In connection with our acquisition of 51% ownership of PET Labs in October 2023, the Company manufactures and sells nuclear medical doses for PET scanning in South Africa.

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.

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.

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 PET Labs and ECNP.

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 Company manages assets on a total company basis, not by operating segment, as the assets are shared or commingled.

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 years ended December 31, 2025 and 2024, is as follows (in thousands):


	Year Ended December 31, 2025
	Specialist isotopes and related services			Nuclear fuels			Total
Sales from external customers	$	5,674		$	—		$	5,674
Less: cost of sales		(4,047	)		—			(4,047	)
Segment gross profit		1,627			—			1,627
Personnel expenses		20,515			9,058			29,573
Professional fees		8,680			6,372			15,052
Other segment expenses		12,867			4,506			17,373
Segment operating loss		(40,435	)		(19,936	)		(60,371	)
Foreign exchange transaction loss		(132	)		(3	)		(135	)
Change in fair value of share liability		(121	)		—			(121	)
Change in fair value of convertible notes payable		1,500			(125,219	)		(123,719	)
Change in fair value of investments		580			—			580
Interest income (expense), net		5,430			1,033			6,463
Other income		6			—			6
Loss before income tax expense	$	(33,172	)	$	(144,125	)	$	(177,297	)


	Year Ended December 31, 2024
	Specialist isotopes and related services			Nuclear fuels			Corporate			Total
Sales from external customers	$	3,944		$	—		$	—		$	3,944
Collaboration revenue		—			200			—			200
Less: cost of sales		(2,545	)		—			—			(2,545	)
Segment gross profit		1,399			200			—			1,599
Personnel expenses		12,393			1,197			—			13,590
Professional fees		6,108			1,632			—			7,740
Other segment expenses		4,795			1,828			—			6,623
Segment operating loss		(21,897	)		(4,457	)		—			(26,354	)
Foreign exchange transaction gain		—			—			70			70
Change in fair value of share liability		—			—			(132	)		(132	)
Change in fair value of convertible notes payable		—			(6,875	)		—			(6,875	)
Interest income (expense), net		528			451			—			979
Loss before income tax expense	$	(21,369	)	$	(10,881	)	$	(62	)	$	(32,312	)