v3.26.1
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract] [Standard Label]  
Segment Reporting

Note 15. Segment Reporting

 

In accordance with ASC 280, operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the CODM in assessing performance and deciding how to allocate resources. The Company’s CODM is its CEO, who performs such assessments and allocates resources based on information at the consolidated level.

 

The Company’s two reportable segments are: (1) Deep Isolation US & EMEA and (2) Freestone. See Note 2 for a description of the Company’s reportable segments. The Company had no inter-segment sales for the years presented.

 

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  

 

Geographical Information 

 

The Company is domiciled in the United States, but also has operations in EMEA (UK). The following table summarizes net sales by geographic area (in thousands):

 

    Year Ended December 31,  
    2025     2024  
U.S.   $ 6,058     $ 6,555  
EMEA     78       498  
Total   $ 6,136     $ 7,053  

The following table summarizes long-lived assets by geographic area (in thousands): 

 

    As of December 31,  
    2025     2024  
U.S.   $ 481     $ 609  
EMEA     -       -  
Total   $ 481     $ 609  

 

Major Customers 

 

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 %