| Schedule of Revenues and Long-lived Assets by Reportable Segment |
The following table presents a comparative summary of the Company’s revenues by reportable segment for the periods presented (in thousands, except percentages):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended
March 31, 2025 |
|
Three Months Ended
March 31, 2024 |
|
|
% |
|
|
% |
| Segment Revenue |
|
|
|
|
|
Smart Windows |
$ |
— |
|
— |
% |
|
$ |
— |
|
— |
% |
Fiber Optics |
1,272 |
|
46 |
% |
|
682 |
|
100 |
% |
Slant Wells |
258 |
|
9 |
% |
|
— |
|
— |
% |
Element 82 |
1,242 |
|
45 |
% |
|
— |
|
— |
% |
| Total Revenue |
$ |
2,772 |
|
100 |
% |
|
$ |
682 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2025 |
|
December 31,
2024 |
|
|
% |
|
|
% |
| Long-Lived Assets |
|
|
|
|
|
| Smart Windows |
$ |
2,410 |
|
21 |
% |
|
$ |
2,414 |
|
22 |
% |
| Fiber Optics |
5,328 |
|
46 |
% |
|
5,608 |
|
51 |
% |
| Slant Wells |
832 |
|
7 |
% |
|
858 |
|
8 |
% |
| Element 82 |
3,045 |
|
26 |
% |
|
2,082 |
|
19 |
% |
Total Segment Assets |
11,615 |
|
100 |
% |
|
10,962 |
|
100 |
% |
Corporate |
432 |
|
|
|
309 |
|
|
Total Long-Lived Assets |
$ |
12,047 |
|
|
|
$ |
11,271 |
|
|
|
| Schedule of Operations by Reportable Segment |
The following table presents a comparative summary of the Company’s profit or loss measure by reportable segment for the periods presented (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2025 |
|
Smart Windows |
|
Fiber Optics |
|
Slant Wells |
|
Element 82 |
|
Corporate and Other (a) |
|
Total |
Revenue |
$ |
— |
|
|
$ |
1,272 |
|
|
$ |
258 |
|
|
$ |
1,242 |
|
|
$ |
— |
|
|
$ |
2,772 |
|
Cost of revenue (excluding depreciation and amortization) |
— |
|
|
(2,427) |
|
|
(401) |
|
|
(638) |
|
|
— |
|
|
(3,466) |
|
Gross margin |
— |
|
|
(1,155) |
|
|
(143) |
|
|
604 |
|
|
— |
|
|
(694) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation (excluding research and development) |
— |
|
|
294 |
|
|
— |
|
|
239 |
|
|
2,070 |
|
|
2,603 |
|
Travel expenses |
108 |
|
|
116 |
|
|
— |
|
|
23 |
|
|
132 |
|
|
379 |
|
Occupancy (rent and utilities) |
85 |
|
|
52 |
|
|
— |
|
|
1 |
|
|
58 |
|
|
196 |
|
Professional fees |
160 |
|
|
439 |
|
|
— |
|
|
— |
|
|
2,835 |
|
|
3,434 |
|
General and administrative insurance |
— |
|
|
121 |
|
|
— |
|
|
15 |
|
|
28 |
|
|
164 |
|
Research and development (excluding depreciation and amortization) |
1,073 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,073 |
|
Public company expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
114 |
|
|
114 |
|
| Other segment items (b) |
— |
|
|
557 |
|
|
— |
|
|
31 |
|
|
182 |
|
|
770 |
|
| Depreciation and amortization |
146 |
|
|
194 |
|
|
33 |
|
|
98 |
|
|
2 |
|
|
473 |
|
Segment profit (loss) |
(1,572) |
|
|
(2,928) |
|
|
(176) |
|
|
197 |
|
|
(5,421) |
|
|
(9,900) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of profit or loss |
|
|
|
|
|
|
|
|
|
|
|
Adjustments and reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
198 |
|
|
198 |
|
| Other income, net (c) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
18 |
|
|
18 |
|
Net income (loss) |
$ |
(1,572) |
|
|
$ |
(2,928) |
|
|
$ |
(176) |
|
|
$ |
197
|
|
|
$ |
(5,205) |
|
|
$ |
(9,684) |
|
(a) The Corporate and Other are expenses that are not currently allocated among operating segments.
(b) The other segment items primarily include repairs and maintenance, dues and subscriptions, accrual of arbitration settlement, office supplies and other miscellaneous selling, general and administrative expenses.
(c) Other income, net primarily includes other miscellaneous income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2024 |
|
Smart Windows |
|
Fiber Optics |
|
Slant Wells |
|
Element 82 |
|
Corporate and Other (a) |
|
Total |
Revenue |
$ |
— |
|
|
$ |
682 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
682 |
|
Cost of revenue (excluding depreciation and amortization) |
— |
|
|
(1,636) |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,636) |
|
Gross margin |
— |
|
|
(954) |
|
|
— |
|
|
— |
|
|
— |
|
|
(954) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation (excluding research and development) |
— |
|
|
4 |
|
|
— |
|
|
— |
|
|
797 |
|
|
801 |
|
Travel expenses |
6 |
|
|
54 |
|
|
— |
|
|
— |
|
|
4 |
|
|
64 |
|
Occupancy (rent and utilities) |
84 |
|
|
33 |
|
|
— |
|
|
— |
|
|
65 |
|
|
182 |
|
Professional fees |
30 |
|
|
9 |
|
|
— |
|
|
— |
|
|
433 |
|
|
472 |
|
General and administrative insurance |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
23 |
|
|
23 |
|
Research and development (excluding depreciation and amortization) |
756 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
756 |
|
Public company expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
39 |
|
|
39 |
|
| Other segment items (b) |
— |
|
|
35 |
|
|
— |
|
|
— |
|
|
167 |
|
|
202 |
|
| Depreciation and amortization |
142 |
|
|
69 |
|
|
— |
|
|
— |
|
|
1 |
|
|
212 |
|
Segment loss |
(1,018) |
|
|
(1,158) |
|
|
— |
|
|
— |
|
|
(1,529) |
|
|
(3,705) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of loss |
|
|
|
|
|
|
|
|
|
|
|
Adjustments and reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(860) |
|
|
(860) |
|
| Other expense, net (c) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(47) |
|
|
(47) |
|
Net loss |
$ |
(1,018) |
|
|
$ |
(1,158) |
|
|
$ |
—
|
|
|
$ |
—
|
|
|
$ |
(2,436) |
|
|
$ |
(4,612) |
|
(a) The Corporate and Other are expenses that are not currently allocated among operating segments.
(b) The other segment items primarily include dues and subscriptions, office supplies and other miscellaneous selling, general and administrative expenses. (c) The other expense, net primarily includes change in fair value of warrant liabilities, and other miscellaneous expenses.
|