v3.26.1
Segment information
 9 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment information

Note 19 – Segment information

 

As of June 30, 2026, the Company reports two reportable segments, Consumer Products and EMJX, following the recent Closing of the Transaction described in Note 2 – Asset acquisition and the classification of its previously reportable Health Solutions segment as discontinued operations. As of September 30, 2025, the Company reported one continuing operating segment, Consumer Products.

 

The Consumer Products segment includes the legacy Halo pet food business, consisting of premium pet products such as dry kibble, wet food, freeze-dried raw food, treats, and toppers for dogs and cats. This segment operates across various sales channels and represents the Company’s ongoing legacy business.

 

The EMJX segment includes the Company’s digital-asset treasury management platform, acquired in the Transaction on June 16, 2026, which manages a multi-asset digital holdings strategy governing how capital is allocated, hedged, and reinvested across market cycles. EMJX became a reportable segment of the Company upon the Closing of the Transaction, and accordingly, the Company’s results for the EMJX segment include activity only from June 16, 2026.

 

The former Health Solutions segment, which encompassed the Company’s pharmacy network operations in Canada, has been classified as discontinued operations as of June 30, 2026 and September 30, 2025, and accordingly, its results and related assets and liabilities are reported separately in the financial statements.

 

The Company’s Chief Operating Decision Maker (“CODM”), the Board of Directors, evaluates the Company’s financial performance of, and allocates resources to, the Company’s two reportable segments, Consumer Products and EMJX, separately, given the distinct nature of their products, services, customers, and economic characteristics. Prior to the Closing of the Transaction, and prior to the discontinuation of Health Solutions, the CODM evaluated the Company’s financial performance based on the Health Solutions and Consumer Products segments.

 

For the three months ended June 30, 2026, segment financial information for continuing operations relates to the Consumer Products segment, which was acquired through a business combination on April 25, 2025, and the EMJX segment, which reflects results only from the Closing date of June 16, 2026 through June 30, 2026. EMJX had no reportable revenues, operating expenses or other segment results during the period from June 16, 2026 through June 30, 2026 and, accordingly, no separate amounts are presented for EMJX in the table below. There are no comparative results for the EMJX segment for periods prior to the Closing because EMJX became a segment of the Company upon consummation of the Transaction.

 

The following table summarizes revenues, operating loss, and net loss attributable to the Consumer Products segment for the three and nine months ended June 30, 2026 and 2025 (in thousands):

 

   2026   2025   2026   2025 
   Three months ended June 30,   Nine months ended June 30, 
   2026   2025   2026   2025 
Net sales  $3,392   $2,673   $9,638   $2,673 
Cost of goods sold:                    
Direct   2,261    2,349    6,043    2,349 
Indirect   227    293    362    293 
Total cost of goods sold   2,488    2,642    6,405    2,642 
Gross profit   904    31    3,233    31 
Segment expenses:                    
Discretionary marketing   595    368    1,377    368 
Outbound freight   1    6    13    6 
Other segment expenses (a)   3,509    8,263    10,652    8,263 
Total segment expenses   4,105    8,637    12,042    8,637 
Loss from operations   (3,201)   (8,606)   (8,809)   (8,606)
Other expense (income):                    
Interest income (expense), net   569    (30)   3,637    (30)
Loss on extinguishment of debt   (469)   —    2,588    — 
Change in fair value of digital assets   1,410    —    4,768    — 
Change in fair value of equity securities   (12)   —    481    — 
Change in fair value of derivative liabilities   (578)   —    (1,170)   — 
Bargain purchase gain   —    (1,693)   —    (1,693)
Other income, net   19    (32)   16    (32)
Total other expense, net   939    (1,755)   10,320    (1,755)
Net loss before income taxes   (4,140)   (6,851)   (19,129)   (6,851)
Income tax expense   —    —    6    — 
Net loss  $(4,140)  $(6,851)  $(19,135)  $(6,851)

 

(a)Other segment expenses include employee compensation and benefits, share based compensation, non-cash charges, other sales and marketing costs, professional fees, broker commissions, and other general expenses

 

The accounting policies of the segment are consistent with those described in Note 1 – Nature of business and summary of significant accounting policies.

 

Geographic Information

 

Revenue by geography is based on where the customer is based. Summary financial data attributable to various geographic regions for the periods indicated is as follows:

 

   2026   2025   2026   2025 
   Three Months Ended June 30,   Nine Months Ended June 30, 
   2026   2025   2026   2025 
United States  $2,260   $1,852   $7,828   $1,852 
Canada   51    207    1,530    604 
Asia   1,068    604    267    207 
Central America   13    10    13    10 
Total  $3,392   $2,673   $9,638   $2,673