SEGMENT REPORTING

6 Months Ended

Jun. 30, 2025

SEGMENT REPORTING

SEGMENT REPORTING

13. SEGMENT REPORTING

We manage our business activities on a consolidated basis and operate as a single operating segment: Semiconductor materials.  Our revenue is mostly generated from R&D grants and R&D tax credits.  The accounting policies of the semiconductor materials are the same as those described in Note 2 – Summary of Significant Accounting Policies.

Our CODM is our Chief Executive Officer and President, Ian Jenks.  The CODM uses net loss, as reported on our Consolidated Statements of Comprehensive Income, in evaluating performance of the Semiconductor

materials segment and determining how to allocate resources of the Company as a whole and making decisions on perspective joint development and collaboration agreements. The CODM does not review assets in evaluating the results of the Semiconductor materials segment, and therefore, such information is not presented.

The following table provides the net losses of the Semiconductor materials segment:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenue	$	32	$	40	$	55	$	40
Cost of revenue		28		32		29		32
Gross profit		4		8		26		8
Other operating income		279		236		530		438
Operating expenses
Research and development		2,426		1,158		3,923		2,434
General and administrative		2,360		1,844		4,369		3,206
(Gain)/loss on foreign currency transactions		(131)		19		(226)		32
Total operating expenses		4,655		3,021		8,066		5,672
Loss from operations		(4,372)		(2,777)		(7,510)		(5,226)
Total non-operating income/(expense)		1,973		(321)		2,952		432
Loss before income taxes		(2,399)		(3,098)		(4,558)		(4,794)
Income tax refund		(1)		(1)		24		(1)
Net loss	$	(2,400)	$	(3,099)	$	(4,534)	$	(4,795)