Annual report [Section 13 and 15(d), not S-K Item 405]

Discontinued Operations (Tables)

v3.26.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule Of Discontinued Operations

  

   

December 31, 2025

    

December 31, 2024

  
Assets held for sale                
Cash and cash equivalents   $ —     $ —  
Accounts receivable, net     4,720       4,339  
Non-trade receivable     13,410       7,119  
Related party receivable     —       181  
Inventory     6,911       10,621  
Prepaid expenses and other current assets     1,889       4,562  
Total current assets held for sale     26,930       26,822  
Property and equipment, net     105       227  
Contract fulfillment assets     11,605       6,399  
Other assets     322       500  
Total non-current assets held for sale    

12,032

      

7,126

  
Total assets held for sale   $ 38,962     $ 33,948  
Liabilities held for sale                
Accounts payable     28,349       22,110  
Accrued liabilities     9,708       20,642  
Total liabilities held for sale   $ 38,057     $ 42,752  

 

DISCONTINUED OPERTATIONS

CONSOLIDATED STATEMENTS OF OPERATIONS

YEARS ENDED DECEMBER 31, 2025 and 2024

(IN THOUSANDS)

 

    2025     2024  
Net revenues   $ 56,894     $ 50,919  
Related party net revenues     —       7,379  
Total net revenues     56,894       58,298  
Cost of revenues     48,672       48,378  
Gross profit     8,209       9,920  
Operating expenses                
Research and development     3,046       14,235  
Sales and marketing     11,602       12,962  
General and administrative     7,292       9,284  
Impairment of contract fulfillment assets     103       3,464  
Restructuring charges     —       514  
Total operating expenses     22,043       40,459  
Net income (loss) from operations     (13,834 )     (30,539 )
Other income (expense)     (14 )     —  
Loss before income Tax expense     (13,848 )     (30,539 )
Income tax benefit (expense)     1,146       (226 )
Net loss from discontinued operations   $ (12,702 )   $ (30,765 )

 

 

DISCONTINUED OPERATIONS

CONSOLIDATED STATEMENT OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2025 and 2024

(IN THOUSANDS)

 

    2025     2024  
Cash flows from operating activities for discontinued operations:                
Net loss   $ (12,702 )   $ (30,765 )
Adjustments to reconcile net loss to net cash used in operating activities:                
Depreciation and amortization     4,300       3,557  
Stock-based compensation     1,541       1,525  
Release of customer allowance liability     (6,207 )     —  
Provision for credit losses     —       2,295  
Inventory write-downs     —       887  
Impairment of contract fulfillment assets     2,068       6,484  
Other     358       110  
Changes in operating assets and liabilities:                
Accounts receivable     (1,111 )     7,362  
Non-trade receivable     (5,883 )     (6,158 )
Related party receivable     181       (181 )
Inventory     3,849       (4,991 )
Prepaid expenses and other current assets     2,114       (2,948 )
Contract fulfillment assets     (11,314 )     (7,137 )
Other assets     178       1,990  
Accounts payable     6,239       13,683  
Accrued liabilities     (2,412 )     8,001  
Income tax payable     —       —  
Net cash used in operating activities from discontinued operations     (18,801 )     (5,774 )
Cash flows from investing activities from discontinued operations:     —       -   
Purchase of property and equipment     —       (214 )
Net cash used in investing activities from discontinued operations     —       (214 )
Supplemental disclosure of cash flow information from discontinued operations:                
Non-cash activities from discontinued operations:                
Accrued bonus settled in equity   $ 1,215     $ —  
Receivables transferred to satisfy payables   $ —     $ 11,308  

 

The Company ceased depreciation and amortization on the property, plant, and equipment and intangible assets included in the Disposal Group starting on December 31, 2025.