Quarterly report [Sections 13 or 15(d)]

Note 18 - Concentrations

v3.25.2
Note 18 - Concentrations
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]

Note 18. Concentrations

 

e-Commerce Operations concentrations:

 

Customers:

 

Amazon accounted for 31.1% and 38.4% of the revenues for the e-Commerce Operations reportable segment during the six months ended June 30, 2025 and 2024, respectively. No other customer accounted for 10% or more of the e-Commerce Operations reportable segment revenues for either period.

 

Suppliers:

 

The following table sets forth information as to each supplier that accounted for 10% or more of the purchases related to e-Commerce Operations for the three and six months ended June 30, 2025 and 2024 (in thousands):

 

 

For the Three Months Ended June 30,

  
 

2025

  

2024

  
 

Amount

% of Total Purchases

 

Amount

% of Total Purchases

 

Iridium Satellite

 $ 591   19.0 % $ 331   13.5 %

Globalstar

 $ 405   13.0 % $ —   — %

 

   

For the Six Months Ended June 30,

  
   

2025

    

2024

  
   

Amount

    

% of Total Purchases

   

Amount

    

% of Total Purchases

 

Iridium Satellite

   $ 1,388       23.8 %   $ 902       19.8 %

Garmin

   $ 839       14.4 %   $ 464       10.2 %

Globalstar

   $ 619       10.6 %   $ —       — %

 

Geographic:

 

The following table sets forth revenue as to each geographic location (in thousands):

 

   

For the Three Months Ended June 30,

  
   

2025

    

2024

  
   

Amount

    

% of Total

    

Amount

    

% of Total

  

Europe

   $ 1,993       48.4 %   $ 1,797       51.2 %

North America

     1,284       31.2 %     1,293       36.8 %

Asia and Pacific

     641       15.6 %     390       11.1 %

Africa

     188       4.6 %     25       0.7 %

South America

     14       0.3 %     7       0.2 %
    $ 4,120       100 %   $ 3,512       100 %

 

   

For the Six Months Ended June 30,

  
   

2025

    

2024

  
   

Amount

    

% of Total

    

Amount

    

% of Total

  

Europe

   $ 3,499       49.1 %   $ 3,279       51.4 %

North America

     2,339       32.8 %     1,757       27.6 %

Asia and Pacific

     1,032       14.5 %     803       12.6 %

Africa

     234       3.3 %     508       8.0 %

South America

     22       0.3 %     30       0.5 %
    $ 7,126       100 %   $ 6,377       100 %

 

Healthcare operations concentrations:

 

Suppliers:

 

Progressive Care had significant concentrations with one vendor. The purchases from this significant vendor were 96.9% of total vendor purchases for the six months ended June 30, 2025.

 

Customers:

 

Progressive Care’s trade receivables are primarily from prescription medications billed to various insurance providers. Ultimately, the insured is responsible for payment should the insurance company not reimburse Progressive Care.

 

Progressive Care generated reimbursements from three significant PBMs for the six months ended June 30, 2025 as follows:

 

   

Six Months Ended June 30, 2025

  

A

     28 %

B

     17 %

C

     15 %