v3.26.1
Warrant
12 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Warrant WARRANT
On November 13, 2017, and as subsequently amended, the Company issued a 10-year warrant to Amazon.com NV Investment Holdings LLC, a subsidiary of Amazon.com, Inc. (“Amazon”) to acquire approximately 1,674,017 of our common shares (the “Warrant Shares”). A total of 1,171,812 Warrant Shares vested during the vesting period, which ended on June 30, 2024. The Warrant may be exercised by Amazon at a price per share of $9.42 on or prior to November 12, 2027. To date, all vested Warrant Shares remain unexercised. Amazon is entitled to customary shelf and piggy-back registration rights with respect to the common shares issued upon exercise.

The Warrant provides for net share settlement, that if elected by the holder, will reduce the number of shares issued upon exercise to reflect the net settlement of the exercise price. The Warrant is classified as an equity instrument in accordance with ASU No. 2019-08. The Company determined the grant date fair value of the Warrant using the Black-Scholes option pricing model.
The Company did not record any warrant contra revenue during the years ended June 30, 2026 and 2025, and recorded approximately $1.2 million during the year ended June 30, 2024.