Income Taxes (Tables)
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12 Months Ended |
Jun. 30, 2025 |
| Income Tax Disclosure [Abstract] |
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| Schedule of Provision for Income Taxes |
The components of the Company’s income (loss) before provision for income taxes are as follows (in thousands):
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Period from July 1, 2023 to October 31, 2023 |
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Period from Inception to June 30, 2024 |
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$ |
11,432 |
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$ |
(25,387 |
) |
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$ |
19,901 |
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219 |
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228 |
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2,885 |
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Income (Loss) Before Provision for Income Taxes |
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$ |
11,651 |
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$ |
(25,159 |
) |
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$ |
22,786 |
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| Schedule of Income Taxes Charged to Operations |
The (expense) benefit for income taxes charged to operations consists of the following (in thousands):
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Period from July 1, 2023 to October 31, 2023 |
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Period from Inception to June 30, 2024 |
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$ |
(4,224 |
) |
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$ |
(3,401 |
) |
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$ |
(17,360 |
) |
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(395 |
) |
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(215 |
) |
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(2,576 |
) |
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(56 |
) |
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(263 |
) |
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(1,137 |
) |
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(4,675 |
) |
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(3,879 |
) |
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(21,073 |
) |
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1,443 |
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6,502 |
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14,846 |
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42 |
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3,370 |
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331 |
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— |
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(36 |
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556 |
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1,485 |
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9,836 |
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15,733 |
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Total Income Tax (Expense) Benefit |
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$ |
(3,190 |
) |
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$ |
5,957 |
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$ |
(5,340 |
) |
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| Schedule of Deferred Tax Assets and Liabilities |
Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):
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Provision for credit losses |
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$ |
360 |
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$ |
57 |
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Provision for excess or obsolete inventory |
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1,467 |
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492 |
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6,873 |
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1,012 |
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Operating lease liabilities |
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23,289 |
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13,003 |
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Capitalized research and development costs |
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11,198 |
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15,847 |
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Research and development credits |
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3,317 |
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3,138 |
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2,700 |
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187 |
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Disallowed business interest |
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1,402 |
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1,011 |
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400 |
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757 |
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51,006 |
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35,504 |
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Deferred tax liabilities: |
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— |
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(82,655 |
) |
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(3,921 |
) |
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(695 |
) |
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(76,523 |
) |
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(3,133 |
) |
Operating lease right of use asset |
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(22,958 |
) |
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(12,140 |
) |
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(1,028 |
) |
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(199 |
) |
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(104,430 |
) |
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(98,822 |
) |
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Deferred Tax Liability, net |
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$ |
(53,424 |
) |
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$ |
(63,318 |
) |
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| Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of income tax (expense) benefit computed at the federal statutory rate of 21% to actual income tax expense at the Company’s effective rate is as follows (in thousands):
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Period from July 1, 2023 to October 31, 2023 |
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Period from Inception to June 30, 2024 |
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Income tax reconciliation: |
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Income tax benefit (expense) at U.S. statutory rate |
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$ |
(2,447 |
) |
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$ |
5,283 |
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$ |
(4,785 |
) |
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(353 |
) |
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2,798 |
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(1,763 |
) |
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474 |
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1,750 |
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4,542 |
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Passthrough income not subject to income tax |
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527 |
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(330 |
) |
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1,878 |
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Non-U.S. income taxed at different rate than U.S. statutory rate |
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(10 |
) |
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(174 |
) |
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(211 |
) |
Effect of outside basis difference in domestic subsidiary |
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— |
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— |
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|
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(2,006 |
) |
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|
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(314 |
) |
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(2,641 |
) |
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(438 |
) |
Increase in uncertain tax positions |
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— |
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(724 |
) |
|
|
(1,943 |
) |
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(31 |
) |
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(144 |
) |
|
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(476 |
) |
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(1,036 |
) |
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139 |
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(138 |
) |
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|
Total Income Tax (Expense) Benefit |
|
$ |
(3,190 |
) |
|
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|
|
|
$ |
5,957 |
|
|
$ |
(5,340 |
) |
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