Quarterly report [Sections 13 or 15(d)]

Segment and Geographic Information

v3.26.1
Segment and Geographic Information
 3 Months Ended
Mar. 31, 2026
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. 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 income (loss) from continuing operations before income taxes.
Three Months Ended
March 31,
2026 2025
Logistics:
Revenue $ 47,599  $ 35,948 
Cost of revenue 38,434  28,895 
Gross profit $ 9,165  $ 7,053 
Clinical:
Revenue $ 19,785  $ — 
Cost of revenue 14,833  — 
Gross profit $ 4,952  $ — 
Consolidated:
Revenue $ 67,384  $ 35,948 
Cost of revenue 53,267  28,895 
Gross profit $ 14,117  $ 7,053 
Reconciliation:
Three Months Ended
March 31,
2026 2025
Gross profit $ 14,117  $ 7,053 
Less:
Selling, general and administrative
 15,605  12,330 
Amortization of intangible assets
 1,486  408 
Operating loss from continuing operations (2,974) (5,685)
Less:
Interest income, net 473  1,321 
Change in fair value of warrant liabilities 1,459  2,752 
Change in fair value of assets and other liabilities 3,444  — 
Income (loss) from continuing operations before income taxes $ 2,402  $ (1,612)

March 31, 2026 December 31,
2025
Goodwill
Logistics $ 15,540  $ 15,540 
Clinical 73,049  72,670 
Total Goodwill $ 88,589  $ 88,210