| Schedule of Income Statements by Segment, Significant Segment Expenses, and Segment Assets |
The
Company’s income statements by segment, significant segment expenses, and segment assets are presented below (in thousands):
| |
|
Year
Ended December 31, 2025 |
|
| |
|
Deep
Isolation US
& EMEA |
|
|
Freestone |
|
|
Total |
|
| Revenues |
|
$ |
2,494 |
|
|
$ |
3,642 |
|
|
$ |
6,136 |
|
| Cost of services |
|
|
1,093 |
|
|
|
1,541 |
|
|
|
2,634 |
|
| Depreciation and amortization expense |
|
|
1 |
|
|
|
114 |
|
|
|
115 |
|
| Selling, general and administrative expenses |
|
|
7,232 |
|
|
|
1,521 |
|
|
|
8,753 |
|
| Research and development costs |
|
|
404 |
|
|
|
- |
|
|
|
404 |
|
| Operating (loss) income |
|
$ |
(6,236 |
) |
|
$ |
466 |
|
|
$ |
(5,770 |
) |
| Other income, net |
|
|
433 |
|
|
|
2 |
|
|
|
435 |
|
| Segment (loss) income before income
tax |
|
$ |
(5,803 |
) |
|
$ |
468 |
|
|
$ |
(5,335 |
) |
| Income tax expense |
|
|
1 |
|
|
|
- |
|
|
|
1 |
|
| Segment (loss) income |
|
$ |
(5,804 |
) |
|
$ |
468 |
|
|
$ |
(5,336 |
) |
| |
|
As
of December 31, 2025 |
|
| |
|
Deep
Isolation US
& EMEA |
|
|
Freestone |
|
|
Total |
|
| Cash and cash equivalents |
|
$ |
25,926 |
|
|
$ |
1,508 |
|
|
$ |
27,434 |
|
| Accounts receivable, net |
|
|
140 |
|
|
|
299 |
|
|
|
439 |
|
| Contract assets |
|
|
44 |
|
|
|
231 |
|
|
|
275 |
|
| Other current assets |
|
|
641 |
|
|
|
31 |
|
|
|
672 |
|
| Property, plant and equipment, net |
|
|
66 |
|
|
|
62 |
|
|
|
128 |
|
| Intangible assets, net |
|
|
- |
|
|
|
73 |
|
|
|
73 |
|
| Finance lease right-of-use assets |
|
|
- |
|
|
|
11 |
|
|
|
11 |
|
| Operating lease right-of-use assets |
|
|
- |
|
|
|
269 |
|
|
|
269 |
|
| Other non-current assets |
|
|
140 |
|
|
|
- |
|
|
|
140 |
|
| Goodwill |
|
|
- |
|
|
|
182 |
|
|
|
182 |
|
| |
|
Year
Ended December 31, 2024 |
|
| |
|
Deep
Isolation US
& EMEA |
|
|
Freestone |
|
|
Total |
|
| Revenues |
|
$ |
2,877 |
|
|
$ |
4,176 |
|
|
$ |
7,053 |
|
| Cost of services |
|
|
1,841 |
|
|
|
1,824 |
|
|
|
3,665 |
|
| Depreciation and amortization expense |
|
|
2 |
|
|
|
108 |
|
|
|
110 |
|
| Selling, general and administrative expenses |
|
|
2,886 |
|
|
|
1,256 |
|
|
|
4,142 |
|
| Research and development costs |
|
|
202 |
|
|
|
- |
|
|
|
202 |
|
| Operating (loss) income |
|
$ |
(2,054 |
) |
|
$ |
988 |
|
|
$ |
(1,066 |
) |
| Other income/(expense), net |
|
|
182 |
|
|
|
(109 |
) |
|
|
73 |
|
| Segment (loss) income before income tax |
|
$ |
(1,872 |
) |
|
$ |
879 |
|
|
$ |
(993 |
) |
| Income tax (benefit) expense |
|
|
1 |
|
|
|
- |
|
|
|
1 |
|
| Segment (loss) income |
|
$ |
(1,873 |
) |
|
$ |
879 |
|
|
$ |
(994 |
) |
| |
|
As
of December 31, 2024 |
|
| |
|
Deep
Isolation US
& EMEA |
|
|
Freestone |
|
|
Total |
|
| Cash and cash equivalents |
|
$ |
944 |
|
|
$ |
1,205 |
|
|
$ |
2,149 |
|
| Accounts receivable, net |
|
|
348 |
|
|
|
651 |
|
|
|
999 |
|
| Contract assets |
|
|
20 |
|
|
|
91 |
|
|
|
111 |
|
| Other current assets |
|
|
50 |
|
|
|
30 |
|
|
|
80 |
|
| Property, plant and equipment, net |
|
|
3 |
|
|
|
52 |
|
|
|
55 |
|
| Intangible assets, net |
|
|
- |
|
|
|
153 |
|
|
|
153 |
|
| Finance lease right-of use assets |
|
|
- |
|
|
|
14 |
|
|
|
14 |
|
| Operating lease right-of-use assets |
|
|
4 |
|
|
|
383 |
|
|
|
387 |
|
| Goodwill |
|
|
- |
|
|
|
182 |
|
|
|
182 |
|
|
| Schedule of Customer Concentration Risk |
During the years ended December 31,
2025 and 2024, four customers, accounted for approximately 81% and 90%, respectively, of the Company’s revenue as follows (in thousands):
| |
|
Year
Ended December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
$ |
|
|
% |
|
|
$ |
|
|
% |
|
| Revenue earned from the U.S.
Department of Energy |
|
$ |
719 |
|
|
|
12 |
% |
|
$ |
1,529 |
|
|
|
22 |
% |
| Revenue earned from the CPCCO |
|
|
2,117 |
|
|
|
35 |
% |
|
|
2,792 |
|
|
|
40 |
% |
| Revenue earned from Oklo |
|
|
668 |
|
|
|
11 |
% |
|
|
342 |
|
|
|
5 |
% |
| Revenue earned from the H2C (formerly WRPS) |
|
|
1,109 |
|
|
|
24 |
% |
|
|
1,490 |
|
|
|
24 |
% |
| Total revenues from major customers |
|
$ |
4,613 |
|
|
|
81 |
% |
|
$ |
6,153 |
|
|
|
90 |
% |
|