v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting 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 Chief Operating Decision Maker (“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 Inc, 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 periods presented.
The Company’s income statements by segment, significant segment expenses, and segment assets are presented below (in thousands):
Three Months Ended June 30, 2026
Deep
Isolation
US & EMEA		FreestoneTotal
Revenues$490 $829 $1,319 
Cost of services338 274 612 
Selling, general and administrative expenses2,391 355 2,746 
Research and development1,180 — 1,180 
Depreciation and amortization expense(10)35 25 
Operating (loss) income(3,409)165(3,244)
Gain on insurance settlement— 27 27 
Other income, net1792 181 
Segment (loss) income before income tax(3,230)194(3,036)
Income tax (benefit) expense — — — 
Segment (loss) income $(3,230)$194 $(3,036)
Six Months Ended June 30, 2026
Deep
Isolation
US & EMEA		FreestoneTotal
Revenues$1,054 $1,712 $2,766 
Cost of services7075861,293
Selling, general and administrative expenses4,8607265,586
Research and development4,669—4,669
Depreciation and amortization expense—5050
Operating (loss) income(9,182)350(8,832)
Gain on insurance settlement—2727
Other income, net3458353
Segment (loss) income before income tax(8,837)385(8,452)
Income tax (benefit) expense———
Segment (loss) income$(8,837)$385 $(8,452)

As of June 30, 2026
Deep
Isolation
US & EMEA		FreestoneTotal
Cash and cash equivalents$17,857 $1,522 $19,379 
Accounts receivable, net70 395 465 
Contract assets322 205 527 
Other current assets543 30 573 
Property, plant and equipment, net131 63 194 
Intangible assets, net— 33 33 
Finance lease right-of-use assets— 9 9 
Operating lease right-of-use assets— 209 209 
Goodwill— 182 182 
Three Months Ended June 30, 2025
Deep
Isolation
US & EMEA		FreestoneTotal
Revenues$740 $894 $1,634 
Cost of services309 447 756 
Selling, general and administrative expenses1,889 3262,215 
Research and development— — — 
Depreciation and amortization expense1 29 30 
Operating (loss) Income$(1,459)$92 $(1,367)
Other income/(expense), net3 1 4 
Segment (loss) income before income tax$(1,456)$93 $(1,363)
Income tax (benefit) expense — — — 
Segment (loss) income $(1,456)$93 $(1,363)
Six Months Ended June 30, 2025
Deep
Isolation
US & EMEA		FreestoneTotal
Revenues$1,424 $1,730 $3,154 
Cost of services6677511,418
Selling, general and administrative expenses2,4917173,208
Research and development———
Depreciation and amortization expense15859
Operating (loss) income(1,735)204(1,531)
Gain on insurance settlement———
Other income, net3—3
Segment (loss) income before income tax(1,732)204(1,528)
Income tax (benefit) expense1—1
Segment (loss) income$(1,733)$204 $(1,529)

As of December 31, 2025
Deep Isolation US & EMEAFreestoneTotal
Cash and cash equivalents$25,926 $1,508 $27,434 
Accounts receivable, net140 299 439 
Contract assets44 231 275 
Other current assets641 31 672 
Property, plant and equipment, net66 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 assets140 — 140 
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).
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
U.S.$1,319 $1,414 $2,766 $2,880 
EMEA— 220 — 274 
Total$1,319 $1,634 $2,766 $3,154 
The following table summarizes long-lived assets by geographic area (in thousands):
As of
June 30,
2026		As of
December 31,
2025
U.S.$445 $481 
EMEA— — 
Total$445 $481 
Major Customers
During the three months ended June 30, 2026 and 2025, four customers accounted for approximately 87% and 71% of the Company’s revenue, respectively (in thousands):
20262025
$% $%
Revenue earned from the U.S. Department of Energy$— —%$304 19%
Revenue earned from the U.S. Trade and Development Agency (USTDA)256 19%— —%
Revenue earned from the CPCCO488 37%346 21%
Revenue earned from Oklo43 3%97 6%
Revenue earned from the H2C (formerly WRPS)357 27%413 25%
Total revenues from major customers$1,144 87%$1,160 71%
During the six months ended June 30, 2026 and 2025, four customers accounted for approximately 85% and 71% of the Company’s revenue, respectively (in thousands):

20262025
$%$%
Revenue earned from the U.S. Department of Energy$— - %$626 20 %
Revenue earned from the U.S. Trade and Development Agency (USTDA)491 18 %— — %
Revenue earned from the CPCCO912 33 %760 24 %
Revenue earned from Oklo240 9 %242 8 %
Revenue earned from the H2C (formerly WRPS)702 25 %625 20 %
Total revenues from major customers$2,345 85 %$2,253 71 %