v3.25.2
Reportable Segment
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Reportable Segment Reportable Segment
The Company operates as one operating segment and therefore one reportable segment, focused on integrated solutions to customers based on its proprietary technology. The determination of the Company’s reportable segment is consistent with the financial information regularly reviewed by the chief operating decision maker (“CODM”) for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. The Company’s chief operating decision maker is its Chief Executive Officer.
The Company’s single operating segment generates revenues from its three business lines: (1) biorefining, (2) JDA, contract research, and (3) CarbonSmart sales, all of which share the Company’s technology platforms, research and development infrastructure, and operational resources. Operations and strategies are centralized across the business lines and geographic regions. While the Company operates in various countries, its financial results and operations are viewed on a global basis.
The CODM primarily uses revenue and net loss as reported on the consolidated statements of operations, as the measure of profit or loss to allocate resources during the annual budget and forecasting process. The CODM also uses consolidated net loss, along with financial and non-financial inputs, to evaluate the Company’s performance, and make strategic decisions related to headcount and capital expenditures on a consolidated basis.
The measure of segment assets is reported on the balance sheet as total assets. The CODM does not review segment assets at a level other than that presented in the Company’s consolidated balance sheets. The table below presents the Company’s consolidated operating results including significant segment expenses:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Consolidated Revenues
$9,084 $17,375 $18,567 $27,619 
Less
Consolidated Cost of Sales
6,230 5,491 13,743 12,261 
Salaries and benefits expenses1
15,517 21,217 33,180 41,725 
External service providers1
13,266 7,947 22,850 10,856 
Other Operating expenses (net of recharges)
6,312 5,522 12,088 11,733 
Net loss from operations
$(32,241)$(22,802)$(63,294)$(48,956)
Other expenses, net
3,077 (3,278)21,433 (1,951)
Loss from equity method investees, net
(3,335)(1,719)(9,867)(2,400)
Net Loss
$(32,499)$(27,799)$(51,728)$(53,307)
(1) Includes those salaries and benefits and external service providers expenses recharged into cost of sales.
For disaggregation of the Company’s revenues by customer location and contract type, see Note 4 - Revenues and for major customers, see Note 2 - Summary of Significant Accounting Policies. As of June 30, 2025, property plant and equipment, net of depreciation, was $19,215 and associated expenditure during the six months ended June 30, 2025 was $853