v3.26.1
Income taxes (Tables)
 12 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
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)
Schedule of Components of Income Tax (Provision) Benefit
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 $3,453 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the Australian Corporate statutory income tax rate to the Group’s effective tax rate before income taxes after the adoption of ASU 2023-09 is as follows:
Year ended June 30,
(in USD thousands, and in percentages)2026
Tax (benefit) expense computed at the Australian Corporate statutory rate (30%)$(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 %$3,453 (13.6)%
Schedule of Cash Flow, Supplemental Disclosures
Following the adoption of ASU 2023-09, cash paid for income taxes, net of refunds, for the year ended June 30, 2026, was as follows:
Year ended June 30,
(in USD thousands)2026
Federal jurisdictions:$— 
State / Provincial jurisdictions:— 
Other foreign jurisdictions:
Foreign2,696 
Total other foreign jurisdictions2,696 
Total income taxes paid, net of refunds received$2,696 
Schedule of Deferred Tax Assets and Liabilities
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)
Schedule of Unrecognized Tax Benefits Roll Forward
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 $—