v3.25.3
Business Segment Data (Q2)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Segment Reporting [Abstract]    
Business Segment Data
Note 17. Business Segment Data
The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”) of the Company. The CODM makes operating decisions, allocates resources and assesses performance based on review of historical and potential future product sales, operating expenses, and net income (loss).
Based on the information utilized by the CODM to operate the Company, there is one operating segment and reportable segment, Technology. The Technology segment includes the business activities of Accelsius, a consolidated subsidiary focused on development and manufacture of data center cooling products. Other components of the Company’s consolidated information primarily include operations relating to the original platform business, service activities, Refinity, and equity method investment activities (“Other”).
The following table presents information about the Company’s Technology segment for the three and six months ended June 30, 2025 (Successor) and the three and six months ended June 30, 2024 (Predecessor). The information includes the significant expense categories and amounts regularly provided to the CODM for the reportable segment, which may reflect a different presentation than amounts presented elsewhere in the condensed consolidated financial statements. Inter-segment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the Technology segment.

 
 
 
 
 
 
 
 
 
 
Three months ended
 
 
Six months ended
 
 
 
June 30, 2025
(Successor)
 
 
June 30, 2024
(Predecessor)
 
 
June 30, 2025
(Successor)
 
 
June 30, 2024
(Predecessor)
Revenue
 
 
$254
 
 
$—
 
 
$255
 
 
$—
Interest income
 
 
—
 
 
—
 
 
4
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
 
 
$2,861
 
 
$—
 
 
$3,045
 
 
$—
Employee costs
 
 
3,517
 
 
2,701
 
 
7,804
 
 
5,330
Facilities, equipment & supplies
 
 
80
 
 
181
 
 
461
 
 
399
General and administrative
 
 
840
 
 
143
 
 
3,235
 
 
286
Outside services
 
 
501
 
 
175
 
 
809
 
 
412
Research and development
 
 
3,678
 
 
690
 
 
8,023
 
 
1,343
Sales and marketing
 
 
148
 
 
194
 
 
432
 
 
357
Depreciation expense *
 
 
156
 
 
64
 
 
301
 
 
69
Interest expense
 
 
190
 
 
55
 
 
317
 
 
491
Income tax expense (benefit)
 
 
(2,645)
 
 
—
 
 
(4,104)
 
 
—
Goodwill impairment
 
 
113,344
 
 
—
 
 
346,557
 
 
—
Other **
 
 
91
 
 
106
 
 
195
 
 
1,750
Total Expenses
 
 
$122,761
 
 
$4,309
 
 
$367,075
 
 
$10,437
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Loss
 
 
$(122,507)
 
 
$(4,309)
 
 
$(366,816)
 
 
$(10,437)
 
 
 
 
 
 
 
 
 
 
 
 
 

*
Represents depreciation expense not already included in Cost of sales.
**
Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous expenses.
The following table reconciles the reportable segment to amounts reflected in our condensed consolidated financial statements.

 
 
 
 
 
 
 
 
 
 
Three months ended
 
 
Six months ended
 
 
 
June 30, 2025
(Successor)
 
 
June 30, 2024
(Predecessor)
 
 
June 30, 2025
(Successor)
 
 
June 30, 2024
(Predecessor)
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Technology
 
 
$254
 
 
$—
 
 
$255
 
 
$—
Other
 
 
249
 
 
250
 
 
499
 
 
501
Elimination of management services provided to Technology
 
 
(27)
 
 
(27)
 
 
(54)
 
 
(54)
Consolidated Revenues
 
 
$476
 
 
$223
 
 
$700
 
 
$447
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
 
Six months ended
 
 
 
June 30, 2025
(Successor)
 
 
June 30, 2024
(Predecessor)
 
 
June 30, 2025
(Successor)
 
 
June 30, 2024
(Predecessor)
Interest Expense:
 
 
 
 
 
 
 
 
 
 
 
 
Technology
 
 
$190
 
 
$55
 
 
$317
 
 
$491
Other
 
 
2,747
 
 
44
 
 
4,382
 
 
99
Consolidated Interest Expense
 
 
$2,937
 
 
$99
 
 
$4,699
 
 
$590
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Income:
 
 
 
 
 
 
 
 
 
 
 
 
Technology
 
 
$—
 
 
$—
 
 
$4
 
 
$—
Other
 
 
290
 
 
56
 
 
510
 
 
142
Consolidated Interest Income
 
 
$290
 
 
$56
 
 
$514
 
 
$142
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and Amortization Expense:
 
 
 
 
 
 
 
 
 
 
 
 
Technology
 
 
$5,629
 
 
$64
 
 
$11,177
 
 
$69
Other
 
 
5
 
 
—
 
 
5
 
 
—
Consolidated Depreciation and Amortization Expense
 
 
$5,634
 
 
$64
 
 
$11,182
 
 
$69
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Loss:
 
 
 
 
 
 
 
 
 
 
 
 
Technology
 
 
$(122,508)
 
 
$(4,309)
 
 
$(366,817)
 
 
$(10,437)
Other
 
 
(18,767)
 
 
(7,005)
 
 
(28,132)
 
 
(8,403)
Consolidated Net Loss
 
 
$(141,275)
 
 
$(11,314)
 
 
$(394,949)
 
 
$(18,840)
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures:
 
 
 
 
 
 
 
 
 
 
 
 
Technology
 
 
$15
 
 
$66
 
 
$932
 
 
$706
Other
 
 
—
 
 
—
 
 
—
 
 
—
Consolidated Capital Expenditures
 
 
$15
 
 
$66
 
 
$932
 
 
$706
 
 
 
 
 
 
 
 
 
 
 
 
 
All long-lived assets are located entirely in the United States. Segment assets are not reviewed by the CODM and therefore are not disclosed.
Note 20. Business Segment Data
The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”) of the Company. The CODM makes operating decisions, allocates resources and assesses performance based on review of historical and potential future product sales, operating expenses, and net income (loss).
Based on the information utilized by the CODM to operate the Company, there is one operating segment and reportable segment, Technology. The Technology segment includes the business activities of Accelsius, a consolidated subsidiary focused on development and manufacture of data center cooling products. Other components of the Company’s consolidated information primarily include operations relating to the original platform business, service activities, Refinity, and equity method investment activities (“Other”).
The following table presents information about the Company’s Technology segment for the Successor period from October 2, 2024 through December 31, 2024, the Predecessor period from January 1, 2024 through October 1, 2024, and for the Predecessor year ended December 31, 2023. The information includes the significant expense categories and amounts regularly provided to the CODM for the reportable segment, which may reflect a different presentation than amounts presented elsewhere in the consolidated financial statements. Inter-segment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the Technology segment.
 
 
 
 
 
 
 
 
 
 
Successor
 
 
Predecessor
 
 
 
October 2, 2024
through
December 31, 2024
 
 
January 1, 2024
through
October 1, 2024
 
 
Year ended
December 31, 2023
Revenue from external customers
 
 
$233
 
 
$95
 
 
$—
Interest income
 
 
—
 
 
7
 
 
14
Cost of sales
 
 
$3,752
 
 
$777
 
 
$—
Employee costs
 
 
3,933
 
 
8,076
 
 
6,849
Facilities, equipment & supplies
 
 
121
 
 
581
 
 
499
General and administrative
 
 
751
 
 
398
 
 
296
Outside services
 
 
390
 
 
842
 
 
844
Research and development
 
 
3,224
 
 
2,711
 
 
1,443
Sales and marketing
 
 
193
 
 
442
 
 
288
Depreciation expense*
 
 
6
 
 
99
 
 
8
Interest expense
 
 
90
 
 
564
 
 
1,039
Income tax expense (benefit)
 
 
(3,637)
 
 
432
 
 
—
Other**
 
 
168
 
 
1,832
 
 
(635)
Total Expenses
 
 
$8,991
 
 
$16,754
 
 
$10,631
Net Loss
 
 
$(8,758)
 
 
$(16,652)
 
 
$(10,617)
 
 
 
 
 
 
 
 
 
 

*
Represents depreciation not already included in Cost of sales.
**
Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous expenses.
The following table reconciles the reportable segment to amounts reflected in our consolidated financial statements.

 
 
 
 
 
 
 
 
 
 
Successor
 
 
Predecessor
 
 
 
October 2, 2024
through
December 31, 2024
 
 
January 1, 2024
through
October 1, 2024
 
 
Year ended
December 31, 2023
Revenues:
 
 
 
 
 
 
 
 
 
Technology
 
 
$233
 
 
$95
 
 
$—
Other
 
 
250
 
 
750
 
 
1,198
Elimination of management services provided to Technology
 
 
(27)
 
 
(81)
 
 
(81)
Consolidated Revenues
 
 
$456
 
 
$764
 
 
$1,117
 
 
 
 
 
 
 
 
 
 
Interest Expense:
 
 
 
 
 
 
 
 
 
Technology
 
 
$90
 
 
$564
 
 
$1,039
Other
 
 
1,240
 
 
1,069
 
 
328
Consolidated Interest Expense
 
 
$1,330
 
 
$1,633
 
 
$1,367
 
 
 
 
 
 
 
 
 
 
Interest Income:
 
 
 
 
 
 
 
 
 
Technology
 
 
$—
 
 
$7
 
 
$14
Other
 
 
198
 
 
326
 
 
129
Consolidated Interest Income
 
 
$198
 
 
$333
 
 
$143
 
 
 
 
 
 
 
 
 
 
Depreciation and Amortization Expense:
 
 
 
 
 
 
 
 
 
Technology
 
 
$5,455
 
 
$146
 
 
$8
Other
 
 
—
 
 
—
 
 
—
Consolidated Depreciation and Amortization Expense
 
 
$5,455
 
 
$146
 
 
$8
 
 
 
 
 
 
 
 
 
 
Net Loss:
 
 
 
 
 
 
 
 
 
Technology
 
 
$(8,758)
 
 
$(16,652)
 
 
$(10,617)
Other
 
 
(61,335)
 
 
(11,546)
 
 
(20,367)
Consolidated Net Loss
 
 
$(70,093)
 
 
$(28,198)
 
 
$(30,984)
 
 
 
 
 
 
 
 
 
 
Capital Expenditures:
 
 
 
 
 
 
 
 
 
Technology
 
 
$266
 
 
$736
 
 
$645
Other
 
 
—
 
 
—
 
 
—
Consolidated Capital Expenditures
 
 
$266
 
 
$736
 
 
$645
 
 
 
 
 
 
 
 
 
 
All long-lived assets are located entirely in the United States of America (USA). Segment assets are not reviewed by the CODM and therefore are not disclosed.