XML 40 R24.htm IDEA: XBRL DOCUMENT v3.26.1
Revenues
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues
Note 15. Revenues
The Company provides investment management services to the ESG Fund, a related party, through which it earns revenue from management fees. Management fee revenue is affected by economic factors related to the asset class composition of the holdings and the contractual terms such as the basis for calculating the management fees and investors’ ability to redeem. The Company did not recognize any carried interest allocation during the year ended December 31, 2025, the Successor period from October 2, 2024 through December 31, 2024, and the Predecessor period from January 1, 2024 through October 1, 2024, as the amounts were probable of significant reversal given the consideration is highly susceptible to factors outside the Company's influence. Cumulative carried interest allocation amounts that are subject to restraint and as such are not yet recognized were $9.6 million and $11.3 million as of December 31, 2025 and 2024, respectively. The Company also provides management services to AeroFlexx, which do not have a carried interest feature.
The following table represents the breakout of revenue by source (in thousands):
SuccessorPredecessor
Year Ended December 31, 2025October 2, 2024 through December 31, 2024January 1, 2024 through October 1, 2024
Product revenue$1,557 $233 $95 
Management fees - related party499 223 669 
Total revenue$2,056 $456 $764 
The following table represents major customer concentration of revenue:
SuccessorPredecessor
Year Ended December 31, 2025October 2, 2024 through December 31, 2024January 1, 2024 through October 1, 2024
Customer A - Related Party19.0 %43.0 %77.0 %
Customer B - Related Party5.3 %5.9 %10.6 %
Customer C31.8 %— %— %
Customer D— %— %12.4 %
Customer E3.0 %48.9 %— %
Customer F20.1 %— %— %
Total Revenue Concentration of Major Customers
79.2 %97.8 %100.0 %