v3.26.1
SEGMENT AND GEOGRAPHICAL INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHICAL INFORMATION
NOTE 18 – SEGMENT AND GEOGRAPHICAL INFORMATION
 
The Company operates in three reportable segments: (a) airport security (b) other aviation related services and (c) authentication technology. The Company also incurs general corporate expenses and costs which are not allocated to the reportable business segments but have been included in the “unallocated corporate” component which does not generate revenue and contains primarily non-operational expenses. The airport security segment includes the I-SEC International group. The airport security segment provides security services primarily to airlines and airport authorities in Europe. The other aviation related services segment includes Huntleigh USA. The other aviation related services segment provides various services to airlines within airports in the United States of America. The authentication technology represents the AU10TIX Technologies group. The authentication technology segment provides authentication services to financial and other companies, predominantly in the United States of America. The Company’s operating segments are the same as its reportable segments.
 
The Company’s Managing Directors and CFO are our chief operating decision makers (CODMs), who are the highest level of management responsible for assessing the Company’s overall performance. The CODMs allocate resources to and assess the performance of each operating segment using information about the operating segment's revenue and income (loss) from operations. Our CODMs do not evaluate operating segments using asset or liability information.
 
The CODMs consider monthly results and use that information when making decisions about the allocation of operating and capital resources to each segment. The CODMs are regularly provided with disaggregates expense information at the segment level which includes the corporate expenses, which are included in ‘other segment items’ in the following tables reconciliation purposes.
 
Revenue and costs and expenses are directly attributed to the segments they belong. All inter-segment transactions are eliminated in consolidation. The accounting policies of the segments are the same as the accounting policies of the Company as a whole.
 
The following table sets forth our segment information of revenue, labor costs, depreciation and amortization, other costs and expenses, net income (loss), goodwill and total assets:
 
The operating results of these reportable segments are regularly reviewed by the chief operating decision.
 
   
Unallocated Corporate
    
Airport
Security
    
Other
Aviation Related
Services
    
Authentication
Technology
    
Total
  
Year ended December 31, 2025:
                              
Revenue
 
$
-
    
$
421,818
    
$
81,106
    
$
31,452
    
$
534,376
  
Labor costs (1)
    
1,261
      
393,624
      
68,082
      
25,208
      
488,175
  
Depreciation and amortization
    
53
      
839
      
326
      
883
      
2,101
  
Other costs and expenses
    
2,536
      
31,303
      
11,146
      
17,596
      
62,581
  
Net income (loss)
   
(3,850
)
    
(3,948
)
    
1,552
      
(12,235
)
    
(18,481
)
Goodwill
   
-
      
713
      
-
      
-
      
713
  
Total assets
   
9,682
      
81,138
      
19,723
      
55,004
      
165,547
  
                                         
Year ended December 31, 2024:
                                        
Revenue
 
$
-
    
$
362,799
    
$
74,526
    
$
45,985
    
$
483,310
  
Labor costs (1)
   
1,324
      
338,326
      
63,105
      
27,000
      
429,755
  
Depreciation and amortization
    
68
      
678
      
354
      
1,271
      
2,371
  
Other costs and expenses
    
2,472
      
25,612
      
10,513
      
16,488
      
55,085
  
Net income (loss)
   
(3,864
)
    
(1,817
)
    
554
      
1,226
      
(3,901
)
Goodwill
   
-
      
633
      
-
      
-
      
633
  
Total assets
   
19,791
      
80,422
      
18,832
      
66,737
      
185,782
  
                                         
Year ended December 31, 2023:
                                        
Revenue
 
$
-
    
$
309,335
      
66,463
    
$
55,744
    
$
431,542
  
Labor costs (1)
   
1,091
      
284,083
      
56,346
      
29,507
      
371,027
  
Depreciation and amortization
    
5
      
904
      
307
      
1,463
      
2,679
  
Other costs and expenses
    
2,215
      
21,771
      
9,796
      
13,483
      
47,265
  
Net income (loss)
   
(3,311
)
    
2,577
      
14
      
11,291
      
10,571
  
Goodwill
   
-
      
668
      
-
      
-
      
668
  
Total assets
   
17,740
      
81,733
      
19,325
      
78,298
      
197,096
  
 
  (1)
Labor costs includes employee payroll, share-based compensation, bonus, and employee benefits, insurances and other.
 
The following table sets forth, for the periods indicated, revenue generated from customers by geographical area based on the geographical location of the customer’s invoicing address:
 
   
Year Ended December 31,
  
   
2025
    
2024
    
2023
  
Germany
 
$
158,224
    
$
128,278
    
$
114,176
  
Spain
   
130,258
      
113,177
      
82,217
  
The Netherlands
   
111,804
      
106,027
      
101,512
  
United States
   
93,008
      
97,000
      
99,765
  
Other countries
   
41,082
      
38,828
      
33,872
  
Total revenue
 
$
534,376
    
$
483,310
    
$
431,542
  

 

The following table sets forth, for the periods indicated, property and equipment, net of accumulated depreciation and amortization, by country:
 
   
December 31,
  
   
2025
    
2024
  
Germany
 
$
595
    
$
567
  
Spain
   
254
      
224
  
The Netherlands
   
1,810
      
1,101
  
United States
   
431
      
541
  
Other countries
   
1,537
      
2,233
  
Total property and equipment, net
 
$
4,757
    
$
4,666
  
 
Property and equipment, net, in other countries include $1,438 and $1,479 property and equipment in Israel, as of December 31, 2025 and 2024, respectively.