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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
As of June 30, 2025, the Company operates and reports its results in four reportable segments: Intellectual Property Operations, Industrial Operations, Energy Operations and Manufacturing Operations.
The Company reports segment information based on the management approach and organizes its businesses based on products and services. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer, and the management approach designates the internal reporting used by the Chief Executive Officer for decision making, allocating resources and performance assessment as the basis for determining the Company’s reportable segments. The performance measure of the Company’s reportable segments is primarily income or (loss) from operations. Income or (loss) from operations for each segment includes all revenues, cost of revenues, gross profit and other operating expenses directly attributable to the segment. Specific asset information is not included in management’s review at this time.
The Company’s Intellectual Property Operations segment invests in IP and engages in the licensing and enforcement of patented technologies. Through our Patent Licensing, Enforcement and Technologies Business we are a principal in the licensing and enforcement of patent portfolios, with our operating subsidiaries obtaining the rights in the patent portfolio or purchasing the patent portfolio outright. While we, from time to time, partner with inventors and patent owners, from small entities to large corporations, we assume all responsibility for advancing operational expenses while pursuing a patent licensing and enforcement program. When applicable, we share net licensing revenue with our patent partners as that program matures, on a prearranged and negotiated basis. We may also provide upfront capital to patent owners as an advance against future licensing revenue. Currently, on a consolidated basis, our operating subsidiaries own or control the rights to multiple patent portfolios, which include U.S. patents and certain foreign counterparts, covering technologies used in a variety of industries. We generate revenues and related cash flows from the granting of IP rights for the use of patented technologies that our operating subsidiaries control or own.
The Company’s Industrial Operations segment generates operating income by designing and manufacturing printers and consumable products for various industrial printing applications. Printers consist of hardware and embedded software and may be sold with maintenance service agreements. Consumable products include inked ribbons which are used in Printronix’s printers. Printronix’s products are primarily sold through channel partners, such as dealers and distributors, to end-users.
The Company’s Energy Operations segment generates operating income from its wells and engages in the acquisition, exploration, development, and production of oil and natural gas resources located in Texas and Oklahoma. Benchmark seeks to acquire predictable and shallow decline, cash flowing oil and gas properties whose value can be enhanced via a disciplined, field optimization strategy, with risk managed through robust commodity hedges and low leverage.
The Company’s Manufacturing Operations segment generates operating income by serving a broad range of wholesale and retail markets within the highly-fragmented specialty plastics industry. Deflecto primarily designs and manufactures (i) “take-one” point of purchase brochure, folder and applications display holders, (ii) plastic injection-molded office supply and arts, crafts and education products, (iii) plastic and aluminum air venting and air control products, (iv) extruded vinyl chair mats, (v) safety reflectors for bicycles and (vi) mud flaps and splash guards for the heavy duty truck market. The Manufacturing Operations reporting segment did not exist prior to the acquisition of Deflecto in October 2024.
In addition to the reportable segments above, we have a Parent category that includes activities not directly attributable to a specific reportable segment and includes broad corporate functions, including legal, human resources, accounting, analytics, finance as well as other general business costs.
We regularly provide management reports to the CODM that include segment revenue and segment operating income (loss). The significant segment expense reports regularly provided to the CODM include cost of revenue and operating expenses. There were no significant inter-segment transactions during the six months ended June 30, 2025 and 2024.
June 30, 2025December 31, 2024
(In thousands)
Total parent assets$137,240 $150,033 
Segment total assets:
Intellectual property operations249,188 213,854 
Industrial operations49,293 48,438 
Energy operations204,647 209,355 
Manufacturing operations135,178 134,714 
Total assets$775,546 $756,394 
The Company’s revenues and long-lived tangible assets by geographic area are presented below. Intellectual Property Operations revenues are attributed to licensees domiciled in foreign jurisdictions. Printronix’s net sales to external customers are attributed to geographic areas based upon the final destination of products shipped. Deflecto’s net sales to external customers are attributed to geographic areas based upon the origin of products shipped. The Company, primarily
through its Printronix and Deflecto subsidiary, has identified three global regions for marketing its products and services: Americas, Europe, Middle East and Africa, and Asia-Pacific. Assets are summarized based on the location of held assets. Benchmark’s sales are only attributed to the United States of America.
Three Months Ended June 30, 2025
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufacturing OperationsTotal
(In thousands)
Revenues by geographic area:
United States$329 $2,827 $15,317 $16,590 $35,063 
Canada and Latin America— 384 — 5,699 6,083 
Total Americas329 3,211 15,317 22,289 41,146 
Europe, Middle East and Africa— 1,753 — 1,251 3,004 
China— 343 — 5,461 5,804 
India— 459 — — 459 
Asia-Pacific, excluding China and India— 824 — — 824 
Total Asia-Pacific— 1,626 — 5,461 7,087 
Total revenues$329 $6,590 $15,317 $29,001 $51,237 

Three Months Ended June 30, 2024
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufacturing OperationsTotal
(In thousands)
Revenues by geographic area:
United States$5,331 $2,873 $14,170 $— $22,374 
Canada and Latin America— 220 — — 220 
Total Americas5,331 3,093 14,170 — 22,594 
Europe, Middle East and Africa— 1,705 — — 1,705 
China— 232 — — 232 
India— 517 — — 517 
Asia-Pacific, excluding China and India2 788 — — 790 
Total Asia-Pacific2 1,537 — — 1,539 
Total revenues$5,333 $6,335 $14,170 $— $25,838 
Six Months Ended June 30, 2025
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufacturing OperationsTotal
(In thousands)
Revenues by geographic area:
United States$70,232 $5,765 $33,623 $34,389 $144,009 
Canada and Latin America— 674 — 11,768 12,442 
Total Americas70,232 6,439 33,623 46,157 156,451 
Europe, Middle East and Africa— 4,083 — 2,375 6,458 
China— 715 — 9,004 9,719 
India— 1,083 — — 1,083 
Asia-Pacific, excluding China and India2 1,946 — — 1,948 
Total Asia-Pacific2 3,744 — 9,004 12,750 
Total revenues$70,234 $14,266 $33,623 $57,536 $175,659 
Six Months Ended June 30, 2024
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufacturing OperationsTotal
(In thousands)
Revenues by geographic area:
United States$7,395 $6,032 $16,026 $— $29,453 
Canada and Latin America1 486 — — 487 
Total Americas7,396 6,518 16,026 — 29,940 
Europe, Middle East and Africa— 4,183 — — 4,183 
China4,650 750 — — 5,400 
India— 1,435 — — 1,435 
Asia-Pacific, excluding China and India6,910 2,290 — — 9,200 
Total Asia-Pacific11,560 4,475 — — 16,035 
Total revenues$18,956 $15,176 $16,026 $— $50,158 

June 30, 2025
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufacturing OperationsTotal
(In thousands)
Long-lived tangible assets by geographic area:
United States$105 $197 $188,237 $7,056 $195,595 
Canada— 615 — 6,744 7,359 
Europe— 230 — 4,267 4,497 
Asia-Pacific— — — 2,395 2,395 
Total$105 $1,042 $188,237 $20,462 $209,846 
December 31, 2024
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufacturing OperationsTotal
(In thousands)
Long-lived tangible assets by geographic area:
United States$126 $220 $192,435 $7,685 $200,466 
Canada— — — 7,225 7,225 
Europe— 99 — 4,257 4,356 
Asia-Pacific— 925 — 2,573 3,498 
Total$126 $1,244 $192,435 $21,740 $215,545