Quarterly report [Sections 13 or 15(d)]

SEGMENT REPORTING

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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 12. SEGMENT REPORTING

 

We define our segments as those operations whose results are regularly reviewed by our CODM to analyze performance and allocate resources. Therefore, segment information is prepared on the same basis that management reviews financial information for operational decision-making purposes. Our CODM is a committee comprised of our CEO and our CFO.

 

We determined we had one operating segment as of March 31, 2025. This operating segment aligns with how we manage our business as of the fourth quarter of 2024. The accounting policies of the reportable segments are the same as those described in “Note 2 - Summary of Significant Accounting Policies.”

 

 

Our CODM assesses the performance of our one operating segment based on the operating segments’ net sales and gross profit. The following table sets forth information by reportable segment for the three months ended March 31, 2025 and 2024.

 

(in thousands)   2025     2024  
    Three Months Ended March 31,  
(in thousands)   2025     2024  
Net sales   $ 1,469     $ 4,926  
Cost of sales     748       3,414  
Gross profit   $ 721     $ 1,512  

 

The following table sets forth specific asset categories which are reviewed by our CODM in the evaluation of operating segments:

 

(in thousands)   March 31, 2025     December 31, 2024  
    As of  
(in thousands)   March 31, 2025     December 31, 2024  
Accounts receivable, net   $ 4,899     $ 4,262  
Inventories   $ 14,314     $ 14,215  
Vendor deposits   $ 2,717     $ 3,091  

 

The following table sets forth net sales disaggregated by geography:

 

(in thousands)   2025     2024  
    Three Months Ended March 31,  
(in thousands)   2025     2024  
United States   $ 1,469     $ 3,850  
Canada     —       87  
Europe     —       989  
Total net sales   $ 1,469     $ 4,926  

 

The following table sets forth our long-lived assets by geographic area, which consist of property and equipment, net, and operating lease right-of-use assets:

 

(in thousands)   March 31, 2025     December 31, 2024  
    As of  
(in thousands)   March 31, 2025     December 31, 2024  
United States   $ 2,145     $ 2,459  
Canada     —       4  
Europe     —       —  
Total long-lived assets   $ 2,145     $ 2,463