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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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