SEGMENT INFORMATION

12 Months Ended

Mar. 31, 2026

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 16 – 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 CODM uses the operating profit metric to evaluate 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:

	March 31, 2026						March 31, 2025
	Ranor		Stadco		Total		Ranor		Stadco		Total
Revenue	$	16,946	$	15,306	$	32,252	$	18,165	$	15,998	$	34,163
Intersegment elimination		(56)		(552)		(608)		—		(132)		(132)
Revenue, net		16,890		14,754		31,644		18,165		15,866		34,031
Cost of revenue		10,566		16,103		26,669		12,491		17,211		29,702
Selling, general, and administrative (1)		2,552		2,788		5,340		2,545		3,298		5,843
Profit (loss) from operations		3,772		(4,137)		(365)		3,129		(4,643)		(1,514)
Reconciliation of profit or loss:
Unallocated items:
Corporate general costs (2)						(702)						(225)
Costs related to terminated acquisition						—						(419)
Consolidated operating loss						(1,067)						(2,158)
Other expense, net						(81)						(51)
Interest expense						(485)						(541)
Consolidated loss before income taxes					$	(1,633)					$	(2,750)
Total assets	$	11,669	$	20,603	$	32,272	$	11,781	$	21,746	$	33,527
Property, plant and equipment, net		5,344		5,530		10,874		7,247		6,544		13,791
Depreciation and amortization		1,047		1,747		2,794		1,044		1,752		2,796
Gross capital expenditures (3)		3,265		—		3,265		4,052		70		4,122

(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) Certain expenditures are reimbursed under the programs described in Note 14 – Other noncurrent liability.