In connection with the Company's acquisitions of 51% ownership of PET Labs in October 2023, 100% ownership of ECNP in October 2025 and 60% ownership of Numed in January 2026, the Company manufactures and sells nuclear medical doses for PET scanning in South Africa and the U.S. Beginning in the first quarter of 2026, primarily as a result of the acquisition of Renergen and the deconsolidation of Skyline, the Company has three operating segments: (i) nuclear fuels, (ii) specialist isotopes and related services, and (iii) helium and LNG. The Company’s prior “construction services” segment is shown below as “discontinued operations.”

Beginning in 2024, primarily as a result of increased business activities of its subsidiary, Quantum Leap Energy LLC, the Company had two operating segments: (i) nuclear fuels, and (ii) specialist isotopes and related services. Beginning in August 2025, primarily as a result of the acquisition of Skyline, the Company had three operating segments: (i) nuclear fuels, (ii) specialist isotopes and related services, and (iii) construction services. In January 2026, the Company acquired Renergen, which is an integrated producer of both liquid helium and LNG, which comprises the helium and LNG segment. As mentioned above, in late March 2026, the Company entered into the Exchange Agreement and completed the deconsolidation of Skyline. The Company retained approximately 8.6% of the outstanding Class A ordinary and preferred shares of Skyline immediately following the separation. The accounting requirements for reporting the separation of Skyline as a discontinued operation were met when the separation was completed.

The specialist isotopes and related services segment is focused on research and development of technologies and methods used to separate high-value, low-volume isotopes (such as C-14, Molybdenum-100 (“Mo-100"), Si-28 and Yb-176) for highly specialized target end markets other than advanced nuclear fuels, including pharmaceuticals and agrochemicals, nuclear medical imaging and semiconductors, as well as services related to these isotopes, and this segment includes operations of PET Labs, Numed and ECNP.

The nuclear fuels segment is focused on research and development of technologies and methods used to produce high-assay low-enriched uranium (HALEU) and Lithium-6 for the advanced nuclear fuels target end market, and this segment includes operations of QLE.

The Helium and LNG segment is currently focused on the exploration, production and sale of LNG in South Africa, and this segment includes operations of Renergen.

The Company’s chief operating decision maker (“CODM”) is its chief executive officer. The segment revenue and segment net loss is regularly reviewed by the CODM in deciding how to allocate resources. The CODM regularly reviews any asset information by operating segment and, accordingly, asset information is reported on a segment basis.

The following table shows total assets by segment and a reconciliation to the condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026		December 31, 2025
Segment assets:
Specialist isotopes and related services	$	431,494	$	321,190
Nuclear fuels		90,676		94,252
Helium and LNG		65,499		—
Discontinued operations		—		82,578
Total assets	$	587,669	$	498,020

Select information from the consolidated statements of operations and comprehensive loss as of the three months ended March 31, 2026 and 2025 is as follows (in thousands):


	Revenues				Net Income (Loss) Before Allocation to Noncontrolling Interest
	Three Months Ended March 31,				Three Months Ended March 31,
Segment	2026		2025		2026			2025
Specialist isotopes and related services	$	3,386	$	1,102	$	(10,590	)	$	(6,367	)
Nuclear fuels		200		—		(6,113	)		(2,094	)
Helium and LNG		594		—		(10,003	)		—
	$	4,180	$	1,102	$	(26,706	)	$	(8,461	)

A reconciliation of total segment revenue to total consolidated revenue and of total segment gross profit and segment operating income to total consolidated income before income taxes, for the three months ended March 31, 2026 and 2025, is as follows (in thousands):


	Three Months Ended March 31, 2026
	Specialist isotopes and related services			Nuclear fuels			Helium and LNG			Total
Sales from external customers	$	3,386		$	—		$	594		$	3,980
Collaboration revenue		—			200			—			200
Less: cost of sales		(1,694	)		—			(820	)		(2,514	)
Segment gross profit		1,692			200			(226	)		1,666
Personnel expenses		7,587			3,248			1,131			11,966
Professional fees		3,482			2,197			531			6,210
Other segment expenses		5,356			911			2,111			8,378
Segment operating loss		(14,733	)		(6,156	)		(3,999	)		(24,888	)
Foreign exchange transaction loss		(38	)		(43	)		(3,644	)		(3,725	)
Change in fair value of investments		1,126			—			—			1,126
Change in fair value of convertible notes payable		89			(657	)		—			(568	)
Interest income (expense), net		2,085			744			(1,511	)		1,318
Loss before income tax benefit	$	(11,471	)	$	(6,112	)	$	(9,154	)	$	(26,737	)


	Three Months Ended March 31, 2025
	Specialist isotopes and related services			Nuclear fuels			Total
Sales from external customers	$	1,102		$	—		$	1,102
Less: cost of sales		(775	)		—			(775	)
Segment gross profit		327			—			327
Personnel expenses		3,300			591			3,891
Professional fees		1,968			376			2,344
Other segment expenses		1,699			345			2,044
Segment operating loss		(6,640	)		(1,312	)		(7,952	)
Foreign exchange transaction loss		(61	)		—			(61	)
Change in fair value of share liability		12			—			12
Change in fair value of convertible notes payable		—			(957	)		(957	)
Interest income, net		251			175			426
Loss before income tax expense	$	(6,438	)	$	(2,094	)	$	(8,532	)