20.

SEGMENT REPORTING

(a)

Description of segments

Segment information is presented using a management approach, meaning that segment information is provided on the same basis as information is used for internal reporting purposes by the CODM which is the Vice Chairman and Chief Executive Officer, who makes key strategic decisions. The CODM is responsible for the allocation of resources and assessing the performance of the Group. Management has determined that the activities of the business as reviewed by the CODM are one segment, being the development and commercialization of the ADAPT^® anti-calcification tissue. This is focused on the DurAVR^® THV System.

(b)

Segment information

The revenue and cost information relating to all of the ADAPT^® products including both the DurAVR^® THV System and regenerative tissue products are regularly reviewed by the CODM on an aggregate basis.

The CODM assesses performance and allocates resources based on the Company’s consolidated statements of operations and key components and processes of the Company’s operations are managed centrally. Segment asset information is not used by the CODM to allocate resources. As a single reportable segment entity, the Company’s segment performance measure is net income/(loss).

(in thousands)	2025 $			2024 $
Net sales from external customers		1,913			2,703
Depreciation & amortization		(1,661	)		(1,507	)
Interest income		711			430
Interest expense		(73	)		(47	)
Other segment items		(95,115	)		(77,546	)
Segment net loss		(94,225	)		(75,967	)

Other segment items include operating expenses and income and expense items that are not separately disclosed and are included in the measure of segment net loss. These amounts primarily consist of cost of revenues, selling, general and administrative expenses, stock‑based compensation, and other income and expense items.

The Company’s segment net loss is the same as its consolidated net loss, and there are no reconciling items between segment results and consolidated results.

No detailed asset information by reportable segment has been reported given that the single segment’s information is already presented in the consolidated balance sheets. Refer to the consolidated statements of cash flows for significant non-cash items and total expenditure for additions of long-lived assets.

(c)

Geographic information

Segment revenues (net sales) have been based on the geographic location of the customers taking possession of the products. Geographic long-lived assets are attributed to the country based on the physical location of the assets.


	Net sales				Long-lived assets, net
(in thousands)	2025 $		2024 $		2025 $		2024 $
United States		1,608		1,782		6,445		4,895
Germany		272		900		-		-
Australia		33		21		729		829
Switzerland		-		-		82		107
Sweden		-		-		-		28
		1,913		2,703		7,256		5,859

(d)

Major customers

The following table summarizes revenues from major customers that individually accounted for 10% or more of the Company’s total revenues during the years ended December 31, 2025 and 2024:


(in thousands)	2025 $		2024 $
Customer A		272		1,312
Customer B		1,608		1,370

Amounts outstanding from these customers at reporting date were less than $0.1 million as of December 31, 2025, and $0.2 million as of December 31, 2024.

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Anteris Technologies Global Corp. Segments Disclosure

About Segments Disclosures

Other Available Disclosures