v3.25.2
Business Combinations (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination [Line Items]  
Summarizes Unaudited Pro Forma Consolidated Revenue

The following table summarizes the unaudited pro forma consolidated revenue as if each of the 2025 acquisitions had been completed on January 1, 2024 (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

23,002

 

 

$

19,244

 

 

$

36,922

 

 

$

32,841

 

 
ID Quantique SA [Member]  
Business Combination [Line Items]  
Summary of Components of Purchase Consideration

The following table summarizes the components of the purchase consideration to acquire IDQ (in thousands):

 

Fair value of common stock issued(1)

 

$

115,764

 

Fair value of equity awards(2)

 

 

3,153

 

Total purchase consideration

 

$

118,917

 

 

(1)
Reflects 4,215,740 shares of the Company’s common stock issued in the acquisition, multiplied by the closing price of the Company’s common stock on the closing date. These shares are inclusive of 902,160 shares held in escrow. The escrow shares are expected to be released within 18 months after the close of the acquisition, subject to reductions for indemnities and working capital adjustments.
Reflects the conversion and issuance of certain equity awards, including stock options. Refer to Note 14 for further details on the Company’s share-based compensation awards, including awards issued in connection with acquisitions.
Summary of Preliminary Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of IDQ's assets acquired and liabilities assumed as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

Cash and cash equivalents

 

$

9,963

 

Accounts receivable

 

 

4,616

 

Prepaid expenses and other current assets

 

 

9,759

 

Property and equipment

 

 

978

 

Operating lease right-of-use assets

 

 

2,246

 

Intangible assets

 

 

42,751

 

Goodwill

 

 

84,608

 

Other noncurrent assets

 

 

972

 

Accounts payable

 

 

(2,223

)

Accrued expenses and other current liabilities

 

 

(3,810

)

Operating lease liabilities

 

 

(2,245

)

Unearned revenue

 

 

(7,150

)

Other noncurrent liabilities

 

 

(4,630

)

Noncontrolling interest

 

 

(16,918

)

Total fair value of net assets acquired

 

$

118,917

 

 

 
Lightsynq Technologies Inc. [Member]  
Business Combination [Line Items]  
Summary of Components of Purchase Consideration

The following table summarizes the components of the purchase consideration to acquire Lightsynq (in thousands):

 

Cash

 

$

100

 

Fair value of common stock issued(1)

 

 

250,127

 

Fair value of equity awards(2)

 

 

56,604

 

Total purchase consideration

 

$

306,831

 

 

(1)
Reflects 6,200,474 shares of the Company’s common stock issued in the acquisition, multiplied by the closing price of the Company’s common stock on the closing date. These shares are inclusive of 646,986 shares held in escrow. The escrow shares are expected to be released within 12 months after the close of the acquisition, subject to reductions for indemnities and working capital adjustments.
Reflects the conversion and issuance of certain equity awards, including stock options. Refer to Note 14 for further details on the Company’s share-based compensation awards, including awards issued in connection with acquisitions.
Summary of Preliminary Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of Lightsynq's assets acquired and liabilities assumed as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

Cash and cash equivalents

 

$

16,854

 

Prepaid expenses and other current assets

 

 

123

 

Property and equipment

 

 

6,476

 

Intangible assets

 

 

61,200

 

Goodwill

 

 

242,260

 

Accounts payable

 

 

(161

)

Accrued expenses and other current liabilities

 

 

(4,621

)

Deferred tax liabilities

 

 

(15,300

)

Total fair value of net assets acquired

 

$

306,831

 

 
Market Intelligence Business [Member]  
Business Combination [Line Items]  
Summary of Preliminary Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

Cash and cash equivalents

 

$

1,950

 

Accounts receivable

 

 

559

 

Prepaid expenses and other current assets

 

 

41

 

Intangible assets

 

 

13,400

 

Goodwill

 

 

30,092

 

Accounts payable

 

 

(769

)

Accrued expenses and other current liabilities

 

 

(117

)

Unearned revenue

 

 

(997

)

Deferred tax liabilities

 

 

(3,550

)

Total fair value of net assets acquired

 

$

40,609

 

 
Qubitekk Federal, LLC [Member]  
Business Combination [Line Items]  
Summary of Preliminary Fair Value of Assets Acquired and Liabilities Assumed The following table summarizes the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, including measurement period adjustments, as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

 

Measurement Period Adjustments

 

 

Updated Preliminary Fair Value

 

Accounts receivable

 

$

400

 

 

$

(24

)

 

$

376

 

Prepaid expenses and other current assets

 

 

531

 

 

 

340

 

 

 

871

 

Intangible assets

 

 

11,900

 

 

 

(1,050

)

 

 

10,850

 

Goodwill

 

 

9,220

 

 

 

759

 

 

 

9,979

 

Other noncurrent assets

 

 

3

 

 

 

—

 

 

 

3

 

Unearned revenue

 

 

—

 

 

 

(25

)

 

 

(25

)

Total fair value of net assets acquired

 

$

22,054

 

 

$

—

 

 

$

22,054