Property and Equipment, net

6 Months Ended

12 Months Ended

Dec. 31, 2025

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

6.	Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	Estimated Useful Lives (Years)		June 30, 2025			December 31, 2025
Machines and equipment		3-10	$	41,067		$	60,185
Leasehold improvements		7-10		40,422			54,724
Vehicles		5		1,386			1,353
Furniture and fixtures		3-7		1,253			2,689
Software		7		3,501			3,678
Construction in progress		—		27,891			49,027

				115,520			171,656
Less: accumulated depreciation				(7,350	)		(14,095	)

Property and equipment, net			$	108,170		$	157,561

Construction in progress is primarily related to the expansion of both new and currently leased manufacturing facilities. The projects are expected to be substantially complete by the end of fiscal year 2026, at which time the assets will be placed in service and reclassified to machinery and equipment and leasehold improvements.

Depreciation expense for the three months ended December 31, 2024 and 2025 was $1.4 million and $3.9 million, respectively. During the three months ended December 31, 2024, $1.1 million and $0.3 million were allocated to cost of revenues and operating expenses, respectively. During the three months ended December 31, 2025, $2.8 million and $1.1 million were allocated to cost of revenues and operating expenses, respectively.

Depreciation expense for the six months ended December 31, 2024 and 2025 was $2.5 million and $7.0 million, respectively. During the six months ended December 31, 2024, $2.0 million and $0.5 million were allocated to cost of revenues and operating expenses, respectively. During the six months ended December 31, 2025, $5.6 million and $1.4 million were allocated to cost of revenues and operating expenses, respectively.

7.	Property and Equipment

Property and equipment, net consists of the following (in thousands):


			Successor
	Estimated Useful		June 30,
	Lives (Years)		2024			2025
Machines and equipment		3-10	$	14,857		$	41,067
Leasehold improvements		7-10		9,592			40,422
Vehicles		5		856			1,386
Furniture and fixtures		3-7		796			1,253
Software		7		2,763			3,501
Construction in progress		—		2,541			27,891

				31,405			115,520
Less: accumulated depreciation				(1,162	)		(7,350	)

Property and Equipment, net			$	30,243		$	108,170

At June 30, 2024 and 2025, construction in progress totaled $2.5 million and $27.9 million, respectively, primarily related to expansion of both new and currently leased manufacturing facilities. The projects are expected to be completed in 2026, at which time the assets will be placed in service and reclassified to machinery and equipment and leasehold improvements.

Depreciation expense for the period from July 1, 2023 to October 31, 2023 (Predecessor), the period from Inception to June 30, 2024 and the year ended June 30, 2025 (Successor) was $0.4 million, $1.2 million and $6.2 million, respectively. During the period from July 1, 2023 to October 31, 2023 (Predecessor), $0.3 million and $0.1 million were allocated to cost of revenues and operating expenses, respectively. During the period from Inception to June 30, 2024 (Successor), $0.9 million and $0.3 million were allocated to cost of revenues and operating expenses, respectively. During the year ended June 30, 2025 (Successor), $5.3 million and $0.9 million were allocated to cost of revenues and operating expenses, respectively.