Quarterly report [Sections 13 or 15(d)]

Business Segments

v3.26.1
Business Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segments

4. Business Segments

 

The Company’s CODM evaluates the financial performance of the Company’s segments based upon segment operating income or (loss) as the profitability measure. The Company has identified its Chief Executive Officer as the CODM. Items outside of operating income or (loss) are not reported by segment, since they are excluded from the single measure of segment profitability reviewed by the CODM.

 

Summarized financial information concerning the Company’s reportable segments for each of the quarters ended March 31, 2026 and 2025 is presented below.

  

For Quarter Ended March 31, 2026 ($ in thousands)

 

    NexGel     CGN JV     Total  
Revenues, net   $ 1,945     $ 705     $ 2,650  
                         
Cost of revenues     1,154       435       1,589  
                         
Advertising, marketing and amazon fees     635       -       635  
General and administrative     1,239       145       1,384  
Total Selling, general and administrative     1,874       145       2,019  
                         
Research and development     -       -       -  
                         
Operating expenses     1,874       145       2,019  
Income (loss) from operations   $ (1,083 )   $ 125     $ (958 )

 

For Quarter Ended March 31, 2025 ($ in thousands)

 

    NexGel     CGN JV     Total  
Revenues, net   $ 1,998     $ 808     $ 2,806  
                         
Cost of revenues     1,043       575       1,618  
                         
Advertising, marketing and amazon fees     641       -       641  
General and administrative     1,185       138       1,323  
Total Selling, general and administrative     1,826       138       1,964  
                         
Research and development     1       -       1  
                         
Operating expenses     1,827       138       1,965  
Income (loss) from operations   $ (872 )   $ 95     $ (777 )

 

Summarized total assets for the Company’s reportable segments as of March 31, 2026 and December 31, 2025 are presented below:

 

As of March 31, 2026 ($ in thousands)

 

    NexGel     CG Labs     Total  
Total Assets   $ 7,902     $ 3,696     $ 11,598  

 

As of December 31, 2025 ($ in thousands)

 

    NexGel     CG Labs     Total  
Total Assets   $ 6,777     $ 3,684     $ 10,461