We lease real estate, as well as other equipment, under non-cancelable operating lease agreements. We recognize expenses under our operating lease assets and liabilities at the commencement date based on the present value of lease payments over the lease terms. Our leases do not provide an implicit interest rate. We use our incremental borrowing rate consistent with our revolving line of credit based on the information available at the lease commencement date in determining the discount rate for the present value of lease payments. Our lease agreements do not require material variable lease payments, residual value guarantees, or restrictive covenants. For operating leases, we recognize expense on a straight-line basis over the lease term. We record tenant improvement allowances as an offsetting adjustment included in our calculation of the respective right-of-use asset. The vast majority of our leases are for property located in the United States.

Many of our leases include renewal options that can extend the lease term. These renewal options are at our sole discretion and are reflected in the lease term when they are reasonably certain to be exercised. The depreciable life of assets and leasehold improvements are limited by the expected lease term.


	July 31, 2026		April 30, 2026
Operating Leases
Right-of-use assets	$	37,494	$	37,516
Accumulated amortization	(7,225)		(6,806)
Right-of-use assets, net	$	30,270	$	30,710

Lease liabilities, current portion	$	1,602	$	1,569
Lease liabilities, net of current portion	30,403		30,814
Total operating lease liabilities	$	32,005	$	32,383

For the three months ended July 31, 2026, we recorded $1.0 million of operating lease costs, of which $78,000 related to short-term leases. For the three months ended July 31, 2025, we recorded $1.1 million of operating lease costs, of which $99,000 related to short-term leases. As of July 31, 2026 and April 30, 2026 , our weighted average lease term and weighted average discount rate for our operating leases was 12.0 years and 6.0%, and 12.5 years and 6.0% , respectively. The operating lease costs, weighted average lease term, and weighted average discount rate, are primarily driven by the lease of our corporate office and warehouse facility in Columbia, Missouri through fiscal 2039. The depreciable lives of right-of-use assets are limited by the lease term and are amortized on a straight-line basis over the life of the lease.


	Operating
2027	$	2,600
2028	3,510
2029	3,534
2030	3,572
2031	3,534
2032	3,587
Thereafter	25,340
Total future lease payments	45,677
Less amounts representing interest	(13,672)
Present value of lease payments	32,005
Less current maturities of lease liabilities	(1,602)
Long-term maturities of lease liabilities	$	30,403