Note 10 - Segment Information

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 10 – Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly provided to the Chief Operating Decision Maker (CODM) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented by operating segment in making operating decisions, allocating resources, and evaluating financial performance.

During the nine months ended September 30, 2025, the Company conducted the business through two primary operating segments: Drones and Sensors. During the year ended December 31, 2024, our SaaS segment ceased operations and did not renew any of its software subscriptions. Transactions in this segment during 2025 will consist of run off related expenses until this segment is fully shut down. During the nine months ended September 30, 2025, we sold the Measure domain name and received approximately $250,000 in cash proceeds which has been reflected within other income on the unaudited condensed consolidated statements of operations as the domain name had a net book value of $0.

The accounting policies of the operating segments are the same as those described in Note 2. Non-allocated administrative and other expenses are reflected in Corporate. Corporate assets include cash, prepaid expenses, right-of-use asset and other assets.

As of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and 2024, operating information about the Company’s reportable segments consisted of the following:

Goodwill and Assets

	Corporate		Drones		Sensors		SaaS		Total
As of September 30, 2025
Goodwill	$	—	$	—	$	4,459,644	$	—	$	4,459,644
Assets	$	16,923,685	$	8,042,744	$	9,498,853	$	—	$	34,465,282
As of December 31, 2024
Goodwill	$	—	$	—	$	4,459,644	$	—	$	4,459,644
Assets	$	3,804,628	$	7,028,158	$	9,744,152	$	4,616	$	20,581,554

Net Income (Loss)

	Corporate			Drones			Sensors			SaaS			Total
Three Months Ended September 30, 2025
Revenues	$	—		$	1,057,717		$	912,492		$	—		$	1,970,209
Cost of sales		—			660,843			550,389			—			1,211,232
Compensation and related expenses		182,105			1,417,201			439,857			—			2,039,163
Professional fees		231,099			91,384			40,166			—			362,649
Other operating expenses		582,418			571,158			333,612			24,753			1,511,941
Income (loss) from operations	$	(995,622	)	$	(1,682,869	)	$	(451,532	)	$	(24,753	)	$	(3,154,776	)
Other income (expense), net		752,117			(212,504	)		—			—			539,613
Net income (loss)	$	(243,505	)	$	(1,895,373	)	$	(451,532	)	$	(24,753	)	$	(2,615,163	)
Three Months Ended September 30, 2024
Revenues	$	—		$	2,146,151		$	1,070,396		$	68,437		$	3,284,984
Cost of sales		—			968,869			627,279			54,569			1,650,717
Compensation and related expenses		215,676			1,300,355			372,987			100,579			1,989,597
Professional fees		85,168			75,339			13,647			13,647			187,801
Other operating expenses		380,409			525,491			242,698			169,431			1,318,029
Income (loss) from operations	$	(681,253	)	$	(723,903	)	$	(186,215	)	$	(269,789	)	$	(1,861,160	)
Other income (expense), net		(1,549,866	)		(48,728	)		—			—			(1,598,594	)
Net income (loss)	$	(2,231,119	)	$	(772,631	)	$	(186,215	)	$	(269,789	)	$	(3,459,754	)

	Corporate			Drones			Sensors			SaaS			Total
Nine Months Ended September 30, 2025
Revenues	$	—		$	6,028,625		$	3,788,555		$	—		$	9,817,180
Cost of sales		—			2,602,707			1,981,800			—			4,584,507
Compensation and related expenses		700,952			3,539,789			1,174,679			—			5,415,420
Professional fees		487,937			379,547			178,237			—			1,045,721
Other operating expenses		1,780,774			2,243,263			884,356			88,086			4,996,479
Income (loss) from operations	$	(2,969,663	)	$	(2,736,681	)	$	(430,517	)	$	(88,086	)	$	(6,224,947	)
Other income (expense), net		9,071,197			(154,056	)		472,306			—			9,389,447
Net income (loss)	$	6,101,534		$	(2,890,737	)	$	41,789		$	(88,086	)	$	3,164,500
Nine Months Ended September 30, 2024
Revenues	$	—		$	4,644,177		$	5,656,471		$	271,321		$	10,571,969
Cost of sales		—			2,343,923			2,855,984			228,798			5,428,705
Compensation and related expenses		697,451			4,038,815			890,090			316,449			5,942,805
Professional fees		416,062			383,420			92,214			180,635			1,072,331
Other operating expenses		1,447,334			2,067,068			843,486			565,755			4,923,643
Income (loss) from operations	$	(2,560,847	)	$	(4,189,049	)	$	974,697		$	(1,020,316	)	$	(6,795,515	)
Other income (expense), net		(5,859,141	)		(36,408	)		(13,985	)		—			(5,909,534	)
Net income (loss)	$	(8,419,988	)	$	(4,225,457	)	$	960,712		$	(1,020,316	)	$	(12,705,049	)

Revenues by Geographic Area

	Drones		Sensors		SaaS		Total
Three Months Ended September 30, 2025
North America	$	494,389	$	302,807	$	—	$	797,196
Latin America		220,466		—		—		220,466
Europe, Middle East and Africa		266,013		220,053		—		486,066
Asia Pacific		76,849		334,719		—		411,568
Other		—		54,913		—		54,913
	$	1,057,717	$	912,492	$	—	$	1,970,209

	Drones		Sensors		SaaS		Total
Three Months Ended September 30, 2024
North America	$	338,685	$	290,642	$	68,437	$	697,764
Latin America		131,117		40,912		—		172,029
Europe, Middle East and Africa		1,659,481		321,382		—		1,980,863
Asia Pacific		16,868		367,896		—		384,764
Other		—		49,564		—		49,564
	$	2,146,151	$	1,070,396	$	68,437	$	3,284,984

	Drones		Sensors		SaaS		Total
Nine Months Ended September 30, 2025
North America	$	1,005,792	$	1,168,085	$	—	$	2,173,877
Latin America		890,311		67,844		—		958,155
Europe, Middle East and Africa		3,989,986		1,651,887		—		5,641,873
Asia Pacific		142,536		745,596		—		888,132
Other		—		155,143		—		155,143
	$	6,028,625	$	3,788,555	$	—	$	9,817,180

	Drones		Sensors		SaaS		Total
Nine Months Ended September 30, 2024
North America	$	1,308,109	$	1,659,485	$	262,678	$	3,230,272
Latin America		753,187		223,983		5,185		982,355
Europe, Middle East and Africa		2,373,934		2,517,885		495		4,892,314
Asia Pacific		208,947		1,087,910		2,468		1,299,325
Other		—		167,208		495		167,703
	$	4,644,177	$	5,656,471	$	271,321	$	10,571,969