Income Taxes |
9 Months Ended |
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Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 13 - Income Taxes Our income tax expense for the three months ended June 30, 2026 was $0.8 million, or 26.5% of pre-tax income, compared to income tax expense of $3.7 million, or 25.7% of pre-tax income, for the three months ended June 30, 2025. Our income tax expense for the nine months ended June 30, 2026 was $4.2 million, or 21.1% of pre-tax income, compared to $14.5 million, or 24.6% of pre-tax income, for the nine months ended June 30, 2025. The effective income tax rate for the three and nine months ended June 30, 2026 differed from the federal statutory rate of 21% primarily due to non-deductible executive compensation, stock-based compensation expense and state and local income and franchise taxes. The effective income tax rate for the three and nine months ended June 30, 2025 differed from the federal statutory rate of 21% primarily due to non-deductible executive compensation, stock-based compensation expense, refinements to the federal research and development tax credits and state and local income and franchise taxes. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. As of June 30, 2026, we continued to maintain a valuation allowance related to certain federal and state attributes, which are not expected to be utilized prior to expiration. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. We continue to evaluate the effects of the new tax legislation as part of our quarterly procedures, and the impacts effective as of the reporting date have been reflected.
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