v3.26.1
Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2026
Acquisitions [Abstract]  
Schedule of Estimated Consideration Transferred for Each Acquisition

The following table summarizes the total consideration transferred for each acquisition:

in thousands

  

Handa

  

KMMI

  

NSW

  

KCM

  

Total

Equity

  

$

2,026

  

$

12,106

  

$

4,864

  

$

4,068

 

  

$

23,064

Purchase consideration payable to dissenting shareholders(1)

  

 

4,798

  

 

27,920

  

 

6,499

  

 

8,996

 

  

 

48,213

Settlement of preexisting relationship(2)

  

 

—

  

 

—

  

 

643

  

 

(643

)

  

 

—

Total estimated consideration

  

$

6,824

  

$

40,026

  

$

12,006

  

$

12,421

 

  

$

71,277

(1)      The purchase consideration payable will be settled in Korean Won (KRW)

(2)      Represents the effective settlement of NSW’s existing accounts payable to KCM and KCM’s existing accounts receivable from NSW in connection with their concurrent acquisitions by EM LLC, which was determined based on the respective carrying values at the Closing Date.
Schedule of Preliminary Allocation of Purchase Price to Assets Acquired Accordingly, the provisional amounts are subject to change, and any adjustments are expected to be completed within the one-year measurement period from the acquisition date.

in thousands

  

Handa

  

KMMI

  

NSW

  

KCM

  

Total

Cash and cash equivalents

  

$

457

 

  

$

125

 

  

$

701

 

  

$

95

 

  

$

1,378

 

Non-trade accounts receivable

  

 

18

 

  

 

70

 

  

 

930

 

  

 

17

 

  

 

1035

 

Non-trade accounts receivable – related parties

  

 

—

 

  

 

—

 

  

 

—

 

  

 

—

 

  

 

—

 

Accounts receivable

  

 

70

 

  

 

—

 

  

 

1,527

 

  

 

—

 

  

 

1,597

 

Accounts receivable – related parties

  

 

—

 

  

 

—

 

  

 

—

 

  

 

—

 

  

 

—

 

Inventories

  

 

12

 

  

 

—

 

  

 

918

 

  

 

437

 

  

 

1,367

 

Prepaid expenses and other current
assets

  

 

4

 

  

 

17

 

  

 

110

 

  

 

—

 

  

 

131

 

Property, plant and equipment, net

  

 

661

 

  

 

1,654

 

  

 

3,152

 

  

 

2,698

 

  

 

8,165

 

Intangible assets, net

  

 

4,540

 

  

 

290

 

  

 

1,470

 

  

 

450

 

  

 

6,750

 

Other noncurrent assets

  

 

43

 

  

 

221

 

  

 

51

 

  

 

6

 

  

 

321

 

Total assets acquired

  

 

5,805

 

  

 

2,377

 

  

 

8,859

 

  

 

3,703

 

  

 

20,744

 
   

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

Accounts payable

  

 

(54

)

  

 

(79

)

  

 

(1,273

)

  

 

(168

)

  

 

(1,574

)

Accounts payable – related parties

  

 

—

 

  

 

—

 

  

 

(869

)

  

 

—

 

  

 

(869

)

Short term debt

  

 

—

 

  

 

(1,121

)

  

 

(367

)

  

 

(303

)

  

 

(1,791

)

Short term debt – related parties

  

 

—

 

  

 

—

 

  

 

(2,165

)

  

 

(573

)

  

 

(2,738

)

Current portion of long-term debt

  

 

(7

)

  

 

(16

)

  

 

(137

)

  

 

(398

)

  

 

(558

)

Accrued expenses and other current liabilities

  

 

(67

)

  

 

(80

)

  

 

(1,025

)

  

 

(153

)

  

 

(1,325

)

Long term debt

  

 

(338

)

  

 

(525

)

  

 

(280

)

  

 

(1,920

)

  

 

(3,063

)

Other noncurrent liabilities

  

 

(153

)

  

 

(135

)

  

 

(369

)

  

 

(127

)

  

 

(784

)

Total liabilities assumed

  

 

(619

)

  

 

(1,956

)

  

 

(6,485

)

  

 

(3,642

)

  

 

(12,702

)

Net assets acquired

  

 

5,186

 

  

 

421

 

  

 

2,374

 

  

 

61

 

  

 

8,042

 

Goodwill

  

 

1,648

 

  

 

39,605

 

  

 

9,632

 

  

 

12,360

 

  

 

63,245

 

Noncontrolling interest

  

 

(10

)

  

 

—

 

  

 

—

 

  

 

—

 

  

 

(10

)

Total purchase price

  

$

6,824

 

  

$

40,026

 

  

$

12,006

 

  

$

12,421

 

  

$

71,277

 
Schedule of Finite-lived Intangible Assets Amortized Using Straight-Line Method

Finite-lived intangible assets that are being amortized using the straight-line method over their estimated useful lives as of January 5, 2026 consist of the following:

in thousands

  

Handa

  

KMMI

  

NSW

  

KCM

  

Total

  

Weighted
Average
Useful
Life
(Years)

Developed technology

  

$

4,540

  

$

—

  

$

970

  

$

450

  

$

5,960

  

14.7

Existing customer relationships

  

 

—

  

 

290

  

 

500

  

 

—

  

 

790

  

12.8

Total intangible assets

  

$

4,540

  

$

290

  

$

1,470

  

$

450

  

$

6,750

  

14.5
Schedule of Pro Forma Financial Information This pro forma information is for informational purposes only and is not necessarily indicative of the results of operations that would have occurred had the acquisitions been completed on that date, nor is it indicative of future results.
 

Three Months Ended
March 31,
(Unaudited)

in thousands

  

2026

  

2025

Pro Forma Revenue(1)

  

$

1,879

 

  

$

1,592

 

Pro Forma Net Loss

  

 

(440,313

)

  

 

(20,322

)

(1)      Since the acquisition of the Operating Companies on January 5, 2026, the unaudited condensed consolidated statement of operations for the three months ended March 31, 2026 includes revenue of $1.9 million and losses of $1.2 million.