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Long-term Debt (Tables)

3 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of Debt Disclosure

Long-term debt consisted of the following at the end of each period presented.

		September 30,				June 30,
		2023				2023
		(in thousands)
Convertible note		$	63,561			$	61,710
Vehicle notes payable			138				148
Total debt			63,699				61,858
Current portion of debt			41				40
Long-term debt			63,658				61,818
Unamortized convertible note discount — embedded conversion feature			(19,447	)			(20,691	)
Unamortized debt issuance costs - convertible note			(3,248	)			(3,456	)
Long-term debt, net		$	40,963			$	37,671

Summary of Interest Expense

Interest expense consisted of the following.

		Three months ended September 30,
		2023				2022
		(in thousands)
Convertible note interest		$	940			$	269
Vehicle notes payable interest			1				2
Amortization of debt issuance costs and discount — convertible note			1,452				550
Other interest			18				—
Gross interest expense			2,411				821
Less: amount capitalized to construction in progress			624				—
Interest expense, net of amounts capitalized		$	1,787			$	821
Effective interest rate — convertible note			23.2	%			23.4	%

Summary of Fair Value Information for Convertible Instrument

Fair value information for the Convertible Note and Convertible Note Derivative follows.

		September 30,				June 30,
		2023				2023
		(in thousands)
Fair value of convertible note (Level 2)		$	42,273			$	40,316
Total fair value of convertible note instrument		$	42,273			$	40,316

Summary of Significant Assumptions used in Fair Value Model with Change in Volatility and Debt Rate

The significant assumptions used in the fair value model for the Convertible Note and related Convertible Note Derivative include the following, with a change in volatility and debt rate having the most significant impact on the related fair values.

		September 30,		June 30,
		2023		2023
Risk-free interest rate		4.8%		4.4%
Volatility		50.0%		50.0%
Debt rate		16.9%		17.5%
Stock price per share		$2.26		$3.28

On November 6, 2026, the Company entered into a standstill agreement with its Lender and holder of the Convertible Note. Refer to Notes 1 and 13 for additional information.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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