21. Redeemable Noncontrolling Interest

The redeemable noncontrolling interest consists of 9.9% of common stock of Narayan Powertech Private Limited ("Narayan"), a privately-held India-based company. The Company owned the remaining 90.1%. During the year ended June 30, 2026, Narayan declared and distributed a dividend of $2.7 million to the Company and its noncontrolling interests, allocated according to equity ownership. 

In accounting for the subsequent measurement of the redeemable noncontrolling interest measurement adjustments pursuant to ASC 480, Distinguishing Liabilities from Equity, the Company has made accounting policy elections to record any such applicable changes on the immediate recognition of the full adjustment required to report the redeemable noncontrolling interest at its redemption value, while also electing to record such adjustments under the income method, with a corresponding offset recorded to the Net income attributable to noncontrolling interests in consolidated subsidiaries within the consolidated statement of operations for the period in which such measurement adjustment becomes required. A re-measurement adjustment of $21.0 million was recorded for the year ended  June 30, 2026 to record the noncontrolling interest as of June 30, 2026 at its estimated redemption value based on the terms of the Shareholder Agreement with the noncontrolling interest shareholder. This re-measurement adjustment was recorded as a component of the total net income attributable to redeemable noncontrolling interest financial statement line in the Company’s consolidated statements of operations.

On June 26, 2026, the Company and the Narayan noncontrolling interest holders entered into a Securities Purchase Agreement, pursuant to which the Company agreed to acquire the remaining 9.90% of the outstanding capital stock of Narayan from the Narayan noncontrolling shareholders for aggregate cash consideration of approximately $64.0 million. The closing of this transaction occurred on July 2, 2026. As of  June 30, 2026, the difference of $17.4 million between the carrying amount of redeemable noncontrolling interest and the aggregate cash consideration is accounted for as an equity transaction and did not impact the income statement.