BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

9. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

The Company follows ASC 280 - Segment Reporting in determining its reportable segments. The Company considered the way its management team, most notably its chief operating decision maker, makes operating decisions and assesses performance and considered which components of the Company’s enterprise have discrete financial information available. As the Company makes decisions using a manufactured products vs. distributed products and services group focus, its analysis resulted in two reportable segments: Electrical Infrastructure and Critical Power. The Critical Power reportable segment is the Company’s Titan Energy Systems, Inc. business unit. The Electrical Infrastructure reportable segment is the Company’s Pioneer Custom Electrical Products Corp. business unit.

The Electrical Infrastructure segment is involved in the design, manufacture and sale of circuit protection and controls equipment used primarily by large industrial and commercial operations to manage their electrical power distribution needs. The Critical Power segment provides mobile high capacity charging equipment, power generation equipment and aftermarket field-services in order to help customers secure fast vehicle charging where fixed charging infrastructure does not exist, and additionally to ensure smooth, uninterrupted power to operations during times of emergency.

On October 29, 2024, the Company closed on the sale of its Electrical Infrastructure segment. See “Note 11 – Subsequent Events”.

The following tables present information about segment loss and income:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023 (As Restated)		2024		2023 (As Restated)
Revenues
Electrical Infrastructure
Equipment	$	4,495	$	8,585	$	12,715	$	24,770
Service		-		75		-		75
		4,495		8,660		12,715		24,845
Critical Power Solutions
Equipment		3,961		805		6,448		2,507
Service		2,455		1,988		6,678		5,939
		6,416		2,793		13,126		8,446
Consolidated	$	10,911	$	11,453	$	25,841	$	33,291

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Depreciation and amortization
Electrical Infrastructure	$	22	$	18	$	71	$	51
Critical Power Solutions		190		187		486		581
Unallocated corporate overhead expenses		3		2		7		7
Consolidated	$	215	$	207	$	564	$	639

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023 (As Restated)			2024			2023 (As Restated)
Operating (loss) income
Electrical Infrastructure	$	(382	)	$	2,665		$	(329	)	$	7,503
Critical Power Solutions		211			(621	)		(959	)		(1,564	)
Unallocated corporate overhead expenses		(926	)		(1,104	)		(3,215	)		(3,534	)
Consolidated	$	(1,097	)	$	940		$	(4,503	)	$	2,405

Revenues are attributable to countries based on the location of the Company’s customers:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023 (As Restated)		2024		2023 (As Restated)
Revenues
United States	$	10,911	$	11,453	$	25,841	$	33,291