BUSINESS SEGMENTS
Our revenues are derived from two operating segments: LNG and Power Delivery. The LNG segment supplies LNG to multiple end markets in North America and provides turnkey fuel solutions to help users of propane, diesel and other crude-based fuel products convert to LNG. The Power Delivery segment provides power delivery equipment and services in Brazil and through our BOMAY joint venture in China. The tables below present our operating results by segment for the years ended December 31, 2021 and 2020 (in thousands):
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| Year Ended December 31, 2021 |
| LNG | | Power Delivery | | Total |
| Revenues | $ | 69,171 | | | | | $ | 7,994 | | | | | $ | 77,165 | |
| Depreciation | 8,894 | | | | | 165 | | | | | 9,059 | |
| Loss from operations before equity income | (8,801) | | | | | (246) | | | | | (9,047) | |
| | | | | | | | | |
| Net equity income from foreign joint ventures’ operations | — | | | | | 1,783 | | | | | 1,783 | |
| Income (loss) from operations | (8,801) | | | | | 1,537 | | | | | (7,264) | |
| Interest expense, net | 324 | | | | | 49 | | | | | 373 | |
| Interest expense, net - related parties | 577 | | | | | — | | | | | 577 | |
| Income tax expense | 487 | | | | | 321 | | | | | 808 | |
| Net income (loss) | (9,131) | | | | | 1,333 | | | | | (7,798) | |
| Total Assets | 70,735 | | | | | 16,601 | | | | | 87,336 | |
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| | | Year Ended December 31, 2020 |
| | | LNG | | | | Power Delivery | | Total |
| Revenues | | | $ | 36,290 | | | | | $ | 5,260 | | | $ | 41,550 | |
| Depreciation | | | 8,911 | | | | | 130 | | | 9,041 | |
| Loss from operations before equity income | | | (6,532) | | | | | (1,451) | | | (7,983) | |
| | | | | | | | | |
| Net equity income from foreign joint ventures' operations | | | — | | | | | 2,456 | | | 2,456 | |
| Income (loss) from operations | | | (6,532) | | | | | 1,005 | | | (5,527) | |
| Interest expense, net | | | 26 | | | | | 19 | | | 45 | |
| Interest expense, net - related parties | | | 871 | | | | | — | | | 871 | |
| Income tax expense | | | 46 | | | | | 210 | | | 256 | |
| Net income (loss) | | | (7,567) | | | | | 811 | | | (6,756) | |
| Total Assets | | | 64,757 | | | | | 15,556 | | | 80,313 | |
Our operating segments offer different products and services and are managed separately as business units. Cash, cash equivalents and investments are not managed centrally, so the gains and losses on foreign currency remeasurement, and interest and dividend income, are included in the segments’ results.
Geographic Information (in thousands):
| | | | | | | | | | | |
| Year Ended December 31, |
| Revenues | 2021 | | 2020 |
| Brazil | $ | 7,994 | | | $ | 5,260 | |
| Mexico | 10,907 | | | 4,085 | |
| United States | 58,264 | | | 32,205 | |
| $ | 77,165 | | | $ | 41,550 | |
| | | |
| December 31, |
| Assets | 2021 | | 2020 |
| Brazil | $ | 4,276 | | | $ | 3,659 | |
| China | 12,325 | | | 11,897 | |
| Mexico | 7,716 | | | 5,307 | |
| United States | 63,019 | | | 59,450 | |
| $ | 87,336 | | | $ | 80,313 | |
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.