PIONEER POWER SOLUTIONS, INC. Segments Disclosure

13. BUSINESS SEGMENT, GEOGRAPHIC AND CUSTOMER INFORMATION

 

The CEO, as the Chief Operating Decision Maker (“CODM”), organizes the Company, manages resource allocations and measures performance of the Company’s single operating segment, Critical Power Solutions. The Critical Power Solutions reportable segment is the Company’s Titan Energy Systems, Inc. business unit. The Critical Power Solutions segment provides mobile high capacity charging equipment, power generation equipment and aftermarket field-services in order to help customers secure fast vehicle charging where fixed charging infrastructure does not exist, and additionally to ensure smooth, uninterrupted power to operations during times of emergency.

 

The CODM assesses the Company’s performance and decides how to allocate resources based on consolidated net income (loss) in the consolidated statements of operations, which is assessed to be the segment measure of profit or loss. This measure is used to monitor actual results to evaluate the performance of the segment versus the forecasted targets. The segment assets are equal to the assets presented in the consolidated balance sheets.

 

The significant expenses that are regularly provided to the CODM, which include costs of goods sold, selling, general and administrative expenses and research and development expenses, are disclosed in the consolidated statements of operations as a part of the consolidated net income (loss). The other segment item that is regularly provided to the CODM includes other income (expense) which is disclosed as a separate line item in the consolidated statements of operations. Other income and expenses consist of interest income and interest expense, which are disclosed as separate line items in the consolidated statements of operations.

 

On October 29, 2024, the Company sold its Electrical Infrastructure segment to Mill Point Capital. Prior to the sale of the Electrical Infrastructure segment, the Company’s CODM assessed performance and allocated resources amongst its two reportable segments. See Note 11- Discontinued Operations for additional information.

 

Revenues are attributable to countries based on the location of the Company’s customers:

 SCHEDULE OF ATTRIBUTABLE TO COUNTIES BASED ON THE LOCATION

		For the Years Ended
		December 31,
		2024				2023
Revenues
United States		$	19,909			$	11,116
Canada			2,970				-
Total		$	22,879			$	11,116

 

Approximately 22% and 13% of the Company’s revenues during the year ended December 31, 2024, were made to INF Associates, LLC and British Columbia Hydro and Power Authority, respectively. Approximately 14% of the Company’s sales during the year ended December 31, 2023, were made to Target Corporation.

 

The distribution of the Company’s property and equipment by geographic location is approximately as follows:

 SCHEDULE OF PROPERTY AND EQUIPMENT BY GEOGRAPHIC LOCATION

		December 31,
		2024				2023
Property and equipment
United States		$	6,503			$	3,601