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Discontinued operations (Tables) | 3 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Disposal Groups, Including Discontinued Operations | The Company recognized a loss on disposal of Global Cooling, calculated as follows:
(In thousands) |
Selling price: $1 | $ | - |
Cash to Global Cooling funded by Company | (6,652) |
Costs to sell Global Cooling(1) | (582) |
Negative selling price | (7,234) |
Global Cooling carrying basis as of April 17, 2024, inclusive of assumed liabilities | (3,589) |
Assumed liabilities: Accounts payable(2) | 2,643 |
Assumed liabilities: Debt(3) | 2,596 |
Less: Global Cooling carrying basis as of April 17, 2024 | 1,650 |
Less: Release of Global Cooling currency translation adjustment | (13) |
Net loss on disposal | $ | (8,897) |
(1) Represents the costs incurred in connection with the divestiture of Global Cooling, including fees to be paid to the broker, attorneys, and other external parties. (2) As a closing condition, the Company assumed certain accounts payable and accrued expenses from Global Cooling, totaling $0.5 million and $2.1 million, respectively. (3) As a closing condition, the Company repaid the balances of loans under Global Cooling as of the date of the Global Cooling Divestiture.
(In thousands) | Severance |  | Stock Compensation |  | Total
RIF employee costs | $ | 291 |  |  | $ | 1,255 |  |  | $ | 1,546 |
Former Global Cooling employees | - |  |  | 1,925 |  |  | 1,925 |
Total employment related divestiture expenditures | $ | 291 |  |  | $ | 3,180 |  |  | $ | 3,471 |
The Company recognized a gain on disposal of SciSafe, calculated as follows:
(In thousands) |
Cash proceeds received from Buyer | $ | 71,291 |
Cash proceeds from escrow | 483 |
Costs to sell(1) | (506) |
Total proceeds | 71,268 |
Less: SciSafe carrying basis as of November 12, 2024 | 42,507 |
Less: Release of SciSafe currency translation adjustment | 622 |
Net gain on disposal | $ | 28,139 |
(1) Gross costs to sell incurred by the Company amounted to $2.1 million. This was offset by additional costs to sell paid on behalf of the Company by the SciSafe Buyer, which amounted to $1.6 million. The Company recognized a loss on disposal of CBS, calculated as follows:
(In thousands) |
Cash proceeds received from Buyer | $ | 2,785 |
Cash proceeds from escrow | 615 |
Net price adjustment(1) | 179 |
Costs to sell(2) | (148) |
Total proceeds | 3,431 |
Less: CBS carrying basis as of November 14, 2024 | 6,796 |
Net loss on disposal | $ | (3,365) |
(1) As defined within the CBS Purchase Agreement, the final purchase price was subject to working capital adjustments upon the close of the CBS Divestiture. (2) Gross costs to sell incurred by the Company amounted to $1.4 million. This was offset by additional costs to sell paid on behalf of the Company by the CBS Buyer, which amounted to $1.3 million. The table below summarizes the key components of loss from discontinued operations as follows:
| Three Months Ended March 31, 2024
(In thousands) | Global Cooling |  | SciSafe |  | CBS |  | Total
Revenue | $ | 4,948 |  |  | $ | 5,135 |  |  | $ | 3,210 |  |  | $ | 13,293 |
Cost of revenue | 6,600 |  |  | 3,725 |  |  | 2,648 |  |  | 12,973 |
Gross profit | (1,652) |  |  | 1,410 |  |  | 562 |  |  | 320 |
Operating expenses | (4,314) |  |  | (1,663) |  |  | (1,175) |  |  | (7,152) |
Other income (expense), net | (33) |  |  | (18) |  |  | (25) |  |  | (76) |
Loss before income taxes | (5,999) |  |  | (271) |  |  | (638) |  |  | (6,908) |
Income tax expense | (10) |  |  | (100) |  |  | (4) |  |  | (114) |
Loss from discontinued operations, net of income taxes | $ | (6,009) |  |  | $ | (371) |  |  | $ | (642) |  |  | $ | (7,022) |
Below is a summary of incurred depreciation, amortization, interest expenses, capital expenditures, and other noncash related costs for discontinued operations:
| Three Months Ended March 31, 2024
(In thousands) | Global Cooling |  | SciSafe |  | CBS |  | Total
Depreciation | $ | — |  |  | $ | 667 |  |  | $ | — |  |  | $ | 667 |
Amortization | $ | — |  |  | $ | 227 |  |  | $ | — |  |  | $ | 227 |
Stock-based compensation | $ | 947 |  |  | $ | 706 |  |  | $ | 402 |  |  | $ | 2,055 |
Interest expense, net | $ | 38 |  |  | $ | 2 |  |  | $ | 26 |  |  | $ | 66 |
Capital expenditures | $ | 26 |  |  | $ | 255 |  |  | $ | — |  |  | $ | 281 |

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