Annual report [Section 13 and 15(d), not S-K Item 405]

Segment and Geographic Information

v3.25.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Segment Information

Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available that is evaluated regularly by the chief operating decision makers (“CODM”) and is used in resource allocation and performance assessments.

The Company has identified two operating and reportable segments – Logistics and Clinical. Our co-Chief Executive Officers, who serve as the CODMs, regularly review discrete financial information for these two reportable segments. Beginning in the fourth quarter of 2025, following the integration of Keystone, management updated its segment reporting to reflect how the CODMs evaluate operating performance and allocate resources across the Logistics and Clinical segments, and Gross Profit is the measure of segment performance used by the CODMs. The CODMs consider budget-to-actual variances and year-over-year changes in Gross Profit when making resource allocation decisions across our segments. Gross Profit reflects the operational efficiency and core results of our segments, independent of tax implications and non-operational financial factors. Assets are managed on an entity-wide basis and are not allocated to or reviewed at the reportable segment level. Accordingly, the Company does not report asset information by segments.

The following table reflects certain financial data of the Company’s reportable segments and includes the reconciliation to net income (loss) from continuing operations before income taxes.
For the Years Ended
December 31, 2025 December 31,
2024
Logistics:
Revenue $ 176,793  $ 146,817 
Cost of revenue 140,162  117,228 
Gross profit $ 36,631  $ 29,589 
Clinical:
Revenue $ 20,348  $ — 
Cost of revenue 15,853  — 
Gross profit $ 4,495  $ — 
Consolidated:
Revenue $ 197,141  $ 146,817 
Cost of revenue 156,015  117,228 
Gross profit $ 41,126  $ 29,589 
Reconciliation:
For the Years Ended
December 31, 2025 December 31,
2024
Gross profit $ 41,126  $ 29,589 
Less:
Selling, general and administrative
 60,875  50,856 
Amortization of intangible assets
 2,604  1,258 
Operating loss from continuing operations (22,353) (22,525)
Less:
Interest income 4,241  7,214 
Change in fair value of warrant liabilities 4,278  (850)
Change in fair value of assets and other liabilities (1,037) — 
Realized loss from sales of short-term investments (5,195) — 
Loss from continuing operations before income taxes $ (20,066) $ (16,161)

December 31, 2025 December 31,
2024
Goodwill
Logistics $ 15,540  $ 15,540 
Clinical 72,670  — 
Total Goodwill $ 88,210  $ 15,540