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Goodwill and Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Acquisitions [Abstract]  
Schedule of Amount of Goodwill

The following table summarizes the change in the Company’s goodwill:

 

(amounts in thousands)  Total 
Balance as of January 1, 2026  $251,809 
Measurement period adjustments   (7,882)
Goodwill acquired during the period   137,911 
Balance as of March 31, 2026  $381,838 
Schedule of Purchase Consideration to Estimated Fair Value of Assets Acquired and Liabilities

The following table summarizes the consideration paid for Rotron and the preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date.

 

(dollars in thousands)    
Purchase price consideration    
Cash  $6,662 
Equity   35,115 
Fair value of the earn-out consideration   41,731 
Total purchase price consideration  $83,508 
      
Estimated fair value of assets acquired:     
Cash and cash equivalents and restricted cash  $154 
Inventory   972 
Other current assets   1,732 
Property and equipment   390 
Right-of-use assets   768 
Intangible assets   28,748 
Total estimated fair value of assets acquired   32,764 
      
Estimated fair value of liabilities assumed:     
Accounts payable   852 
Accrued expenses and other current liabilities   771 
Lease liabilities   768 
Other long-term liabilities   86 
Deferred tax liability   7,187 
Total estimated fair value of liabilities assumed   9,664 
      
Net assets acquired  $23,100 
      
Goodwill  $60,408 

The following table summarizes the consideration paid for Bird and the preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date.

 

(dollars in thousands)    
Purchase price consideration    
Cash  $23,456 
Equity   104,521 
Total purchase price consideration  $127,977 
      
Estimated fair value of assets acquired:     
Cash and cash equivalents  $3,493 
Accounts receivable   9,285 
Inventory   10,862 
Other current assets   5,614 
Property and equipment   1,042 
Right of use asset   1,674 
Other long-term assets   2,812 
Intangible assets   58,400 
Total estimated fair value of assets acquired  $93,182 
      
Estimated fair value of liabilities assumed:     
Accounts payable  $2,746 
Accrued expenses and other current liabilities   6,821 
Deferred revenues   14,253 
Lease liabilities   1,581 
Deferred tax liability   13,432 
Total estimated fair value of liabilities assumed   38,833 
      
Net assets acquired  $54,349 
      
Goodwill  $73,628 

The excess purchase consideration over the estimated fair value of the net assets acquired resulted in a loss on the acquisition of the variable interest of $46.2 million, which is presented in other income (expense) in the condensed consolidated statements of operations.

 

(dollars in thousands)    
Purchase price consideration    
Cash  $5,664 
Equity portion of purchase price   27,540 
Fair value of contingent consideration   84,171 
Total purchase price consideration  $117,375 
      
Estimated fair value of assets acquired:     
Customer relationships  $92,500 
      
Estimated fair value of liabilities assumed:     
Deferred tax liability  $21,275 
      
 Net assets acquired  $71,225 
      
 Loss on acquisition of variable interest entity  $46,150 
The following table summarizes the consideration paid for Apeiro and the preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date.

(dollars in thousands)

Purchase price consideration

    
Cash consideration  $11,950 
      
Estimated fair value of assets acquired:     
Cash and cash equivalents and restricted cash  $5,536 
Certificates of deposit   907 
Other current assets   646 
Property and equipment   84 
Intangible assets   3,982 
Total estimated fair value of assets acquired  $11,155 
      
Estimated fair value of liabilities assumed:     
Accounts payable  $1,317 
Customer prepayments   3,108 
Accrued expenses and other current liabilities   651 
Deferred tax liability   43 
Total estimated fair value of liabilities assumed  $5,119 
      
Net Assets Acquired  $6,036 
      
Goodwill  $5,914 

The following table summarizes the consideration paid for SPO and the preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired, liabilities assumed and noncontrolling interest retained by SPO shareholders at the acquisition date.

 

(dollars in thousands)

Purchase price consideration

    
Cash  $2,829 
      
Estimated fair value of assets acquired:     
Cash and cash equivalents and restricted cash  $6,087 
Accounts receivable   439 
Inventory   482 
Other current assets   104 
Property and equipment   3,731 
Right of use asset   2,511 
Other long-term assets   22 
Intangible assets   3,258 
Total estimated fair value of assets acquired  $16,634 
      
Estimated fair value of liabilities assumed:     
Accounts payable  $314 
Accrued expenses and other current liabilities   691 
Government grant liability   958 
Convertible preferred notes   6,300 
Lease liabilities   2,511 
Deferred tax liability   740 
Total estimated fair value of liabilities assumed  $11,514 
      
Net assets acquired  $5,120 
      
Reconciliation of goodwill:     
Total consideration transferred  $2,829 
Add: Fair value of redeemable noncontrolling interest   2,718 
Less: Net assets acquired   (5,120)
Goodwill  $427 
The following table summarizes the consideration paid for Insight and the preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired, liabilities assumed and noncontrolling interest retained by Insight shareholders at the acquisition date.

(dollars in thousands)

Purchase price consideration

    
Cash  $3,500 
      
Estimated fair value of assets acquired:     
Cash and cash equivalents and restricted cash  $2,534 
Other current assets   56 
Property and equipment   21 
Intangible assets   2,379 
Total estimated fair value of assets acquired  $4,990 
      
Estimated fair value of liabilities assumed:     
Accrued expenses and other current liabilities  $78 
Deferred tax liability   432 
Total estimated fair value of liabilities assumed  $510 
      
Net assets acquired  $4,480 
      
Reconciliation of goodwill:     
Total consideration transferred  $3,500 
Add: Fair value of noncontrolling interest   3,891 
Less: Net assets acquired   (4,480)
Goodwill  $2,911 

The following table summarizes the consideration paid for 4M and the preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired, liabilities assumed and noncontrolling interest retained by 4M shareholders at the acquisition date.

 

(dollars in thousands)

Purchase price consideration

    
Cash  $2,400 
Common Stock – 801,068 Shares   5,407 
Total purchase price consideration  $7,807 
      
Estimated fair value of assets acquired:     
Cash and cash equivalents and restricted cash  $1,712 
Accounts receivable   253 
Other current assets   351 
Property and equipment and other long-term assets   722 
Intangible assets   2,435 
Total estimated fair value of assets acquired   5,473 
      
Estimated fair value of liabilities assumed:     
Accrued expenses and other current liabilities   836 
Notes payable   494 
Deferred tax liability   462 
Total estimated fair value of liabilities assumed   1,792 
      
Net assets acquired  $3,681 
      
Reconciliation of goodwill:     
Total consideration transferred  $7,807 
Add: Fair value of redeemable noncontrolling interest   2,925 
Less: Net assets acquired   (3,681)
Goodwill  $7,051 

The following table summarizes the consideration paid for Sentrycs and the preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date.

 

(dollars in thousands)

Purchase price consideration

    
Cash  $134,053 
Equity portion of purchase price   90,556 
Total purchase price consideration  $224,609 
      
Estimated fair value of assets acquired:     
Cash and cash equivalents  $1,735 
Accounts receivable   2,403 
Inventory   2,005 
Other current assets   463 
Property and equipment   1,780 
Right of use asset   1,980 
Other long-term assets   312 
Intangible assets   72,454 
Total estimated fair value of assets acquired  $83,132 
      
Estimated fair value of liabilities assumed:     
Accounts payable   282 
Accrued expenses and other current liabilities   2,961 
Deferred revenues   3,681 
Lease liabilities   2,257 
Deferred tax liability   4,644 
Total estimated fair value of liabilities assumed   13,825 
      
Net Assets Acquired  $69,307 
      
Goodwill  $155,302 
The following table summarizes the consideration paid for Robo-Team and the preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date.
Purchase price consideration    
Cash  $81,653 
Estimated fair value of assets acquired:     
Cash and cash equivalents and restricted cash  $2,327 
Accounts receivable   424 
Inventory   5,682 
Other current assets   1,393 
Property and equipment   151 
Right of use asset   1,276 
Intangible assets   30,803 
Other long-term assets   344 
Total estimated fair value of assets acquired   42,400 
      
Estimated fair value of liabilities assumed:     
Accounts payable   1,835 
Accrued expenses and other current liabilities   967 
Deferred revenues   735 
Lease liabilities   1,434 
Deferred tax liability   345 
Total estimated fair value of liabilities assumed   5,316 
      
Net Assets Acquired  $37,084 
      
Goodwill  $44,569 
Schedule of Pro Forma Information Presents Company’s Results of Operations The unaudited pro forma results do not purport to represent what the Company’s results of operations actually would have been if the transactions had occurred on January 1, 2025 or what the Company’s operating results will be in future periods. There were no material nonrecurring pro forma adjustments directly attributable to the business combinations included in the unaudited reported pro forma revenue and earnings.
   Three months ended
March 31,		 
(dollars in thousands)  2026   2025 
Revenue  $50,914   $6,617 
Net income (loss)  $360,255   $(15,378)
The unaudited pro forma results do not purport to represent what the Company’s results of operations actually would have been if the transactions had occurred on January 1, 2025 or what the Company’s operating results will be in future periods. There were no material nonrecurring pro forma adjustments directly attributable to the business combinations included in the reported unaudited pro forma revenue and earnings.
   Three months ended
March 31,		 
(dollars in thousands)  2026   2025 
Revenue  $57,869   $11,814 
Net income (loss)  $362,459   $(15,291)
The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of Apeiro had occurred on January 1, 2025.
(dollars in thousands)  Three months ended
March 31, 2025		 
Revenue  $6,682 
Net loss  $(15,453)

The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of SPO had occurred on January 1, 2025. The unaudited pro forma results do not purport to represent what the Company’s results of operations actually would have been if the transactions had occurred on January 1, 2025 or what the Company’s operating results will be in future periods. There were no material nonrecurring pro forma adjustments directly attributable to the business combinations included in the reported unaudited pro forma revenue and earnings.

 

(dollars in thousands)  Three months ended
March 31, 2025		 
Revenue  $4,636 
Net loss  $(16,028)

The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of Insight had occurred on January 1, 2025. The unaudited pro forma results do not purport to represent what the Company’s results of operations actually would have been if the transactions had occurred on January 1, 2025 or what the Company’s operating results will be in future periods. There were no material nonrecurring pro forma adjustments directly attributable to the business combinations included in the reported pro forma revenue and earnings.

 

(dollars in thousands) Three months ended
March 31,
2025		  
Revenue $ 4,264  
Net loss $ (15,439 )

The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of 4M had occurred on January 1, 2025. The unaudited pro forma results do not purport to represent what the Company’s results of operations actually would have been if the transactions had occurred on January 1, 2025 or what the Company’s operating results will be in future periods. There were no material nonrecurring pro forma adjustments directly attributable to the business combinations included in the reported unaudited pro forma revenue and earnings.

 

(dollars in thousands)  Three months ended
March 31, 2025		 
Revenue  $5,884 
Net loss  $(15,339)

The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of Sentrycs had occurred on January 1, 2025. The unaudited pro forma results do not purport to represent what the Company’s results of operations actually would have been if the transactions had occurred on January 1, 2025 or what the Company’s operating results will be in future periods. There were no material nonrecurring pro forma adjustments directly attributable to the business combinations included in the reported unaudited pro forma revenue and earnings.

 

(dollars in thousands)  Three months ended
March 31, 2025		 
Revenue  $9,853 
Net loss  $(19,302)

The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of Robo-Team had occurred on January 1, 2025. The unaudited pro forma results do not purport to represent what the Company’s results of operations actually would have been if the transactions had occurred on January 1, 2025 or what the Company’s operating results will be in future periods. There were no material nonrecurring pro forma adjustments directly attributable to the business combinations included in the reported unaudited pro forma revenue and earnings.

 

(dollars in thousands)  Three months ended
March 31, 2025		 
Revenue  $7,753 
Net loss  $(16,406)