v3.26.1
INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2026
INCOME TAXES  
Schedule of Income Before Income Taxes

Income before income tax (provision) benefit consisted of the following (in thousands):

Fiscal Year Ended June 30,

  ​ ​ ​

2026

  ​ ​ ​

2025

United States

 

$

7,579

$

3,636

Foreign

 

3,217

 

2,001

Income before income tax (provision) benefit

$

10,796

$

5,637

Schedule of Components of Income Tax (Benefit) Provision

The components of the income tax (provision) benefit are as follows (in thousands):

Fiscal Year Ended June 30,

  ​ ​ ​

2026

  ​ ​ ​

2025

Current provision:

 

Federal

$

(194)

$

(14)

State

 

(635)

 

(101)

Foreign

(761)

(521)

Total current:

 

(1,590)

 

(636)

Deferred:

 

 

Federal

(560)

24,280

State

466

3,094

Foreign

 

(236)

 

(121)

Total deferred:

 

(330)

 

27,253

Income tax (provision) benefit

$

(1,920)

$

26,617

Reconciliation of Federal Statutory Tax Rate to Effective Tax Rate The reconciliation of the U.S. federal statutory income tax rate and amount to the Company’s effective income tax rate and income tax (provision) benefit is as follows (in thousands):

Fiscal Year Ended June 30, 2026

  ​ ​ ​

Amount

  ​ ​ ​

Percent

Income taxes provision at statutory federal rate

 

$

(2,267)

(21.00)%

State and local taxes, net of federal income tax effect (1)

(169)

(1.57)%

Foreign tax effects

India

Statutory tax rate difference between India and the United States

(168)

(1.55)%

Other

63

0.58%

United Kingdom

Stock-based compensation

(241)

(2.23)%

Other

31

0.29%

Other Foreign

 

(6)

 

(0.05)%

Tax credits

R&D credit, net of reserve

1,037

9.61%

Nontaxable or nondeductible items

Other

9

0.08%

Stock-based compensation

(160)

(1.48)%

Changes in unrecognized tax benefits

(98)

(0.90)%

Other Adjustments

49

0.45%

Income tax provision

$

(1,920)

(17.77)%

(1)State taxes in Illinois, Missouri, New Hampshire, and New York made up the majority (greater than 50 percent) of the tax effect in this category.

For the year ended June 30, 2025, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows (in thousands):

  ​ ​ ​

  ​ ​ ​

Fiscal Year Ended June 30, 2025

Federal statutory income tax rate

 

$

(1,184)

Current state taxes, net of federal benefit

 

 

(713)

Foreign rate differential

 

 

(222)

Research and development credits

 

(127)

Stock-based compensation

(981)

Deferred return to provision

51

Other items

 

 

(41)

Net change in valuation allowance

30,079

Foreign income

(245)

Income tax (provision) benefit

 

$

26,617

Schedule of Cash Income Taxes Paid by the Company (Net of Refunds Received)

The amounts of cash income taxes paid by the Company (net of refunds received) are as follows (in thousands):

  ​ ​ ​

  ​ ​ ​

Fiscal Year Ended June 30, 2026

Federal

 

$

State:

 

 

Colorado

(80)

Florida

47

New Hampshire

61

Other

135

State subtotal

163

Foreign:

India

 

425

UK

179

Foreign total

 

 

604

Total cash paid for income taxes (net of refunds)

 

$

767

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities for federal, state and foreign income taxes are as follows (in thousands):

As of June 30,

  ​ ​ ​

2026

  ​ ​ ​

2025

Deferred tax assets:

Net operating loss carryforwards

$

4,312

$

850

Research credits

 

11,130

 

10,064

Other credits

3

Deferred revenue

 

3,526

 

770

Stock-based compensation

 

4,048

 

4,054

Accruals and reserves

 

882

 

1,178

Lease liability

176

286

Intangibles

3

Other

 

107

 

85

Section 267 payables

2,004

2,335

Capitalized research and development

8,155

14,453

Gross deferred tax assets

 

34,340

 

34,081

Less valuation allowance

 

(6,219)

 

(5,529)

Net deferred tax assets

28,121

28,552

Gross deferred tax liabilities

Right-of-use asset

(171)

(298)

Fixed assets

(54)

(28)

Gross deferred tax liabilities

(225)

(326)

Total deferred tax assets, net *

$

27,896

$

28,226

*included in other assets, net, on consolidated balance sheets

Schedule of Aggregate Changes in the Balance of the Valuation Allowance

The aggregate changes in the balance of the valuation allowance during fiscal years 2026 and 2025 were as follows (in thousands):

Fiscal Year Ended June 30,

  ​ ​ ​

2026

  ​ ​ ​

2025

Valuation Allowance Beginning Balance

 

$

(5,529)

$

(35,608)

Change in Valuation Allowance

 

(690)

 

30,079

Valuation Allowance Ending Balance

$

(6,219)

$

(5,529)

Schedule of Aggregate Changes in the Balance of Gross Unrecognized Tax Benefits

The aggregate changes in the balance of our gross unrecognized tax benefits during fiscal years 2026 and 2025 were as follows (in thousands):

Fiscal Year Ended June 30,

  ​ ​ ​

2026

  ​ ​ ​

2025

Beginning balance

$

4,627

$

1,641

Increases in balances related to tax positions taken during current periods

 

658

 

2,986

Expired Attributes

(2)

Ending balance

$

5,283

$

4,627