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Supplemental Financial Information
 6 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Financial Information

 

4. Supplemental Financial Information

 

Inventories

          
   December 31,   June 30, 
   2024   2024 
   (In thousands) 
Finished goods  $17,973   $14,167 
Raw materials   11,097    13,531 
Inventories  $29,070   $27,698 

 

Other Liabilities

 

The following table presents details of our other liabilities:

          
   December 31,   June 30, 
   2024   2024 
   (In thousands) 
Current          
Accrued variable consideration  $2,825   $1,796 
Customer deposits and refunds   287    436 
Accrued raw materials purchases   170    126 
Deferred revenue   2,720    3,017 
Lease liability   1,694    1,767 
Taxes payable   623    772 
Warranty reserve   835    840 
Other accrued operating expenses   2,282    2,217 
Total other current liabilities  $11,436   $10,971 
           
Non-current          
Lease liability  $8,408   $8,563 
Deferred tax liability   317    179 
Deferred revenue   2,520    2,736 
Total other non-current liabilities  $11,245   $11,478 

 

Computation of Net Loss per Share

 

Basic and diluted net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the applicable period.

 

The following table presents the computation of net loss per share:

                
   Three Months Ended
December 31,		   Six Months Ended
December 31,		 
   2024   2023   2024   2023 
   (In thousands, except per share data) 
Numerator:                
Net loss  $(2,372)  $(2,593)  $(4,874)  $(4,479)
Denominator:                    
Weighted-average common shares outstanding - basic and diluted   38,631    37,354    38,330    37,170 
                     
Net loss per share - basic and diluted  $(0.06)  $(0.07)  $(0.13)  $(0.12)

 

The following table presents the common stock equivalents excluded from the diluted net loss per share calculation, because they were anti-dilutive for the periods presented. These excluded common stock equivalents could be dilutive in the future.

                
   Three Months Ended
December 31,		   Six Months Ended
December 31,		 
   2024   2023   2024   2023 
   (In thousands) 
Common stock equivalents   508    608    543    560 

 

Intangible Assets

 

The following table presents details of intangible assets:

                              
   December 31, 2024   June 30, 2024 
   Gross Carrying Amount   Accumulated Amortization   Net Book Value   Gross Carrying Amount   Accumulated Amortization   Net Book Value 
   (In thousands) 
Developed technology  $6,770   $(5,878)  $892   $6,331   $(5,293)  $1,038 
Customer relationships   18,640    (15,229)   3,411    17,528    (13,315)   4,213 
Order backlog   273    –    273    –    –    – 
Trademark and trade name   88    –    88    –    –    – 
   $25,771   $(21,107)  $4,664   $23,859   $(18,608)  $5,251 

 

We do not currently have any intangible assets with indefinite useful lives.

 

As of December 31, 2024, future estimated amortization expense is as follows:

     
Years Ending June 30,    
(In thousands)    
2025 (remainder)  $1,479 
2026   1,631 
2027   621 
2028   338 
2029   273 
Thereafter   322 
Total future amortization  $4,664 

 

Restructuring, Severance and Related Charges

 

During the three and six months ended December 31, 2024, we incurred charges of approximately $193,000 and $1,093,000, respectively, related to certain headcount reductions in our sales, engineering, and operations groups. We may incur additional charges in future periods as we identify additional cost savings and efficiencies related to our business.

 

The following table presents details of the liability we recorded related to restructuring, severance and related activities:

     
   Six Months Ended 
   December 31, 
   2024 
   (In thousands) 
Beginning balance  $253 
Charges   1,093 
Payments   (1,194)
Ending balance  $152 

 

These balances are recorded in accrued payroll and related expenses in the accompanying unaudited condensed consolidated balance sheets.

 

In January 2025, we undertook a reduction in our labor force to better align staffing needs with our business objectives. We expect the severance and related charges in connection with this action to approximate $1,300,000 to $1,500,000, which will be recorded in the three months ending March 31, 2025.

  

Supplemental Cash Flow Information

 

The following table presents non-cash investing transactions excluded from the accompanying unaudited condensed consolidated statements of cash flows:

        
   Six Months Ended
December 31,		 
   2024   2023 
   (In thousands) 
Accrued property and equipment paid for in the subsequent period  $14   $24