Quarterly report [Sections 13 or 15(d)]

Segment Data

v3.26.1
Segment Data
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Data
12.
SEGMENT DATA

The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The Company's CODM is the Chief Executive Officer. 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 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 Company's reportable segment product sales, net and net loss for the three months ended March 31, 2026 and 2025 consisted of the following (in thousands):

 

 

Three months ended March 31,

 

 

2026

 

 

2025

 

Product sales, net

 

$

3,195

 

 

$

3,606

 

Cost of goods sold

 

 

1,633

 

 

 

1,948

 

Gross profit

 

 

1,562

 

 

 

1,658

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Research and development expense

 

 

18

 

 

 

30

 

Sales expense

 

 

673

 

 

 

731

 

Marketing expense

 

 

401

 

 

 

448

 

General and administrative expense

 

 

788

 

 

 

960

 

Benefit from reversal of accrued payroll taxes

 

 

—

 

 

 

(522

)

Total operating expenses

 

 

1,880

 

 

 

1,647

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

(318

)

 

 

11

 

 

 

 

 

 

 

 

Gain on extinguishment of debt

 

 

(20

)

 

 

(38

)

Change in fair value of convertible notes

 

 

252

 

 

 

—

 

Interest expense, net

 

 

93

 

 

 

151

 

Loss before income taxes

 

 

(643

)

 

 

(102

)

Income tax expense

 

 

—

 

 

 

7

 

Net loss

 

$

(643

)

 

$

(109

)