v3.26.1
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Components of Loss Before Income Taxes
The components of net loss before income taxes are as follows (in thousands):
Year Ended June 30,
202620252024
U.S.$(48,232)$(30,981)$(34,220)
Foreign10,996 14,843 4,314 
Total$(37,236)$(16,138)$(29,906)
Schedule of Income Tax Expense (Benefit)
The income tax expense consists of the following (in thousands):
Year Ended June 30,
202620252024
Current:
Federal$— $— $— 
State293 253 1,307 
Foreign4,858 1,378 830 
5,151 1,631 2,137 
Deferred:
Federal— — — 
State(27)(84)34 
Foreign(1,050)532 (56)
(1,077)448 (22)
Income tax expense$4,074 $2,079 $2,115 
Schedule of Statutory Federal Income Tax Rate
The income tax expense (benefit) differs from the amount computed by applying the statutory federal income tax rate after the adoption of ASU 2023-09 as follows (in thousands):
Year Ended June 30, 2026
Amount%
US federal statutory tax rate (country of domicile)$(7,820)21 %
State & local income taxes, net of federal effect (a)
(413)1 %
Foreign tax effects
Germany
Local Taxes735 (2)%
Other310 (1)%
Netherlands428 (1)%
Other foreign jurisdiction25 — %
Changes in tax laws or rates in current period— — %
Cross border tax laws
Global intangible low-taxed income
1,785 (5)%
Other
255 (1)%
Tax credits
Research and development (“R&D”) credits
(6,216)17 %
Changes in valuation allowance5,622 (15)%
Nontaxable or nondeductible items
Nondeductible executive compensation
6,780 (18)%
Stock-based compensation(191)1 %
Other291 (1)%
Changes in unrecognized tax benefits2,483 (7)%
Income tax expense / Effective tax rate$4,074 (11)%
(a) The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, New York and New York City.
The income tax expense differs from the amount computed by applying the statutory federal income tax rate prior to the adoption of ASU 2023-09 as follows (in thousands):
Year Ended June 30,
20252024
Federal tax expense (benefit):
At statutory rate$(3,389)$(6,280)
State tax, net of federal benefit205 935 
Research and development credits(2,890)(2,943)
Stock-based compensation(29,058)(9,364)
Acquisition-related transaction costs(61)162 
Change in valuation allowance37,771 19,448 
Other(499)157 
Income tax expense$2,079 $2,115 
Significant Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities are as follows (in thousands):
Year Ended June 30,
20262025
Deferred tax assets:
Nondeductible accrued expenses$4,106 $2,614 
Net operating loss carryforwards51,207 47,217 
Research and development credits19,265 13,773 
Section 174 capitalization72,537 74,073 
Stock-based compensation7,952 6,594 
Interest carryforwards5,846 10,828 
Lease liability5,528 — 
Intangible assets
913 — 
Deferred revenue240 201 
Other43 36 
Valuation allowance(149,209)(144,693)
Total deferred tax assets18,428 10,643 
Deferred tax liabilities:
Deferred sales commission(8,728)(7,133)
Fixed assets(5,035)(4,115)
Right-of-use assets(4,745)— 
Intangible assets— (551)
Total deferred tax liabilities(18,508)(11,799)
Net deferred tax liabilities$(80)$(1,156)
Summary of Unrecognized Tax Benefits
The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands):
June 30,
202620252024
Beginning of the year, unrecognized tax benefits$8,522 $6,876 $5,311 
Increases, prior year tax positions653 119 173 
Increases, current year tax positions1,830 1,527 1,392 
End of the year, unrecognized tax benefits$11,005 $8,522 $6,876 
Schedule of Cash Paid for Income Taxes
Cash paid for income taxes, net of refunds received, for the fiscal year ended June 30, 2026 is as follows (in thousands):
Year Ended June 30, 2026
Federal$— 
State
     New York144 
     New York City86 
     Illinois(111)
     Other162 
Foreign
     Australia69 
     Netherlands612 
     United Kingdom196 
     Portugal102 
     Other70 
Total cash paid for income taxes, net of refunds received$1,330