v3.26.1
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Income Taxes
The components of Income (loss) before income taxes are as follows:
Fiscal Year Ended June 30,
202620252024
(in millions)
United States$90.5 $(91.7)$(416.5)
Foreign(27.4)(23.9)(135.6)
Income (loss) from operations before income taxes$63.1 $(115.6)$(552.1)
Schedule of Components of Income Tax (Benefit) Expense
The components of Income tax (benefit) expense are as follows:
Fiscal Year Ended June 30,
202620252024
(in millions)
Current:
Federal$— $— $— 
State0.7 0.8 0.8 
Foreign1.7 1.9 — 
2.4 2.7 0.8 
Deferred:
Federal(1.9)— — 
State(0.6)— — 
Foreign— 0.7 (1.0)
(2.5)0.7 (1.0)
Total$(0.1)$3.4 $(0.2)
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate pursuant to the requirements of ASU 2023-09 for the fiscal year ended June 30, 2026 is as follows:
Fiscal Year Ended June 30, 2026
AmountPercent
(dollars in millions)
Federal income tax rate$13.2 21.0 %
Tax credits
     Research and development credit(7.7)(12.2)
Nontaxable or nondeductible items
     Excess officer’s compensation12.5 19.8 
Share based compensation4.8 7.6 
Change in valuation allowance(32.1)(50.8)
Other1.7 2.7 
State and local income taxes, net of federal benefit(1)
— (0.1)
Foreign tax effects
     United Kingdom
          Valuation allowance3.0 4.8 
Foreign rate differential(1.5)(2.4)
Impairment9.9 15.7 
Other (3.5)(5.5)
     Other foreign jurisdictions(0.5)(0.8)
Effective income tax rate$(0.1)(0.2)%
____________________________
(1) The states and local jurisdictions that contribute to greater than 50% of the tax effect in this category include California.

A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate for the fiscal years ended June 30, 2025 and 2024 is as follows:
Fiscal Year Ended June 30,
20252024
Federal income tax rate21.0 %21.0 %
Permanent differences(4.6)(1.2)
Share based compensation(10.3)(9.2)
Return to provision(0.4)(0.2)
Effects of rates different than statutory0.8 1.0 
State and local income taxes, net of federal benefit0.8 1.7 
Change in valuation allowance(12.0)(13.5)
Rate change0.4 (0.2)
Federal credits4.2 0.5 
State credits(1.1)0.1 
Other(1.7)— 
Effective income tax rate(2.9)%— %
Schedule of Deferred Tax Assets (Liabilities)
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets (liabilities) are as follows:
Fiscal Year Ended June 30,
20262025
(in millions)
Deferred tax assets:
Net operating loss$1,084.8 $1,039.5 
Accruals and reserves36.0 65.1 
R&D credit89.1 81.9 
Accrued legal and professional fees9.5 2.9 
Non-qualified stock options96.3 95.0 
Restricted stock options9.4 11.8 
Disallowed interest carryover97.5 68.8 
Intangible amortization47.4 51.1 
Capitalized R&E77.7 119.4 
Inventory capitalization28.6 52.0 
Lease liability105.4 115.8 
Deferred revenue4.6 7.9 
Construction in progress6.5 26.3 
Property and equipment1.1 — 
Other5.2 4.4 
Total deferred tax assets:1,699.1 1,741.9 
Valuation allowance(1,620.5)(1,647.4)
Deferred tax liabilities:
Prepaid expenses(2.2)(2.4)
Property and equipment— (6.2)
Right-of-use assets(72.0)(81.4)
Convertible securities(3.7)(4.2)
Other(0.5)(0.1)
Total deferred tax liabilities:(78.4)(94.3)
Deferred tax assets, net$0.2 $0.2 
Schedule of Unrecognized Tax Benefits The Company has the following activity relating to unrecognized tax benefits:
Fiscal Year Ended June 30,
20262025
(in millions)
Beginning balance$— $— 
Gross (decrease) increase in unrecognized tax positions— — 
Ending balance$— $— 
Schedule of Cash Flow, Supplemental Disclosures
Cash paid for income taxes, net of refunds received, pursuant to the requirements of ASU 2023-09 for the fiscal year ended June 30, 2026 is as follows:
Fiscal Year Ended June 30, 2026
(in millions)
Federal $— 
State and local
     California1.0 
     All other states0.9 
Foreign
     Australia0.5 
Canada – Federal 1.1 
Canada – Ontario 0.6 
China 0.7 
Germany – Federal 0.6 
Germany – Munich1.0 
Taiwan(1.3)
     All other foreign0.5 
Cash paid for income taxes$5.5