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Segments
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segments Segments
The Company’s Chief Executive Officer (“CEO”), acting as the Chief Operating Decision Maker, or (“CODM”), regularly reviews and manages certain areas of its businesses, resulting in the Company identifying two reportable segments: Industrial IoT and Commercial Aviation. The Company manages and reports its operating results through these two reportable segments. This allows the Company to enhance its customer focus and better align its business models, resources, and cost structure to the specific current and future growth drivers of each business, while providing increased transparency to the Company’s shareholders.
Note 18 - Segments (continued)
The commercial aviation segment is currently in the pre-revenue development stage and its primary activity is the development of the TriFan 600 aircraft. The Industrial IoT segment generates revenue primarily from the sale of real-time location system solutions for the industrial sector and its customers are primarily located in Germany and the U.S. As it relates to the Industrial IoT segment, the results disclosed in the table below only reflect activity following the XTI Merger closing through the June 30, 2024 reporting date.
Gross profit and income (loss) from operations are the primary measures of Industrial IoT segment performance used by the Company’s CODM. The Company notes that Commercial Aviation is in the pre-revenue operating stage, and therefore the CODM primarily focuses on research and development expenses and total loss by operations as the primary measure of Commercial Aviation segment performance used by the Company’s CODM.
Unallocated operating expenses include costs that are not specific to a particular segment but are general to the group; included expenses incurred for administrative and accounting staff, general liability and other insurance, accrued consulting fees and transaction bonuses relating to former Legacy Inpixon executives, professional fees and other similar corporate expenses.
The following table reflects results of operations from our business segments for the periods indicated below (in thousands):
For the Three Months Ended June 30,For the Six Months Ended June 30,
2024202320242023
Revenue by Segment
Industrial IoT$1,031 $— $1,251 $— 
Commercial Aviation— — — — 
 Total segment revenue $1,031 $— $1,251 $— 
Gross profit by Segment
Industrial IoT$662 $— $803 $— 
Commercial Aviation— — — — 
 Gross profit by Segment $662 $— $803 $— 
Research and Development Expenses by Segment
Industrial IoT
$625 $— 751 — 
Commercial Aviation
523 391 861 826 
Research and Development Expenses by Segment
$1,148 $391 $1,612 $826 
Income (loss) from operations by Segment
Industrial IoT
$(1,312)$— $(1,476)$— 
Commercial Aviation
(1,153)(4,041)(8,949)(5,324)
Loss from operations by segment
$(2,465)$(4,041)$(10,425)$(5,324)
Unallocated costs
(11,462)— (12,379)$— 
Consolidated loss from operations
$(13,927)$(4,041)$(22,804)$(5,324)
Note 18 - Segments (continued)
The following table presents total assets by reportable segment (in thousands):
June 30,December 31,
20242023
Industrial IoT
$21,268 — 
Commercial Aviation
866 509 
Total assets by segment$22,134 $509 
Corporate 11,907 — 
Total consolidated assets$34,041 $509 
The reporting package provided to the Company's CODM does not include the measure of assets by segment as that information isn't reviewed by the CODM when assessing segment performance or allocating resources.