SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 9. SEGMENT INFORMATION

Our results of operations for the years ended December 31, 2024 and 2023 represent a single operating and reporting segment referred to as Contract Manufacturing within the EMS industry. The Company operates in the Medical Device, Medical Imaging, Aerospace and Defense, and Industrial markets with over 50% of its net sales coming from the medical-related markets. We strategically direct production between our various manufacturing facilities based on a number of considerations to best meet our customers’ needs. Our plants generate net sales over several of the markets the Company servers. We share resources for sales, marketing, engineering, supply chain, information services, human resources, payroll, and all corporate accounting functions. Our chief operating decision maker (the “CODM”) is the Company’s President and Chief Executive Officer. The CODM regularly evaluates financial information on a consolidated basis to assess performance and allocate resources.

The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2024 and 2023:

	2024			2023
Net sales	$	128,133		$	139,332
Cost of goods sold		111,411			116,228
Gross profit		16,722			23,104
Operating expenses:
Selling		3,446			3,598
General and administrative		11,709			12,354
Research and development		1,191			1,199
Restructuring charges		571
Total operating expenses		16,917			17,151
(Loss) income from operations		(195	)		5,953
Other expense:
Interest expense		(744	)		(487	)
(Loss) income before income taxes		(939	)		5,466
Income tax expense (benefit)		356			(1,408	)
Net (loss) income	$	(1,295	)	$	6,874

The Company’s long-lived tangible assets, including the Company’s operating lease assets recognized on the consolidated balance sheets were located as follows:

	2024		2023
United States	$	10,429	$	9,421
Mexico		2,445		2,870
China		1,497		1,139
Total long-lived tangible assets	$	14,371	$	13,430

Export net from our U.S. domestic operations represent approximately 3.4% and 4.1% of consolidated net sales for the years ended December 31, 2024 and 2023, respectively. Net sales by our major EMS industry markets for the years ended December 31, 2024 and 2023 are as follows:

	2024		2023
Medical Device	$	34,636	$	38,758
Medical Imaging		37,492		39,908
Industrial		35,517		40,113
Aerospace and Defense		20,488		20,553
Total net sales	$	128,133	$	139,332