v3.26.1
Property and Equipment, net
 9 Months Ended 12 Months Ended
Mar. 31, 2026
Jun. 30, 2025
Property, Plant, and Equipment [Abstract]    
Property and Equipment, net
6.
Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):

 

 

Estimated Useful
Lives (Years)

 

 

June 30,
2025

 

 

March 31,
2026

 

Machines and equipment

 

3-10

 

 

$

41,067

 

 

$

78,047

 

Leasehold improvements

 

7-10

 

 

 

40,422

 

 

 

69,715

 

Vehicles

 

 

5

 

 

 

1,386

 

 

 

1,491

 

Furniture and fixtures

 

3-7

 

 

 

1,253

 

 

 

3,651

 

Software

 

 

7

 

 

 

3,501

 

 

 

4,035

 

Construction in progress

 

 

—

 

 

 

27,891

 

 

 

41,504

 

 

 

 

 

 

115,520

 

 

 

198,443

 

Less: accumulated depreciation

 

 

 

 

 

(7,350

)

 

 

(19,069

)

Property and equipment, net

 

 

 

 

$

108,170

 

 

$

179,374

 

 

Construction in progress is primarily related to the expansion of both new and currently leased manufacturing campuses. These assets will be placed in service and reclassified to machinery and equipment and leasehold improvements when the related projects are complete.

Depreciation expense for the three months ended March 31, 2026 and 2025 was $6.4 million and $1.4 million, respectively. During the three months ended March 31, 2026, $4.8 million and $1.6 million were allocated to cost of revenues and operating expenses, respectively. During the three months ended March 31, 2025, $1.1 million and $0.3 million were allocated to cost of revenues and operating expenses, respectively.

Depreciation expense for the nine months ended March 31, 2026 and 2025 was $13.4 million and $3.9 million, respectively. During the nine months ended March 31, 2026, $10.4 million and $3.0 million were allocated to cost of revenues and operating expenses, respectively. During the nine months ended March 31, 2025, $3.1 million and $0.8 million were allocated to cost of revenues and operating expenses, respectively.
7.
Property and Equipment

Property and equipment, net consists of the following (in thousands):

 

 

Estimated

 

 

Successor

 

 

Useful

 

 

June 30,

 

 

Lives (Years)

 

 

 

2024

 

 

 

2025

 

Machines and equipment

 

3-10

 

 

$

14,857

 

 

$

41,067

 

Leasehold improvements

 

7-10

 

 

 

9,592

 

 

 

40,422

 

Vehicles

 

 

5

 

 

 

856

 

 

 

1,386

 

Furniture and fixtures

 

3-7

 

 

 

796

 

 

 

1,253

 

Software

 

 

7

 

 

 

2,763

 

 

 

3,501

 

Construction in progress

 

 

—

 

 

 

2,541

 

 

 

27,891

 

 

 

 

 

 

31,405

 

 

 

115,520

 

Less: accumulated depreciation

 

 

 

 

 

(1,162

)

 

 

(7,350

)

Property and Equipment, net

 

 

 

 

$

30,243

 

 

$

108,170

 

 

At June 30, 2024 and 2025, construction in progress totaled $2.5 million and $27.9 million, respectively, primarily related to expansion of both new and currently leased manufacturing facilities. The projects are expected to be completed in 2026, at which time the assets will be placed in service and reclassified to machinery and equipment and leasehold improvements.

Depreciation expense for the period from July 1, 2023 to October 31, 2023 (Predecessor), the period from Inception to June 30, 2024 and the year ended June 30, 2025 (Successor) was $0.4 million, $1.2 million and $6.2 million, respectively. During the period from July 1, 2023 to October 31, 2023 (Predecessor), $0.3 million and $0.1 million were allocated to cost of revenues and operating expenses, respectively. During the period from Inception to June 30, 2024 (Successor), $0.9 million and $0.3 million were allocated to cost of revenues and operating expenses, respectively. During the year ended June 30, 2025 (Successor), $5.3 million and $0.9 million were allocated to cost of revenues and operating expenses, respectively.