531 $19,455 $27,196 $54,445 $7,795 $6,660 $14,176 $30,815 $59,446 
Nine Months Ended September 30,
20262025
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufactur-
ing Operations		TotalIntellectual Property OperationsIndustrial OperationsEnergy OperationsManufactur-
ing Operations		Total
(In thousands)
Revenues by geographic area:
United States$61,898 $8,533 $58,669 $45,051 $174,151 $78,027 $9,046 $47,799 $51,793 $186,665 
Canada and Latin America— 585 — 12,756 13,341 — 1,090 — 17,808 18,898 
Total Americas61,898 9,118 58,669 57,807 187,492 78,027 10,136 47,799 69,601 205,563 
Europe, Middle East and Africa— 5,063 — 3,958 9,021 — 5,382 — 3,650 9,032 
China— 1,397 — 20,199 21,596 — 1,087 — 15,100 16,187 
India— 1,658 — — 1,658 — 1,474 — — 1,474 
Asia-Pacific, excluding China and India— 3,479 — — 3,479 2 2,847 — — 2,849 
Total Asia-Pacific— 6,534 — 20,199 26,733 2 5,408 — 15,100 20,510 
Total revenues$61,898 $20,715 $58,669 $81,964 $223,246 $78,029 $20,926 $47,799 $88,351 $235,105 
September 30, 2026
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufactur-
ing Operations		Total
(In thousands)
Long-lived tangible assets by geographic area:
United States$46 $151 $199,695 $6,949 $206,841 
Canada— — — 6,221 6,221 
Europe— 379 — 2,661 3,040 
Asia-Pacific— 173 — 1,994 2,167 
Total$46 $703 $199,695 $17,825 $218,269 
December 31, 2025
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufactur-
ing Operations		Total
(In thousands)
Long-lived tangible assets by geographic area:
United States$83 $163 $192,242 $6,080 $198,568 
Canada— — — 6,484 6,484 
Europe— 80 — 4,055 4,135 
Asia-Pacific— 605 — 2,204 2,809 
Total$83 $848 $192,242 $18,823 $211,996