XML 20 R8.htm IDEA: XBRL DOCUMENT v3.25.2
Segment Information
6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Our business is aggregated into the following two reportable segments:
Mobile Solutions, which is focused on growth in the automotive, general industrial, and medical end markets; and
Power Solutions, which is focused on growth in the electrical, general industrial, automotive, and medical end markets.
These components are operating segments as each has engaged in business activities for which it earns revenues and incurs expenses, discrete financial information is available for each, and this is the level at which the chief operating decision maker (“CODM”) reviews discrete financial information for purposes of allocating resources and assessing performance. The CODM, who is our President and Chief Executive Officer, uses segment income (loss) from operations to evaluate the performance of our segments each quarter and for annual forecasting purposes. Income (loss) from operations is used to make key operating decisions, such as the amount and timing of capital expenditures, plant optimization actions, and allocation of management resources. In addition to our two reportable segments, we report a Corporate category, which includes corporate costs and unallocated expenses.
The following tables reconcile segment revenues to consolidated loss before benefit (provision) for income taxes and share of net income from joint venture.
Three Months Ended June 30, 2025Mobile
Solutions
Power
Solutions
Corporate and EliminationsTotal
Sales$63,391 $44,641 (111)$107,921 
Cost of sales55,817 33,997 (115)89,699 
Selling, general, and administrative expense3,785 2,387 5,923 12,095 
Depreciation expense4,294 804 414 5,512 
Other segment items (1)605 1,671 (197)2,079 
Segment income (loss) from operations$(1,110)$5,782 $(6,136)$(1,464)
Interest expense5,657 
Loss on extinguishment of debt3,007 
Other income, net(619)
Loss before benefit (provision) for income taxes and share of net income from joint venture$(9,509)

Three Months Ended June 30, 2024Mobile
Solutions
Power
Solutions
Corporate and EliminationsTotal
Sales$72,855 $50,151 (14)$122,992 
Cost of sales62,968 38,310 (21)101,257 
Selling, general, and administrative expense4,190 3,604 5,717 13,511 
Depreciation expense6,870 1,078 357 8,305 
Other segment items (1)457 1,839 (230)2,066 
Segment income (loss) from operations$(1,630)$5,320 $(5,837)$(2,147)
Interest expense5,873 
Other income, net(3,461)
Loss before benefit (provision) for income taxes and share of net income from joint venture$(4,559)
Six Months Ended June 30, 2025Mobile
Solutions
Power
Solutions
Corporate and EliminationsTotal
Sales$125,635 $88,149 (175)$213,609 
Cost of sales112,267 69,265 (187)181,345 
Selling, general, and administrative expense7,323 5,069 10,873 23,265 
Depreciation expense8,503 1,584 794 10,881 
Other segment items (1)1,339 3,426 (394)4,371 
Segment income (loss) from operations$(3,797)$8,805 $(11,261)$(6,253)
Interest expense10,851 
Loss on extinguishment of debt3,007 
Other income, net(2,788)
Loss before benefit (provision) for income taxes and share of net income from joint venture$(17,323)

Six Months Ended June 30, 2024Mobile
Solutions
Power
Solutions
Corporate and EliminationsTotal
Sales$145,915 $98,389 (114)$244,190 
Cost of sales126,055 76,420 (132)202,343 
Selling, general, and administrative expense7,975 6,864 12,020 26,859 
Depreciation expense14,442 2,127 827 17,396 
Other segment items (1)1,216 3,679 (373)4,522 
Segment income (loss) from operations$(3,773)$9,299 $(12,456)$(6,930)
Interest expense11,239 
Other expense, net692 
Loss before benefit (provision) for income taxes and share of net income from joint venture$(18,861)
_______________________________
(1)    Other segment items includes amortization expense and other operating expenses and income.

The following table presents capital expenditures and depreciation and amortization by reportable segment.
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Capital expenditures:
Mobile Solutions$2,865 $2,354 $5,531 $6,182 
Power Solutions338 1,041 1,212 2,036 
Corporate520 197 887 834 
Total$3,723 $3,592 $7,630 $9,052 
Depreciation and amortization:
Mobile Solutions$5,133 $7,710 $10,180 $16,119 
Power Solutions3,371 3,694 6,718 7,362 
Corporate414 357 794 827 
Total$8,918 $11,761 $17,692 $24,308 
The following table summarizes total assets by reportable segment.
June 30, 2025December 31, 2024
Mobile Solutions (1)$297,796 $294,204 
Power Solutions131,057 124,460 
Corporate31,907 38,229 
Total$460,760 $456,893 
_______________________________
(1)     Total assets in Mobile Solutions includes $40.3 million and $35.0 million as of June 30, 2025 and December 31, 2024, respectively, related to our investment in a joint venture (see Note 7).