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Leases | 6 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Leases | Leases The Company evaluates contracts for lease accounting at contract inception and assesses lease classification at the lease commencement date. The finance lease is related to the $5.1 million of a machinery lease financing with a vendor. In September 2022, the lease was amended to make a monthly payment of principal and interest as a fixed amount effective in October 2022. Other terms remain the same. The amendment was accounted for as a debt modification and no gain or loss was recognized. The Company does not record leases on the Condensed Consolidated Balance Sheets with a term of one year or less. The components of the Company’s operating and finance lease expenses are as follows for the periods presented (in thousands):
| Three Months Ended December 31, |  | Six Months Ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating leases: |  |  |  |  |  |  |
Fixed rent expense | $ | 1,408 |  |  | $ | 1,485 |  |  | $ | 3,145 |  |  | $ | 3,042 |
Variable rent expense | 270 |  |  | 260 |  |  | 539 |  |  | 511 |
Finance lease: |  |  |  |  |  |  |
Amortization of equipment | 129 |  |  | 129 |  |  | 257 |  |  | 257 |
Interest | 55 |  |  | 72 |  |  | 114 |  |  | 147 |
Short-term leases |  |  |  |  |  |  |
Short-term lease expenses | 42 |  |  | 47 |  |  | 74 |  |  | 87 |
Total lease expenses | $ | 1,904 |  |  | $ | 1,993 |  |  | $ | 4,129 |  |  | $ | 4,044 |
Supplemental balance sheet information related to the Company’s operating and finance leases is as follows (in thousands, except lease term and discount rate):
| December 31, 2024 |  | June 30, 2024
Operating Leases: |  |  |
ROU assets associated with operating leases | $ | 23,317 |  |  | $ | 25,050 |
Finance Lease: |  |  |
Property, plant and equipment, gross | $ | 5,133 |  |  | $ | 5,133 |
Accumulated depreciation | (1,427) |  |  | (1,171) |
Property, plant and equipment, net | $ | 3,706 |  |  | $ | 3,962 |
Weighted average remaining lease term (in years) |  |  |
Operating leases | 5.18 |  | 5.54
Finance lease | 2.75 |  | 3.25
Weighted average discount rate |  |  |
Operating leases | 4.89 | % |  | 4.91 | %
Finance lease | 7.51 | % |  | 7.51 | %
Supplemental cash flow information related to the Company’s operating and finance leases is as follows (in thousands):
| Six Months Ended December 31,
| 2024 |  | 2023
Cash paid from amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 3,201 |  |  | $ | 3,190 |
Operating cash flows from finance lease | $ | 114 |  |  | $ | 147 |
Financing cash flows from finance lease | $ | 459 |  |  | $ | 426 |
Non-cash investing and financing information: |  |  |
Operating lease right-of-use assets obtained in exchange for lease obligations | $ | 892 |  |  | $ | 3,588 |
Future minimum lease payments are as follows as of December 31, 2024 (in thousands):
Year ending June 30, | Operating Leases |  | Finance Leases
The remainder of fiscal 2025 | $ | 3,199 |  |  | $ | 572 |
2026 | 5,702 |  |  | 1,144 |
2027 | 4,809 |  |  | 1,144 |
2028 | 4,277 |  |  | 191 |
2029 | 3,990 |  |  | — |
Thereafter | 5,184 |  |  | — |
Total minimum lease payments | 27,161 |  |  | 3,051 |
Less amount representing interest | (3,278) |  |  | (294) |
Total lease liabilities | $ | 23,883 |  |  | $ | 2,757 |
Leases | Leases The Company evaluates contracts for lease accounting at contract inception and assesses lease classification at the lease commencement date. The finance lease is related to the $5.1 million of a machinery lease financing with a vendor. In September 2022, the lease was amended to make a monthly payment of principal and interest as a fixed amount effective in October 2022. Other terms remain the same. The amendment was accounted for as a debt modification and no gain or loss was recognized. The Company does not record leases on the Condensed Consolidated Balance Sheets with a term of one year or less. The components of the Company’s operating and finance lease expenses are as follows for the periods presented (in thousands):
| Three Months Ended December 31, |  | Six Months Ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating leases: |  |  |  |  |  |  |
Fixed rent expense | $ | 1,408 |  |  | $ | 1,485 |  |  | $ | 3,145 |  |  | $ | 3,042 |
Variable rent expense | 270 |  |  | 260 |  |  | 539 |  |  | 511 |
Finance lease: |  |  |  |  |  |  |
Amortization of equipment | 129 |  |  | 129 |  |  | 257 |  |  | 257 |
Interest | 55 |  |  | 72 |  |  | 114 |  |  | 147 |
Short-term leases |  |  |  |  |  |  |
Short-term lease expenses | 42 |  |  | 47 |  |  | 74 |  |  | 87 |
Total lease expenses | $ | 1,904 |  |  | $ | 1,993 |  |  | $ | 4,129 |  |  | $ | 4,044 |
Supplemental balance sheet information related to the Company’s operating and finance leases is as follows (in thousands, except lease term and discount rate):
| December 31, 2024 |  | June 30, 2024
Operating Leases: |  |  |
ROU assets associated with operating leases | $ | 23,317 |  |  | $ | 25,050 |
Finance Lease: |  |  |
Property, plant and equipment, gross | $ | 5,133 |  |  | $ | 5,133 |
Accumulated depreciation | (1,427) |  |  | (1,171) |
Property, plant and equipment, net | $ | 3,706 |  |  | $ | 3,962 |
Weighted average remaining lease term (in years) |  |  |
Operating leases | 5.18 |  | 5.54
Finance lease | 2.75 |  | 3.25
Weighted average discount rate |  |  |
Operating leases | 4.89 | % |  | 4.91 | %
Finance lease | 7.51 | % |  | 7.51 | %
Supplemental cash flow information related to the Company’s operating and finance leases is as follows (in thousands):
| Six Months Ended December 31,
| 2024 |  | 2023
Cash paid from amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 3,201 |  |  | $ | 3,190 |
Operating cash flows from finance lease | $ | 114 |  |  | $ | 147 |
Financing cash flows from finance lease | $ | 459 |  |  | $ | 426 |
Non-cash investing and financing information: |  |  |
Operating lease right-of-use assets obtained in exchange for lease obligations | $ | 892 |  |  | $ | 3,588 |
Future minimum lease payments are as follows as of December 31, 2024 (in thousands):
Year ending June 30, | Operating Leases |  | Finance Leases
The remainder of fiscal 2025 | $ | 3,199 |  |  | $ | 572 |
2026 | 5,702 |  |  | 1,144 |
2027 | 4,809 |  |  | 1,144 |
2028 | 4,277 |  |  | 191 |
2029 | 3,990 |  |  | — |
Thereafter | 5,184 |  |  | — |
Total minimum lease payments | 27,161 |  |  | 3,051 |
Less amount representing interest | (3,278) |  |  | (294) |
Total lease liabilities | $ | 23,883 |  |  | $ | 2,757 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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