Accounts Receivable

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Accounts Receivable

7. Accounts Receivable

Accounts receivable, net consist of the following:

	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Billed receivables	$	104,244	$	3,099
Unbilled receivables		25,364		13,459
Other		6,333		5,384
Less: Allowance for credit losses		(5,660)		(3,279)
	$	130,281	$	18,663

Unbilled receivables represent balances recognized as revenue that have not been billed to the client. The Company’s allowance for credit losses is based on a policy developed by historical experience and management judgment. Adjustments to the allowance for credit losses may occur based on market conditions or specific client circumstances.

The following table describes the changes in the allowance for expected credit losses for the periods August 1, 2025 to December 31, 2025 (Successor) and January 1, 2025 to July 31, 2025 (Predecessor) and the year ended December 31, 2024 (Predecessor) (all related to accounts receivable):

	December 31,
	2025
Balance at January 1 of the allowance for expected credit losses (Predecessor)	$	3,279
Provision for expected loss		914
Write-off charged against the allowance		(162)
Recoveries collected		(1,192)
Foreign currency exchange rate adjustment		8
Balance at July 31 of the allowance for expected credit losses (Predecessor)	$	2,847
Balance at August 1 of the allowance for expected credit losses (Successor)		3,764
Provision for expected loss		2,367
Write-off charged against the allowance		(132)
Recoveries collected		(360)
Foreign currency exchange rate adjustment		21
Balance at December 31 of the allowance for expected credit losses (Successor)	$	5,660

	December 31,
	2024
Balance at January 1 of the allowance for expected credit losses (Predecessor)	$	5,580
Provision for expected loss		18,094
Write-off charged against the allowance (a)		(17,887)
Recoveries collected		(2,517)
Foreign currency exchange rate adjustment		9
Balance at December 31 of the allowance for expected credit losses (Predecessor)	$	3,279

(a) The significant increase in the write-off of receivables for the year ended December 31, 2024, is primarily attributable to a write-off resulting from a contract modification with a major client. This was a unique event, and no similar trends or material write-offs due to contract modifications have been noted in the current reporting year.