Flash Sports & Media Holdings, Inc. Segments Disclosure
NOTE 18 – SEGMENTS
An operating segment is defined as a component of a reporting entity that engages in business activities from which it recognizes revenues and incurs expenses with discrete financial information available that is evaluated regularly by the (“CODM”) of the operating segment. The CODM utilizes this financial information to decide how to allocate resources to, and in assessing performance of, the operating segment. Management evaluates segment performance primarily based on operating segment gross profit.
The Company has identified the following continuing operating segments for fiscal year 2025. The Services segment was classified as discontinued operations effective August 27, 2025 and its results have been excluded from the segment disclosures below. See Note 4 – Discontinued Operations for further detail.
| ● | Equipment systems - Operating segment that acts as an experienced vendor providing value-added reselling to clients when selling vetted best-in-call commercial horticulture lighting solutions, rolling and automated container benching systems, specialty fans, fertigation/irrigation systems, environmental control systems, and microbial mitigation and odor reduction systems. |
| ● | Construction design-build - Operating segment that engages as a general contractor to provide all the additional necessary parts to deliver clients’ projects, from the initial estimate and bid process, to subcontractor selection, and management of all construction details. |
In addition to the operating segments identified above, the Company recognizes other revenues and incurs costs at the corporate level where it develops and oversees the implementation of company-wide strategic initiatives and provides support to our operating segments by centralizing certain administrative functions. Corporate management is responsible for, among other things: evaluating and selecting the geographic markets in which we operate, consistent with our overall business strategy; making major personnel decisions related to employee compensation and benefits; and monitoring the financial and operational performance of the Company’s operating segments. Corporate costs include general and administrative expenses related to operating our corporate headquarters.
The Company’s operating segments follow the same accounting policies used for our consolidated financial statements as described in Note 1 – Summary of Significant Accounting Policies. The results of each operating segment are not necessarily indicative of the results that would have occurred had the operating segment been an independent, stand-alone entity during the periods presented, nor are they indicative of the results to be expected in future periods.
The following tables present financial information relating to our operating segments for the fiscal years ended December 31, 2025 and 2024:
| Year ended December 31, 2025 | ||||||||||||||||
| Equipment | Construction | Corporate/other | Total | |||||||||||||
| Revenues | $ | 8,751,226 | $ | 8,467,451 | $ | 180,761 | 17,399,438 | |||||||||
| Cost of revenues | 8,344,998 | 8,730,918 | 148,968 | 17,224,884 | ||||||||||||
| Gross profit | $ | 406,228 | $ | (263,467 | ) | $ | 31,793 | $ | 174,554 | |||||||
| Gross profit % | 5 | % | -3 | % | 18 | % | 1 | % | ||||||||
| Income (Loss) before income taxes | $ | (8,102,710 | ) | $ | (13,432,133 | ) | $ | (159,101 | ) | $ | (21,693,945 | ) | ||||
| Total assets | $ | 141,844 | $ | 190,103 | $ | $ | 331,947 | |||||||||
| Year ended December 31, 2024 | ||||||||||||||||
| Equipment | Construction | Corporate/other | Total | |||||||||||||
| Revenues | $ | 12,245,675 | $ | 18,604,827 | $ | 352,798 | 31,203,300 | |||||||||
| Cost of revenues | 10,582,731 | 20,782,689 | 226,611 | 31,592,031 | ||||||||||||
| Gross profit (loss) | $ | 1,662,944 | $ | (2,177,862 | ) | $ | 126,187 | $ | (388,731 | ) | ||||||
| Gross profit (loss) % | 14 | % | -12 | % | 36 | % | -1 | % | ||||||||
| Income (Loss) before income taxes | $ | (10,978,807 | ) | $ | (17,102,560 | ) | $ | (1,307,616 | ) | $ | (29,388,983 | ) | ||||
| Total assets | $ | 4,727,454 | $ | 10,036,318 | $ | 135.910 | $ | 14,899,682 | ||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 15, 2026 | Showing above |
| 2024 | Jan 16, 2026 | |
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.