In connection with the Company's acquisition of 51% ownership of PET Labs in October 2023, the Company manufactures and sells nuclear medical doses for PET scanning in South Africa. The Company recognized revenue of $1,198,345 and $1,022,299 for the three months ended June 30, 2025 and 2024, respectively, and $2,299,950 and $1,862,653 for the six months ended June 30, 2025 and 2024, respectively.

Beginning in 2024, primarily as a result of increased business activities of its subsidiary, Quantum Leap Energy LLC, the Company has two operating segments: (i) nuclear fuels, and (ii) specialist isotopes and related services.

The nuclear fuels segment is focused on research and development of technologies and methods used to produce high-assay low-enriched uranium (HALEU) and Lithium-6 for the advanced nuclear fuels target end market.

The specialist isotopes and related services segment is focused on research and development of technologies and methods used to separate high-value, low-volume isotopes (such as C-14, Mo-100 and Si-28) for highly specialized target end markets other than advanced nuclear fuels, including pharmaceuticals and agrochemicals, nuclear medical imaging and semiconductors, as well as services related to these isotopes, and this segment includes PET Labs.

The Company’s chief operating decision maker (“CODM”) is its chief executive officer. The segment revenue and segment net loss is regularly reviewed by the CODM in deciding how to allocate resources. The Company manages assets on a total company basis, not by operating segment, as the assets are shared or commingled. Therefore, the CODM does not regularly review any asset information by operating segment and, accordingly, asset information is not reported on a segment basis.

A reconciliation of total segment revenue to total consolidated revenue and of total segment gross profit and segment operating income to total consolidated income before income taxes, for the three months ended June 30, 2025 and 2024, is as follows:


	Three Months Ended June 30, 2025
	Specialist isotopes and related services			Nuclear fuels			Corporate			Total
Sales from external customers	$	1,198,345		$	—		$	—		$	1,198,345
Less: cost of sales		(626,247	)		—			—			(626,247	)
Segment gross profit		572,098			—			—			572,098
Personnel expenses		4,451,837			2,440,753			—			6,892,590
Professional fees		2,387,459			461,395			—			2,848,854
Other segment expenses		2,546,036			253,204			—			2,799,240
Segment operating loss		(8,813,234	)		(3,155,352	)		—			(11,968,586	)
Foreign exchange transaction gain		—			—			(37,047	)		(37,047	)
Change in fair value of share liability		—			—			(141,769	)		(141,769	)
Change in fair value of convertible notes payable		—			(63,757,723	)		—			(63,757,723	)
Interest income (expense), net		641,358			201,846			—			843,204
Loss before income tax expense	$	(8,171,876	)	$	(66,711,229	)	$	(178,816	)	$	(75,061,921	)


	Three Months Ended June 30, 2024
	Specialist isotopes and related services			Nuclear fuels			Corporate		Total
Sales from external customers	$	1,022,299		$	—		$	—	$	1,022,299
Less: cost of sales		(601,275	)		—			—		(601,275	)
Segment gross profit		421,024			—			—		421,024
Personnel expenses		3,300,621			460,808			—		3,761,429
Professional fees		1,939,382			(466,887	)		—		1,472,495
Other segment expenses		1,312,161			1,332,395			—		2,644,556
Segment operating loss		(6,131,140	)		(1,326,316	)		—		(7,457,456	)
Foreign exchange transaction gain		—			—			26,147		26,147
Change in fair value of share liability		—			—			164,000		164,000
Change in fair value of convertible notes payable		—			(1,574,816	)		—		(1,574,816	)
Interest income (expense), net		(25,548	)		—			—		(25,548	)
Loss before income tax expense	$	(6,156,688	)	$	(2,901,132	)	$	190,147	$	(8,867,673	)

A reconciliation of total segment revenue to total consolidated revenue and of total segment gross profit and segment operating income to total consolidated income before income taxes, for the six months ended June 30, 2025 and 2024, is as follows:


	Six Months Ended June 30, 2025
	Specialist isotopes and related services			Nuclear fuels			Corporate			Total
Sales from external customers	$	2,299,950		$	—		$	—		$	2,299,950
Less: cost of sales		(1,401,012	)		—			—			(1,401,012	)
Segment gross profit		898,938			—			—			898,938
Personnel expenses		7,751,878			3,031,996			—			10,783,874
Professional fees		4,166,442			837,424			—			5,003,866
Other segment expenses		4,434,525			597,595			—			5,032,120
Segment operating loss		(15,453,907	)		(4,467,015	)		—			(19,920,922	)
Foreign exchange transaction gain		—			—			(98,517	)		(98,517	)
Change in fair value of share liability		—			—			(129,269	)		(129,269	)
Change in fair value of convertible notes payable		—			(64,715,131	)		—			(64,715,131	)
Interest income (expense), net		892,498			377,268			—			1,269,766
Loss before income tax expense	$	(14,561,409	)	$	(68,804,878	)	$	(227,786	)	$	(83,594,073	)


	Six Months Ended June 30, 2024
	Specialist isotopes and related services			Nuclear fuels			Corporate			Total
Sales from external customers	$	1,862,653		$	—		$	—		$	1,862,653
Less: cost of sales		(1,162,759	)		—			—			(1,162,759	)
Segment gross profit		699,894			—			—			699,894
Personnel expenses		5,907,066			460,808			—			6,367,874
Professional fees		3,188,364			643,301			—			3,831,665
Other segment expenses		2,440,226			1,332,395			—			3,772,621
Segment operating loss		(10,835,762	)		(2,436,504	)		—			(13,272,266	)
Foreign exchange transaction gain		—			—			1,804			1,804
Change in fair value of share liability		—			—			(54,000	)		(54,000	)
Change in fair value of convertible notes payable		—			(2,528,526	)		—			(2,528,526	)
Interest income (expense), net		(27,148	)		—			—			(27,148	)
Loss before income tax expense	$	(10,862,910	)	$	(4,965,030	)	$	(52,196	)	$	(15,880,136	)