Discontinued operations (Tables)

3 Months Ended

Mar. 31, 2025

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 balances of loans under Global Cooling as of the date of the Global Cooling Divestiture.

(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 CBS Divestiture.

(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 key components of loss from discontinued operations as follows:

	Three Months Ended March 31, 2024
(In thousands)	Global Cooling		SciSafe		CBS		Total
Revenue	$	4,948	$	5,135	$	3,210	$	13,293
Cost of revenue	6,600		3,725		2,648		12,973
Gross profit	(1,652)		1,410		562		320
Operating expenses	(4,314)		(1,663)		(1,175)		(7,152)
Other income (expense), net	(33)		(18)		(25)		(76)
Loss before income taxes	(5,999)		(271)		(638)		(6,908)
Income tax expense	(10)		(100)		(4)		(114)
Loss from discontinued operations, net of income taxes	$	(6,009)	$	(371)	$	(642)	$	(7,022)

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

	Three Months Ended March 31, 2024
(In thousands)	Global Cooling		SciSafe		CBS		Total
Depreciation	$	—	$	667	$	—	$	667
Amortization	$	—	$	227	$	—	$	227
Stock-based compensation	$	947	$	706	$	402	$	2,055
Interest expense, net	$	38	$	2	$	26	$	66
Capital expenditures	$	26	$	255	$	—	$	281