v3.26.1
Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2026
Acquisitions [Abstract]  
Schedule of Fair Value of Consideration Transferred

The fair value of consideration transferred is below (in thousands):

 

Initial purchase price  $110,000 
Less adjustments per purchase agreement for working capital and indebtedness   (1,501)
Preliminary purchase price   108,499 
Amount prepaid and in escrow   (11,000)
Cash consideration on closing date  $97,499 
Initial cash purchase price  $2,500 
Plus adjustments per purchase agreement for working capital   (9)
Equity consideration at fair value   2,038 
Preliminary Purchase Price   4,529 
Less: Cash Retained by Company   (58)
Fair value of consideration transferred  $4,471 
Schedule of Preliminary Purchase Price is Allocated to the Tangible and Intangible assets and liabilities

The preliminary purchase price is allocated to the tangible and intangible assets and liabilities of LSI based on their estimated fair values, with any excess purchase consideration allocated to goodwill as follows (in thousands):

 

   Acquisition Date 
   Fair Values Assigned 
Assets acquired:    
Cash and cash equivalents  $
-
 
Accounts receivable   3,624 
Inventory   3,070 
Prepaid expenses and other current assets   1,101 
Property and equipment   3,246 
Operating lease right-of-use assets   3,181 
Intangible assets   13,548 
    27,770 
Liabilities assumed:     
Accounts payable   721 
Accrued expenses   604 
Deferred revenue and contract liabilities   1,267 
Other current liabilities   913 
Operating lease liabilities, net of current portion   2,268 
    5,773 
      
Total identifiable net assets acquired   21,997 
Goodwill   86,502 
Preliminary purchase price  $108,499 

The preliminary purchase price is allocated to the tangible and intangible assets and liabilities of NuCrypt based on their estimated fair values, with any excess purchase consideration allocated to goodwill as follows (in thousands):

 

   Acquisition Date 
   Fair Values Assigned 
Assets acquired:    
Cash and cash equivalents  $58 
Accounts receivable   59 
Prepaid expenses and other current assets   11 
Operating lease right-of-use assets   22 
Property and equipment   18 
    168 
Liabilities assumed:     
Accounts payable   32 
Other current liabilities   43 
    75 
      
Total identifiable net assets acquired   93 
Goodwill   4,436 
Preliminary purchase price  $4,529 
Schedule of Pro Forma Consolidated Results Assuming the Acquisition of LSI and NuCrypt

The table below presents the unaudited pro forma condensed consolidated results assuming the acquisition of LSI and NuCrypt had occurred on January 1, 2025 (in thousands):

 

   Three-month period ended March 31, 2026 
   QCi   LSI   NuCrypt   Total 
Total revenue  $204   $5,211   $364   $5,779 
Net (loss) income  $(1,417)  $(2,593)  $(278)  $(4,289)

 

   Three-month period ended March 31, 2025 
   QCi   LSI   NuCrypt   Total 
Total revenue  $39   $8,473   $191   $8,703 
Net (loss) income   $16,982   $(5,206)  $19   $11,795