v3.26.1
SEGMENT REPORTING
12 Months Ended
Dec. 31, 2025
SEGMENT REPORTING  
SEGMENT REPORTING

14.  SEGMENT REPORTING:

We manage our business activities on a consolidated basis and operate as a single operating segment. Our income is mostly generated from R&D grants and R&D tax credits. The accounting policies of the semiconductor materials are the same as those described in Note 2 – Summary of Significant Accounting Policies.

Our CODM is our Chief Executive Officer and President, Ian Jenks. The CODM uses net income, as reported on our Consolidated Statements of Comprehensive Income, in evaluating performance of the segment and determining how to allocate resources of the Company as a whole and making decisions on perspective joint development and collaboration agreements. The CODM does not review assets in evaluating the results of the segment, and therefore, such information is not presented.

The following table provides the net losses of the segment:

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

​

​

2025

  ​ ​ ​

2024

Revenue

​

$

697

​

$

82

Cost of revenue

​

​

272

​

​

32

Gross profit

​

​

425

​

​

50

Other operating income

​

​

951

​

​

1,017

Operating expenses

​

​

​

​

​

​

Research and development

​

​

7,017

​

​

5,111

General and administrative

​

​

7,371

​

​

6,342

(Gain)/loss on foreign currency transactions

​

​

(177)

​

​

78

Total operating expenses

​

​

14,211

​

​

11,531

Loss from operations

​

​

(12,835)

​

​

(10,464)

Total non-operating income/(expense)

​

​

2,302

​

​

135

Loss before income taxes

​

​

(10,533)

​

​

(10,329)

Income tax refund

​

​

24

​

​

(1)

Net loss

​

$

(10,509)

​

$

(10,330)

​

​

​

​

​

​

​

​