v3.26.1
Income taxes
 12 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income taxes
Note 28. Income taxes
For financial reporting purposes, income (loss) before income taxes includes the following components:
(in USD thousands)Years ended June 30,
202620252024
Australia$210,156 $70,955 $(31,133)
Foreign(918,839)22,546 5,666 
Total$(708,683)$93,501 $(25,467)
The components of the (provision) benefit for income taxes consists of:
(in USD thousands)Years ended June 30,
202620252024
Current
Australian Federal$793 $— $— 
Australian State— — — 
Foreign4,880 1,665 1,743 
Total current$5,673 $1,665 $1,743 
Deferred
Australian Federal$(9,003)$— $— 
Australian State— — — 
Foreign(2,732)4,895 1,710 
Total deferred$(11,735)$4,895 $1,710 
Total income tax provision (benefit)$(6,062)$6,560 $3,453 
A reconciliation of the Australian Corporate statutory income tax rate to the Group’s effective tax rate before income taxes after the adoption of ASU 2023-09 is as follows:
Year ended June 30,
(in USD thousands, and in percentages)2026
Tax (benefit) expense computed at the Australian Corporate statutory rate (30%)$(212,605)30.0 %
State and local income tax, net of federal tax benefit793 (0.1)%
Foreign tax effects:
United States
Statutory tax rate difference between the United States and Australia65,269 (9.2)%
Changes in valuation allowances153,137 (21.6)%
Other333 — %
Canada
Statutory tax rate difference between Canada and Australia5,288 (0.7)%
Changes in valuation allowances47,022 (6.6)%
Other2,184 (0.3)%
Other foreign jurisdictions2,168 (0.3)%
Changes in unrecognized tax benefits2,284 (0.3)%
Changes in valuation allowances(15,115)2.1 %
Non-taxable or non-deductible items:
Share based compensation58,513 (8.3)%
Inducement expense33,540 (4.7)%
Financial asset movement gain(150,021)21.2 %
Other permanent differences4,189 (0.6)%
Changes in estimates of deferred tax balances(3,041)0.4 %
Other adjustments— — %
Total income tax expense (benefit) and effective tax rate$(6,062)0.9 %
A reconciliation of the Australian Corporate statutory income tax rate to the Group’s effective tax rate before income taxes before the adoption of ASU 2023-09 is as follows:
(in USD thousands, and in percentages)Years ended June 30,
20252024
Tax (benefit) provision computed at the Australian Corporate statutory rate$28,050 30.0 %$(7,640)30.0 %
State taxes, net of federal tax benefit— — — — 
Share based Compensation12,603 13.5 6,422 (25.2)
Increase/(Decrease) in non-deductible expenses(3,196)(3.4)1,664 (6.5)
Foreign currency differences related to accounting and tax functional currencies1,893 2.0 — — 
Foreign tax rate differential(1,700)(1.8)(436)1.7 
Non-recoverable foreign withholding tax1,225 1.3 308 (1.2)
Changes in valuation allowances(37,791)(40.4)2,615 (10.3)
Changes in unrecognized tax benefits1,453 1.6 — — 
Deconsolidation Adjustment for SPV's— — — — 
Other permanent differences3,918 4.2 — — 
Other103 0.1 519 (2.0)
Total tax expense/(benefit) and effective tax rate$6,560 7.0 %$3,453 (13.6)%
The Group’s effective income tax rate was 0.9% for the year ended June 30, 2026, compared with 7.0% for the year ended June 30, 2025. For the year ended June 30, 2026, the Group recorded an income tax benefit of $6.1 million on a loss before income taxes of $708.7 million, compared with income tax expense of $6.6 million on income before income taxes of $93.5 million for the year ended June 30, 2025. The difference between the Group’s effective income tax rate for the year ended June 30, 2026 and the Australian statutory income tax rate of 30% was primarily attributable to changes in valuation allowances recorded against certain deferred tax assets in the United States, Canada and other foreign jurisdictions based on the application of ASC 740’s recognition criteria at the reporting date; losses incurred in foreign jurisdictions subject to statutory income tax rates below 30%; and permanent book-to-tax differences, including non-deductible share-based compensation expense, partially offset by non-taxable items.
Following the adoption of ASU 2023-09, cash paid for income taxes, net of refunds, for the year ended June 30, 2026, was as follows:
Year ended June 30,
(in USD thousands)2026
Federal jurisdictions:$— 
State / Provincial jurisdictions:— 
Other foreign jurisdictions:
Foreign2,696 
Total other foreign jurisdictions2,696 
Total income taxes paid, net of refunds received$2,696 
The following table summarizes the components of deferred tax assets and deferred tax liabilities:
June 30, 2026June 30, 2025
Deferred tax assets
Tax losses$418,331 $146,929 
Unrealized foreign exchange losses2,542 475 
Capital raising costs6,604 10,326 
Loss Contingencies— 6,000 
Capital losses8,676 29,302 
Unrealized foreign exchange gains611 — 
Employee benefits600 — 
Other20,513 3,846 
Total deferred tax assets$457,877 $196,879 
Valuation allowance(209,386)(25,281)
Net deferred tax assets$248,491 $171,598 
Deferred tax liabilities
Property, plant and equipment $(214,182)$(142,893)
Unrealized foreign exchange gains(525)(5,511)
Employee Benefits— — 
Convertible Notes— (3,704)
Financial Assets(18,200)(21,068)
Other (46,416)(6,394)
Total deferred tax liabilities$(279,323)$(179,570)
Total net deferred tax asset (liabilities)$(30,832)$(7,971)
A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the tax years ended June 30, 2026, 2025 and 2024 is as follows:
(in USD thousands)Years ended June 30,
202620252024
Balance, beginning of year$1,453 $— $— 
Increase/(Decrease) related to prior year tax positions— 214 — 
Increase related to current year tax positions2,642 1,239 — 
Balance, end of year$4,095 $1,453 $— 
As of June 30, 2026, the total amount of unrecognized tax benefits was $4.1 million. If the unrecognized tax benefits were recognized as of June 30, 2026, there would be a $4.1 million favorable impact that would affect the effective rate.
After considering all available positive and negative evidence, the Group recorded a valuation allowance of $209.4 million as of June 30, 2026 (June 30, 2025: $25.3 million) against certain deferred tax assets based on the application of ASC 740’s recognition criteria at the reporting date. The Group had gross operating loss carryforwards of $1,731.7m as of June 30, 2026. United States federal net operating losses and Australian revenue losses may be carried forward indefinitely, while Canadian non-capital losses expire between 2043 and 2046.
The Group operates on a fiscal year end ending June 30 and files income tax returns in Australia, the United States, Canada and other jurisdictions. The Company’s tax years from 2022 onward in Australia, the United States and in Canada remain subject to examination by the relevant tax authorities. Except for matters disclosed elsewhere in the financial statements, the Group was not subject to any material income tax examinations as of June 30, 2026.