Segment Information

9 Months Ended

Jun. 30, 2025

Segment Information

Segment Information

14.          Segment Information

Our reporting segments are aligned to how Victor Dellovo, CEO, who is the Chief Operating Decision Maker, allocates resources and assesses performance against the Company’s strategies and budgets. It is also consistent with how we manage the business and view the markets we serve.

The following tables present certain operating segment information for the three and nine months ended June 30, 2025 and 2024.

			Technology Solutions Segment
	High
	Performance
	Products		United						Consolidated
Three months ended June 30,	Segment		Kingdom		U.S.		Total		Total
	(Amounts in thousands)
2025
Sales:
Product	$	12	$	50	$	10,088	$	10,138	$	10,150
Service		372		111		4,815		4,926		5,298
Total sales	$	384	$	161	$	14,903	$	15,064	$	15,448
Operating (loss) income	$	(1,829)	$	(72)	$	678	$	606	$	(1,223)
Interest expense	$	(3)	$	—	$	(102)	$	(102)	$	(105)
Interest income	$	10	$	42	$	388	$	430	$	440
Total assets	$	11,488	$	8,302	$	46,994	$	55,296	$	66,784
Capital expenditures	$	(10)	$	—	$	(56)	$	(56)	$	(66)
Depreciation and amortization	$	(18)	$	—	$	(47)	$	(47)	$	(65)
2024
Sales:
Product	$	20	$	124	$	7,701	$	7,825	$	7,845
Service		559		55		4,646		4,701		5,260
Total sales	$	579	$	179	$	12,347	$	12,526	$	13,105
Operating (loss) income	$	(1,628)	$	(48)	$	956	$	908	$	(720)
Interest expense	$	(4)	$	—	$	(51)	$	(51)	$	(55)
Interest income	$	15	$	55	$	453	$	508	$	523
Total assets	$	10,574	$	7,620	$	48,610	$	56,230	$	66,804
Capital expenditures	$	(7)	$	—	$	(38)	$	(38)	$	(45)
Depreciation and amortization	$	(24)	$	—	$	(50)	$	(50)	$	(74)

			Technology Solutions Segment
	High
	Performance
	Products		United						Consolidated
Nine months ended June 30,	Segment		Kingdom		U.S.		Total		Total
	(Amounts in thousands)
2025
Sales:
Product	$	367	$	600	$	28,750	$	29,350	$	29,717
Service		1,094		220		13,234		13,454		14,548
Total sales	$	1,461	$	820	$	41,984	$	42,804	$	44,265
Operating (loss) income	$	(5,068)	$	(187)	$	2,684	$	2,497	$	(2,571)
Interest expense	$	(8)	$	—	$	(251)	$	(251)	$	(259)
Interest income	$	12	$	134	$	1,197	$	1,331	$	1,343
Total assets	$	11,488	$	8,302	$	46,994	$	55,296	$	66,784
Capital expenditures	$	(13)	$	—	$	(107)	$	(107)	$	(120)
Depreciation and amortization	$	(56)	$	—	$	(131)	$	(131)	$	(187)
2024
Sales:
Product	$	2,535	$	497	$	24,678	$	25,175	$	27,710
Service		1,258		184		13,034		13,218		14,476
Total sales	$	3,793	$	681	$	37,712	$	38,393	$	42,186
Operating (loss) income	$	(2,707)	$	(101)	$	2,979	$	2,878	$	171
Interest expense	$	(11)	$	—	$	(139)	$	(139)	$	(150)
Interest income	$	27	$	163	$	1,307	$	1,470	$	1,497
Total assets	$	10,574	$	7,620	$	48,610	$	56,230	$	66,804
Capital expenditures	$	(125)	$	—	$	(54)	$	(54)	$	(179)
Depreciation and amortization	$	(77)	$	—	$	(151)	$	(151)	$	(228)

Operating (loss) income consists of sales less cost of sales, engineering and development expenses, and selling, general and administrative expenses but is not affected by either other income (expense) or by income tax expense (benefit). Non-operating expenses/income consists principally of interest income from transactions with payment terms exceeding one year (see Note 5 Financing receivables, net for details) and interest income from money market accounts, and interest expense primarily from multi-year agreements with vendors (see Note 8 Accounts payable and accrued expenses, and Other noncurrent liabilities). All intercompany transactions have been eliminated.

Concentrations of Credit Risk

All customers below are in the U.S. division of our TS segment. Each customer’s letter (e.g. “Customer A”) does not change meaning if Customer A is in multiple tables, it is the same customer.

There were no customers with 10% or more of accounts receivable as of June 30, 2025 or September 30, 2024.

Below are customers with 10% or more of financing receivables as of June 30, 2025 or September 30, 2024.

	As of June 30, 2025				As of September 30, 2024
	(Amounts in millions)
			% of Total				% of Total
	Financing Receivables		Financing Receivables		Financing Receivables		Financing Receivables
Customer A	$	1.5	22	%	$	3.0	41	%
Customer B	$	1.6	23	%	$	1.9	25	%
Customer C	$	1.1	16	%	$	—	-	%
Customer D	$	0.7	10	%	$	—	-	%
Customer E	$	0.3	4	%	$	1.3	18	%

The following table lists customers from which the Company derived revenues of 10% or more of total revenues for the three and nine months ended June 30, 2025 and 2024.

	Three months ended June 30,								Nine months ended June 30,
	2025				2024				2025				2024
	(Amounts in millions)								(Amounts in millions)
	Customer		% of Total		Customer		% of Total		Customer		% of Total		Customer		% of Total
	Revenues		Revenues		Revenues		Revenues		Revenues		Revenues		Revenues		Revenues
	(Amounts in millions)
Customer F	$	2.3	15	%	$	0.4	3	%	$	3.4	8	%	$	1.0	2	%