Discontinued operations (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

The Company recognized a loss on disposal of Global Cooling, calculated as follows:

(In thousands)
Selling price: $1	$	—
Cash to Global Cooling funded by Company	(6,652)
Costs to sell Global Cooling(1)	(582)
Negative selling price	(7,234)
Global Cooling carrying basis as of April 17, 2024, inclusive of assumed liabilities	(3,589)
Assumed liabilities: Accounts payable(2)	2,643
Assumed liabilities: Debt(3)	2,596
Less: Global Cooling carrying basis as of April 17, 2024	1,650
Less: Release of Global Cooling currency translation adjustment	(13)
Net loss on disposal	$	(8,897)

(1) Represents the costs incurred in connection with the divestiture of Global Cooling, including fees to be paid to the broker, attorneys, and other external parties.

(2) As a closing condition, the Company assumed certain accounts payable and accrued expenses from Global Cooling, totaling $0.5 million and $2.1 million, respectively.

(3) As a closing condition, the Company repaid the balance of all obligations of Global Cooling under that certain promissory note payable by Global Cooling to a lender (the "Global Cooling Term Notes").

The Company recognized the following charges in connection with the RIF and stock compensation expense acceleration:

(In thousands)	Severance		Stock Compensation		Total
RIF employee costs	$	291	$	1,255	$	1,546
Former Global Cooling employees	—		1,925		1,925
Total employment related divestiture expenditures	$	291	$	3,180	$	3,471

The Company recognized a gain on disposal of SciSafe, calculated as follows:

(In thousands)
Cash proceeds received from Buyer	$	71,291
Cash proceeds from escrow	483
Costs to sell(1)	(506)
Total proceeds	71,268
Less: SciSafe carrying basis as of November 12, 2024	42,507
Less: Release of SciSafe currency translation adjustment	622
Net gain on disposal	$	28,139

(1) Gross costs to sell incurred by the Company amounted to $2.1 million. This was offset by additional costs to sell paid on behalf of the Company by the SciSafe Buyer, which amounted to $1.6 million.

The Company recognized a loss on disposal of CBS, calculated as follows:

(In thousands)
Cash proceeds received from Buyer	$	2,785
Cash proceeds from escrow	615
Net price adjustment(1)	179
Costs to sell(2)	(148)
Total proceeds	3,431
Less: CBS carrying basis as of November 14, 2024	6,796
Net loss on disposal	$	(3,365)

(1) As defined within the CBS Purchase Agreement, the final purchase price was subject to working capital adjustments upon the close of the disposal.

(2) Gross costs to sell incurred by the Company amounted to $1.4 million. This was offset by additional costs to sell paid on behalf of the Company by the CBS Buyer, which amounted to $1.3 million.

The table below summarizes the major classes of assets and liabilities of discontinued operations, which are summarized separately in the Consolidated Balance Sheets:

	December 31, 2023
(In thousands)	Global Cooling		SciSafe		CBS		Total
Cash and cash equivalents	$	2,090	$	5,102	$	340	$	7,532
Restricted cash	—		—		10		10
Accounts receivable, net	1,728		6,353		2,677		10,758
Inventories	11,248		—		5,044		16,292
Prepaid expenses and other current assets	303		895		901		2,099
Total current assets, discontinued operations	15,369		12,350		8,972		36,691
Assets held for rent, net	—		796		—		796
Property and equipment, net	146		15,241		—		15,387
Operating lease right-of-use assets, net	—		4,568		—		4,568
Financing lease right-of-use assets, net	—		94		—		94
Long-term deposits and other assets	4		199		—		203
Intangible assets, net	—		9,153		—		9,153
Goodwill	—		11,333		1,104		12,437
Total assets, discontinued operations	15,519		53,734		10,076		79,329
Accounts payable	3,367		578		726		4,671
Accrued expenses and other current liabilities	1,156		1,300		573		3,029
Sales taxes payable	481		44		518		1,043
Warranty liability	7,507		—		131		7,638
Lease liabilities, operating, current portion	263		1,249		—		1,512
Lease liabilities, financing, current portion	22		74		280		376
Debt, current portion	—		447		100		547
Total current liabilities, discontinued operations	12,796		3,692		2,328		18,816
Lease liabilities, operating, long-term	1,016		3,494		—		4,510
Lease liabilities, financing, long-term	11		27		1,130		1,168
Debt, long-term	—		679		72		751
Deferred tax liabilities	—		—		74		74
Total liabilities, discontinued operations	$	13,823	$	7,892	$	3,604	$	25,319

The key components of loss from discontinued operations were as follows:

	December 31, 2024
(In thousands)	Global Cooling		SciSafe		CBS		Total
Revenue	$	7,157	$	18,440	$	12,141	$	37,738
Cost of revenue	(8,389)		(16,357)		(10,600)		(35,346)
Operating expenses	(9,418)		(11,467)		(4,967)		(25,852)
Intangible asset amortization	—		(764)		—		(764)
Other expense, net	(25)		(183)		(110)		(318)
(Loss) gain on disposal	(8,897)		28,139		(3,365)		15,877
(Loss) income before income taxes	(19,572)		17,808		(6,901)		(8,665)
Income tax expense	(10)		(122)		—		(132)
(Loss) income from discontinued operations, net of income taxes	$	(19,582)	$	17,686	$	(6,901)	$	(8,797)

	December 31, 2023
(In thousands)	Global Cooling		SciSafe		CBS		Total
Revenue	$	35,826	$	18,014	$	13,576	$	67,416
Cost of revenue	(36,682)		(17,283)		(12,632)		(66,597)
Operating expenses	(20,162)		(5,316)		(7,153)		(32,631)
Intangible asset impairment charges	(7,175)		—		(8,310)		(15,485)
Intangible asset amortization	(131)		(907)		(623)		(1,661)
Other expense, net	(90)		(100)		(214)		(404)
Loss before income taxes	(28,414)		(5,592)		(15,356)		(49,362)
Income tax expense	(4)		(180)		(9)		(193)
Loss from discontinued operations, net of income taxes	$	(28,418)	$	(5,772)	$	(15,365)	$	(49,555)

	December 31, 2022
(In thousands)	Global Cooling		SciSafe		CBS		Total
Revenue	$	47,915	$	21,462	$	16,142	$	85,519
Cost of revenue	(51,621)		(15,060)		(11,928)		(78,609)
Operating expenses	(19,211)		(5,697)		(5,548)		(30,456)
Intangible asset impairment charges	(110,364)		—		—		(110,364)
Intangible asset amortization	(3,969)		(907)		(830)		(5,706)
Other expense, net	(255)		(84)		(24)		(363)
Loss before income taxes	(137,505)		(286)		(2,188)		(139,979)
Income tax expense	(14)		(191)		(9)		(214)
Loss from discontinued operations, net of income taxes	$	(137,519)	$	(477)	$	(2,197)	$	(140,193)

Below is a summary of incurred depreciation, amortization, interest expenses, capital expenditures, and other noncash related costs for discontinued operations:

	December 31, 2024
(In thousands)	Global Cooling		SciSafe		CBS		Total
Depreciation	$	—	$	2,402	$	4	$	2,406
Amortization	—		764		—		764
Stock-based compensation	4,191		6,410		3,790		14,391
Interest expense, net	42		50		114		206
Capital expenditures	—		2,200		720		2,920

	December 31, 2023
(In thousands)	Global Cooling		SciSafe		CBS		Total
Depreciation	$	397	$	2,636	$	471	$	3,504
Amortization	131		907		623		1,661
Stock-based compensation	4,734		2,759		2,503		9,996
Interest expense, net	131		13		219		363
Capital expenditures	—		4,659		750		5,409

	December 31, 2022
(In thousands)	Global Cooling		SciSafe		CBS		Total
Depreciation	$	616	$	2,081	$	488	$	3,185
Amortization	3,969		907		830		5,706
Stock-based compensation	3,304		2,465		1,839		7,608
Interest expense, net	257		118		28		403
Capital expenditures	—		6,790		812		7,602