v3.26.1
Debt (Tables)
 9 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Summary of Debt Disclosure

Long-term debt consisted of the following at the end of each period presented.

 

 

March 31,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

Vehicle notes payable

 

$

33

 

 

$

66

 

Total debt

 

 

33

 

 

 

66

 

Current portion of debt

 

 

33

 

 

 

44

 

Long-term debt

 

$

—

 

 

$

22

 

 
Summary of Interest Expense

Interest expense consisted of the following for each period presented.

 

 

Three months ended March 31,

 

 

Nine months ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

Convertible notes interest

 

$

—

 

 

$

1,555

 

 

$

—

 

 

$

5,441

 

Vehicle notes interest

 

 

—

 

 

 

1

 

 

 

2

 

 

 

3

 

Amortization of debt issuance costs and
   discount — convertible notes

 

 

—

 

 

 

337

 

 

 

—

 

 

 

1,095

 

Other interest

 

 

4

 

 

 

—

 

 

 

13

 

 

 

—

 

Gross interest expense

 

 

4

 

 

 

1,893

 

 

 

15

 

 

 

6,539

 

Less: amount capitalized to construction in progress

 

 

—

 

 

 

24

 

 

 

—

 

 

 

85

 

Interest expense, net of amounts capitalized

 

$

4

 

 

$

1,869

 

 

$

15

 

 

$

6,454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate — convertible notes(1)

 

N/A

 

 

 

13.9

%

 

N/A

 

 

 

13.2

%

 

(1)
The effective interest rate represents a weighted-average interest rate applicable for the respective period, for the period of time which the Convertible Notes were outstanding. Interest expense utilized in the calculation is based upon the gross interest expense in the table above, and the principal balance utilized in the calculation is based on the ending net long-term debt applicable to each interest period inclusive of unamortized debt issuance costs and discount, changes in the principal balance resulting from the issuance of any Convertible Notes, interest paid-in-kind and any adjustments resulting from the Amended and Restated Note Purchase Agreement.
Summary of Prior Debt and Fair Value of Equity Interest Issued, Less Proceeds Received in Exchange Transaction, Resulted in Gain on Extinguishment of Debt The difference in value between the prior debt and the fair value of the equity interest issued, less proceeds received by the Company in the Exchange Transaction, resulted in a gain on extinguishment of debt of approximately $17.3 million, the calculation of which is summarized in the following table.

 

 

Nine months ended March 31, 2025

 

 

 

(in thousands)

 

Values exchanged in debt exchange, at fair value

 

 

 

Equity interests, at fair value

 

$

70,059

 

Cash proceeds received

 

 

(5,000

)

Net value exchanged for extinguishment of debt

 

$

65,059

 

 

 

 

 

Convertible notes on extinguishment date

 

 

 

Principal

 

$

90,112

 

Accrued interest

 

 

497

 

Unamortized convertible notes discount

 

 

(5,109

)

Unamortized debt issuance costs

 

 

(3,108

)

Net long-term debt derecognized

 

$

82,392

 

 

 

 

 

Gain (loss) on extinguishment of debt

 

$

17,333