Share Based Compensation (Tables)

9 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Share Based Compensation Expense

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

Summary of Share-based Payment Award, Stock Options, Valuation Assumptions

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.


		Nine months ended March 31,
		2025
Exercise price		$23.69 - $29.21
Share price		$10.61 - $14.25
Volatility		99.2% - 99.9%
Expected term in years		2.8 - 2.9
Risk-free interest rate		3.4% - 4.1%
Dividend rate		Nil

Summary of Share-based Payment Arrangement, Activity

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

Summary of Nonvested Share Activity

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

Share-based Compensation Arrangements by Share-based Payment Award, Performance-based Units, Vested and Expected to Vest

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.