Revenue
The Company earns a substantial portion of its revenue from investment advisory, consulting services, and subscription revenue. The table below summarizes the Company's investment advisory fees and other revenue (in thousands):
SuccessorPredecessor
Period from September 12, 2025 to December 31, 2025Period from January 1, 2025 to September 11, 2025Year Ended
December 31, 2024
Investment advisory fees$1,495 $4,187 $3,592 
Other revenue17 35 58 
Total revenue$1,512 $4,222 $3,650 
No individual customer accounted for 10% or greater of revenue for any period.

Historical Timeline

Fiscal YearFiled
2025Mar 19, 2026Showing above
2023Apr 2, 2024

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.