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Business Segment Data | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Business Segment Data | The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”) of the Company. The CODM makes operating decisions, allocates resources and assesses performance based on review of historical and potential future product sales, operating expenses, and net income (loss). Based on the information utilized by the CODM to operate the Company, there is one operating segment and reportable segment, Technology. The Technology segment includes the business activities of Accelsius, a consolidated subsidiary focused on development and manufacture of data center cooling products. Other components of the Company’s consolidated information primarily include operations relating to the original platform business, service activities, Refinity, and equity method investment activities (“Other”). The following table presents information about the Company’s Technology segment for the Successor period from October 2, 2024 through December 31, 2024, the Predecessor period from January 1, 2024 through October 1, 2024, and for the Predecessor year ended December 31, 2023. The information includes the significant expense categories and amounts regularly provided to the CODM for the reportable segment, which may reflect a different presentation than amounts presented elsewhere in the consolidated financial statements. Inter-segment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the Technology segment.
| Successor |  | Predecessor
| December 31, 2025 |  | October 2, 2024 through December 31, 2024 |  | January 1, 2024 through October 1, 2024
| (in thousands) |  | (in thousands)
Revenue from external customers | $ | 1,557 |  |  | $ | 233 |  |  | $ | 95 |
Interest income | 139 |  |  | — |  |  | 7 |
Cost of sales | $ | 7,831 |  |  | $ | 3,752 |  |  | $ | 777 |
Employee costs | 26,377 |  |  | 3,933 |  |  | 8,076 |
Facilities, equipment & supplies | 3,117 |  |  | 121 |  |  | 581 |
General and administrative | 5,578 |  |  | 751 |  |  | 398 |
Outside services | 1,589 |  |  | 390 |  |  | 842 |
Research and development | 13,864 |  |  | 3,224 |  |  | 2,711 |
Sales and marketing | 1,073 |  |  | 193 |  |  | 442 |
Depreciation expense * | 1,181 |  |  | 6 |  |  | 99 |
Interest expense | 855 |  |  | 90 |  |  | 564 |
Income tax expense (benefit) | (13,571) |  |  | (3,637) |  |  | 432 |
Goodwill Impairment | 346,557 |  |  | — |  |  | — |
Other ** | 2,435 |  |  | 168 |  |  | 1,832 |
Total Expenses | $ | 396,886 |  |  | $ | 8,991 |  |  | $ | 16,754 |
Net Loss | $ | (395,190) |  |  | $ | (8,758) |  |  | $ | (16,652) |
* Represents depreciation not already included in Cost of sales. ** Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous expenses. The following table reconciles the reportable segment to amounts reflected in our consolidated financial statements.
| Successor |  | Predecessor
| December 31, 2025 |  | October 2, 2024 through December 31, 2024 |  | January 1, 2024 through October 1, 2024
Revenues: |  |  |  |  |
Technology | $ | 1,557 |  |  | $ | 233 |  |  | $ | 95 |
Other | 607 |  | 250 |  |  | 750 |
Elimination of management services provided to Technology | (108) |  |  | (27) |  |  | (81) |
Consolidated Revenues | $ | 2,056 |  |  | $ | 456 |  |  | $ | 764 |
Interest Expense: |  |  |  |  |
Technology | $ | 855 |  |  | $ | 90 |  |  | $ | 564 |
Other | 9,865 |  |  | 1,240 |  |  | 1,069 |
Elimination of Intercompany Interest | (486) |  |  | — |  |  |
Consolidated Interest Expense | $ | 10,234 |  |  | $ | 1,330 |  |  | $ | 1,633 |
Interest Income: |  |  |  |  |
Technology | $ | 139 |  |  | $ | — |  |  | $ | 7 |
Other | 903 |  |  | 198 |  |  | 326 |
Elimination of Intercompany Interest | (486) |  |  | — |  |  | — |
Consolidated Interest Income | $ | 556 |  |  | $ | 198 |  |  | $ | 333 |
Depreciation and Amortization Expense: |  |  |  |  |
Technology | $ | 22,497 |  |  | $ | 5,455 |  |  | $ | 146 |
Other | 9 |  |  | — |  |  |
Consolidated Depreciation and Amortization Expense | $ | 22,506 |  |  | $ | 5,455 |  |  | $ | 146 |
Net Loss: |  |  |  |  |
Technology | $ | (395,190) |  |  | $ | (8,758) |  |  | $ | (16,652) |
Other | (80,160) |  |  | (61,335) |  |  | (11,546) |
Consolidated Net Loss | $ | (475,350) |  |  | $ | (70,093) |  |  | $ | (28,198) |
Capital Expenditures: |  |  |  |  |
Technology | $ | 1,417 |  |  | $ | 266 |  |  | $ | 736 |
Other | — |  |  | — |  |  | — |
Consolidated Capital Expenditures | $ | 1,417 |  |  | $ | 266 |  |  | $ | 736 |
All long-lived assets are located entirely in the United States of America (USA). Segment assets are not reviewed by the CODM and therefore are not disclosed.

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- Definition The entire disclosure for reporting segments including data and tables. 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