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Revenue and Segment Information
 12 Months Ended
Dec. 31, 2024
Revenue and Segment Information [Abstract]  
Revenue and Segment Information

3. Revenue and Segment Information

In connection with our acquisition of 51% ownership of PET Labs in October 2023, the Company manufactures and sells nuclear medical doses for PET scanning in South Africa. The Company recognized product revenue of $3,944,226 and $433,026, for the years ended December 31, 2024 and 2023, respectively.

The following tables present changes in the Company’s accounts receivable for the years ended December 31, 2024 and 2023:

 

 

Balance as of
December 31, 2023

 

 

Additions

 

 

Deductions

 

 

Balance as of
December 31, 2024

 

Accounts receivable

 

$

216,504

 

 

$

4,144,226

 

 

$

(3,653,805

)

 

$

706,925

 

 

 

Balance as of
October 31, 2023

 

 

Additions

 

 

Deductions

 

 

Balance as of
December 31, 2023

 

Accounts receivable

 

$

460,165

 

 

$

433,026

 

 

$

(676,687

)

 

$

216,504

 

Segment Information

As of December 31, 2023, the Company managed its operations as a single segment, specialist isotopes and related services. Beginning in 2024, primarily as a result of increased business activities of its subsidiary, Quantum Leap Energy LLC, the Company has two operating segments: (i) nuclear fuels, and (ii) specialist isotopes and related services.

The nuclear fuels segment is focused on research and development of technologies and methods used to produce high-assay low-enriched uranium (HALEU) and Lithium-6 for the advanced nuclear fuels target end market.

The specialist isotopes and related services segment is focused on research and development of technologies and methods used to separate high-value, low-volume isotopes (such as C-14, Mo-100 and Si-28) for highly specialized target end markets other than advanced nuclear fuels, including pharmaceuticals and agrochemicals, nuclear medical imaging and semiconductors, as well as services related to these isotopes, and this segment includes PET Labs.

The Company’s chief operating decision maker (“CODM”) is its chief executive officer. The segment revenue and segment net loss is regularly reviewed by the CODM in deciding how to allocate resources. The Company manages assets on a total company basis, not by operating segment, as the assets are shared or commingled. Therefore, the CODM does not regularly review any asset information by operating segment and, accordingly, asset information is not reported on a segment basis.

Select information from the consolidated statements of operations and comprehensive loss as of the years ended December 31, 2024 and 2023 is as follows:

 

Revenues

 

 

Net Loss Before
Allocation to Noncontrolling Interest

 

 

 

Year Ended December 31,

 

 

Year Ended December 31,

 

Segment

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Specialist isotopes and related services

 

$

3,944,226

 

 

$

433,026

 

 

$

(21,367,787

)

 

$

(16,145,339

)

Nuclear fuels

 

 

200,000

 

 

 

—

 

 

 

(10,881,084

)

 

 

—

 

Corporate

 

 

—

 

 

 

—

 

 

 

(173,857

)

 

 

(148,787

)

 

$

4,144,226

 

 

$

433,026

 

 

$

(32,422,728

)

 

$

(16,294,126

)

 

A reconciliation of total segment revenue to total consolidated revenue and of total segment gross profit and segment operating income to total consolidated income before income taxes, for the years ended December 31, 2024 and 2023, is as follows:

 

 

 

Year Ended December 31, 2024

 

 

 

Specialist isotopes and related services

 

 

Nuclear fuels

 

 

Corporate

 

 

Total

 

Sales from external customers

 

$

3,944,226

 

 

$

—

 

 

$

—

 

 

$

3,944,226

 

Collaboration revenue

 

 

—

 

 

 

200,000

 

 

 

—

 

 

 

200,000

 

Less: cost of sales

 

 

(2,544,614

)

 

 

—

 

 

 

—

 

 

 

(2,544,614

)

Segment gross profit

 

 

1,399,612

 

 

 

200,000

 

 

 

—

 

 

 

1,599,612

 

Personnel expenses

 

 

12,392,833

 

 

 

1,197,515

 

 

 

—

 

 

 

13,590,348

 

Professional fees

 

 

6,108,271

 

 

 

1,631,772

 

 

 

—

 

 

 

7,740,043

 

Other segment expenses

 

 

4,794,818

 

 

 

1,828,057

 

 

 

—

 

 

 

6,622,875

 

Segment operating loss

 

 

(21,896,310

)

 

 

(4,457,344

)

 

 

—

 

 

 

(26,353,654

)

Foreign exchange transaction gain

 

 

—

 

 

 

—

 

 

 

69,865

 

 

 

69,865

 

Change in fair value of share liability

 

 

—

 

 

 

—

 

 

 

(132,273

)

 

 

(132,273

)

Change in fair value of convertible notes payable

 

 

—

 

 

 

(6,875,041

)

 

 

—

 

 

 

(6,875,041

)

Interest income (expense), net

 

 

528,523

 

 

 

451,301

 

 

 

—

 

 

 

979,824

 

Loss before income tax expense

 

$

(21,367,787

)

 

$

(10,881,084

)

 

$

(62,408

)

 

$

(32,311,279

)

 

 

 

Year Ended December 31, 2023

 

 

 

Specialist isotopes and related services

 

 

Nuclear fuels

 

 

Corporate

 

 

Total

 

Sales from external customers

 

$

433,026

 

 

$

—

 

 

$

—

 

 

$

433,026

 

Less: cost of sales

 

 

(294,056

)

 

 

—

 

 

 

—

 

 

 

(294,056

)

Segment gross profit

 

 

138,970

 

 

 

—

 

 

 

—

 

 

 

138,970

 

Personnel expenses

 

 

11,134,296

 

 

 

—

 

 

 

—

 

 

 

11,134,296

 

Professional fees

 

 

2,994,611

 

 

 

—

 

 

 

—

 

 

 

2,994,611

 

Other segment expenses

 

 

2,052,062

 

 

 

—

 

 

 

—

 

 

 

2,052,062

 

Segment operating loss

 

 

(16,041,999

)

 

 

—

 

 

 

—

 

 

 

(16,041,999

)

Foreign exchange transaction gain

 

 

—

 

 

 

—

 

 

 

45,753

 

 

 

45,753

 

Change in fair value of share liability

 

 

—

 

 

 

—

 

 

 

(194,540

)

 

 

(194,540

)

Interest income (expense), net

 

 

(109,473

)

 

 

—

 

 

 

—

 

 

 

(109,473

)

Loss before income tax expense

 

$

(16,151,472

)

 

$

—

 

 

$

(148,787

)

 

$

(16,300,259

)