Quarterly report pursuant to Section 13 or 15(d)

Significant Customer and Industry Segment Information

v3.22.2
Significant Customer and Industry Segment Information
3 Months Ended
Jun. 25, 2022
Segment Reporting [Abstract]  
Significant Customer and Industry Segment Information

Note 13. Significant Customer and Industry Segment Information

The Company has two reportable segments: Microsource and the Giga-tronics Division. Microsource’s primary business is the design of custom Microwave Integrated Components (“MIC”) as well as the production of MIC components using chip and wire assembly methods. Microsource offers a line of tunable, synthesized Band Reject Filters for solving interference problems in Radar/Electronic Warfare (“RADAR/EW”) applications. Self-protection systems onboard high-performance military aircraft often require RADAR filters to block electromagnetic interference generated by other onboard electronic systems, primarily from the aircraft’s main RADAR system. These high-speed, tunable notch filters can quickly block interference from both continuous wave and wide bandwidth emissions. Using proprietary driver and phase lock technology, these filters offer tuning speeds that are up to ten times faster than traditional filter designs. We design these filters specifically for each application. Microsource’s two largest customers are prime contractors for which it develops and manufactures RADAR filters used in fighter jet aircraft.

The Giga-tronics Division designs, manufactures and markets a family of functional test products for the RADAR/EW segment of the defense electronics market. Our RADAR/EW test products are used to evaluate and improve the performance of RADAR/EW systems.

The table below presents information for the two reportable segments (In thousands):

 

 

 

Three Month Period Ended June 25, 2022

 

 

Three Month Period Ended June 26, 2021

 

Description

 

Giga-tronics
Division

 

 

Microsource

 

 

Total

 

 

Giga-tronics
Division

 

 

Microsource

 

 

Total

 

Revenue

 

$

1,167

 

 

$

763

 

 

$

1,930

 

 

$

51

 

 

$

1,999

 

 

$

2,050

 

Interest expense and other, net

 

$

(33

)

 

$

 

 

$

(33

)

 

$

(3

)

 

$

 

 

$

(3

)

Depreciation and amortization

 

$

39

 

 

$

 

 

$

39

 

 

$

52

 

 

$

 

 

$

52

 

Net loss

 

$

(387

)

 

$

(859

)

 

$

(1,246

)

 

$

(824

)

 

$

10

 

 

$

(814

)

Assets (at period end)

 

$

6,277

 

 

$

1,955

 

 

$

8,232

 

 

$

5,640

 

 

$

2,571

 

 

$

8,211

 

 

During the first quarter of fiscal 2023, one customer accounted for 41% of the Company’s consolidated revenues and was included in the Giga-tronics Division segment. A second customer accounted for 37% of the Company’s consolidated revenues and was included in the Microsource segment. A third customer accounted for 15% of the Company’s consolidated revenues and was included in the Giga-tronics Division segment.

During the first quarter of fiscal 2022, one customer accounted for 85% of the Company’s consolidated revenues and was included in the Microsource segment. A second customer accounted for 14% of the Company’s consolidated revenues and was included in the Microsource segment.