| Summary of Reportable Segments |
The below table presents results by segment for the three and six months ended June 30, 2025 and 2024:
Reportable Segments
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Revenues, net of discounts |
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Eastern Region(1) |
$ |
33,230 |
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$ |
32,363 |
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$ |
66,572 |
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$ |
62,589 |
Western Region(2) |
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1,955 |
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|
10,636 |
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|
6,734 |
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|
21,974 |
Total |
$ |
35,185 |
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$ |
42,999 |
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$ |
73,306 |
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$ |
84,563 |
Gross profit |
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Eastern Region |
$ |
15,227 |
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$ |
16,269 |
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$ |
32,131 |
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$ |
29,625 |
Western Region |
|
925 |
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|
4,421 |
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|
2,899 |
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|
8,266 |
Total |
$ |
16,152 |
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$ |
20,690 |
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$ |
35,030 |
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$ |
37,891 |
Operating expenses: |
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Selling, general and administrative expenses |
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Eastern Region |
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9,979 |
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8,274 |
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19,939 |
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|
17,071 |
Western Region |
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698 |
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2,316 |
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|
2,106 |
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|
4,617 |
Other |
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5,135 |
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4,315 |
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|
10,585 |
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|
9,101 |
Total |
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15,812 |
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|
14,905 |
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32,630 |
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|
30,789 |
Depreciation and amortization |
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Eastern Region |
$ |
3,420 |
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$ |
3,831 |
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$ |
6,986 |
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$ |
7,838 |
Western Region |
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541 |
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|
1,759 |
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|
1,081 |
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|
3,517 |
Other |
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119 |
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|
114 |
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|
232 |
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|
232 |
Total |
$ |
4,080 |
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$ |
5,704 |
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$ |
8,299 |
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$ |
11,587 |
Write-downs and other charges, net |
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Eastern Region |
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1,494 |
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|
102 |
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$ |
1,308 |
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$ |
118 |
Western Region |
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— |
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204 |
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— |
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265 |
Other |
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136 |
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— |
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173 |
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|
320 |
Total |
$ |
1,630 |
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$ |
306 |
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$ |
1,481 |
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$ |
703 |
Income (loss) from operations |
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Eastern Region |
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335 |
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4,062 |
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$ |
3,898 |
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$ |
4,599 |
Western Region |
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(314) |
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143 |
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(288) |
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(133) |
Other |
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(5,391) |
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(4,430) |
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(10,990) |
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(9,654) |
Total |
$ |
(5,370) |
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$ |
(225) |
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$ |
(7,380) |
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$ |
(5,188) |
Other income (expenses), net: |
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Eastern Region |
$ |
108 |
|
$ |
(1,046) |
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$ |
4,489 |
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$ |
(508) |
Western Region |
|
396 |
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(3,423) |
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28,682 |
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(3,698) |
Other |
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(9,721) |
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1,827 |
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(31,219) |
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(3,113) |
Total |
$ |
(9,217) |
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$ |
(2,642) |
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$ |
1,952 |
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$ |
(7,319) |
Income tax (benefit) expense |
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Eastern Region |
$ |
1,172 |
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$ |
8,247 |
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$ |
2,679 |
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$ |
9,577 |
Western Region |
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343 |
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|
1,267 |
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|
630 |
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1,667 |
Other |
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2,616 |
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(2,591) |
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4,831 |
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|
35 |
Total |
$ |
4,131 |
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$ |
6,923 |
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$ |
8,140 |
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$ |
11,279 |
Net income (loss) |
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Eastern Region |
$ |
(1,140) |
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$ |
(4,504) |
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$ |
5,020 |
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$ |
(5,485) |
Western Region |
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(261) |
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(4,864) |
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27,764 |
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(5,499) |
Other |
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(17,317) |
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(421) |
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(46,352) |
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(12,803) |
Total |
$ |
(18,718) |
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$ |
(9,789) |
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$ |
(13,568) |
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$ |
(23,787) |
(1)
Eastern region includes revenue from the sale of our new Cheetah brand of products in Illinois and Pennsylvania.
(2)
Western region no longer includes Nevada operations, as results were deconsolidated as of June 24, 2024.
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Supplemental segment disclosures: |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
Purchase of property, plant and equipment |
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Eastern Region |
$ |
3,614 |
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$ |
680 |
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$ |
8,132 |
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$ |
1,512 |
Western Region |
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(6) |
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|
83 |
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— |
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|
122 |
Other |
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4 |
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29 |
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|
256 |
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|
36 |
Total |
$ |
3,612 |
|
$ |
792 |
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$ |
8,388 |
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$ |
1,670 |
Purchase of other intangible assets |
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Eastern Region |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
Western Region |
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— |
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— |
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— |
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— |
Other |
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(52) |
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46 |
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73 |
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62 |
Total |
$ |
(52) |
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$ |
46 |
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$ |
73 |
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$ |
62 |
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As of June 30, |
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As of December 31, |
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2025 |
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2024 |
Assets |
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Eastern Region |
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$ |
222,028 |
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$ |
212,007 |
Western Region |
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22,140 |
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|
40,124 |
Other |
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24,508 |
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|
18,912 |
Total |
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$ |
268,676 |
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$ |
271,043 |
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