13. STOCK-BASED COMPENSATION (Tables)
|
9 Months Ended |
Jun. 30, 2026 |
|---|
| Equity [Abstract] |
|
| Schedule of Option Summary |
The following is a summary of stock option activity during the nine months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
Number of
Option Shares |
|
|
Weighted Average
Exercise Price ($) |
|
Balance, September 30, 2025 |
|
|
2,162,186 |
|
|
$ |
15.66 |
|
Options expired |
|
|
(24,363 |
) |
|
$ |
14.02 |
|
Options forfeited |
|
|
(70,890 |
) |
|
$ |
10.40 |
|
Options exercised |
|
|
(168,349 |
) |
|
$ |
8.52 |
|
Balance, June 30, 2026 |
|
|
1,898,584 |
|
|
$ |
16.50 |
|
|
| Schedule of Restricted Stock Summary |
The following table summarizes the activity for all RSUs during the nine months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Weighted Average Grant Date Fair Value Per Share |
|
|
Aggregate Intrinsic Value |
|
Outstanding at September 30, 2025 |
|
|
12,891,419 |
|
|
$ |
9.16 |
|
|
$ |
186,926 |
|
Granted |
|
|
4,110,228 |
|
|
$ |
10.84 |
|
|
|
|
Vested |
|
|
(1,079,437 |
) |
|
$ |
8.77 |
|
|
|
|
Forfeited |
|
|
(939,378 |
) |
|
$ |
11.88 |
|
|
|
|
Outstanding at June 30, 2026 |
|
|
14,982,832 |
|
|
$ |
9.48 |
|
|
$ |
218,000 |
|
|
| Schedule of Performance Stock Units |
The following table summarizes the activity for all PSUs and MPSUs during the nine months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General PSUs |
|
|
LTIP PSUs and MPSUs |
|
|
STPA PSUs and MPSUs |
|
|
Total
Number of Shares |
|
|
Weighted Average Grant Date Fair Value Per Share |
|
|
Aggregate Intrinsic Value |
|
Outstanding at September 30, 2025 |
|
|
38,460 |
|
|
|
— |
|
|
|
— |
|
|
|
38,460 |
|
|
$ |
10.61 |
|
|
$ |
558 |
|
Granted |
|
|
— |
|
|
|
3,280,591 |
|
|
|
7,698,000 |
|
|
|
10,978,591 |
|
|
$ |
7.95 |
|
|
|
|
Vested |
|
|
(38,460 |
) |
|
|
— |
|
|
|
— |
|
|
|
(38,460 |
) |
|
$ |
10.61 |
|
|
|
|
Forfeited |
|
|
— |
|
|
|
50,700 |
|
|
|
— |
|
|
|
50,700 |
|
|
$ |
7.60 |
|
|
|
|
Outstanding at June 30, 2026 |
|
|
— |
|
|
|
3,331,291 |
|
|
|
7,698,000 |
|
|
|
11,029,291 |
|
|
$ |
7.95 |
|
|
$ |
160,476 |
|
Less: Not expected to vest |
|
|
— |
|
|
|
— |
|
|
|
3,849,000 |
|
|
|
3,849,000 |
|
|
$ |
9.40 |
|
|
|
|
Expected to vest, June 30, 2026 |
|
|
— |
|
|
|
3,331,291 |
|
|
|
3,849,000 |
|
|
|
7,180,291 |
|
|
$ |
7.17 |
|
|
$ |
104,473 |
|
|
| Schedule of Fair Value Assumption Market-Based Restricted Stock Unit |
The fair values of the MPSUs were determined using the Monte Carlo simulation and the range of inputs used to value the MPSUs issued during the nine months ended June 30, 2026 were as follows:
|
|
|
Fair value assumptions - Market-based PSUs granted: |
|
Period ended June 30, 2026 |
Risk free interest rate |
|
3.95% - 4.04% |
Expected volatility |
|
98.0% - 101.7% |
Expected dividends through the vesting term |
|
$0.00 |
Performance period (years) |
|
0.8 - 4.5 |
Vesting term (years) |
|
2.8 - 4.5 |
|
| 2026 LTIP Operational PSU Performance Targets |
The following table summarizes the performance targets and payout levels for the operational PSU tranche granted under the 2026 LTIP:
|
|
2026 LTIP Operational PSU Performance Targets |
Executed Lease Agreement Achievement Level through March 20, 2027 |
Payout as a % of Target PSU Tranche |
Less than 600 MW |
0% |
600 MW to 699 MW |
25% |
700 MW to 799 MW |
50% |
800 MW or greater |
100% |
|
| STPA Operational PSU Performance Targets |
The following table summarizes the performance targets and payout levels for the operational PSU tranche granted under the STPA:
|
|
STPA Operational PSU Performance Targets |
AI Data Center Capacity Ready for Service Achievement Level through September 30, 2030 |
Payout as a % of Target PSU Tranche |
Less than 1.00 GW |
0% |
1.00 GW to 1.49 GW |
25% |
1.50 GW to 1.99 GW |
40% |
2.00 GW to 2.24 GW |
70% |
2.25 GW to 2.49 GW |
90% |
2.50 GW or greater |
100% |
|
| STPA MPSU Market-Performance Targets [Table Text Block] |
The following table summarizes the market-performance targets and payout levels for the MPSU tranche granted under the STPA:
|
|
|
STPA MPSU Market-Performance Targets |
20-Day VWAP Achievement Level through September 30, 2030 |
Implied 20-Day VWAP Based on $9.40 Baseline Stock Price |
Payout as a % of Target MPSU Tranche |
Less than 5.0x baseline stock price |
Less than $47.00 |
0% |
5.0x baseline stock price |
$47.00 |
20% |
6.0x baseline stock price |
$56.40 |
35% |
7.0x baseline stock price |
$65.80 |
55% |
8.0x baseline stock price |
$75.20 |
75% |
9.0x baseline stock price |
$84.60 |
90% |
10.0x baseline stock price |
$94.00 |
100% |
|