Note 11 - Stock-based Compensation

9 Months Ended

Apr. 30, 2026

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE 11:

STOCK-BASED COMPENSATION

Stock Options

A continuity schedule of our outstanding stock options for the nine months ended April 30, 2026, is as follows:

		*Number of Stock*				*Weighted Average*
		*Options*				*Exercise Price*
Balance, July 31, 2025			4,594,207			$	2.71
Exercised			(1,146,020	)			2.49
Forfeited			(12,875	)			3.70
Balance, April 30, 2026			3,435,312			$	2.78

The table below sets forth the number of shares issued and cash received upon the exercise of our stock options:

		*Three Months Ended April 30,*								*Nine Months Ended April 30,*
		*2026*				2025				*2026*				2025
Number of Options Exercised on a Cash Basis			2,100				1,250				353,917				49,963
Number of Options Exercised on a Non-Cash Basis			102,200				28,500				792,103				217,014
Total Number of Options Exercised			104,300				29,750				1,146,020				266,977

Number of Shares Issued on a Cash Basis			2,100				1,250				353,917				49,963
Number of Shares Issued on a Non-Cash Basis			83,614				14,178				623,570				124,567
Total Number of Shares Issued Upon Exercise of Options			85,714				15,428				977,487				174,530

Cash Received from Exercise of Stock Options		$	11			$	5			$	922			$	134
Total Intrinsic Value of Options Exercised		$	1,379			$	101			$	10,671			$	1,211

A continuity schedule of our outstanding unvested stock options as of April 30, 2026, and the changes during the period, is as follows:

		*Number of Unvested Stock Options*				*Weighted Average Grant-Date Fair Value*
Balance, July 31, 2025			359,619			$	3.80
Vested			(153,967	)			3.96
Forfeited			(875	)			3.62
Balance, April 30, 2026			204,777			$	3.69

As at April 30, 2026, the aggregate intrinsic value of all of our outstanding stock options was estimated at $41.62 million (vested: $39.77 million and unvested: $1.85 million). As at April 30, 2026, our unrecognized compensation cost related to unvested stock options was $0.18 million ( July 31, 2025: $0.75 million), which is expected to be recognized over a weighted average period of 0.70 years.

A summary of our stock options outstanding and exercisable as of April 30, 2026, is as follows:

		Options Outstanding												Options Exercisable
										Weighted												Weighted
										Average												Average
Range of						Weighted				Remaining								Weighted				Remaining
Exercise		Outstanding at				Average				Contractual				Exercisable at				Average				Contractual
Prices		April 30, 2026				Exercise Price				Term (Years)				April 30, 2026				Exercise Price				Term (Years)
$0.91 to $0.99			847,750				0.92				4.03				847,750				0.92				4.03
$1.00 to $1.99			475,000				1.10				4.21				475,000				1.10				4.21
$2.00 to $2.99			434,649				2.28				5.17				434,649				2.28				5.17
$3.00 to $3.99			1,209,255				3.63				6.37				1,159,132				3.62				6.33
$4.00 to $4.99			14,000				4.36				8.48				9,000				4.44				8.23
$5.00 to $5.99			313,768				5.49				8.23				219,963				5.48				8.23
$6.00 to $6.99			64,558				6.51				8.09				58,455				6.54				8.06
$7.00 to $7.99			10,000				7.63				7.73				10,000				7.63				7.73
$8.00 to $8.68			66,332				8.68				9.25				16,586				8.68				9.25
			3,435,312			$	2.78				5.61				3,230,535			$	2.58				5.44

Restricted Stock Units

A summary of our outstanding and unvested restricted stock units (each, an “RSU”) as of April 30, 2026, is as follows:

		*Number of RSUs*				*Weighted Average Grant-Date Fair Value*


Balance, July 31, 2025			1,203,197			$	6.60
Granted			196,502				12.51
Forfeited			(3,474	)			11.98
Vested			(23,480	)			7.33
Balance, April 30, 2026			1,372,745			$	7.42

During the three and nine months ended April 30, 2026, our stock-based compensation related to RSUs was $1.75 million and $4.39 million (three and nine months ended April 30, 2025: $0.74 million and $2.27 million), respectively. As at April 30, 2026, our unrecognized compensation costs related to unvested RSUs totaled $4.38 million ( July 31, 2025: $6.35 million), which is expected to be recognized over a weighted average period of approximately 1.55 years.

Performance Based Restricted Stock Units

During the three and nine months ended April 30, 2026, our stock-based compensation related to the amortization of performance based restricted stock units (each, a “PRSU”) totaled $0.36 million and $1.10 million (three and nine months ended April 30, 2025: $0.29 million and $0.86 million), respectively. As at April 30, 2026, our unrecognized compensation costs related to unvested PRSUs totaled $2.02 million ( July 31, 2025: $3.12 million), which is expected to be recognized over a period of approximately 1.88 years.

Stock-Based Compensation

A summary of our stock-based compensation expense for the three and nine months ended April 30, 2026, is as follows:

		*Three Months Ended*								*Nine Months Ended*
		*April 30,*								*April 30,*
		*2026*				2025				*2026*				2025
Stock-Based Compensation for Consultants
Common stock issued to consultants		$	-			$	18			$	-			$	106
Amortization of stock option expenses			4				24				24				121
Amortization of RSU expenses			198				1				278				33
			202				43				302				260
Stock-Based Compensation for Management
Amortization of stock option expenses			76				115				367				494
Amortization of RSU and PRSU expenses			1,326				957				4,048				2,902
			1,402				1,072				4,415				3,396
Stock-Based Compensation for Employees
Amortization of stock option expenses			28				151				167				858
Amortization of RSU expenses			586				72				1,157				199
			614				223				1,324				1,057
		$	2,218			$	1,338			$	6,041			$	4,713