Quarterly report [Sections 13 or 15(d)]

Segment and Geographic Information

v3.26.3
Segment and Geographic Information
 9 Months Ended
Sep. 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 September 30, Nine Months Ended
September 30,
2026 2025 2026 2025
Logistics:
Revenue $ 44,899  $ 46,507  $ 140,738  $ 127,563 
Cost of revenue 35,564  36,517  113,350  101,513 
Gross profit (1) $ 9,335  $ 9,990  $ 27,388  $ 26,050 
Clinical:
Revenue $ 29,182  $ 2,791  $ 73,233  $ 2,791 
Cost of revenue 21,697  2,127  54,469  2,127 
Gross profit (2) $ 7,485  $ 664  $ 18,764  $ 664 
Consolidated:
Revenue $ 74,081  $ 49,298  $ 213,971  $ 130,354 
Cost of revenue 57,261  38,644  167,819  103,640 
Gross profit $ 16,820  $ 10,654  $ 46,152  $ 26,714 
(1) Net of depreciation expense of $1,329 and $965 for the three months ended September 30, 2026 and 2025, respectively, and $3,893 and $2,572 for the nine months ended September 30, 2026 and 2025, respectively.
(2) Net of depreciation expense of $382 and $58 for the three months ended September 30, 2026 and 2025, respectively, and $1,112 and $58 for the nine months ended September 30, 2026 and 2025, respectively.
Reconciliation from the measure of segment performance to loss from continuing operations before income taxes:
Three Months Ended September 30, Nine Months Ended
September 30,
2026 2025 2026 2025
Gross profit $ 16,820  $ 10,654  $ 46,152  $ 26,714 
Less:
Selling, general and administrative 15,140  15,912  44,741  41,534 
Amortization of intangible assets 5,511  364  13,624  1,128 
Operating loss from continuing operations (3,831) (5,622) (12,213) (15,948)
Plus (less):
Interest income, net 146  1,127  950  3,603 
Change in fair value of warrant liabilities —  33  1,530  2,862 
Change in fair value of assets and other liabilities (2,649) —  (4,715) — 
Realized loss from sales of short-term investments (1,281) (5,195) (1,281) (5,195)
Loss from continuing operations before income taxes $ (7,615) $ (9,657) $ (15,729) $ (14,678)

September 30, 2026 December 31,
2025
Goodwill
Logistics $ 15,540  $ 15,540 
Clinical 86,378  72,670 
Total Goodwill $ 101,918  $ 88,210