SEGMENT INFORMATION

6 Months Ended

Sep. 30, 2025

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 15 – SEGMENT INFORMATION

The Company has two wholly owned subsidiaries, Ranor and Stadco, each a reportable segment. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. All the Company’s operations, assets, and customers are located in the U.S. Each reportable segment focuses on the manufacture and assembly of specific components, primarily for defense, aerospace and other precision industrial customers.

Our Chief Executive Officer, or CEO, is the Chief Operating Decision Maker, or CODM, and evaluates the performance of our segments based upon, among other things, segment revenue and operating profit. The operating profit metric is what the CODM uses in evaluating segment results of operations and the financial measure that provides insight into our overall performance and financial position.

Segment operating profit includes executive, sales and marketing compensation, and other administrative and corporate expenses allocated equally to each segment based on a revenue run rate. The following table provides summarized financial information for our segments:

	Three months ended September 30, 2025						Three months ended September 30, 2024
	Ranor		Stadco		Total		Ranor		Stadco		Total
Revenue	$	4,373	$	4,819	$	9,192	$	4,790	$	4,223	$	9,013
Intersegment elimination		—		(106)		(106)		—		(67)		(67)
Revenue, net	$	4,373	$	4,713	$	9,086	$	4,790	$	4,156	$	8,946
Cost of revenue		2,165		4,463		6,628		3,205		4,727		7,932
Selling, general, and administrative (1)(3)		652		758		1,410		654		810		1,464
Income (loss) from operations		1,556		(508)		1,048		931		(1,381)		(450)
Reconciliation of profit or loss:
Unallocated items:
Corporate general costs (2)						(106)						(38)
Costs related to terminated acquisition						—						—
Consolidated operating income (loss)						942						(488)
Other income (expense), net						1						—
Interest expense						(118)						(113)
Consolidated income (loss) before income taxes					$	825					$	(601)
Depreciation and amortization	$	265	$	438	$	703	$	257	$	435	$	692
Capital expenditures	$	995	$	—	$	995	$	1,421	$	—	$	1,421

	Six months ended September 30, 2025						Six months ended September 30, 2024
	Ranor		Stadco		Total		Ranor		Stadco		Total
Revenue	$	8,670	$	8,151	$	16,821	$	9,172	$	7,827	$	16,999
Intersegment elimination		(55)		(301)		(356)		—		(67)		(67)
Revenue, net	$	8,615	$	7,850	$	16,465	$	9,172	$	7,760	$	16,932
Cost of revenue		4,914		8,063		12,977		6,350		9,329		15,679
Selling, general, and administrative (1)(3)		1,304		1,493		2,797		1,108		1,480		2,588
Income (loss) from operations		2,397		(1,706)		691		1,714		(3,049)		(1,335)
Reconciliation of profit or loss:
Unallocated items:
Corporate general costs (2)						(212)						(75)
Costs related to terminated acquisition						—						(419)
Consolidated operating income (loss)						479						(1,829)
Other income (expense), net						2						13
Interest expense						(253)						(245)
Consolidated income (loss) before income taxes					$	228					$	(2,061)
Depreciation and amortization	$	524	$	880	$	1,404	$	523	$	868	$	1,391
Capital expenditures	$	2,245	$	—	$	2,245	$	1,622	$	—	$	1,622

(1) Corporate overhead costs such as executive and sales compensation, and other corporate facilities and administrative expenses are allocated equally to the segments.

(2) Corporate general costs include executive and director compensation, stock-based compensation expense, and other corporate administrative expenses not allocated to the segments.

(3) Prior period data is restated to reflect changes in corporate and administrative expenses allocated to the segments.