Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Data

v3.26.1
Segment Data
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Data
16.
SEGMENT DATA

The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the CODM to analyze financial performance, make decisions, and allocate resources. The Company manages its operations as a single operating and reportable segment, which is the production and sale of nutraceuticals and plant-based foods. As internal reporting is based on the consolidated results, the Company has identified one reporting and reportable segment. The CODM uses net income loss and cash flow information in the budget and forecasting process and considers budget-to-actual variances on a regular basis when making decisions about the allocation of operating and capital resources. The measure of the operating segment assets is reported on the consolidated balance sheet as total assets.

The accounting policies used in the segment reporting are the same as those described in the summary of significant accounting policies - refer to Note 2. The Company's CODM is the Chief Executive Officer.

The Company's reportable segment product sales, net and net loss for the years ended December 31, 2025 and 2024 consisted of the following (in thousands):

 

 

For the Years Ended December 31,

 

 

2025

 

 

2024

 

Product sales, net

 

$

13,789

 

 

$

15,705

 

Cost of goods sold

 

 

7,037

 

 

 

8,537

 

Gross profit

 

 

6,752

 

 

 

7,168

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Research and development expense

 

 

122

 

 

 

118

 

Sales expense

 

 

2,803

 

 

 

3,166

 

Marketing expense

 

 

1,666

 

 

 

2,088

 

General and administrative expense

 

 

3,153

 

 

 

3,986

 

Benefit from reversal of accrued payroll taxes

 

 

(522

)

 

 

—

 

Total operating expenses

 

 

7,222

 

 

 

9,358

 

 

 

 

 

 

 

 

Operating loss

 

 

(470

)

 

 

(2,190

)

Other expense, net

 

 

479

 

 

 

212

 

Loss before income taxes

 

 

(949

)

 

 

(2,402

)

Income tax expense (benefit)

 

 

9

 

 

 

(8

)

Net loss

 

$

(958

)

 

$

(2,394

)