v3.26.1
Stockholders' Equity
 3 Months Ended
Apr. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
ATM Offering

On April 15, 2026, the Company entered into an at-the-market sales agreement for the sale of shares of the Company’s Class A common stock (the “ATM offering”). During the three months ended April 30, 2026, the Company sold 45,358 shares of Class A common stock at a weighted average price of $5.52 per share for proceeds of $0.2 million, net of commissions of 3% and allocated equity issuance costs. The Company may sell shares up to an aggregate offering price of $40 million. As of the date of this Form 10-Q, our public float was less than $75 million. As a result, we are subject to the limitations of General Instruction I.B.6 to Form S-3 until such time as our public float exceeds $75 million, which means we only have the capacity to sell shares up to one-third of our public float under our registration statement on Form S-3, including the ATM offering, in any 12-month period.

Rights Offering

See “Note 6 - Long-Term Debt” and “Note 12 - Net Loss per Share Attributable to Common Stockholders” for information regarding the rights offering.
Common Stock
Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to twenty votes per share, as well as dividends if and when declared by the Board and, upon liquidation, dissolution, winding up or other liquidation event of the Company, all assets available for distribution to common stockholders. There are no redemption provisions with respect to common stock.

In connection with the closing of the Recapitalization Transactions, all outstanding shares of the Company’s Class B common stock were converted into shares of Class A common stock on a one-for-one basis, such that no shares of Class B common stock remain outstanding. See “Note 6 - Long-Term Debt” and “Note 11 — Share-based Compensation Plans” in the Notes to the Condensed Consolidated Financial Statements for more information.

Preferred Stock
The Company has authorized 10,000,000 shares of preferred stock, with a par value of $0.001 per share. No shares were issued or outstanding as of April 30, 2026.
Warrants
As of April 30, 2026 and January 31, 2026, the Company had the following outstanding warrants:
Outstanding WarrantsDate
Issued		Number of
Shares		Class of
Shares		Exercise
Price (Per Warrant)		Fair Value
at Issuance		Expiration Date
Equity classified:
TriplePointNov-164,144 Common$150.80 $0.3 Oct-26
TriplePointJun-17911 Common150.80 0.1 Oct-26
TriplePointSep-17746 Common150.80 0.1 Oct-26
TriplePointJan-18828 Common150.80 0.1 Oct-26
TriplePointApr-18828 Common150.80 0.1 Oct-26
TriplePointNov-151,760 Common340.77 0.2 Oct-26
TriplePointJun-161,408 Common340.77 0.2 Oct-26
TriplePointSep-161,232 Common340.77 0.1 Oct-26
CHS (US) Management LLCOct-2119,717 Common420.00 5.3 Oct-28
CHS (US) Management LLCJan-23100,000 Common100.00 6.9 Jan-30
131,574 $13.4 
As of April 30, 2026 and January 31, 2026, all outstanding warrants were equity-classified and recorded as additional paid-in capital. Equity-classified contracts are not subsequently remeasured unless reclassification is required from equity to liability classification.
The fair value was estimated using the Black-Scholes option pricing model. The fair value is subjective and is affected by changes in inputs to the valuation model including the fair value per share of the underlying stock, the expected term of each warrant, volatility of the Company’s stock and peer company stock, and risk-free rates based on the U.S. Treasury yield curves.