Share Based Compensation (Tables)

12 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Share Based Compensation Expense

Share-based compensation expense is included in general and administrative expense and represents costs associated with RSUs, PSUs and options granted to directors, employees and consultants of the Company. Share-based compensation expense consisted of the following for the periods presented.


	Year Ended June 30,
	2026		2025
	(in thousands)
Share-based compensation expense — service based
ABR Employee share option plan	$	—	$	167
2022 Equity Compensation Plan — Options		613		185
2022 Equity Compensation Plan — PSUs		65		95
2022 Equity Compensation Plan — RSUs		505		1,652
Total share-based compensation expense	$	1,183	$	2,099

Summary of Share-based Payment Award, Stock Options, Valuation Assumptions

The significant assumptions used to estimate the fair value of stock option awards granted during the year ended 2025, using a Black-Scholes option valuation model are as follows.


		Year ended June 30,
		2025
Exercise price		$6.72 - $29.21
Share price		$4.26 - $14.25
Volatility		99.2% - 108.0%
Expected term in years		2.8 - 4.0
Risk-free interest rate		3.4% - 4.1%
Dividend rate		Nil

Summary of Share-based Payment Arrangement, Activity

The following table summarizes stock option activity for each of the periods presented.


	Year ended June 30,
	2026					2025
	Number of Options			Weighted Average Exercise Price		Number of Options			Weighted Average Exercise Price
	(In thousands, except per share data)
Outstanding at beginning of period		647		$	18.31		174		$	214.51
Granted		—			—		607			7.51
Expired/forfeited		(109	)		43.89		(134	)		223.39
Outstanding at end of period		538			13.10		647			18.31

Vested at the end of period		66			55.06		28			251.61
Unvested at end of the period		472		$	7.30		619		$	7.93

Summary of Nonvested Share Activity

The following table summarizes the activity for unvested options for each of the periods presented.


	Year ended June 30,
	2026					2025
	Number of Options			Weighted Average Grant Date Fair Value per share		Number of Options			Weighted Average Grant Date Fair Value per share
	(In thousands, except per share data)
Unvested at beginning of period		619		$	3.25		15		$	41.12
Granted		—			—		607			2.98
Vested		(48	)		4.56		(3	)		141.22
Expired/forfeited		(99	)		3.16		—			—
Unvested at end of period		472		$	3.14		619		$	3.25

Share-based Compensation Arrangements by Share-based Payment Award, Performance-based Units, Vested and Expected to Vest

The following table summarizes RSU and PSU activity for each of the periods presented.


	Serviced-Based Shares			Weighted Average Grant Date Fair Value per Share		Performance- Based Shares				Weighted Average Grant Date Fair Value per Unit		Total Shares
	(In thousands, except per share data)
Non-vested shares/units outstanding at June 30, 2024		16.0		$	58.95		4.1				131.68		20.1
Granted		64.8			7.29		19.8		(1)		11.62		84.6
Vested		(24.7	)		31.41		—				—		(24.7	)
Forfeited		(0.5	)		13.60		(1.1	)			76.66		(1.6	)
Non-vested shares/units outstanding at June 30, 2025		55.6			11.36		22.8			$	30.11		78.4
Granted		264.3			2.19		216.1		(2)		1.55		480.4
Vested		(56.5	)		7.55		(0.4	)			266.30		(56.9	)
Forfeited		(16.1	)		3.71		(36.2	)			3.58		(52.3	)
Non-vested shares/units outstanding at June 30, 2026		247.3		$	2.93		202.3			$	3.84		449.6

(1)

During the year ended June 30, 2025, approximately 19.8 thousand PSUs were granted, which based on the achievement of certain financial and operational targets, could vest within a range of 0% to 100%. The targets are 1) construction of the large-scale commercial facility commencing prior to September 1, 2026; 2) an approved final investment decision in the large-scale commercial facility at a modeled internal rate of return of 20%; 3) achievement of an enterprise value in excess of $200 million; and 4) achievement of an enterprise value in excess of $300 million. The determination of the percentage of shares that ultimately vest will be made on the three-year anniversary of the grant date based upon achievement of the performance targets over the period.

(2)

During the year ended June 30, 2026, approximately 216.1 thousand PSUs were granted, which based on the achievement of certain financial and operational targets, could vest within a range of 0% to 100%. The targets are 1) construction of the large-scale commercial facility commencing prior to June 30, 2027; 2) an approved final investment decision in the large-scale commercial facility at a modeled internal rate of return of 18%; and 3) the Company’s share price exceeding $8.80 per share. The determination of the percentage of shares that ultimately vest will be made on the three-year anniversary of the grant date based upon achievement of the performance targets over the period.