Note 5 - Leases

12 Months Ended

Jul. 31, 2026

Note 5—Leases

The Company’s leases primarily consist of operating leases for office space. These leases have remaining terms from less than one year to approximately five years. Certain of these leases contain renewal options that may be exercised and/or options to terminate the lease prior to expiration. The Company has concluded that it is not reasonably certain that it would exercise any of these options.

The Company has also elected to apply the practical expedient for short-term leases under which it does not recognize a lease liability or a right-of-use asset for leases with a term of 12 months or less. The Company recognizes short-term leases on a straight-line basis.

Supplemental disclosures related to the Company’s operating leases were as follows:

(in thousands)
Year ended July 31,	*2026*		*2025*		*2024*
Operating lease cost	$	1,025	$	2,081	$	2,557
Short-term lease cost		2,106		1,367		924
TOTAL LEASE COST	$	3,131	$	3,448	$	3,481

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,026	$	2,147	$	2,588

July 31,	*2026*			*2025*
Weighted-average remaining lease term-operating leases	2.8 years			2.7 years
Weighted-average discount rate-operating leases		6.2	%		5.2	%

In fiscal 2026, fiscal 2025, and fiscal 2024, the Company obtained right-of-use assets of $0.5 million, $0.6 million, and $0.9 million, respectively, in exchange for new operating lease liabilities.

The Company’s aggregate operating lease liability was as follows:

(in thousands)
July 31,	*2026*		*2025*
Operating lease liabilities included in “Other current liabilities”	$	752	$	842
Operating lease liabilities included in noncurrent liabilities		817		1,103
TOTAL	$	1,569	$	1,945

Future minimum maturities of operating lease liabilities were as follows:

(in thousands)
Year ending July 31,
2027	$	828
2028		369
2029		293
2030		166
2031		68
Thereafter		—
Total lease payments		1,724
Less imputed interest		(155	)
Total operating lease liabilities	$	1,569