v3.26.1
Revenues
 6 Months Ended 12 Months Ended
Dec. 31, 2025
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]    
Revenues
12.
Revenues
The Company has four principal offerings:
Custom Products
Custom products include products designed for a specific project or application, involving significant consultation between our
in-house
engineering team and the customer. Each custom product identified and deliverable in a contract represents a distinct performance obligation within a sales contract. The Company recognizes revenue from custom products either over time, primarily using the output method, or at the point in time when control is transferred to the customer. Revenue is recognized over time using the output method when the manufactured products do not have alternative use and the Company has an enforceable right to payment. The output method is measured based on the units manufactured, which management believes best depicts the extent of transfer of control to the customer. For customer products sold that do not meet the criteria to be recognized over time, revenue is recognized at a point in time when control transfers to the customer, which generally occurs when the custom products have been shipped or delivered to the customer, depending on shipping terms.
Powertrain Solutions
Powertrain solutions include combinations of custom products that are integrated together, skidded together, or designed to work together as a system. Each powertrain solution identified and deliverable in a contract represents a distinct performance obligation within a sales contract. The Company recognizes revenue for the sale of powertrain solutions at a point in time when control has transferred to the customer, which generally occurs when the products have been shipped or delivered to the customer, depending on shipping terms.
Standard Products
Standard products include common designs that are suitable for basic applications and are typically stocked by distributors. Each standard product identified and deliverable in a contract represents a distinct performance obligation within a sales contract. The Company recognizes revenue for the sale of standard products at a point in time when control has been transferred to the customer which generally occurs when the products have been shipped or delivered to the customer, depending on shipping terms.
Services
Services include installation, repair, maintenance, and commissioning. Services revenue is generally recognized over time as the services are provided, using the input method of costs incurred in relation to the estimated contract costs to complete, or straight-line for stand-ready contracts, because the customer simultaneously receives and consumes the benefit as we perform the services.
 
 
Disaggregation of Revenues
The following table disaggregates revenues by principal offering and timing of transfer of control (in thousands):
 
    
Three Months Ended
December 31,
     
Six Months Ended
December 31,
  
    
2024
     
2025
     
2024
     
2025
  
Revenues by principal offering:
            
Custom products
    $ 147,099      $ 234,517      $ 280,176      $ 439,687  
Powertrain solutions
      14,063        46,373        19,895        111,784  
Standard products
      8,000        9,059        15,967        18,085  
Services
      6,176        6,455        13,313        10,122  
  
 
 
     
 
 
     
 
 
     
 
 
  
Revenues
    $ 175,338      $ 296,404      $ 329,351      $ 579,678  
  
 
 
     
 
 
     
 
 
     
 
 
  
Revenues by timing of recognition:
            
Over-time revenues
    $ 106,856      $ 173,290      $ 213,847      $ 335,512  
Point-in-time
revenue
      68,482        123,114        115,504        244,166  
  
 
 
     
 
 
     
 
 
     
 
 
  
Revenues
    $ 175,338      $ 296,404      $ 329,351      $ 579,678  
  
 
 
     
 
 
     
 
 
     
 
 
  
13.
Revenues
The Company has four principal offerings:
Standard Products
Standard products include common designs that are suitable for basic applications and are typically stocked by distributors. Each standard product identified and deliverable in a contract represents a distinct performance obligation within a sales contract. The Company recognizes revenue for the sale of standard products at a point in time when control has transferred to the customer which generally occurs when the standard products have been shipped or delivered to the customer, depending on shipping terms.
Custom Products
Custom products include products designed for a specific project or application, involving significant consultation between our in-house engineering team and the customer. Each custom product identified and deliverable in a contract represents a distinct performance obligation within a sales contract. The Company recognizes revenue from custom products either over time, primarily using the output method, or at the point time when control is transferred to the customer. Revenue is recognized over time using the output method when the manufactured products do not have alternative use and the Company has an enforceable right to payment. The output method is measured based on the units manufactured, which management believes best depicts the extent of transfer of control to the customer. For customer products sold that do not meet the criteria to be recognized over time, revenue is recognized at a point in time when control transfers to the customer which generally occurs when the custom products have been shipped or delivered to the customer, depending on shipping terms.
Powertrain Solutions
Powertrain solutions include combinations of custom products that are integrated together, skidded together or designed to work together as a system. Each powertrain solution identified and deliverable in a contract represents a distinct performance obligation within a sales contract. The Company recognizes revenue for the sale of powertrain solutions at a point in time when control has transferred to the customer which generally occurs when the products have been shipped or delivered to the customer, depending on shipping terms.
Services
Services include installation, repair, maintenance, and commissioning. Services revenue is generally recognized over time as the services are provided, using the input method of costs incurred in relation to the estimated contract costs to complete, or straight-line for stand-ready contracts, because the customer simultaneously receives and consumes the benefit as we perform the services.
 
 
Disaggregation of Revenues
The following table disaggregates revenue by principal offering and timing of transfer of control (in thousands):
 
    
Predecessor
          
Successor
  
    
Period from
July 1, 2023
to October 31,
2023
     
Period from
Inception to
June 30,
2024
     
Year Ended
June 30,
2025
  
Revenues by principal offering:
         
Standard products
    $ 13,052      $ 21,310      $ 34,624  
Custom products
      51,426        152,386        590,646  
Powertrain solutions
      —            1,423        99,479  
Services
      —            6,191        28,439  
  
 
 
     
 
 
     
 
 
  
Total revenues
    $ 64,478      $ 181,310      $ 753,188  
  
 
 
     
 
 
     
 
 
  
Revenues by timing of recognition:
         
Over-time revenues
    $ 51,426      $ 125,273      $ 469,947  
Point-in-time
revenue
      13,052        56,037        283,241  
  
 
 
     
 
 
     
 
 
  
Total Revenue
    $ 64,478      $ 181,310      $ 753,188