v3.26.1
Goodwill and Other Intangible Assets, net (Tables)
6 Months Ended 12 Months Ended
Dec. 31, 2025
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Schedule of Goodwill   Changes in the carrying value of goodwill from Inception through June 30, 2025 are shown below (in thousands):
 
    
Goodwill
 
Balance at Inception
   $ —   
Acquisition of MGM
     216,733  
Acquisition of PwrQ
     44,709  
Acquisition of States
     25,053  
Acquisition of VanTran
     230,134  
  
 
 
 
Balance at June 30, 2024 and 2025
   $ 516,629  
  
 
 
 
Schedule of Other Intangible Assets, Net
Other intangible assets, net consisted of the following (in thousands):
 
    
Estimated Useful
Lives (Years)
    
June 30,
2025
   
December 31,
2025
 
Amortizable:
       
Costs:
       
Customer relationships
    
12-15
     $ 213,202     $ 213,202  
Trade names
    
3-15
       125,579       125,579  
Backlog
    
1-2
       68,454       68,454  
Noncompete agreements
     5        8,854       8,854  
Trademarks
     10        —         94  
     
 
 
   
 
 
 
Total amortizable intangibles
        416,089       416,183  
     
 
 
   
 
 
 
Accumulated amortization:
       
Customer relationships
        (18,784     (26,121
Trade name
        (11,634     (16,100
Backlog
        (45,963     (58,640
Noncompete agreements
        (2,437     (3,322
Trademarks
        —         (3
     
 
 
   
 
 
 
Total accumulated amortization
        (78,818     (104,186
     
 
 
   
 
 
 
Other intangible assets, net
      $ 337,271     $ 311,997  
     
 
 
   
 
 
 
Other intangible assets, net consists of the following (in thousands):
 
           
Successor
 
    
Estimated Useful
    
June 30,
 
    
Lives (Years)
    
2024
   
2025
 
Amortizable:
       
Costs:
       
Customer relationships
    
12-15
     $ 213,202     $ 213,202  
Trade names
    
3-15
       125,579       125,579  
Backlog
    
1-2
       68,454       68,454  
Noncompete agreements
     5        8,854       8,854  
     
 
 
   
 
 
 
Total Amortizable Intangibles
        416,089       416,089  
     
 
 
   
 
 
 
Accumulated amortization:
       
Customer relationships
        (4,108     (18,784
Trade name
        (2,703     (11,634
Backlog
        (12,665     (45,963
Noncompete agreements
        (666     (2,437
     
 
 
   
 
 
 
Total Accumulated Amortization
        (20,142     (78,818
     
 
 
   
 
 
 
Total Other Intangible Assets, Net
      $ 395,947     $ 337,271  
     
 
 
   
 
 
 
Schedule of Annual Amortization Expense   Estimated future annual amortization expense for the above amortizable intangible assets are as follows (in thousands):
 
Year Ending June 30,
  
Amortization
Expense
 
2026
   $ 47,869  
2027
     25,280  
2028
     25,044  
2029
     24,250  
2030
     22,834  
Thereafter
     191,994  
  
 
 
 
   $ 337,271