Share based compensation expense is included in general and administrative expense and represents costs associated with restricted share unit (“RSU”) and performance share unit (“PSU”) activity and options granted to directors, employees, and consultants of the Company. Share based compensation expense consisted of the following for the periods presented.


	Three months ended March 31,				Nine Months Ended March 31,
	2026		2025		2026		2025
	(in thousands)
Share-based compensation expense — service based
ABR Employee share option plan	$	—	$	—	$	—	$	167
2022 Equity Compensation Plan — Options		172		33		524		88
2022 Equity Compensation Plan — PSUs		31		35		53		60
2022 Equity Compensation Plan — RSUs		114		244		360		1,526
Total share-based compensation expense	$	317	$	312	$	937	$	1,841

As of March 31, 2026, the Company had approximately $1.9 million of total unrecognized stock-based compensation expense related to unvested stock-based compensation awards that is expected to be recognized over a weighted average period of approximately 1.0 years.

Option grants are made under the 2022 Equity Compensation Plan and vest ratably over the vesting period, which is generally three years or less. No stock option awards were granted during the nine months ended March 31, 2026. The significant assumptions used to estimate the fair value of stock option awards granted during the nine months ended March 31, 2025, using a Black-Scholes option valuation model are as follows.

The following table summarizes stock option activity for each of the periods presented.


	Nine months ended March 31,
	2026					2025
	Number of Options			Weighted Average Exercise Price		Number of Options			Weighted Average Exercise Price
	(In thousands, except per share data)
Outstanding at beginning of the period		647		$	18.31		174		$	214.51
Granted		—			—		24			26.70
Expired/forfeited		(11	)		378.35		(72	)		120.98
Outstanding at end of the period		636			12.57		126			232.53

Vested at the end of the period		17			177.68		90			314.37
Unvested at the end of the period		619		$	7.93		36		$	27.54

The weighted average remaining life of vested options as of March 31, 2026 and 2025, was approximately 7.1 years and 1.7 years, respectively. As of March 31, 2026 and 2025, the maximum expiration date for vested options was approximately 7.1 and 8.1 years, respectively.

As of March 31, 2026, there was approximately $1.3 million of unrecognized compensation cost related to 619 thousand unvested stock options. This cost is expected to be recognized over a weighted-average remaining period of approximately 1.0 years. As of March 31, 2026 and 2025, the maximum expiration date for unvested options was approximately 3.1 and 2.3 years, respectively.

The following table summarizes the activity for unvested options for each of the periods presented.


	Nine months ended March 31,
	2026				2025
	Number of Options		Weighted Average Grant Date Fair Value per share		Number of Options			Weighted Average Grant Date Fair Value per share
	(In thousands, except per share data)
Unvested at beginning of the period		619	$	3.25		15		$	41.12
Granted		—		—		24			5.46
Vested		—		—		(3	)		141.22
Unvested at end of the period		619	$	3.25		36		$	9.26

As of March 31, 2026 and 2025, all outstanding stock options and vested stock options had no intrinsic value as the exercise prices of the respective options exceeded the Company’s stock price on such dates. There were no options exercised during the nine months ended March 31, 2026 and 2025.

The following table summarizes RSU and PSU activity for each of the periods presented.


	Serviced-Based Shares			Weighted Average Grant Date Fair Value per Share		Performance- Based Shares				Weighted Average Grant Date Fair Value per Unit		Total Shares
	(In thousands, except per share data)
Non-vested shares/units outstanding at June 30, 2025		55.6			11.36		22.8			$	30.11		78.4
Granted		196.3			2.47		216.0		(1)		1.55		412.3
Vested		(50.8	)		8.02		(0.4	)			266.30		(51.2	)
Forfeited		(3.0	)		3.86		—				—		(3.0	)
Non-vested shares/units outstanding at March 31, 2026		198.1		$	3.52		238.4			$	3.80		436.5

	Serviced-Based Shares			Weighted Average Grant Date Fair Value per Share		Performance- Based Shares				Weighted Average Grant Date Fair Value per Unit		Total Shares
	(In thousands, except per share data)
Non-vested shares/units outstanding at June 30, 2024		16.0		$	58.95		4.1			$	131.68		20.1
Granted		40.6			9.54		19.8		(2)		11.62		60.4
Vested		(24.5	)		30.95		—				—		(24.5	)
Forfeited		(0.5	)		13.60		(1.0	)			56.58		(1.5	)
Non-vested shares/units outstanding at March 31, 2025		31.6		$	17.86		22.9			$	31.18		54.5


(1)	During the three and nine months ended March 31, 2026, approximately 216.0 thousand PSUs were granted, which based on the achievement of certain financial and operational targets, could vest within a range of 0% to 100%. The targets are 1) construction of the large-scale commercial facility commencing prior to June 30, 2027; 2) an approved final investment decision in the large-scale commercial facility at a modeled internal rate of return of 18%, and 3) the Company’s share price exceeding $8.80 per share. The determination of the percentage of shares that ultimately vest will be made on the three-year anniversary of the grant date based upon achievement of the performance targets over the period.
(2)	During the three and nine months ended March 31, 2025, approximately 19.8 thousand PSUs were granted, which based on the achievement of certain financial and operational targets, could vest within a range of 0% to 100%. The targets are 1) construction of the large-scale commercial facility commencing prior to September 1, 2026; 2) an approved final investment decision in the large-scale commercial facility at a modeled internal rate of return of 20%, 3) achievement of an enterprise value in excess of $200 million, and 4) achievement of an enterprise value in excess of $300 million. The determination of the percentage of shares that ultimately vest will be made on the three-year anniversary of the grant date based upon achievement of the performance targets over the period.

11. Share Based Compensation