v3.26.1
Stockholders’ Equity
 12 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Common Stock

We had shares of common stock reserved for issuance as follows:
June 30, 2026June 30, 2025
Available outstanding under equity compensation plans19,595,080 39,122,013 
Available for future grant under equity compensation plans69,408,730 53,851,610 
Total89,003,810 92,973,623 

The common stock is not redeemable. We have two classes of common stock: Class A common stock and Class B common stock. Each holder of Class A common stock has the right to one vote per share of common stock. Each holder of Class B common stock has the right to 15 votes and can be converted at any time into one share of Class A common stock. Holders of Class A and Class B common stock are entitled to notice of any stockholders’ meeting in accordance with the bylaws of the corporation, and are entitled to vote upon such matters and in such manner as may be provided by law. Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the holders of the common stock are entitled to receive, when and as declared by the Board of Directors, out of any assets of the corporation legally available therefore, such dividends as may be declared from time to time by the Board of Directors.

Common Stock Warrants

Common stock warrants are included as a component of additional paid in capital within the consolidated balance sheets.
In November 2025, in connection with the execution of an amended commercial agreement with Amazon, we modified the exercise price of the warrants vesting February 2026 and thereafter from $100 per share to $63.06 per share. The fair value of the warrants was remeasured as of the modification date using the Black Scholes-Merton option pricing model with the following assumptions: a dividend yield of zero; remaining years to maturity of 3.6; volatility of 94%; and a risk-free rate of 3.63%. The remaining fair value of the warrants, including the $37.7 million incremental cost resulting from the modification, will be recognized within our consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense as the warrants vest, based upon Amazon’s satisfaction of the vesting conditions.
During the years ended June 30, 2026, 2025, and 2024, we recognized $199.9 million, $292.3 million, and $439.6 million, respectively, within sales and marketing expense for the warrant shares that vested during the respective periods. Refer to Note 5.  Balance Sheet Components for more information on the commercial agreement asset recognized in connection with the warrants and the related amortization.

The following table summarizes the warrants activity for the year ended June 30, 2026:

Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Life (years)
Warrants outstanding, June 30, 202518,500,000 $81.083.90
Warrants outstanding, June 30, 202618,500,000 $68.752.90
Warrants exercisable, June 30, 202613,260,299 $71.002.90
There were no warrants granted, exercised, or cancelled during the year ended June 30, 2026. As of June 30, 2026, unrecognized compensation expense related to the unvested warrants was approximately $429.4 million, which is expected to be recognized over a remaining weighted-average period of 2.4 years.