v3.26.1
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
The components of the Company’s income (loss) before provision for income taxes are as follows (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
 
U.S.
   $ 11,432          $ (25,387   $ 19,901  
Foreign
     219            228       2,885  
  
 
 
        
 
 
   
 
 
 
Income (Loss) Before Provision for Income Taxes
   $ 11,651          $ (25,159   $ 22,786  
  
 
 
        
 
 
   
 
 
 
Schedule of Income Taxes Charged to Operations
The (expense) benefit for income taxes charged to operations consists of the following (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
 
Current expense:
           
Federal
   $ (4,224        $ (3,401   $ (17,360
State
     (395          (215     (2,576
Foreign
     (56          (263     (1,137
  
 
 
        
 
 
   
 
 
 
     (4,675          (3,879     (21,073
  
 
 
        
 
 
   
 
 
 
Deferred benefit:
           
Federal
     1,443            6,502       14,846  
State
     42            3,370       331  
Foreign
     —             (36     556  
  
 
 
        
 
 
   
 
 
 
     1,485            9,836       15,733  
  
 
 
        
 
 
   
 
 
 
Total Income Tax (Expense) Benefit
   $ (3,190        $ 5,957     $ (5,340
  
 
 
        
 
 
   
 
 
 
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):
 
    
Successor
 
    
June 30,
 
    
2024
   
2025
 
Deferred tax assets:
    
Provision for credit losses
   $ 360     $ 57  
Provision for excess or obsolete inventory
     1,467       492  
Accrued expenses
     6,873       1,012  
Operating lease liabilities
     23,289       13,003  
Capitalized research and development costs
     11,198       15,847  
Research and development credits
     3,317       3,138  
Net operating losses
     2,700       187  
Disallowed business interest
     1,402       1,011  
Other
     400       757  
  
 
 
   
 
 
 
Deferred tax assets
     51,006       35,504  
  
 
 
   
 
 
 
Deferred tax liabilities:
    
Investment in Opco
     —        (82,655
Property and equipment
     (3,921     (695
Intangible assets
     (76,523     (3,133
Operating lease right of use asset
     (22,958     (12,140
Other
     (1,028     (199
  
 
 
   
 
 
 
Deferred tax liabilities
     (104,430     (98,822
  
 
 
   
 
 
 
Deferred Tax Liability, net
   $ (53,424   $ (63,318
  
 
 
   
 
 
 
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):
 
    
Predecessor
          
Successor
 
    
Period from
July 1, 2023
to October 31,
2023
          
Period from
Inception to
June 30,
2024
   
Year Ended
June 30,
2025
 
Income tax reconciliation:
           
Income tax benefit (expense) at U.S. statutory rate
   $ (2,447        $ 5,283     $ (4,785
State income taxes
     (353          2,798       (1,763
Tax credits
     474            1,750       4,542  
Passthrough income not subject to income tax
     527            (330     1,878  
Non-U.S.
income taxed at different rate than U.S. statutory rate
     (10          (174     (211
Effect of outside basis difference in domestic subsidiary
     —             —        (2,006
Transaction costs
     (314          (2,641     (438
Increase in uncertain tax positions
     —             (724     (1,943
Nondeductible expenses
     (31          (144     (476
Other
     (1,036          139       (138
  
 
 
   
 
 
    
 
 
   
 
 
 
Total Income Tax (Expense) Benefit
   $ (3,190        $ 5,957     $ (5,340