Quarterly report [Sections 13 or 15(d)]

Segment and Geographic Information

v3.26.1
Segment and Geographic Information
 6 Months Ended
Jun. 30, 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 loss from continuing operations before income taxes.
Three Months Ended June 30, Six Months Ended
June 30,
2026 2025 2026 2025
Logistics:
Revenue $ 48,240  $ 45,108  $ 95,839  $ 81,056 
Cost of revenue 39,352  36,101  77,786  64,996 
Gross profit $ 8,888  $ 9,007  $ 18,053  $ 16,060 
Clinical:
Revenue $ 24,266  $ —  $ 44,051  $ — 
Cost of revenue 17,939  —  32,772  — 
Gross profit $ 6,327  $ —  $ 11,279  $ — 
Consolidated:
Revenue $ 72,506  $ 45,108  $ 139,890  $ 81,056 
Cost of revenue 57,291  36,101  110,558  64,996 
Gross profit $ 15,215  $ 9,007  $ 29,332  $ 16,060 
Reconciliation from the measure of segments performance to loss from consolidated operations before income taxes
Three Months Ended June 30, Six Months Ended
June 30,
2026 2025 2026 2025
Gross profit $ 15,215  $ 9,007  $ 29,332  $ 16,060 
Less:
Selling, general and administrative
 13,996  13,292  29,601  25,622 
Amortization of intangible assets
 6,627  356  8,113  764 
Operating loss from continuing operations (5,408) (4,641) (8,382) (10,326)
Plus (less):
Interest income, net 331  1,155  804  2,476 
Change in fair value of warrant liabilities 71  77  1,530  2,829 
Change in fair value of assets and other liabilities (5,510) —  (2,066) — 
Loss from continuing operations before income taxes $ (10,516) $ (3,409) $ (8,114) $ (5,021)

June 30, 2026 December 31,
2025
Goodwill
Logistics $ 15,540  $ 15,540 
Clinical 91,406  72,670 
Total Goodwill $ 106,946  $ 88,210