v3.26.1
Segment information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Financial information by reportable segment as follows:
Three months ended June 30, 2026
High-Pressure ControlsCespiraTotal Segment
Revenue$2,717 $27,071 $29,788 
Cost of revenue2,584 23,257 25,841 
Gross profit133 3,814 3,947 
Operating expenses:
Research and development790 1,182 1,972 
General and administrative561 2,969 3,530 
Sales and marketing131 621 752 
Depreciation and amortization11 899 910 
1,493 5,671 7,164 
Add back: Depreciation and amortization1
221 986 1,207 
Segment EBITDA$(1,139)$(871)$(2,010)

Three months ended June 30, 2025
High-Pressure ControlsHeavy-Duty OEMCespiraTotal Segment
Revenue$2,896 $9,602 $12,020 $24,518 
Cost of revenue2,791 8,865 13,946 25,602 
Gross profit105 737 (1,926)(1,084)
Operating expenses:
Research and development1,552 22 1,888 3,462 
General and administrative386 34 2,692 3,112 
Sales and marketing23 3 322 348 
Depreciation and amortization59 — 860 919 
2,020 59 5,762 7,841 
Add back: Depreciation and amortization1
172 — 772 944 
Segment EBITDA$(1,743)$678 $(6,916)$(7,981)
16. Segment information (continued):
Six months ended June 30, 2026
High-Pressure ControlsCespiraTotal Segment
Revenue$5,002 $49,320 $54,322 
Cost of revenue4,353 43,930 48,283 
Gross profit649 5,390 6,039 
Operating expenses:
Research and development1,738 2,662 4,400 
General and administrative1,112 5,232 6,344 
Sales and marketing226 882 1,108 
Depreciation and amortization96 1,773 1,869 
3,172 10,549 13,721 
Add back: Depreciation and amortization1
408 1,935 2,343 
Segment EBITDA$(2,115)$(3,224)$(5,339)

Six months ended June 30, 2025
High-Pressure ControlsHeavy-Duty OEMCespiraTotal Segment
Revenue$4,786 $15,035 $28,819 $48,640 
Cost of revenue4,168 13,276 30,230 47,674 
Gross profit618 1,759 (1,411)966 
Operating expenses:
Research and development2,734 133 4,890 7,757 
General and administrative705 99 5,419 6,223 
Sales and marketing150 23 618 791 
Depreciation and amortization115 — 1,590 1,705 
3,704 255 12,517 16,476 
Add back: Depreciation and amortization1298 — 2,392 2,690 
Segment EBITDA$(2,788)$1,504 $(11,536)$(12,820)
Three months ended June 30,Six months ended June 30,
Total additions to long-lived assets, excluding business combinations2026202520262025
High-Pressure Controls48 821 480 1,379 
Corporate and unallocated— 1 — 16 
Total consolidated$48 $822 $480 $1,395 
Schedule of Geographical Revenue Information
Reconciliations of reportable segment financial information to consolidated statement of operations:
Three months ended June 30, 2026
Total SegmentLess: CespiraAdd: Corporate & unallocatedTotal Consolidated
Revenue$29,788 $27,071 $— $2,717 
Cost of revenue25,841 23,257 — 2,584 
Gross profit3,947 3,814 — 133 
Operating expenses:
Research and development1,972 1,182 421 1,211 
General and administrative3,530 2,969 3,613 4,174 
Sales and marketing752 621 93 224 
Depreciation and amortization910 899 34 45 
7,164 5,671 4,161 5,654 
Equity loss— — (1,283)(1,283)
Three months ended June 30, 2025
Total SegmentLess: CespiraAdd: Corporate & unallocatedTotal Consolidated
Revenue$24,518 $12,020 $— $12,498 
Cost of revenue25,602 13,946 — 11,656 
Gross profit(1,084)(1,926)— 842 
Operating expenses:
Research and development3,462 1,888 — 1,574 
General and administrative3,112 2,692 3,686 4,106 
Sales and marketing348 322 264 290 
Depreciation and amortization919 860 47 106 
7,841 5,762 3,997 6,076 
Equity loss— — (3,686)(3,686)
Six months ended June 30, 2026
Total SegmentLess: CespiraAdd: Corporate & unallocatedTotal Consolidated
Revenue$54,322 $49,320 $— $5,002 
Cost of revenue48,283 43,930 — 4,353 
Gross profit6,039 5,390 — 649 
Operating expenses:
Research and development4,400 2,662 696 2,434 
General and administrative6,344 5,232 5,896 7,008 
Sales and marketing1,108 882 205 431 
Depreciation and amortization1,869 1,773 59 155 
13,721 10,549 6,856 10,028 
Equity loss— (2,664)(2,664)
16. Segment information (continued):

Six months ended June 30, 2025
Total SegmentLess: CespiraAdd: Corporate & unallocatedTotal Consolidated
Revenue$48,640 $28,819 $— $19,821 
Cost of revenue47,674 30,230 — 17,444 
Gross profit966 (1,411)— 2,377 
Operating expenses:
Research and development7,757 4,890 — 2,867 
General and administrative6,223 5,419 5,974 6,778 
Sales and marketing791 618 560 733 
Depreciation and amortization1,705 1,590 99 214 
16,476 12,517 6,633 10,592 
Equity loss— (7,570)(7,570)
Reconciliation of Segment EBITDA to Loss before income taxesThree months ended June 30,Six months ended June 30,
2026202520262025
Total Segment EBITDA$(2,010)$(7,981)$(5,339)$(12,820)
Adjustments:
Depreciation and amortization1
255 219 467 397 
Cespira's Segment EBITDA(871)(6,916)(3,224)(11,536)
Loss on investments accounted for under the equity method (note 8)1,283 3,686 2,664 7,570 
Corporate and unallocated operating expenses4,127 3,950 6,797 6,534 
Foreign exchange gain (loss)1,693 (4,224)2,700 (5,427)
Change in fair value of warrant liability1,496 — 1,496 — 
Financing transaction costs1,085 — 1,085 — 
Interest on long-term debt68 166 158 358 
Interest and other income, net of bank charges6 147 (736)(502)
Loss before income taxes in continuing operations$(11,152)$(5,009)$(16,746)$(10,214)
1Depreciation and amortization expenses used in computation for Segment EBITDA and reconciliation to consolidated loss before income taxes are included in cost of revenue and operating expenses on our statement of operations and comprehensive income (loss).
Revenues are attributable to geographical regions based on the location of the Company’s customers and are presented as a percentage of the Company's continuing revenues, as follows:
% of revenue
Three months ended June 30,Six months ended June 30,
2026202520262025
Asia34 %5 %45 %7 %
Americas50 %16 %41 %14 %
Europe16 %79 %14 %79 %
Schedule of Allocation of the Total Assets
The measure of segment assets evaluated by the CODM are total assets as reported on the consolidated balance sheet. Total assets are allocated as follows:
Total assets by segment
June 30, 2026December 31, 2025
High-Pressure Controls18,237 17,392 
Corporate & unallocated66,770 76,617 
Total consolidated assets$85,007 $94,009