In connection with the Company's acquisitions of 51% ownership of PET Labs in October 2023, 100% ownership of ECNP in October 2025 and 60% ownership of Numed in January 2026, the Company manufactures and sells nuclear medical doses for PET and SPECT scanning in South Africa and the U.S. Beginning in the first quarter of 2026, primarily as a result of the acquisition of Renergen and the deconsolidation of Skyline, the Company has three operating segments: (i) nuclear fuels, (ii) specialist isotopes and related services, and (iii) helium and LNG. The Company’s prior “construction services” segment is shown below as “discontinued operations.”

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) specialist isotopes, and related services and (ii) nuclear fuels. Beginning in August 2025, primarily as a result of the acquisition of Skyline, the Company had three operating segments: (i) specialist isotopes and related services, (ii) nuclear fuels, and (iii) construction services. In January 2026, the Company acquired Renergen, which is an integrated producer of both liquid helium and LNG, which comprises the helium and LNG segment. As mentioned above, in late March 2026, the Company entered into the Exchange Agreement and completed the deconsolidation of Skyline. The Company retained approximately 8.6% of the outstanding Class A ordinary and preferred shares of Skyline immediately following the separation. The accounting requirements for reporting the separation of Skyline as a discontinued operation were met when the separation was completed. Subsequent to the deconsolidation of Skyline in March 2026, the Company has three operating segments: (i) specialist isotopes and related services, (ii) nuclear fuels, and (iii) helium and LNG.

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 operations of PET Labs, Numed and ECNP.

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, and this segment includes operations of QLE.

The Helium and LNG segment is currently focused on the exploration, production and sale of LNG in South Africa, and this segment includes operations of Renergen.

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 CODM regularly reviews any asset information by operating segment and, accordingly, asset information is reported on a segment basis.

Select information from the condensed consolidated statements of operations and comprehensive loss as of the three months ended June 30, 2026 and 2025 is as follows (in thousands):


	Revenues				Net Income (Loss) Before Allocation to Noncontrolling Interest
	Three Months Ended June 30,				Three Months Ended June 30,
Segment	2026		2025		2026			2025
Specialist isotopes and related services	$	3,869	$	1,198	$	(14,158	)	$	(8,445	)
Nuclear fuels		600		—		(13,848	)		(66,712	)
Helium and LNG		654		—		(5,987	)		—
	$	5,123	$	1,198	$	(33,993	)	$	(75,157	)

Select information from the condensed consolidated statements of operations and comprehensive loss as of the six months ended June 30, 2026 and 2025 is as follows (in thousands):


	Revenues				Net Income (Loss) Before Allocation to Noncontrolling Interest
	Six Months Ended June 30,				Six Months Ended June 30,
Segment	2026		2025		2026			2025
Specialist isotopes and related services	$	7,255	$	2,300	$	(24,748	)	$	(14,814	)
Nuclear fuels		800		—		(19,961	)		(68,805	)
Helium and LNG		1,248		—		(15,990	)		—
	$	9,303	$	2,300	$	(60,699	)	$	(83,619	)


	Three Months Ended June 30, 2026
	Specialist isotopes and related services			Nuclear fuels			Helium and LNG			Total
Sales from external customers	$	3,869		$	—		$	654		$	4,523
Collaboration revenue		—			600			—			600
Less: cost of sales		(2,149	)		—			(1,494	)		(3,643	)
Segment gross profit (loss)		1,720			600			(840	)		1,480
Personnel expenses		8,907			4,492			1,085			14,484
Professional fees		3,603			2,176			692			6,471
Other segment expenses		5,941			5,598			3,181			14,720
Segment operating loss		(16,731	)		(11,666	)		(5,798	)		(34,195	)
Foreign exchange transaction gain (loss)		66			(18	)		2,580			2,628
Change in fair value of convertible notes payable		547			(4,007	)		—			(3,460	)
Interest income (expense), net		1,736			716			(1,515	)		937
Loss before income tax benefit	$	(14,382	)	$	(14,975	)	$	(4,733	)	$	(34,090	)


	Three Months Ended June 30, 2025
	Specialist isotopes and related services			Nuclear fuels			Total
Sales from external customers	$	1,198		$	—		$	1,198
Less: cost of sales		(626	)		—			(626	)
Segment gross profit		572			—			572
Personnel expenses		4,452			2,441			6,893
Professional fees		2,387			461			2,848
Other segment expenses		2,546			254			2,800
Segment operating loss		(8,813	)		(3,156	)		(11,969	)
Foreign exchange transaction loss		(37	)		—			(37	)
Change in fair value of share liability		(142	)		—			(142	)
Change in fair value of convertible notes payable		—			(63,757	)		(63,757	)
Interest income, net		641			202			843
Loss before income tax expense	$	(8,351	)	$	(66,711	)	$	(75,062	)

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 six months ended June 30, 2026 and 2025, is as follows (in thousands):


	Six Months Ended June 30, 2026
	Specialist isotopes and related services			Nuclear fuels			Helium and LNG			Total
Sales from external customers	$	7,255		$	—		$	1,248		$	8,503
Collaboration revenue		—			800			—			800
Less: cost of sales		(3,843	)		—			(2,314	)		(6,157	)
Segment gross profit (loss)		3,412			800			(1,066	)		3,146
Personnel expenses		16,494			7,740			2,216			26,450
Professional fees		7,085			4,373			1,223			12,681
Other segment expenses		11,298			6,509			5,292			23,099
Segment operating loss		(31,465	)		(17,822	)		(9,797	)		(59,084	)
Foreign exchange transaction gain (loss)		27			(61	)		(1,064	)		(1,098	)
Change in fair value of investments		—			1,126			—			1,126
Change in fair value of convertible notes payable		636			(4,664	)		—			(4,028	)
Interest income (expense), net		3,823			1,460			(3,026	)		2,257
Loss before income tax benefit	$	(26,979	)	$	(19,961	)	$	(13,887	)	$	(60,827	)


	Six Months Ended June 30, 2025
	Specialist isotopes and related services			Nuclear fuels			Total
Sales from external customers	$	2,300		$	—		$	2,300
Less: cost of sales		(1,401	)		—			(1,401	)
Segment gross profit		899			—			899
Personnel expenses		7,752			3,032			10,784
Professional fees		4,166			837			5,003
Other segment expenses		4,435			598			5,033
Segment operating loss		(15,454	)		(4,467	)		(19,921	)
Foreign exchange transaction loss		(99	)		—			(99	)
Change in fair value of share liability		(129	)		—			(129	)
Change in fair value of convertible notes payable		—			(64,715	)		(64,715	)
Interest income, net		893			377			1,270
Loss before income tax expense	$	(14,789	)	$	(68,805	)	$	(83,594	)