Annual report [Section 13 and 15(d), not S-K Item 405]

Goodwill and Business Acquisitions (Tables)

v3.26.1
Goodwill and Business Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Business Acquisition [Abstract]  
Schedule of Amount of Goodwill

The following table summarizes the change in the Company’s goodwill by segment:

 

(amounts in thousands)   Networks     OAS     Total  
Balance as of January 1, 2024 and 2025    
      -
     $ 27,752     $ 27,752  
Attributable to 2025 acquisitions    
-
       224,057       224,057  
Balance as of December 31, 2025    
-
     $ 251,809     $ 251,809  
Schedule of Purchase Consideration to Estimated Fair Value of Assets Acquired and Liabilities The following table summarizes the consideration paid for Apeiro and the preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date.

(dollars in thousands)

Purchase price consideration

      
Cash consideration   $ 11,950  
         
Estimated fair value of assets acquired:        
Cash and cash equivalents and restricted cash   $ 5,536  
Certificates of deposit     907  
Other current assets     646  
Property and equipment     84  
Intangible assets     3,982  
Total estimated fair value of assets acquired   $ 11,155  
         
Estimated fair value of liabilities assumed:        
Accounts payable   $ 1,317  
Customer prepayments     3,108  
Accrued expenses and other current liabilities     651  
Deferred tax liability     879  
Total estimated fair value of liabilities assumed   $ 5,955  
         
 Net Assets Acquired   $ 5,200  
         
 Goodwill   $ 6,750  

(dollars in thousands)

Purchase price consideration

      
Cash   $ 2,829  
         
Estimated fair value of assets acquired:        
Cash and cash equivalents and restricted cash   $ 6,087  
Accounts receivable     439  
Inventory     482  
Other current assets     104  
Property and equipment     3,731  
Right of use asset     2,511  
Other long-term assets     22  
Intangible assets     3,258  
Total estimated fair value of assets acquired   $ 16,634  
         
Estimated fair value of liabilities assumed:        
Accounts payable   $ 314  
Accrued expenses and other current liabilities     691  
Government grant liability     958  
Convertible preferred notes     6,300  
Lease liabilities     2,511  
Deferred tax liability     740  
Total estimated fair value of liabilities assumed   $ 11,514  
         
Net assets acquired   $ 5,120  
         
Reconciliation of goodwill:        
Total consideration transferred   $ 2,829  
Add: Fair value of redeemable noncontrolling interest     2,718  
Less: Net assets acquired     (5,120 )
Goodwill   $ 427  

(dollars in thousands)

Purchase price consideration

      
Cash   $ 3,500  
         
Estimated fair value of assets acquired:        
Cash and cash equivalents and restricted cash   $ 2,534  
Other current assets     56  
Property and equipment     21  
Intangible assets     2,379  
Total estimated fair value of assets acquired   $ 4,990  
         
Estimated fair value of liabilities assumed:        
Accrued expenses and other current liabilities   $ 78  
Deferred tax liability     547  
Total estimated fair value of liabilities assumed   $ 625  
         
Net assets acquired   $ 4,365  
         
Reconciliation of goodwill:        
Total consideration transferred   $ 3,500  
Add: Fair value of noncontrolling interest     3,891  
Less: Net assets acquired     (4,365 )
Goodwill   $ 3,026  

(dollars in thousands)

Purchase price consideration

      
Cash   $ 2,400  
Common Stock – 801,068 Shares     5,407  
Total purchase price consideration   $ 7,807  
         
Estimated fair value of assets acquired:        
Cash and cash equivalents and restricted cash   $ 1,712  
Accounts receivable     253  
Other current assets     351  
Property and equipment and other long-term assets     722  
Intangible assets     2,435  
Total estimated fair value of assets acquired     5,473  
         
Estimated fair value of liabilities assumed:        
Accrued expenses and other current liabilities     836  
Notes payable     494  
Deferred tax liability     560  
Total estimated fair value of liabilities assumed     1,890  
         
Net assets acquired   $ 3,583  
         
Reconciliation of goodwill:        
Total consideration transferred   $ 7,807  
Add: Fair value of redeemable noncontrolling interest     2,925  
Less: Net assets acquired     (3,583 )
Goodwill   $ 7,149  

(dollars in thousands)

Purchase price consideration

      
Cash   $ 134,053  
Equity portion of purchase price     90,556  
Total purchase price consideration   $ 224,609  
         
Estimated fair value of assets acquired:        
Cash and cash equivalents   $ 1,735  
Accounts receivable     2,403  
Inventory     2,005  
Other current assets     463  
Property and equipment     1,780  
Right of use asset     1,980  
Other long-term assets     312  
Intangible assets     72,454  
Total estimated fair value of assets acquired   $ 83,132  
         
Estimated fair value of liabilities assumed:        
Accounts payable     282  
Accrued expenses and other current liabilities     2,961  
Deferred revenues     3,681  
Lease liabilities     2,257  
Deferred tax liability     4,644  
Total estimated fair value of liabilities assumed     13,825  
         
 Net Assets Acquired   $ 69,307  
         
 Goodwill   $ 155,302  
Purchase price consideration      
Cash   $ 81,653  
Estimated fair value of assets acquired:        
Cash and cash equivalents and restricted cash   $ 2,327  
Accounts receivable     424  
Inventory     5,682  
Other current assets     1,393  
Property and equipment     151  
Right of use asset     1,276  
Intangible assets     30,803  
Other long-term assets     344  
Total estimated fair value of assets acquired     42,400  
         
Estimated fair value of liabilities assumed:        
Accounts payable     1,835  
Accrued expenses and other current liabilities     967  
Deferred revenues     735  
Lease liabilities     1,434  
Deferred tax liability     7,179  
Total estimated fair value of liabilities assumed     12,150  
         
Net Assets Acquired   $ 30,250  
         
Goodwill   $ 51,403  
Schedule of Pro Forma Information Presents Company’s Results of Operations The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of Apeiro had occurred on January 1, 2024. The unaudited pro forma results do not purport to represent what the Company’s results of operations actually would have been if the transactions had occurred on January 1, 2024 or what the Company’s operating results will be in future periods. There were no material nonrecurring pro forma adjustments directly attributable to the business combinations included in the unaudited reported pro forma revenue and earnings.
   

Years ended December 31,

(unaudited)

  
(dollars in thousands)   2025     2024  
Revenue   $ 57,220     $ 11,068  
Net loss   $ (137,465 )   $ (42,446 )
   

Years ended December 31,

(unaudited)

  
(dollars in thousands)   2025     2024  
Revenue   $ 51,896     $ 9,204  
Net loss   $ (138,991 )   $ (44,098 )
   

Years ended December 31,

(unaudited)

  
(dollars in thousands)   2025     2024  
Revenue   $ 50,784     $ 7,349  
Net loss   $ (137,392 )   $ (42,583 )
   

Years ended December 31,

(unaudited)

  
(dollars in thousands)   2025     2024  
Revenues   $ 56,185     $ 7,193  
Net loss   $ (137,052 )   $ (42,754 )
   

Years ended December 31,

(unaudited)

  
(dollars in thousands)   2025     2024  
Revenue   $ 70,350     $ 18,541  
Net loss   $ (145,276 )   $ (63,602 )
   

Years ended December 31,

(unaudited)

  
(dollars in thousands)   2025     2024  
Revenues   $ 64,168     $ 17,276  
Net loss   $ (136,777 )   $ (46,847 )