Revenue (Tables)

3 Months Ended

Jul. 31, 2026

Revenue from Contract with Customer [Abstract]

The Company's contracts include the following groups of similar services that do not include any significant financing components:



		Successor						Predecessor



	Three Months Ended July 31, 2026			Period 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.