Note 20. Other Income, Net

As of December 31, 2025 and April 30, 2025 and 2024 the Company had research and development tax credits receivable totaling $6.2 million, $1.4 million and $8.4 million, respectively. This tax credit is related to a tax scheme for small and medium enterprises in the U.K. as well as an R&D expenditure credit system that allows the Company to file a claim for cash credit in proportion to the Company’s R&D expenditure for the year. This amount is included in other income as it is a refundable credit that does not depend on the Company’s ongoing tax status or position. For the eight-month period ended December 31, 2025 and twelve months ended April 30, 2025 and 2024, the Company recognized $3.7 million, $5.0 million, and $8.5 million related to these programs, respectively.

The Company receives tax credits from the U.K. government based on claims made under the Small Medium Enterprise (SME) research and development tax relief program. Qualifying expenditures largely relate to research and development activities performed by third parties on the Company's behalf, as well as employment costs for research staff and consumables incurred. The research and development tax credits are recognized when the qualifying expenditure has been incurred and there is reasonable assurance that the reimbursement will be received.