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Business Segment, Geographic and Major Customer Information (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of financial information regarding reportable segments | Summarized financial information of the reportable segments is as follows (in thousands):
As of and for the three months ended June 30, | Chemistry Technologies |  | Data Analytics |  | Corporate and Other |  | Total
2023 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 15,095 |  |  | $ | 1,620 |  |  | $ | — |  |  | $ | 16,715 |
Services | 374 |  |  | 731 |  |  | — |  |  | 1,105 |
Total revenue from external customers | 15,469 |  |  | 2,351 |  |  | — |  |  | 17,820 |
Revenue from related party |  |  |  |  |  |  | — |
Products | 32,345 |  |  | 2 |  |  | — |  |  | 32,347 |
Services | 272 |  |  | 155 |  |  | — |  |  | 427 |
Total revenue from related parties | 32,617 |  |  | 157 |  |  | — |  |  | 32,774 |
Gross profit | 2,603 |  |  | 1,301 |  |  | — |  |  | 3,904 |
Change in fair value of Contract Consideration Convertible Notes Payable | (3,874) |  |  | — |  |  | — |  |  | (3,874) |
Income (loss) from operations | 3,795 |  |  | 129 |  |  | (3,252) |  |  | 672 |
Paid-in-kind interest on Contract Consideration Convertible Notes Payable | 712 |  |  | — |  |  | — |  |  | 712 |
Depreciation | 155 |  |  | 18 |  |  | 1 |  |  | 174 |
Additions to long-lived assets | — |  |  | 135 |  |  | — |  |  | 135 |
2022 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 11,740 |  |  | $ | 299 |  |  | $ | — |  |  | $ | 12,039 |
Services | 371 |  |  | 414 |  |  | — |  |  | 785 |
Total revenue from external customers | 12,111 |  |  | 713 |  |  | — |  |  | 12,824 |
Revenue from related party |  |  |  |  |  |  |
Products | 16,549 |  |  | — |  |  | — |  |  | 16,549 |
Services | — |  |  | — |  |  | — |  |  | — |
Total revenue from related parties | 16,549 |  |  | — |  |  | — |  |  | 16,549 |
Gross loss | (1,568) |  |  | (737) |  |  | — |  |  | (2,305) |
Change in fair value of Contract Consideration Convertible Notes Payable | (17,158) |  |  | — |  |  | — |  |  | (17,158) |
Loss from operations | 14,944 |  |  | (1,198) |  |  | (5,707) |  |  | 8,039 |
Paid-in-kind interest on Contract Consideration Convertible Notes Payable | 868 |  |  | — |  |  | — |  |  | 868 |
Paid-in-kind interest on convertible notes payable | — |  |  | — |  |  | 466 |  |  | 466 |
Depreciation | 166 |  |  | 15 |  |  | 1 |  |  | 182 |
Additions to long-lived assets | 5 |  |  | — |  |  | — |  |  | 5 |
As of and for the six months ended June 30, | Chemistry Technologies |  | Data Analytics |  | Corporate and Other |  | Total
2023 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 23,654 |  |  | $ | 3,562 |  |  | $ | — |  |  | $ | 27,216 |
Services | 1,039 |  |  | 1,217 |  |  | — |  |  | 2,256 |
Total revenue from external customers | 24,693 |  |  | 4,779 |  |  | — |  |  | 29,472 |
Revenue from related party |  |  |  |  |  |  | — |
Products | 68,611 |  |  | 2 |  |  | — |  |  | 68,613 |
Services | 272 |  |  | 245 |  |  | — |  |  | 517 |
Total revenue from related parties | 68,883 |  |  | 247 |  |  | — |  |  | 69,130 |
Gross profit | 3,038 |  |  | 2,747 |  |  | — |  |  | 5,785 |
Change in fair value of Contract Consideration Convertible Notes Payable | (29,969) |  |  | — |  |  | — |  |  | (29,969) |
Income (loss) from operations | 27,174 |  |  | 587 |  |  | (8,577) |  |  | 19,184 |
Paid-in-kind interest on Contract Consideration Convertible Notes Payable | 2,129 |  |  | — |  |  | — |  |  | 2,129 |
Paid-in-kind interest on convertible notes payable | — |  |  | — |  |  | 155 |  |  | 155 |
Depreciation | 312 |  |  | 36 |  |  | 1 |  |  | 349 |
Additions to long-lived assets | 30 |  |  | 230 |  |  | 32 |  |  | 292 |
2022 |  |  |  |  |  |  |
Revenue from external customers |  |  |  |  |  |  |
Products | $ | 20,650 |  |  | $ | 1,091 |  |  | $ | — |  |  | $ | 21,741 |
Services | 772 |  |  | 693 |  |  | — |  |  | 1,465 |
Total revenue from external customers | 21,422 |  |  | 1,784 |  |  | — |  |  | 23,206 |
Revenue from related party |  |  |  |  |  |  |
Products | 19,046 |  |  | — |  |  | — |  |  | 19,046 |
Services | — |  |  | — |  |  | — |  |  | — |
Total revenue from related parties | 19,046 |  |  | — |  |  | — |  |  | 19,046 |
Gross loss | (2,231) |  |  | (553) |  |  | — |  |  | (2,784) |
Change in fair value of Contract Consideration Convertible Notes Payable | (13,266) |  |  | — |  |  | — |  |  | (13,266) |
Loss from operations | 8,887 |  |  | (2,006) |  |  | (9,126) |  |  | (2,245) |
Paid-in-kind interest on Contract Consideration Convertible Notes Payable | 1,026 |  |  | — |  |  | — |  |  | 1,026 |
Paid-in-kind interest on convertible notes payable | — |  |  | — |  |  | 793 |  |  | 793 |
Depreciation | 345 |  |  | 31 |  |  | 1 |  |  | 377 |
Additions to long-lived assets | 5 |  |  | — |  |  | — |  |  | 5 |
Assets of the Company by reportable segments are as follows (in thousands):
| June 30, 2023 |  | December 31, 2022
Chemistry Technologies | $ | 139,921 |  |  | $ | 146,542 |
Data Analytics | 7,382 |  |  | 5,645 |
Corporate and Other | 10,727 |  |  | 12,623 |
Total assets | $ | 158,030 |  |  | $ | 164,810 |
Schedule of revenue by geographic location | Revenue by geographic location is as follows (in thousands):
| Three months ended June 30, |  | Six months ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
U.S. (1) | $ | 48,725 |  |  | $ | 25,955 |  |  | $ | 94,851 |  |  | $ | 36,289 |
UAE | 1,509 |  |  | 3,139 |  |  | 2,912 |  |  | 4,450 |
Other countries | 360 |  |  | 279 |  |  | 839 |  |  | 1,513 |
Total revenue | $ | 50,594 |  |  | $ | 29,373 |  |  | $ | 98,602 |  |  | $ | 42,252 |
(1) Includes revenue from related party
Schedule of revenue by major customers | Revenue from major customers, as a percentage of consolidated revenue, is as follows (in thousands):
Three months ended June 30, |  | Revenue |  | % of Total Revenue |  |  |  |
2023 |  |  |  |  |  |  |  |
Customer A (Related Party) |  | $ | 32,774 |  |  | 64.8 | % |  |  |  |
2022 |  |  |  |  |  |  |  |
Customer A (Related Party) |  | $ | 16,549 |  |  | 52.2 | % |  |  |  |
Customer B |  | 5,611 |  |  | 19.1 | % |  |  |  |
Six months ended June 30, |  | Revenue |  | % of Total Revenue |  |  |  |
2023 |  |  |  |  |  |  |  |
Customer A (Related Party) |  | $ | 69,129 |  |  | 70.1 | % |  |  |  |
2022 |  |  |  |  |  |  |  |
Customer A (Related Party) |  | $ | 17,657 |  |  | 38.9 | % |  |  |  |
Customer B |  | 8,218 |  |  | 19.5 | % |  |  |  |
Schedule of expenditure with major suppliers by reporting segments | Expenditure with major suppliers, as a percentage of consolidated supplier expenditure, is as follows (in thousands):
|  | Expenditure |  | % of Total Expenditure |  |  |  |
Three months ended June 30, |  |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |
Supplier A |  | $ | 13,155 |  |  | 32.6 | % |  |  |  |
Supplier B |  | 8,049 |  |  | 20.0 | % |  |  |  |
Supplier C |  | 4,489 |  |  | 11.1 | % |  |  |  |
2022 |  |  |  |  |  |  |  |
Supplier A |  | 7,576 |  |  | 31.9 | % |  |  |  |
Supplier B |  | 4,036 |  |  | 17.0 | % |  |  |  |
Supplier C |  | 2,679 |  |  | 11.3 | % |  |  |  |
|  | Expenditure |  | % of Total Expenditure |  |  |  |
Six months ended June 30, |  |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |
Supplier A |  | $ | 30,109 |  |  | 36.4 | % |  |  |  |
Supplier B |  | 15,194 |  |  | 18.4 | % |  |  |  |
Supplier C |  | 8,993 |  |  | 10.9 | % |  |  |  |
2022 |  |  |  |  |  |  |  |
Supplier A |  | 7,624 |  |  | 24.2 | % |  |  |  |
Supplier B |  | 6,154 |  |  | 19.5% |  |  |  |

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- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
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