v3.25.4

Shareholders' Equity (Tables)

6 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Stock by Class

As of December 31, 2025, the Company has reserved the following authorized, but unissued, shares of common stock:

ESPP						159
Stock awards outstanding under 2020 Plan						21,130,811
Stock awards available for grant under 2020 Plan						1,568,809
Options outstanding under 2003 Plan						424,295
Total						23,124,074

Schedule of Share-Based Compensation Activity

Total share-based compensation for stock awards included in selling, general and administrative expense in the condensed consolidated statements of comprehensive income was as follows for the periods presented:

						Three Months Ended December 31,												Six Months Ended December 31,
(in thousands)						2025						2024						2025						2024
Share-based compensation related to:
Equity classified stock options						$	60					$	374					$	237					$	850
Equity classified RSUs						2,417						2,641						4,944						4,934
Equity classified PVUs						999						1,684						2,621						2,761
Total						$	3,476					$	4,699					$	7,802					$	8,545

Schedule of Stock Option Activity

The following table summarizes stock option activity under the Stock Plans for the six months ended December 31, 2025:

			Number of Options			Weighted- Average Exercise Price			Weighted- Average Remaining Contractual Term (in Years)			Aggregate Intrinsic Value (in Thousands)
Outstanding—June 30, 2025			3,338,025			$	12.30
Options forfeited/expired/cancelled			(15,931)			7.87
Outstanding—December 31, 2025			3,322,094			$	12.32		4.94			$	19,503
Vested and exercisable—December 31, 2025			3,104,079			$	13.01		4.86			$	19,503

Schedule of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity under the 2020 Stock Plan for the six months ended December 31, 2025:

			Number of Restricted Stock Units						Weighted-Average Grant Date Fair Value
Unvested as of June 30, 2025			8,389,188						$	2.30
Granted			5,853,713						1.72
Vested			(4,149,166)						2.29
Forfeited			(273,130)						2.16
Unvested as of December 31, 2025			9,820,605						$	1.97

Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award

The following table summarizes the number of shares, stock price hurdles, service periods, and performance periods for each tranche, for the PVUs granted during the six months ended December 31, 2025:

						Number of Shares per Tranche						Grant Date Fair Value (per Share)						Stock Price Hurdle (per Share)						Performance Period						Requisite Service Period
Tranche 1						636,666						$	1.67					$	2.50					August 1, 2025 - August 1, 2030						1 year - 3 years
Tranche 2						636,668						$	1.59					$	4.00					August 1, 2025 - August 1, 2030						1.14 years - 3 years
Tranche 3						636,666						$	1.49					$	6.00					August 1, 2025 - August 1, 2030						1.62 years - 3 years

The following table summarizes the number of shares, stock price hurdles, service periods, and performance periods for each tranche, for the PVUs awarded during the six months ended December 31, 2024:

						Number of Shares per Tranche						Grant Date Fair Value (per Share)						Stock Price Hurdle (per Share)						Performance Period						Requisite Service Period
Tranche 1						772,027						$	3.98					$	3.13					August 1, 2024 - August 1, 2029						1 year - 3 years
Tranche 2						772,020						$	3.75					$	6.00					August 1, 2024 - August 1, 2029						1 year - 3 years
Tranche 3						772,027						$	3.49					$	9.00					August 1, 2024 - August 1, 2029						1.31 years - 3 years

Schedule of Stock Options, Valuation Assumptions

The Company used the following weighted-average assumptions for the PVUs granted during the period presented below:

						Shares Granted August 1, 2025						Shares Granted August 1, 2024
Share price as of grant date						$1.74						$4.01
Volatility						104.2%						88.8%
Risk-free interest rate						3.7%						3.8%
Cost of Equity						15.8%						12.6%
Dividend yield						—%						—%

Schedule of Nonvested Share Activity

The following table summarizes price-vested stock unit activity under the 2020 Stock Plan for the six months ended December 31, 2025:

			Number of Price-Vested Units						Weighted-Average Grant Date Fair Value
Unvested as of June 30, 2025			7,481,813						$	2.11
Granted			1,910,000						$	1.58
Vested			(752,732)						$	2.18
Forfeited			(226,674)						$	2.01
Unvested as of December 31, 2025			8,412,407						$	1.99

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