SEGMENT REPORTING

3 Months Ended

Mar. 31, 2026

14. SEGMENT REPORTING

We manage our business activities on a consolidated basis and operate as a single operating segment: Semiconductor materials. Our revenue 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 loss, as reported on our Consolidated Statements of Comprehensive Income, in evaluating performance of the Semiconductor materials 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 Semiconductor materials segment, and therefore, such information is not presented.

The following table provides the net losses of the Semiconductor materials segment:


	Three Months Ended March 31,
	2026			2025
Revenue	$	20		$	23
Cost of revenue		4			1
Gross profit		16			22
Other operating income		34			251
Operating expenses
Research and development		913			1,497
General and administrative		1,664			2,009
Loss / (gain) on foreign currency transactions		46			(95)
Total operating expenses		2,623			3,411
Loss from operations		(2,573)			(3,138)
Total non-operating (expense) / income		(16,796)			979
Loss before income taxes		(19,369)			(2,159)
Income tax refund		—			25
Net loss	$	(19,369)		$	(2,134)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

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