In the three and nine months ended March 31, 2026, we continued our restructuring efforts to align our cost structure with reduced end market demand levels, including resizing our workforce and taking specific cost actions, and recorded restructuring expense of $0.7 million and $2.6 million, respectively, which were primarily employee-related costs. The cumulative amount incurred since inception of these efforts beginning in fiscal year 2024 through March 31, 2026 was $10.7 million. As we are seeing additional end market demand pressures, and as we monitor the progression of tariffs, reciprocal tariffs, and the geopolitical economic environment broadly, we expect to incur $1.5 million to $3.0 million of additional restructuring costs through fiscal year 2027.

Additionally, on November 4, 2024, the Company announced that its Board of Directors has approved a plan to cease operations at our Tampa facility (“Tampa Closure Plan”). The decision was made to leverage capacity within our global footprint and streamline the operating structure. These costs are predominantly cash expenditures. We recorded restructuring expense of $0.2 million and $1.5 million, respectively, in the three and nine months ended March 31, 2026 for the Tampa Closure Plan. The cumulative amount incurred since inception of the Tampa Closure Plan during fiscal year 2025 through March 31, 2026 was $6.8 million. The restructuring charges are considered substantially complete at March 31, 2026. We do not expect significant additional restructuring charges relating to these previously announced restructuring efforts.

Accrued restructuring is recorded in Accrued expenses in the Condensed Consolidated Balance Sheet. The changes in the Company’s accrued restructuring costs under the Tampa Closure Plan were as follows:


(Amounts in Thousands)	Severance and Termination Benefits		Other Exit Costs		Total
Balance at June 30, 2025	$	2,018	$	—	$	2,018
Restructuring charges	164		1,348		1,512
Payments	(2,182)		(1,348)		(3,530)
Non-cash activity	—		—		—
Balance at March 31, 2026	$	—	$	—	$	—

As Tampa’s operations ceased in the fourth quarter of fiscal year 2025, their land, building, and certain equipment meet the criteria to be classified as Assets Held for Sale. The total carrying value of Assets Held for Sale at March 31, 2026 of $6.6 million includes land of $5.1 million and buildings of $1.5 million.