| Transition period information |
Transition period information This Annual Report on Form 10-KT includes financial information for the transition period ended December 31, 2025 and the fiscal year ended May 25, 2025. The consolidated statements of operations for the approximately one-month period from May 26, 2025 through June 30, 2025, the approximately seven-month transition period ended December 31, 2025 and the approximately seven-month period ended December 31, 2024, are summarized below. The preparation of the unaudited results presented below required the Company to make estimates and judgments that affected certain of the amounts set forth below, including revenue and expense. These estimates and judgments were based on methodologies and assumptions that the Company believes to be reasonable under the circumstances. | | | | | | | | | | | | | | | | | | | | | May 26, 2025 through | | May 26, 2025 through | | May 27, 2024 through | (in thousands, except share and per share amounts) | June 30,
2025 | | | | December 31,
2025 | | December 31,
2024 | | (unaudited) | | | | | | (unaudited) | | Revenues | $ | 4,756 | | | | | $ | 43,796 | | | $ | 39,016 | | Revenues, related party | 3,909 | | | | | 31,725 | | | 23,940 | | | Total revenues | 8,665 | | | | | 75,521 | | | 62,956 | | Cost of sales | 5,529 | | | | | 51,832 | | | 46,629 | | | Gross profit | 3,136 | | | | | 23,689 | | | 16,327 | | | Research and development expenses | 705 | | | | | 4,965 | | | 4,720 | | | Selling, general, and administrative expenses | 3,021 | | | | | 19,457 | | | 30,846 | | Operating loss | (590) | | | | | (733) | | | (19,239) | | Interest income | 102 | | | | | 273 | | | 21 | | Interest expense | (179) | | | | | (1,226) | | | (2,301) | | | Interest expense, related party | (2,108) | | | | | (14,621) | | | (10,786) | | | Change in fair value of debt derivative liability, related party | (125) | | | | | (1,573) | | | 1,900 | | Other income (expense), net | 37 | | | | | 256 | | | (215) | | Loss before income taxes | (2,863) | | | | | (17,624) | | | (30,620) | | Income tax expense | — | | | | | (337) | | | (18) | | Net loss | (2,863) | | | | | (17,961) | | | (30,638) | | Preferred stock dividends | (286) | | | | | (2,049) | | | (1,903) | | Accretion of preferred stock to redemption value | (20) | | | | | (117) | | | (117) | | | Fair value of conversion ratio improvement to preferred stockholders | — | | | | | — | | | (2,132) | | Loss available to common stockholders | $ | (3,169) | | | | | $ | (20,127) | | | $ | (34,790) | | | | | | | | | | Loss per share, basic and diluted | $ | (0.09) | | | | | $ | (0.54) | | | $ | (1.06) | | | | | | | | | | | Weighted average shares outstanding, basic and diluted | 37,026,234 | | | | | 37,369,709 | | | 32,877,532 | |
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