v3.26.1
Revenue
 3 Months Ended
Jul. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue
Note 3 — Revenue
U.S. GAAP does not recognize the income that the Company generates from its digital assets (Note 4), which comprise approximately 93.1% and 94.6% of its total assets at July 31, 2026 and April 30, 2026, respectively, as revenue. However, the Company recognizes revenue from (a) Canadian retail vape sales from its Fat Panda operations at time of sale and (b) industrial climate control system sales in the United States over a period of time between system delivery and completion of its performance obligations, if any, in connection with the installation of delivered systems. The Company's contracts include the following groups of similar services that do not include any significant financing components:
SuccessorPredecessor
Three Months Ended July 31, 2026Period from
June 7, 2025
through
July 31, 2025		Period from
May 1, 2025
through
June 6, 2025
Fat Panda
Retail
$
6,784 
$
4,192 
$
2,761 
E-commerce
316 
223 
166 
Other
— 
7 
1 
Total Fat Panda
7,100 
4,422 
2,928 
Industrial Climate Control Systems(A)
Equipment and systems sales(B)
65 
108 
— 
Other
— 
50 
— 
Total industrial climate control systems
65 
158 
— 
Total revenue, net(C)
$
7,165 
$
4,580 
$
2,928 
A.Since Fat Panda is the accounting predecessor, the Company omits its revenues earned prior to the Acquisition Date.
B.At July 31, 2026, the Company had yet to deliver, or provide installation services for, equipment totaling $0.2 million, which represents its remaining performance obligations under such contracts, and for which the Company has not recognized revenue; the timing and realized amount of such potential revenue is uncertain and depends, in part, on the performance of third parties.
C.The Company presents revenues net of variable consideration, including sales taxes, commissions, and promotional discounts.