SEGMENT INFORMATION

3 Months Ended

Jun. 30, 2026

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 June 30, 2026						Three months ended June 30, 2025
	Ranor		Stadco		Total		Ranor		Stadco		Total
Revenue	$	5,461	$	4,064	$	9,525	$	4,297	$	3,332	$	7,629
Intersegment elimination		—		(429)		(429)		(55)		(195)		(250)
Revenue, net	$	5,461	$	3,635	$	9,096	$	4,242	$	3,137	$	7,379
Cost of revenue		3,901		3,795		7,696		2,749		3,600		6,349
Selling, general, and administrative (1)		644		676		1,320		652		735		1,387
Income (loss) from operations		916		(836)		80		841		(1,198)		(357)
Reconciliation of profit or loss:
Unallocated items:
Corporate general costs (2)						(125)						(106)
Consolidated operating loss						(45)						(463)
Other income (expense), net						(2)						1
Interest expense						(106)						(135)
Consolidated loss before income taxes					$	(153)					$	(597)
Depreciation and amortization	$	260	$	438	$	698	$	259	$	442	$	701
Capital expenditures	$	2,436	$	—	$	2,436	$	1,250	$	—	$	1,250
Total assets	$	11,410	$	19,829	$	31,239	$	10,744	$	21,398	$	32,142

(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.