13. STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Mar. 31, 2026 |
|---|
| Equity [Abstract] |
|
| Schedule of Option Summary |
The following is a summary of stock option activity during the six months ended March 31, 2026:
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|
|
|
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|
|
|
|
|
|
Number of
Option Shares |
|
|
Weighted Average
Exercise Price ($) |
|
Balance, September 30, 2025 |
|
|
2,162,186 |
|
|
$ |
15.66 |
|
Options expired |
|
|
(22,592 |
) |
|
$ |
14.07 |
|
Options forfeited |
|
|
(54,904 |
) |
|
$ |
10.47 |
|
Options exercised |
|
|
(124,611 |
) |
|
$ |
8.40 |
|
Balance, March 31, 2026 |
|
|
1,960,079 |
|
|
$ |
16.28 |
|
|
| Schedule of Restricted Stock Summary |
The following table summarizes the activity for all RSUs during the six months ended March 31, 2026:
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|
|
|
Number of Shares |
|
|
Weighted Average Fair Value Per Share |
|
|
Aggregate Intrinsic Value |
|
Outstanding at September 30, 2025 |
|
|
12,891,419 |
|
|
$ |
9.16 |
|
|
$ |
186,926 |
|
Granted |
|
|
3,821,813 |
|
|
$ |
10.71 |
|
|
|
|
Vested |
|
|
(926,093 |
) |
|
$ |
8.62 |
|
|
|
|
Forfeited |
|
|
(184,079 |
) |
|
$ |
8.16 |
|
|
|
|
Outstanding at March 31, 2026 |
|
|
15,603,060 |
|
|
$ |
9.58 |
|
|
$ |
132,782 |
|
|
| Schedule of Performance Stock Units |
The following table summarizes the activity for all PSUs and MPSUs during the six months ended March 31, 2026:
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|
General PSUs |
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|
LTIP PSUs |
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|
STPA PSUs |
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|
Total
Number of Shares |
|
|
Weighted Average Fair Value Per Share |
|
|
Aggregate Intrinsic Value |
|
Outstanding at September 30, 2025 |
|
|
38,460 |
|
|
|
— |
|
|
|
— |
|
|
|
38,460 |
|
|
$ |
10.61 |
|
|
$ |
558 |
|
Granted |
|
|
— |
|
|
|
3,246,689 |
|
|
|
7,698,000 |
|
|
|
10,944,689 |
|
|
$ |
7.92 |
|
|
|
|
Vested |
|
|
(38,460 |
) |
|
|
— |
|
|
|
— |
|
|
|
(38,460 |
) |
|
$ |
10.61 |
|
|
|
|
Outstanding at March 31, 2026 |
|
|
— |
|
|
|
3,246,689 |
|
|
|
7,698,000 |
|
|
|
10,944,689 |
|
|
$ |
7.92 |
|
|
$ |
93,139 |
|
Less: Not expected to vest |
|
|
— |
|
|
|
— |
|
|
|
3,849,000 |
|
|
|
3,849,000 |
|
|
$ |
9.40 |
|
|
|
|
Expected to vest, March 31, 2026 |
|
|
— |
|
|
|
3,246,689 |
|
|
|
3,849,000 |
|
|
|
7,095,689 |
|
|
$ |
7.11 |
|
|
$ |
60,384 |
|
|
| Schedule of Fair Value Assumption Market-Based Restricted Stock Unit |
The fair values of the MPSUs were determined using the Monte Carlo simulation and the inputs of MPSUs issued in the six months ended March 31, 2026 were as follows:
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|
|
Fair value assumptions - Market-based RSUs granted: |
|
March 31, 2026 |
Risk free interest rate |
|
3.95% |
Expected volatility |
|
101.70% |
Expected dividends through the vesting term |
|
$0.00 |
Performance period (years) |
|
1.0 - 4.5 |
Vesting term (years) |
|
3.0 - 4.5 |
|
| 2026 LTIP Operational PSU Performance Targets |
The following table summarizes the performance targets and payout levels for the operational PSU tranche granted under the 2026 LTIP:
|
|
2026 LTIP Operational PSU Performance Targets |
Executed Lease Agreement Achievement Level through March 20, 2027 |
Payout as a % of Target PSU Tranche |
Less than 600 MW |
0% |
600 MW to 699 MW |
25% |
700 MW to 799 MW |
50% |
800 MW or greater |
100% |
|
| STPA Operational PSU Performance Targets |
The following table summarizes the performance targets and payout levels for the operational PSU tranche granted under the STPA:
|
|
STPA Operational PSU Performance Targets |
AI Data Center Capacity Ready for Service Achievement Level through September 30, 2030 |
Payout as a % of Target PSU Tranche |
Less than 1.00 GW |
0% |
1.00 GW to 1.49 GW |
25% |
1.50 GW to 1.99 GW |
40% |
2.00 GW to 2.24 GW |
70% |
2.25 GW to 2.49 GW |
90% |
2.50 GW or greater |
100% |
|
| STPA MPSU Market-Performance Targets [Table Text Block] |
The following table summarizes the market-performance targets and payout levels for the MPSU tranche granted under the STPA:
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|
|
STPA MPSU Market-Performance Targets |
20-Day VWAP Achievement Level through September 30, 2030 |
Implied 20-Day VWAP Based on $9.40 Baseline Stock Price |
Payout as a % of Target MPSU Tranche |
Less than 5.0x baseline stock price |
Less than $47.00 |
0% |
5.0x baseline stock price |
$47.00 |
20% |
6.0x baseline stock price |
$56.40 |
35% |
7.0x baseline stock price |
$65.80 |
55% |
8.0x baseline stock price |
$75.20 |
75% |
9.0x baseline stock price |
$84.60 |
90% |
10.0x baseline stock price |
$94.00 |
100% |
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