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Discontinued Operations

3 Months Ended

Mar. 31, 2025

Discontinued Operations [Abstract]

Discontinued Operations

2. Discontinued Operations

During the fourth quarter of 2023 the Company decided to phase out the product business and as a consequence terminate production at the Pronode Technologies AB facilities in Kungsbacka, Sweden. Subsequently, we commenced the phase out of our TSM product business during the first quarter of 2024 through licensing of the TSM technology to strategic partners or outsourcing. In May 2024, we stopped producing TSMs and started to shut down the factory. The facility lease terminated as of September 30, 2024 and was not renewed.

The Company concluded that the termination of TSM manufacturing met the criteria for discontinued operations. As a result, this business has been reclassified to discontinued operations in these consolidated financial statements for all periods presented.

Assets and Liabilities of Discontinued Operations

Assets and liabilities of discontinued operations are presented separately in the condensed consolidated balance sheets for all periods presented. On March 31, 2025 and December 31, 2024, these balances consisted of assets and liabilities of the Company’s Products business.

The following table presents a reconciliation of the carrying amounts of the major classes of these assets and liabilities to the assets and liabilities of discontinued operations as presented on the Company’s condensed consolidated balance sheets:

		March 31,				December 31,
(in thousands)		2025				2024
ASSETS OF DISCONTINUED OPERATIONS
Current assets:
Accounts receivable and unbilled revenues, net		$	52			$	-
Total current assets of discontinued operations			52				-
Total assets of discontinued operations		$	52			$	-

Income (Loss) from Discontinued Operations

Discontinued operations for the three months ended March 31, 2025 and 2024, respectively, consists of results from the Company’s products business.

The following table provides details about the major classes of line items constituting “Income (loss) from discontinued operations” as presented on the Company’s condensed consolidated statements of operations:

		Three months ended March 31,
(in thousands)		2025				2024
Revenues:
Products		$	67			$	200
Total revenues			67				200

Cost of revenues:
Products			-				380
Total cost of revenues			-				380
Gross (loss) margin			67				(180	)

Operating expenses:
General and administrative			-				188
Total operating expenses			-				188

Operating income (loss)			67				(368	)
Income (loss) from discontinued operations		$	67			$	(368	)

Cash Flows Information

The following table presents cash flow information for discontinued operations:

		Three months ended March 31,
(in thousands)		2025				2024
Depreciation and amortization		$	-			$	15
Amortization of operating lease ROU assets			-				17
Inventory impairment loss			-				278