2023 Q2 Form 10-K Financial Statement

#000149315223011850 Filed on April 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q4 2022
Revenue $12.13M $9.524M $27.00M
YoY Change 182.82% 172.27% 47.45%
Cost Of Revenue $9.419M $6.764M $22.39M
YoY Change 123.84% 94.76% 32.36%
Gross Profit $2.711M $2.760M $4.607M
YoY Change 3246.91% 10940.0% 230.73%
Gross Profit Margin 22.35% 28.98% 17.06%
Selling, General & Admin $3.089M $2.000M $8.636M
YoY Change 19.5% 31.84% 64.34%
% of Gross Profit 113.94% 72.46% 187.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $97.00K $176.0K $466.0K
YoY Change 162.16% 61.47% 6.39%
% of Gross Profit 3.58% 6.38% 10.12%
Operating Expenses $3.089M $2.000M $8.636M
YoY Change 19.5% 31.84% 64.34%
Operating Profit -$378.0K $760.0K -$4.029M
YoY Change -84.9% -150.94% 4.32%
Interest Expense $79.00K $144.0K $465.0K
YoY Change -24.04% 45.45% 20.16%
% of Operating Profit 18.95%
Other Income/Expense, Net -$20.00K $44.00K -$67.00K
YoY Change -82.91% -2300.0% -37.96%
Pretax Income -$319.0K $948.0K -$3.631M
YoY Change -87.33% -167.96% 66.33%
Income Tax $0.00 $7.000K
% Of Pretax Income 0.0%
Net Earnings -$319.0K $948.0K -$3.638M
YoY Change -87.33% -167.81% 67.88%
Net Earnings / Revenue -2.63% 9.95% -13.47%
Basic Earnings Per Share -$0.03 -$0.37
Diluted Earnings Per Share -$0.03 $0.10 -$0.37
COMMON SHARES
Basic Shares Outstanding 9.768M shares 9.645M shares 9.728M shares
Diluted Shares Outstanding 9.908M shares 9.728M shares

Balance Sheet

Concept 2023 Q2 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.624M $10.30M $10.30M
YoY Change -1.65% 3.75% 3.75%
Cash & Equivalents $9.624M $10.30M $10.30M
Short-Term Investments
Other Short-Term Assets $2.625M $2.853M $2.853M
YoY Change 144.41% 0.32% 0.32%
Inventory $8.457M $8.748M $8.748M
Prepaid Expenses
Receivables $5.835M $11.14M $11.14M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $26.54M $33.04M $33.04M
YoY Change -14.6% 31.43% 31.43%
LONG-TERM ASSETS
Property, Plant & Equipment $2.383M $3.977M $3.977M
YoY Change 284.98% 670.74% 44.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $138.0K $162.0K $162.0K
YoY Change 72.5% 315.38% 315.38%
Total Long-Term Assets $4.154M $4.139M $4.139M
YoY Change 36.82% 48.24% 48.24%
TOTAL ASSETS
Total Short-Term Assets $26.54M $33.04M $33.04M
Total Long-Term Assets $4.154M $4.139M $4.139M
Total Assets $30.70M $37.18M $37.18M
YoY Change -10.03% 33.11% 33.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.542M $8.297M $8.297M
YoY Change 32.24% 297.18% 147.52%
Accrued Expenses $1.249M $1.624M $703.0K
YoY Change 0.73% 28.58% 16.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $192.0K $355.0K $355.0K
YoY Change -44.35% 75.74%
Total Short-Term Liabilities $12.18M $18.96M $18.96M
YoY Change -22.41% 188.09% 188.09%
LONG-TERM LIABILITIES
Long-Term Debt $353.0K $418.0K $418.0K
YoY Change -31.85% 1.7%
Other Long-Term Liabilities $57.00K $1.280M $1.280M
YoY Change -96.04% -28.61% -7.38%
Total Long-Term Liabilities $57.00K $1.280M $1.280M
YoY Change -96.04% -28.61% -28.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.18M $18.96M $18.96M
Total Long-Term Liabilities $57.00K $1.280M $1.280M
Total Liabilities $13.01M $20.24M $20.24M
YoY Change -24.07% 141.7% 141.7%
SHAREHOLDERS EQUITY
Retained Earnings -$16.15M -$15.95M
YoY Change 3.39% 29.55%
Common Stock $10.00K $10.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.68M $16.93M $16.93M
YoY Change
Total Liabilities & Shareholders Equity $30.70M $37.18M $37.18M
YoY Change -10.03% 33.11% 33.11%

Cashflow Statement

Concept 2023 Q2 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$319.0K $948.0K -$3.638M
YoY Change -87.33% -167.81% 67.88%
Depreciation, Depletion And Amortization $97.00K $176.0K $466.0K
YoY Change 162.16% 61.47% 6.39%
Cash From Operating Activities -$1.159M -$1.710M -$5.646M
YoY Change -68.74% -46.23% 141.18%
INVESTING ACTIVITIES
Capital Expenditures $616.0K $1.121M $1.512M
YoY Change -1093.55% -1483.95% -737.97%
Acquisitions
YoY Change
Other Investing Activities $6.234M $6.234M
YoY Change
Cash From Investing Activities -$616.0K $5.113M $4.722M
YoY Change 893.55% -6412.35% -2092.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $17.00K
YoY Change -99.81%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -157.0K -317.0K -479.0K
YoY Change 78.41% -103.23% -107.14%
NET CHANGE
Cash From Operating Activities -1.159M -1.710M -5.646M
Cash From Investing Activities -616.0K 5.113M 4.722M
Cash From Financing Activities -157.0K -317.0K -479.0K
Net Change In Cash -1.932M 3.086M -1.403M
YoY Change -49.92% -52.9% -133.95%
FREE CASH FLOW
Cash From Operating Activities -$1.159M -$1.710M -$5.646M
Capital Expenditures $616.0K $1.121M $1.512M
Free Cash Flow -$1.775M -$2.831M -$7.158M
YoY Change -51.32% -8.65% 240.21%

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IncreaseDecreaseInAccountsReceivable
-115000 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4589000 usd
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1756000 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1799000 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
195000 usd
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
28000 usd
CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
397000 usd
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
3670000 usd
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-73000 usd
CY2022 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
8243000 usd
CY2021 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1709000 usd
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-653000 usd
CY2021 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-752000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5772000 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3193000 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1512000 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
237000 usd
CY2022 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
6234000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
4722000 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-237000 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
17000 usd
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
58000 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
8663000 usd
CY2022 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
129000 usd
CY2021 us-gaap Payments Of Dividends
PaymentsOfDividends
1047000 usd
CY2022 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
241000 usd
CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
112000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-353000 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7562000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1403000 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4132000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11699000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7567000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10296000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11699000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
4000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
3000 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-20000 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-395000 usd
CY2022 PPSI Acquisition Of Right Of Use Assets And Lease Liabilities
AcquisitionOfRightOfUseAssetsAndLeaseLiabilities
841000 usd
CY2021 PPSI Acquisition Of Right Of Use Assets And Lease Liabilities
AcquisitionOfRightOfUseAssetsAndLeaseLiabilities
1598000 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
13859000 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-2167000 usd
CY2021 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
186000 usd
CY2021 us-gaap Dividends
Dividends
1047000 usd
CY2021 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
58000 usd
CY2021 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
8663000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
19552000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
19552000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
19552000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-3638000 usd
CY2022 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1002000 usd
CY2022 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
17000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
16933000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
16933000 usd
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segments
CY2021Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
1000000.0 usd
CY2021Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
888500 shares
CY2021Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
9000000.0 usd
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.1288
CY2022Q4 us-gaap Cash
Cash
10296000 usd
CY2021Q4 us-gaap Cash
Cash
9924000 usd
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
1775000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10296000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11699000 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_zATjFv0WBTyg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zIDORLRjvvDf">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 29.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The financial statements include estimates based on currently available information and management’s judgment as to the outcome of future conditions and circumstances. Significant estimates in these financial statements include measurement of revenue for contracts accounted for over time, allowance for doubtful accounts receivable, inventory provision, useful lives and impairment of long-lived assets and income tax provision.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in the status of certain facts or circumstances could result in material changes to the estimates used in the preparation of the financial statements and actual results could differ from the estimates and assumptions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zpm12M7xwSYj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zs5YnZr5R6F8">Concentrations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company manages its accounts receivable credit risk by performing credit evaluations and monitoring amounts due from the Company’s customers. The Company had certain customers whose revenue individually represented 10% or more of the Company’s total revenue, or whose accounts receivable balances individually represented 10% or more of the Company’s total accounts receivable, as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At December 31, 2022, three customers represented approximately <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zMJq3KlGejT9">57</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%, <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zWfiRrA5k0Th">13</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_zVW3qRKQFZS5">11</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of the Company’s accounts receivable. At December 31, 2021, two customers represented approximately <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_z9AwAf7KJqug">32</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_z0JlQx7rzZfl">11</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of the Company’s accounts receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2022, one customer represented approximately <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zIJrRvkwIsgf" title="Concentration percentage">45</span>% of the Company’s revenue. For the year ended December 31, 2021, two customers represented approximately <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zK9XrnEMfg6a" title="Concentration percentage">22</span>% and <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_z952gM5clWei" title="Concentration percentage">19</span>% of the Company’s revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
10000000.0 usd
CY2021Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
9700000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
140 usd
CY2022 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
3700000 usd
CY2021 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
3100000 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
2200000 usd
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
714000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27000000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
18311000 usd
CY2022 us-gaap Other Expenses
OtherExpenses
67000 usd
CY2021 us-gaap Other Income
OtherIncome
1300000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2962000 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
993000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
5786000 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
3167000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
8748000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
4160000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3974000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2464000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2174000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1948000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1800000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
516000 usd
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
228000 usd
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
153000 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
1300000 usd
CY2021Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
1600000 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
534000 usd
CY2021Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
1100000 usd
CY2022Q4 PPSI Operating Lease Right Of Use Asset Before Accumulated Amortization
OperatingLeaseRightOfUseAssetBeforeAccumulatedAmortization
2200000 usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
5615000 usd
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
2089000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1624000 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1263000 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
7239000 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
3352000 usd
CY2022Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
278000 usd
CY2021Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
247000 usd
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
213000 usd
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
270000 usd
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
258000 usd
CY2021Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
50000 usd
CY2022Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
559000 usd
CY2021Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
481000 usd
CY2022 PPSI Weighted Average Remaining Lease Extend Term
WeightedAverageRemainingLeaseExtendTerm
P5Y
CY2021Q4 PPSI Operating Lease Right Of Use Asset Before Accumulated Amortization
OperatingLeaseRightOfUseAssetBeforeAccumulatedAmortization
3900000 usd
CY2022Q4 PPSI Operating Lease Right Of Use Asset Accumulated Amortization
OperatingLeaseRightOfUseAssetAccumulatedAmortization
798000 usd
CY2021Q4 PPSI Operating Lease Right Of Use Asset Accumulated Amortization
OperatingLeaseRightOfUseAssetAccumulatedAmortization
2300000 usd
CY2022Q4 PPSI Rightofuse Asset After Adjusting Weighted Average Discount Rate
RightofuseAssetAfterAdjustingWeightedAverageDiscountRate
275000 usd
CY2022Q4 PPSI Lease Liability After Adjusting Weighted Average Discount Rate
LeaseLiabilityAfterAdjustingWeightedAverageDiscountRate
275000 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
752000 usd
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
641000 usd
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
238000 usd
CY2021 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
285000 usd
CY2022 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
44000 usd
CY2021 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
41000 usd
CY2022 us-gaap Lease Cost
LeaseCost
282000 usd
CY2021 us-gaap Lease Cost
LeaseCost
326000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
742000 usd
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
632000 usd
CY2022 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
44000 usd
CY2021 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
41000 usd
CY2022 PPSI Financing Cash Flow Payments For Finance Leases
FinancingCashFlowPaymentsForFinanceLeases
241000 usd
CY2021 PPSI Financing Cash Flow Payments For Finance Leases
FinancingCashFlowPaymentsForFinanceLeases
292000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
440000 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1418000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
401000 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
180000 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0550 pure
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0550 pure
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0673 pure
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0669 pure
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
774000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
397000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
613000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
166000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
200000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
174000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
24000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
88000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
41000 usd
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P5Y6M
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4.35
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedFairValue
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
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544000 usd
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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CY2022Q4 PPSI Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Unvested Fair Value
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IncomeTaxExpenseBenefit
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178000 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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143000 usd
CY2022 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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0.002 pure
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
766000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10900000 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
92000 usd
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
82000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
92000 usd
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
82000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
3604000 usd
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DeferredTaxAssetsOperatingLossCarryforwardsDomestic
2600000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
1530000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
1390000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
4300000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
4454000 usd
CY2022Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
30000 usd
CY2021Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
24000 usd
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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1738000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10889000 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10124000 usd
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92000 usd
CY2021Q4 us-gaap Deferred Tax Assets Net
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82000 usd
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53000 usd
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
45000 usd
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39000 usd
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37000 usd
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92000 usd
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82000 usd
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10900000 usd
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4300000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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39000 usd
CY2022Q4 us-gaap Income Tax Examination Increase Decrease In Liability From Prior Year
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467 usd
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2 segments
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466000 usd
CY2021 us-gaap Depreciation And Amortization
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438000 usd
CY2022 us-gaap Depreciation And Amortization
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466000 usd
CY2021 us-gaap Depreciation And Amortization
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438000 usd
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37175000 usd
CY2021Q4 us-gaap Assets
Assets
27927000 usd
CY2022Q4 us-gaap Assets
Assets
37175000 usd
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27927000 usd
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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8857942 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Earnings Per Share Diluted
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-0.24

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