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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2026
Income Tax Disclosure [Abstract] |
Schedule of Loss Before Income Taxes | The components of Income (loss) before income taxes are as follows:
| Fiscal Year Ended June 30,
| 2026 |  | 2025 |  | 2024
| (in millions)
United States | $ | 90.5 |  |  | $ | (91.7) |  |  | $ | (416.5) |
Foreign | (27.4) |  |  | (23.9) |  |  | (135.6) |
Income (loss) from operations before income taxes | $ | 63.1 |  |  | $ | (115.6) |  |  | $ | (552.1) |
Schedule of Components of Income Tax (Benefit) Expense | The components of Income tax (benefit) expense are as follows:
| Fiscal Year Ended June 30,
| 2026 |  | 2025 |  | 2024
| (in millions)
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | 0.7 |  |  | 0.8 |  |  | 0.8 |
Foreign | 1.7 |  |  | 1.9 |  |  | — |
| 2.4 |  |  | 2.7 |  |  | 0.8 |
Deferred: |  |  |  |  |
Federal | (1.9) |  |  | — |  |  | — |
State | (0.6) |  |  | — |  |  | — |
Foreign | — |  |  | 0.7 |  |  | (1.0) |
| (2.5) |  |  | 0.7 |  |  | (1.0) |
Total | $ | (0.1) |  |  | $ | 3.4 |  |  | $ | (0.2) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate pursuant to the requirements of ASU 2023-09 for the fiscal year ended June 30, 2026 is as follows:
| Fiscal Year Ended June 30, 2026
| Amount |  | Percent
| (dollars in millions)
Federal income tax rate | $ | 13.2 |  |  | 21.0 | %
Tax credits |  |  |
Research and development credit | (7.7) |  |  | (12.2) |
Nontaxable or nondeductible items |  |  |
Excess officer’s compensation | 12.5 |  |  | 19.8 |
Share based compensation | 4.8 |  |  | 7.6 |
Change in valuation allowance | (32.1) |  |  | (50.8) |
Other | 1.7 |  |  | 2.7 |
State and local income taxes, net of federal benefit(1) | — |  |  | (0.1) |
Foreign tax effects |  |  |
United Kingdom |  |  |
Valuation allowance | 3.0 |  |  | 4.8 |
Foreign rate differential | (1.5) |  |  | (2.4) |
Impairment | 9.9 |  |  | 15.7 |
Other | (3.5) |  |  | (5.5) |
Other foreign jurisdictions | (0.5) |  |  | (0.8) |
Effective income tax rate | $ | (0.1) |  |  | (0.2) | %
____________________________ (1) The states and local jurisdictions that contribute to greater than 50% of the tax effect in this category include California. A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate for the fiscal years ended June 30, 2025 and 2024 is as follows:
|  |  | Fiscal Year Ended June 30,
|  |  | 2025 |  | 2024
Federal income tax rate |  |  | 21.0 | % |  | 21.0 | %
Permanent differences |  |  | (4.6) |  |  | (1.2) |
Share based compensation |  |  | (10.3) |  |  | (9.2) |
Return to provision |  |  | (0.4) |  |  | (0.2) |
Effects of rates different than statutory |  |  | 0.8 |  |  | 1.0 |
State and local income taxes, net of federal benefit |  |  | 0.8 |  |  | 1.7 |
Change in valuation allowance |  |  | (12.0) |  |  | (13.5) |
Rate change |  |  | 0.4 |  |  | (0.2) |
Federal credits |  |  | 4.2 |  |  | 0.5 |
State credits |  |  | (1.1) |  |  | 0.1 |
Other |  |  | (1.7) |  |  | — |
Effective income tax rate |  |  | (2.9) | % |  | — | %
Schedule of Deferred Tax Assets (Liabilities) | Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets (liabilities) are as follows:
| Fiscal Year Ended June 30,
| 2026 |  | 2025
| (in millions)
Deferred tax assets: |  |  |
Net operating loss | $ | 1,084.8 |  |  | $ | 1,039.5 |
Accruals and reserves | 36.0 |  |  | 65.1 |
R&D credit | 89.1 |  |  | 81.9 |
Accrued legal and professional fees | 9.5 |  |  | 2.9 |
Non-qualified stock options | 96.3 |  |  | 95.0 |
Restricted stock options | 9.4 |  |  | 11.8 |
Disallowed interest carryover | 97.5 |  |  | 68.8 |
Intangible amortization | 47.4 |  |  | 51.1 |
Capitalized R&E | 77.7 |  |  | 119.4 |
Inventory capitalization | 28.6 |  |  | 52.0 |
Lease liability | 105.4 |  |  | 115.8 |
Deferred revenue | 4.6 |  |  | 7.9 |
Construction in progress | 6.5 |  |  | 26.3 |
Property and equipment | 1.1 |  |  | — |
Other | 5.2 |  |  | 4.4 |
Total deferred tax assets: | 1,699.1 |  |  | 1,741.9 |
Valuation allowance | (1,620.5) |  |  | (1,647.4) |
Deferred tax liabilities: |  |  |
Prepaid expenses | (2.2) |  |  | (2.4) |
Property and equipment | — |  |  | (6.2) |
Right-of-use assets | (72.0) |  |  | (81.4) |
Convertible securities | (3.7) |  |  | (4.2) |
Other | (0.5) |  |  | (0.1) |
Total deferred tax liabilities: | (78.4) |  |  | (94.3) |
Deferred tax assets, net | $ | 0.2 |  |  | $ | 0.2 |
Schedule of Unrecognized Tax Benefits | The Company has the following activity relating to unrecognized tax benefits:
| Fiscal Year Ended June 30,
| 2026 |  | 2025
| (in millions)
Beginning balance | $ | — |  |  | $ | — |
Gross (decrease) increase in unrecognized tax positions | — |  |  | — |
Ending balance | $ | — |  |  | $ | — |
Schedule of Cash Flow, Supplemental Disclosures | Cash paid for income taxes, net of refunds received, pursuant to the requirements of ASU 2023-09 for the fiscal year ended June 30, 2026 is as follows:
| Fiscal Year Ended June 30, 2026
| (in millions)
Federal | $ | — |
State and local |
California | 1.0 |
All other states | 0.9 |
Foreign |
Australia | 0.5 |
Canada – Federal | 1.1 |
Canada – Ontario | 0.6 |
China | 0.7 |
Germany – Federal | 0.6 |
Germany – Munich | 1.0 |
Taiwan | (1.3) |
All other foreign | 0.5 |
Cash paid for income taxes | $ | 5.5 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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