v3.26.1
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes

The components of the Company’s income (loss) before provision for income taxes are as follows (in thousands):

 

 

Predecessor

 

 

 

Successor

 

 

Period from
July 1, 2023

to October 31, 2023

 

 

 

Period from
Inception to
June 30, 2024

 

 

Year Ended
June 30, 2025

 

U.S.

 

$

11,432

 

 

 

$

(25,387

)

 

$

19,901

 

Foreign

 

 

219

 

 

 

 

228

 

 

 

2,885

 

Income (Loss) Before Provision for Income Taxes

 

$

11,651

 

 

 

$

(25,159

)

 

$

22,786

 

Schedule of Income Taxes Charged to Operations

The (expense) benefit for income taxes charged to operations consists of the following (in thousands):

 

 

Predecessor

 

 

 

Successor

 

 

Period from
July 1, 2023
to October 31, 2023

 

 

 

Period from
Inception to
June 30, 2024

 

 

Year Ended
June 30, 2025

 

Current expense:

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(4,224

)

 

 

$

(3,401

)

 

$

(17,360

)

State

 

 

(395

)

 

 

 

(215

)

 

 

(2,576

)

Foreign

 

 

(56

)

 

 

 

(263

)

 

 

(1,137

)

 

 

(4,675

)

 

 

 

(3,879

)

 

 

(21,073

)

Deferred benefit:

 

 

 

 

 

 

 

 

 

 

Federal

 

 

1,443

 

 

 

 

6,502

 

 

 

14,846

 

State

 

 

42

 

 

 

 

3,370

 

 

 

331

 

Foreign

 

 

 

 

 

 

(36

)

 

 

556

 

 

 

1,485

 

 

 

 

9,836

 

 

 

15,733

 

Total Income Tax (Expense) Benefit

 

$

(3,190

)

 

 

$

5,957

 

 

$

(5,340

)

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):

 

 

Successor

 

 

June 30,

 

 

2024

 

 

2025

 

Deferred tax assets:

 

 

 

 

 

 

Provision for credit losses

 

$

360

 

 

$

57

 

Provision for excess or obsolete inventory

 

 

1,467

 

 

 

492

 

Accrued expenses

 

 

6,873

 

 

 

1,012

 

Operating lease liabilities

 

 

23,289

 

 

 

13,003

 

Capitalized research and development costs

 

 

11,198

 

 

 

15,847

 

Research and development credits

 

 

3,317

 

 

 

3,138

 

Net operating losses

 

 

2,700

 

 

 

187

 

Disallowed business interest

 

 

1,402

 

 

 

1,011

 

Other

 

 

400

 

 

 

757

 

Deferred tax assets

 

 

51,006

 

 

 

35,504

 

Deferred tax liabilities:

 

 

 

 

 

 

Investment in Opco

 

 

 

 

 

(82,655

)

Property and equipment

 

 

(3,921

)

 

 

(695

)

Intangible assets

 

 

(76,523

)

 

 

(3,133

)

Operating lease right of use asset

 

 

(22,958

)

 

 

(12,140

)

Other

 

 

(1,028

)

 

 

(199

)

Deferred tax liabilities

 

 

(104,430

)

 

 

(98,822

)

Deferred Tax Liability, net

 

$

(53,424

)

 

$

(63,318

)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax (expense) benefit computed at the federal statutory rate of 21% to actual income tax expense at the Company’s effective rate is as follows (in thousands):

 

 

Predecessor

 

 

 

Successor

 

 

Period from
July 1, 2023
to October 31, 2023

 

 

 

Period from
Inception to
June 30, 2024

 

 

Year Ended
June 30, 2025

 

Income tax reconciliation:

 

 

 

 

 

 

 

 

 

 

Income tax benefit (expense) at U.S. statutory rate

 

$

(2,447

)

 

 

$

5,283

 

 

$

(4,785

)

State income taxes

 

 

(353

)

 

 

 

2,798

 

 

 

(1,763

)

Tax credits

 

 

474

 

 

 

 

1,750

 

 

 

4,542

 

Passthrough income not subject to income tax

 

 

527

 

 

 

 

(330

)

 

 

1,878

 

Non-U.S. income taxed at different rate than U.S. statutory rate

 

 

(10

)

 

 

 

(174

)

 

 

(211

)

Effect of outside basis difference in domestic subsidiary

 

 

 

 

 

 

 

 

 

(2,006

)

Transaction costs

 

 

(314

)

 

 

 

(2,641

)

 

 

(438

)

Increase in uncertain tax positions

 

 

 

 

 

 

(724

)

 

 

(1,943

)

Nondeductible expenses

 

 

(31

)

 

 

 

(144

)

 

 

(476

)

Other

 

 

(1,036

)

 

 

 

139

 

 

 

(138

)

Total Income Tax (Expense) Benefit

 

$

(3,190

)

 

 

$

5,957

 

 

$

(5,340

)