0001193125-25-266985 | 10-Q | XBRL Viewer

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Supplemental Financial Information - Schedule of Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Prepaid Expense and Other Assets [Abstract]
Value added tax receivables	$ 5,617	$ 11,381
Prepaid commissions	4,412	4,388
Capitalized contract costs	1,910	1,949
Income tax receivable	1,163	841
Debt financing costs	470	470
Dividend receivable from JV	0	2,453
Other prepaid assets	8,485	5,560
Other current assets	7,316	6,459
Total prepaid and other current assets	$ 29,373	$ 33,501

Commitments and Contingencies

3 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7. Commitments and Contingencies

Litigation

From time to time, the Company is involved in legal proceedings, including claims, investigations, and inquiries, arising in the ordinary course of its business. The Company records a provision for a loss when it believes that it is both probable that a loss has been incurred and the amount can be reasonably estimated. To the extent there is a reasonable possibility that a loss exceeding amounts already recognized may be incurred and the amount of such additional loss would be material, we will either disclose the estimated additional loss or state that such an estimate cannot be made. Currently, management believes the Company does not have any probable and reasonably estimable material losses related to any current legal proceedings and claims. Although occasional adverse decisions or settlements may occur, management does not believe that an adverse determination with respect to any of these claims would individually, or in the aggregate, materially and adversely affect the Company’s financial condition or operating results. Litigation is inherently unpredictable and is subject to significant uncertainties, some of which are beyond the Company’s control. Should any of these estimates and assumptions change or

prove to have been incorrect, the Company could incur significant charges related to legal matters that could have a material impact on its results of operations, financial position and cash flows.

Indemnities

Under the terms of the Company’s software license agreements with its customers, the Company agrees that in the event the software sold infringes upon any patent, copyright, trademark, or any other proprietary right of a third-party, it will indemnify its customer licensees against any loss, expense, or liability from any damages that may be awarded against its customer. The Company includes this infringement indemnification in all of its software license agreements and selected managed services arrangements. In the event the customer cannot use the software or service due to infringement and the Company cannot obtain the right to use, replace or modify the license or service in a commercially feasible manner so that it no longer infringes, then the Company may terminate the license and provide the customer a refund of the fees paid by the customer for the infringing license or service. The Company has not recorded any liability associated with this indemnification, as it is not aware of any pending or threatened actions that represent probable losses as of September 30, 2025.

The Company enters into standard indemnification agreements with its landlords and all superior mortgagees and their respective directors, officers, agents, and employees in the ordinary course of business. Pursuant to these agreements, the Company will indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the landlords, in connection with any loss, accident, injury, or damage by any third-party with respect to the leased facilities. The term of these indemnification agreements is from the commencement of the lease agreements until termination of the lease agreements. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, historically, the Company has not incurred claims or costs to defend lawsuits or settle claims related to these indemnification agreements. The Company has not recorded any liability associated with its indemnification agreements as it is not aware of any pending or threatened actions that represent probable losses as of September 30, 2025.

Guarantees

As of September 30, 2025, and June 30, 2025, the Company had various bank guarantees totaling $1.4 million and $1.5 million, respectively, primarily related to bidding processes with customers.

Royalty Agreement

The Company enters into software license agreements with third parties that require royalty payments for each license used. In connection with such agreements, the Company records royalty costs in cost of revenue or deferred cost of revenue. The Company had approximately $3.0 million and $3.1 million in accrued royalty payments as of September 30, 2025, and June 30, 2025, respectively, related to royalty agreements. The following table provides information about the Company’s royalty expense and royalty payments (in thousands):


	Three Months Ended September 30,
	2025		2024
Royalty expense	$	328	$	243
Royalty payments		378		702

Restructuring

In the first quarter of fiscal year 2026, the Company informed affected employees of a cost savings initiative to reduce operating expenses which resulted in the elimination of approximately 3 percent of the Company’s global workforce. The Company recorded a restructuring charge of $1.5 million during the three months ended September 30, 2025, for severance benefits related to the reduction in workforce. In addition, the Company recorded $1.3 million during the three months ended September 30, 2025 for third-party consulting activities directly related to the development and execution of the restructuring plan. The cost-saving initiative is expected to be substantially completed by the fourth quarter of fiscal year 2026.

The restructuring charges for the affected employees are recorded in their respective department cost center. These restructuring charges for severance recorded during the three months ended September 30, 2025, are as follows: cost of products $0.2 million, cost of services $0.2 million, research and development $0.1 million, sales and marketing $0.3 million, and general and administrative $0.7 million. The $1.3 million of third-party consulting costs were recorded in general and administrative expense.

The Company paid approximately $0.9 million in cash for the restructuring charges during the three months ended September 30, 2025. At September 30, 2025, the Company had a remaining accrual of $1.9 million, which is included in accrued compensation on the unaudited condensed consolidated balance sheets, and expects to pay the remaining amounts over the remainder of fiscal year 2026.

Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Sep. 30, 2025

Jun. 30, 2025

Current assets:

Cash and cash equivalents

$ 63,344

$ 57,416

Restricted cash

572

574

Accounts receivable, net of allowance for credit losses of $1,079 and $369 as of September 30, 2025, and June 30, 2025, respectively

^[1]

54,378

83,192

Inventories, net

155,503

141,020

Prepaid expenses and other current assets

^[2]

29,373

33,501

Deferred cost of revenue

433

1,762

Total current assets

303,603

317,465

Noncurrent assets:

Property and equipment, net

29,013

28,658

Investment in joint venture

4,010

4,612

Operating lease right-of-use assets, net

32,099

33,115

Goodwill

57,820

57,802

Restricted cash

6,012

4,144

Other assets

24,259

24,443

Total assets

456,816

470,239

Current liabilities:

Accounts payable

42,400

34,033

Accrued compensation

13,907

14,573

Operating lease liabilities, current

7,463

7,375

Other accrued liabilities

26,271

29,361

Customer advances

12,087

12,197

Deferred revenue

79,631

82,306

Short-term debt, net

12,853

12,734

Total current liabilities

194,612

192,579

Noncurrent liabilities:

Operating lease liabilities, non-current

31,481

32,482

Long-term other liabilities

5,345

5,160

Warrant liability

10,371

8,497

Deferred revenue, non-current

25,824

26,566

Long-term debt, net

127,316

123,786

Total liabilities

394,949

389,070

Commitments and contingencies (Note 7)

Stockholders' equity:

Common stock, $0.001 par value; authorized: 200,000,000 shares as of September 30, 2025, and June 30, 2025, respectively; issued and outstanding: 113,281,068 and 112,643,852 shares at September 30, 2025, and June 30, 2025, respectively

113

Additional paid-in-capital

604,680

602,165

Accumulated other comprehensive loss

(1,976)

(1,837)

Accumulated deficit

(540,950)

(519,272)

Total stockholders' equity

61,867

81,169

Total liabilities and stockholders' equity

$ 456,816

$ 470,239

[1]	Includes accounts receivable from the joint venture, an equity method investment, of $9,610 and $28,452 as of September 30, 2025, and June 30, 2025, respectively. See Note 12.
[2]	Includes other receivables from the joint venture, an equity method investment, of $359 and $377 as of September 30, 2025, and June 30, 2025, respectively.

Joint Venture - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025
Schedule Of Equity Method Investments [Line Items]
Currency translation adjustment	$ 18,000	$ 130,000
Dividend declared	$ 0
Joint venture
Schedule Of Equity Method Investments [Line Items]
Percentage of ownership interest in joint venture	49.00%
Currency translation adjustment	$ 400,000	400,000
Dividend declared		$ 2,500,000
Accuray Asia
Schedule Of Equity Method Investments [Line Items]
Proportion of recognizing joint venture income (loss)	49.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Net Loss Per Common Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Convertible debt maturity period	2026
Common stock not included in the calculation of potentially diluted shares	3.1	17.1
Penny Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Detachable warrants			6.2
Weighted average number of shares	6.2
Premium Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Detachable warrants			17.2
3.75% Convertible Notes Due 2026
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Interest rate (as a percent)	3.75%		3.75%

Net Loss Per Common Share - Schedule of reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net loss	$ (21,678)	$ (3,954)
Denominator:
Weighted average shares outstanding - basic	118,946	100,225
Weighted average shares outstanding - diluted	118,946	100,225
Basic net loss per share	$ (0.18)	$ (0.04)
Diluted net loss per share	$ (0.18)	$ (0.04)
Anti-dilutive share-based awards, excluded	10,765	10,747
Warrant
Denominator:
Anti-dilutive share-based awards, excluded	17,181	0

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Supplemental Financial Information - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Accumulated Other Comprehensive Income (Loss)
Cumulative foreign currency translation adjustment	$ (3,251)	$ (3,220)
Cumulative unrealized losses on cash flow hedge instruments	(108)	0
Defined benefit pension obligation	1,383	1,383
Accumulated other comprehensive loss	$ (1,976)	$ (1,837)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Accounts receivable, allowance for credit losses (in dollars)	$ 1,079	$ 369
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	200,000,000	200,000,000
Common stock, issued shares	113,281,068	112,643,852
Common stock, outstanding shares	113,281,068	112,643,852
Accounts Receivable \| Corporate Joint Venture [Member]
Accounts receivable from joint venture	$ 9,610	$ 28,452
Prepaid Expenses and Other Current Assets \| Corporate Joint Venture [Member]
Accounts receivable from joint venture	$ 359	$ 377

Derivative Financial Instruments - Schedule of Gains and Losses Resulting from Changes in Fair Value of Derivatives (Details) - Designated as Hedges - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Derivatives, Fair Value [Line Items]
Total asset derivatives	$ 123	$ 0
Total liability derivatives	231	0
Foreign Currency Exchange Contracts \| Other Current and Prepaid Assets
Derivatives, Fair Value [Line Items]
Total asset derivatives	106	0
Foreign Currency Exchange Contracts \| Other Assets
Derivatives, Fair Value [Line Items]
Total asset derivatives	17	0
Foreign Currency Exchange Contracts \| Accrued Liabilities
Derivatives, Fair Value [Line Items]
Total liability derivatives	127	0
Foreign Currency Exchange Contracts \| Long-Term Other Liabilities
Derivatives, Fair Value [Line Items]
Total liability derivatives	$ 104	$ 0

- Definition

Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.

+ References + Details

- Definition

Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.

+ References + Details

Segment Information - Schedule of Geographic Areas in Which the Company has Long-Lived Assets, Property and Equipment Net and Operating Lease Right of Use Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Segment Information
Long lived tangible assets	$ 61,112	$ 61,773
Americas
Segment Information
Long lived tangible assets	49,161	49,466
EIMEA
Segment Information
Long lived tangible assets	9,122	9,220
China
Segment Information
Long lived tangible assets	1,506	1,577
Japan
Segment Information
Long lived tangible assets	854	999
Asia Pacific
Segment Information
Long lived tangible assets	$ 469	$ 511

Joint Venture - Schedule of Net Revenue Recognized From Intra Entity Gross Profit (Details) - USD ($)
$ in Thousands

3 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Schedule of Equity Method Investments [Line Items]

Net deferred gross profit on sales to the JV (1)

$ 1,081

$ 3,619

Joint venture

Schedule of Equity Method Investments [Line Items]

Deferred gross profit recognized on sales to the JV

(570)

(2,714)

Deferred gross profit on sales to the JV

1,651

6,333

Net deferred gross profit on sales to the JV (1)

^[1]

$ 1,081

$ 3,619

[1]	Profit earned by the Company from the JV is eliminated through cost of goods sold until it is realized; such profits would generally be considered realized when the inventory has been sold through to third parties

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Intangible Assets (Tables)

3 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Activity related to goodwill consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Balance at the beginning of the period	$	57,802	$	57,672
Currency translation		18		130
Balance at the end of the period	$	57,820	$	57,802

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Derivative Financial Instruments - Schedule of Revenues And Designated Cash Flow Hedging Activities (Details) - Forward Currency Exchange Contracts - Designated as Hedges - Cash Flow Hedging - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Derivative [Line Items]
Outstanding forward currency exchange contracts	$ 59,981	$ 0
Euro
Derivative [Line Items]
Outstanding forward currency exchange contracts	35,039	0
Japanese Yen
Derivative [Line Items]
Outstanding forward currency exchange contracts	$ 24,942	$ 0

Derivative Financial Instruments - Schedule of Gain (Loss) Associated with the Company's Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Foreign currency exchange gain	$ (195)	$ 2,174
Other Income (Expense), Net
Foreign currency exchange gain	194	1,436
Other Income (Expense), Net \| Cash Flow Hedging
Foreign currency exchange gain	95	0
Other Income (Expense), Net \| Balance Sheet Hedging
Foreign currency exchange gain	$ 99	$ 1,436

Joint Venture (Tables)

3 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Summary of Reconciliation Between the Carrying Value of Investment and Proportional Share of Underlying Equity in Net Assets of Joint Ventures

The following table shows the reconciliation between the carrying value of the Company's investment in the JV and its proportional share of the underlying equity in net assets of the JV (in thousands):


	September 30, 2025			June 30, 2025
Carrying value of investment in joint venture	$	4,010		$	4,612
Deferred intra-entity gross profit		18,582			17,501
Dividend declared		-			2,453
Equity method goodwill		(4,720	)		(4,720	)
Proportional share of equity investment in joint venture	$	17,872		$	19,846

Summary of Financial Information of Joint Ventures (Operations Data)

Summarized financial information of the JV is as follows (in thousands):


	Three Months Ended June 30,
Statement of Operations Data:	2025		2024
Revenue	$	19,786	$	21,834
Gross profit		5,580		4,850
Net income (loss)		888		(148	)
Net income (loss) attributable to the Company		439		(72	)

Summary of Financial Information of Joint Ventures (Balance Sheet Data)


Summarized Balance Sheet Data:	As of June 30, 2025		As of June 30, 2024
Assets:
Current assets	$	189,755	$	131,045
Non-current assets		15,529		11,581
Total assets	$	205,284	$	142,626
Liabilities and Stockholders' Equity:
Current liabilities	$	167,514	$	112,379
Non-current liabilities		1,297		86
Stockholders' equity		36,473		30,161
Total liabilities and stockholders' equity	$	205,284	$	142,626

Schedule of Net Revenue Recognized From Intra Entity Gross Profit

The following table shows the activity of the Company’s net revenue recognized from intra-entity gross profit from sales (in thousands):


	Three Months Ended September 30,
	2025			2024
Deferred gross profit recognized on sales to the JV	$	(570	)	$	(2,714	)
Deferred gross profit on sales to the JV		1,651			6,333
Net deferred gross profit on sales to the JV (1)	$	1,081		$	3,619

(1)

Profit earned by the Company from the JV is eliminated through cost of goods sold until it is realized; such profits would generally be considered realized when the inventory has been sold through to third parties.

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Leases [Abstract]
2026 (remaining nine months)	$ 5,278
2027	8,076
2028	6,938
2029	5,382
2030	4,791
Thereafter	24,972
Total operating lease payments	55,437
Less: imputed interest	(16,493)
Present value of operating lease liabilities	$ 38,944

Supplemental Financial Information - Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Property and equipment, net
Depreciation expense	$ 1,700,000	$ 1,500,000
Prepaid Expense and Other Assets [Abstract]
Impairment of definite lived intangible assets	0
Impairment of goodwill	0
Amortization expense	0	$ 0
Delayed Draw Term Loan Facility
Prepaid Expense and Other Assets [Abstract]
Credit facility borrowing capacity	20,000,000
Revolving Credit Facility
Prepaid Expense and Other Assets [Abstract]
Credit facility borrowing capacity	$ 20,000,000

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Joint Venture - Summary of Financial Information of Joint Ventures (Operations Data) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024	Jun. 30, 2024
Schedule Of Equity Method Investments [Line Items]
Revenue	$ 93,942		$ 101,545
Gross profit	26,548		34,469
Net Income (Loss)	$ (21,678)		$ (3,954)
CNNC Accuray (Tianjin) Medical Technology Co. Ltd.
Schedule Of Equity Method Investments [Line Items]
Revenue		$ 19,786		$ 21,834
Gross profit		5,580		4,850
Net Income (Loss)		888		(148)
Net income (loss) attributable to the Company		$ 439		$ (72)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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+ References + Details

The Company and its Significant Accounting Policies

3 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company and its Significant Accounting Policies

Note 1. The Company and its Significant Accounting Policies

The Company

Accuray Incorporated (together with its subsidiaries, the “Company” or “Accuray”) designs, develops and sells advanced radiosurgery and radiation therapy systems for the treatment of tumors throughout the body. The Company is incorporated in Delaware and is headquartered in Madison, Wisconsin. The Company has primary offices in the United States, Switzerland, China, Hong Kong, and Japan, and conducts its business worldwide.

Basis of Presentation

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the periods presented. The results for the three months ended September 30, 2025, are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2026, or for any other future interim period or fiscal year.

These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes for the fiscal year ended June 30, 2025, included in the Company’s Annual Report on Form 10-K filed with the SEC on August 28, 2025.

Risks and Uncertainties

The Company is subject to risks and uncertainties caused, directly or indirectly, by events with significant geopolitical and macroeconomic impacts, including, but not limited to, inflation; actions taken to counter inflation, including high interest rates; foreign currency exchange rate fluctuations; uncertainty and volatility in the banking and financial services sector; tightening credit markets; geopolitical concerns, such as the Russia-Ukraine and Middle East conflicts and increasing tension between China and the U.S., including with respect to Taiwan; uncertainty caused by the China anti-corruption campaign and timing of the China stimulus program; changes in government administration policy positions; recent executive orders to impose new tariffs on global imports and uncertainties regarding impact, retaliations and further escalation, including against other countries; and other factors that may emerge. The Company is also continuing to navigate supply chain and inflation challenges, both of which continues to be a significant headwind that affects the Company’s results of operations.

The Company expects that the business of its customers and its own business will continue to be adversely impacted, directly or indirectly, by these macroeconomic and geopolitical issues. In addition, ongoing supply chain challenges and logistics costs, including difficulties in obtaining a sufficient supply of component materials and increased component costs, have adversely affected the Company's gross margins and net income (loss), and the Company currently expects that gross margins and net income (loss) will continue to be adversely affected by increased material costs and freight and logistics expenses through at least fiscal year 2026. In addition, the Company expects inflation and the ongoing supply chain challenges and logistics costs to impact its cash from operations through at least fiscal year 2026. In addition, reduced budgets and lower capital deployment priority for radiotherapy equipment, along with longer customer installation timelines, in the United States have negatively impacted net revenue since fiscal year 2024, and the Company expects this will continue to have an impact through fiscal year 2026. The extent of the ongoing impact of these macroeconomic events on our business, our markets and on global economic activity, however, is uncertain and the related financial impact cannot be reasonably estimated with any certainty at this time. The Company’s past results may not be indicative of its future performance, and historical trends, including conversion of backlog to revenue, income (loss) from operations, net income (loss), net income (loss) per share and cash flows may differ materially.

The Company continues to critically review its liquidity and anticipated capital requirements in light of the significant uncertainty created by geopolitical and macroeconomic conditions. Based on the balance of the Company’s cash and cash equivalents, available debt facilities, current business plan and revenue prospects, the Company believes that it will have

sufficient cash resources and anticipated cash flows to fund its operations for at least the next 12 months. The Company, however, is unable to predict with certainty the impact that geopolitical and macroeconomic conditions, including their effect on the global supply chain, inflation and foreign currency exchange rates, will have on its ability to maintain compliance with the covenants contained in the Financing Agreement (as defined below), including financial covenants regarding the consolidated fixed charge coverage ratio, consolidated leverage ratio and minimum liquidity requirements.

Failing to comply with the covenants to the Financing Agreement could adversely affect the Company’s ability to finance its future operations or capital needs, withstand a future downturn in its business or the economy in general, engage in business activities, including future opportunities that may be in its interest, and plan for or react to market conditions or otherwise execute its business strategies. The Company’s ability to comply with the covenants and other terms governing the Financing Agreement will depend in part on its future operating performance. In addition, because substantially all of the Company’s assets are pledged as collateral under the Financing Agreement, if the Company is not able to cure any default or repay outstanding borrowings, such assets are subject to the risk of foreclosure by the Company’s lenders. Failure to satisfy the covenants and other terms governing the Financing Agreement in the future could cause the Company to be in default and the maturity of the related debt could be accelerated and become immediately payable. This may require the Company to obtain waivers or additional amendments to the Financing Agreement in order to maintain compliance and there can be no certainty that any such waiver or amendment will be available, or what the cost of such waiver or amendment, if obtained, would be. If the Company is unable to obtain necessary waivers or amendments and the debt under the Financing Agreement is accelerated, the Company would be required to obtain replacement financing. There can be no assurance that the Company would be able to obtain replacement financing on acceptable terms, or at all, on a timely basis. There can be no assurance that the Company would be able to satisfy its obligations if any of its indebtedness is extended. There is no guarantee that the Company would be able to satisfy its obligations if any of its indebtedness is accelerated.

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company. Actual results could differ materially from those estimates.

Significant Accounting Policies

There have been no material changes in the Company’s significant accounting policies during the three months ended September 30, 2025, compared to the significant accounting policies described in its Annual Report on Form 10-K for the fiscal year ended June 30, 2025.

Recent Accounting Pronouncements

Accounting Pronouncements - Adopted

In December 2023, the FASB issued ASU 2023-09 to improve the transparency and usefulness of income tax disclosures. The accounting standard expands disclosures to the entity’s income tax rate reconciliation table and requires cash taxes paid disaggregated by jurisdiction. The Company will adopt this standard in its Annual Report on Form 10-K for fiscal 2026, and the update can be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the standard and determining the extent of additional disclosures that may be required.

Accounting Pronouncements- Not Yet Effective

In November 2024, the Financial Accounting Standards Board (“FASB”) issued accounting standard update (“ASU”) 2024-03 requiring additional disclosure of the nature of expenses included in the income statement. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The update is effective for annual periods beginning after December 15, 2026. The Company plans to adopt ASU 2024-03 on July 1, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently assessing the impact of adopting the updated provisions.

Stock Incentive Plans (Tables)

3 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Share-based Compensation Expenses by Functional Line Item Noted Within Company's Operating Expenses

The following table presents details of share-based compensation expenses, by functional line item, noted within the Company's operating expenses (in thousands):


	Three Months Ended September 30,
	2025		2024
Cost of revenue – products	$	180	$	217
Cost of revenue – services		190		154
Research and development		351		382
Selling and marketing		509		370
General and administrative		1,286		1,230
Total share-based compensation	$	2,516	$	2,353

Net Loss Per Common Share

3 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Loss Per Common Share

Note 10. Net Loss Per Common Share

Basic earnings per share is computed based on the weighted average number of shares of common stock and warrants outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. Dilutive potential common shares include outstanding share awards. Potentially dilutive shares of the Company’s common stock are excluded from the computation of diluted net loss per share for loss periods presented because including them would have been anti-dilutive. Dilutive earnings per share is the same as basic earnings per share for the periods in which the Company had a net loss because the inclusion of outstanding common stock would be anti-dilutive.

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per common share is as follows (in thousands, except for per share amounts):


	Three Months Ended September 30,
	2025			2024
Numerator:
Net loss	$	(21,678	)	$	(3,954	)
Denominator:
Weighted average shares outstanding - basic and diluted		118,946			100,225
Basic and diluted net loss per share	$	(0.18	)	$	(0.04	)
Anti-dilutive share-based awards, excluded		10,765			10,747
Anti-dilutive warrants		17,181			—

Warrants Issued in Connection with the Long-term Debt

In June 2025, the Company issued approximately 6.2 million detachable Penny Warrants and 17.2 million Premium Warrants to the lenders of our long-term debt (See Note 8. Debt, for more information). Accounting guidance dictates that shares issuable for little or no cash consideration upon the satisfaction of certain conditions shall be considered outstanding common shares and included in the computation of basic earnings per share. Since the Penny Warrants are issuable for little or no consideration, the 6.2 million shares are included in the weighted average shares to calculate basic and diluted earnings per share for the period ended September 30, 2025.

Outstanding Convertible Senior Notes

Due to the optional cash settlement feature and management’s intent to settle the principal amount thereof, in cash, the shares of common stock issuable upon conversion of the outstanding principal amount of the 2026 Notes are included in the calculation of diluted net income (loss) per share only if their inclusion is dilutive for periods during which the 2026 Notes were outstanding. The shares of common stock issuable upon conversion of the outstanding principal amount of the 2026 Notes as of as of September 30, 2025 and September 30, 2024, totaled approximately 3.1 million shares and 17.1 million

shares, respectively, were not included in the basic and diluted net loss per common share as the effect of adding the shares were anti-dilutive.

Debt

3 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

Note 8. Debt

The Company's outstanding debt as of September 30, 2025, and June 30, 2025, is as follows (in thousands):


	September 30, 2025			June 30, 2025
Term Loan Facilities due 2030	$	149,525		$	150,000
Convertible Senior Notes due June 1, 2026		18,000			18,000
Total debt		167,525			168,000
Accumulated Paid-in-kind interest		2,925			616
Unamortized debt financing costs		(10,549	)		(11,101	)
Unamortized discount for warrants issued to lenders		(19,732	)		(20,995	)
Total debt, net	$	140,169		$	136,520
Reported as:
Short-term debt, net	$	12,853		$	12,734
Long-term debt, net		127,316			123,786
Total debt, net	$	140,169		$	136,520

A summary of interest expense on the Company’s outstanding debt is as follows (in thousands):


	Three Months Ended September 30,
	2025		2024
Contractual interest coupon	$	3,555	$	2,625
Non-cash paid-in-kind interest		2,308		—
Amortization of debt financing costs and discount for warrants issued to lenders		1,905		254
Total interest expense on debt	$	7,768	$	2,879

A summary of weighted average effective interest rate on the Company’s debt is as follows:


	September 30, 2025			June 30, 2025
Term Loan Facility due 2030		23.8	%		22.0	%
Convertible Senior Notes due June 1, 2026		4.4	%		4.3	%

The weighted average effective interest rate includes coupon interest rates, paid-in-kind interest, the amortization of debt financing costs, and the amortization of the discount for warrants issued to lenders.

Financing Agreement

On June 6, 2025, the Company entered into a new five-year senior secured credit agreement, due June 6, 2030, (the “Financing Agreement”) by and among the Company, as borrower (the “Borrower”), TCW Asset Management Company LLC, a leading global asset manager (“TCW”), as collateral agent for the lenders (in such capacity, together with its successors and assigns in such capacity, the “Collateral Agent”) and as administrative agent for the lenders (in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”, and together with the Collateral Agent, each an “Agent” and collectively, the “Agents”), and certain other parties signatory thereto. The Financing Agreement provides for a $150 million term loan (the “Term Loan Facility”), a $20 million delayed draw term loan facility (the “Delayed Draw Facility”), and a $20 million revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facilities and Delayed Draw Facility, the “Facilities”).

The Company will be able to access the Delayed Draw Facility from the date financial reports are delivered under the Financing Agreement for the fiscal quarter ending December 31, 2025 through June 6, 2026, if the total leverage ratio of the

Company is not greater than 5.25:1.00 and certain other conditions, as described in the Financing Agreement, are met. The proceeds from the Delayed Draw Facility may be used to fund the remaining $18.0 million outstanding 2026 Notes.

The Borrower’s obligations under the Financing Agreement are secured by first-priority liens on substantially all assets of the Borrower, subject to certain exceptions. The Financing Agreement required the Borrower to cause certain of its direct and indirect subsidiaries to, within 90 days of the closing date of the Financing Agreement, grant first-priority liens on substantially all of their assets, in each case, subject to certain exceptions.

Interest on the borrowings under the Facilities is payable in arrears on the applicable interest payment date at an interest rate equal to, at the Company’s option, either: (i) a term SOFR-based rate (subject to a 2.00% per annum floor), plus an applicable margin of 8.50%, per annum or (ii) a reference rate (subject to a 3.00% per annum floor), plus an applicable margin of 7.50% per annum. The agreement provides the option for payment-in-kind interest (“PIK”) up to 6.00% per annum (subject to an increase in applicable margin of 1/3 of 1.00% per annum for each 1.00% per annum of interest elected to be paid in kind which PIK interest will be capitalized on the applicable interest payment date and will be added to the then-outstanding principal amount of the term loans). The Financing Agreement requires the Borrower to pay the lenders with commitments under the Revolving Credit Facility an unused commitment fee equal to 0.50% per annum of the average unused portion of the Revolving Credit Facility.

On June 6, 2025, concurrently with its entry into the Financing Agreement, the Company issued detachable warrants to purchase the Company’s common stock to certain of its lenders (the “Warrant Holders”) under the Financing Agreement. The Warrant Holders were issued warrants to purchase (i) 17,180,710 shares of common stock with an exercise price of $1.68 per share, exercisable on and after December 7, 2025 and expiring on June 6, 2032 (the “Premium Warrants”) and (ii) 6,247,531 shares of common stock with an exercise price of $0.01 per share (“Penny Warrants”) exercisable immediately and expiring on June 6, 2032. As of September 30, 2025, no warrants have been exercised.

The Financing Agreement contains restrictions and covenants applicable to the Company and its subsidiaries. Among other requirements, the Company may not permit (i) the total leverage ratio (as defined in the Financing Agreement) to be greater than a certain specified ratio for each fiscal quarter during the term of the Financing Agreement, (ii) the fixed charge coverage ratio (as defined in the Financing Agreement) to be less than a certain specified ratio for each fiscal quarter during the term of the Financing Agreement or (iii) liquidity (as defined in the Financing Agreement) to be less than a certain specified threshold for each month during the term of the Financing Agreement. The Company was in compliance with its covenants and other requirements of the Financing Agreement as of September 30, 2025.

3.75% Convertible Senior Notes due June 1, 2026

In May 2021, the Company issued $100.0 million aggregate principal amount of its 2026 Notes under an indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. On June 5, 2025, the Company entered into separate, privately-negotiated exchange agreements with a limited number of existing holders of the 2026 Notes (the “2026 Noteholders'”) to exchange (the “Exchange”) approximately $82.0 million aggregate principal amount of the 2026 Noteholders' existing 2026 Notes. Holders of the remaining $18.0 million aggregate principal amount of the 2026 Notes did not receive cash or shares of common stock in the Exchange mentioned above and the original terms of such 2026 Notes were not modified.

Holders of the remaining 2026 Notes may convert their notes at any time on or after March 6, 2026 until the close of the business day immediately preceding the maturity date. Prior to June 1, 2026, the remaining holders of the 2026 Notes may convert their notes only under certain circumstances. Upon conversion, the Company will have the right to pay cash, or deliver shares of common stock of the Company or a combination thereof, at the Company’s election. The initial conversion rate is 170.5611 shares of the Company’s common stock per $1,000 principal amount (which represents an initial conversion price of approximately $5.86 per share of the Company’s common stock). The conversion rate, and therefore, the conversion price, is subject to adjustment, as further described below.

Holders of the remaining 2026 Notes who convert their notes in connection with a “make-whole fundamental change,” as defined in the indenture, may be entitled to a make-whole premium in the form of an increase in the conversion rate. Additionally, in the event of a “fundamental change,” as defined in the indenture, holders of the remaining 2026 Notes may require the Company to purchase all or a portion of their note at a fundamental change repurchase price equal to 100% of the principal amount of the 2026 Notes, plus accrued and unpaid interest, if any, to, but not including, the fundamental change repurchase date. As of September 30, 2025 and June 30, 2025, the if-converted value of the remaining 2026 Notes did not exceed the outstanding principal amount.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Leases - Schedule of Operating Leases (Details) - USD ($)
$ in Thousands

3 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Leases [Abstract]

Operating lease costs

^[1]

$ 2,302

$ 2,231

Short-term operating lease costs

Cash paid for amounts included in the measurement of lease liabilities

$ 2,111

$ 2,030

[1]	Excludes expenses related to short-term lease operating costs.

Supplemental Financial Information - Schedule of Other accrued liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Accrued Liabilities and Other Liabilities [Abstract]
Value added tax liabilities	$ 6,887	$ 12,408
Commissions due to third parties	445	573
Refunds due to customers	3,338	3,581
Accrued royalties	3,031	3,082
Accrued consulting	4,171	1,648
Interest payable	1,420	967
Income tax payable	802	973
Other liabilities	6,177	6,129
Total other accrued liabilities	$ 26,271	$ 29,361

Fair Value Measurements - Summary of Carrying Value and Estimated Fair Value of all Debt (Parenthetical) (Details)	Sep. 30, 2025	Jun. 30, 2025
3.75% Convertible Notes Due 2026
Fair value measurement
Interest rate (as a percent)	3.75%	3.75%

Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Debt Disclosure [Abstract]
Contractual interest coupon	$ 3,555	$ 2,625
Non-cash paid-in-kind interest	2,308	0
Amortization of debt financing costs and discount for warrants issued to lenders	1,905	254
Total interest expense on debt	$ 7,768	$ 2,879

Revenue - Summary of Contract with Customer, Asset and Liability (Details) - USD ($)
$ in Thousands

3 Months Ended

Sep. 30, 2025

Jun. 30, 2025

Contract Assets:

Unbilled accounts receivable - current

^[1]

$ 13,369

$ 11,823

Interest receivable - current

^[2]

269

284

Long-term accounts receivable

^[3]

1,962

3,777

Interest receivable - non-current

^[3]

151

172

Contract Liabilities:

Customer advances

12,087

12,197

Deferred revenue – current

79,631

82,306

Deferred revenue – non-current

25,824

$ 26,566

Change in assets, value:

Change in unbilled accounts receivable – current, value

^[1]

1,546

Change in interest receivable – current, value

^[2]

(15)

Change in long-term accounts receivable, value

^[3]

(1,815)

Change in Interest receivable – non-current, value

^[3]

(21)

Change in liabilities, value:

Change in customer advances, value

(110)

Change in deferred revenue – current, value

(2,675)

Change in deferred revenue – non-current, value

$ (742)

Change in assets, percentage:

Change in unbilled accounts receivable – current, percentage

^[1]

13.00%

Change in interest receivable – current, percentage

^[2]

(5.00%)

Change in long-term accounts receivable, percentage

^[3]

(48.00%)

Change in Interest receivable – non-current, percentage

^[3]

(12.00%)

Change in liabilities, percentage:

Change in customer advances, percentage

(1.00%)

Change in deferred revenue – current, percentage

(3.00%)

Change in deferred revenue – non-current, percentage

(3.00%)

[1]	Included in accounts receivable on the unaudited condensed consolidated balance sheets.
[2]	Included in prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets.
[3]	Included in other assets on the unaudited condensed consolidated balance sheets.

Supplemental Financial Information - Summary of Financing Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Financing receivables
Financing receivables	$ 3,650	$ 3,842
Allowance for credit losses	0	0
Total, net	3,650	3,842
Current	1,919	1,082
Non-current	$ 1,731	$ 2,760

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Income Tax - Summary of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 471	$ 625

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Income Tax (Tables)

3 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes

The following summarizes the provision for income taxes (in thousands):


	Three Months Ended September 30,
	2025		2024
Provision for income taxes	$	471	$	625

Commitments and Contingencies (Tables)

3 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Information about the Company's Royalty Expense and Royalty Payments

The following table provides information about the Company’s royalty expense and royalty payments (in thousands):


	Three Months Ended September 30,
	2025		2024
Royalty expense	$	328	$	243
Royalty payments		378		702

Supplemental Financial Information - Consolidated Statements of Operations - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Supplemental Financial Information Disclosure [Abstract]
Contractual interest coupon	$ 3,555	$ 2,625
Non-cash paid-in-kind interest	2,308	0
Amortization for financing costs and discount for warrants issued to lenders	1,905	254
Other	284	76
Total interest expense	$ 8,052	$ 2,955

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

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+ Details

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at Jun. 30, 2024	$ 45,084	$ 100	$ 566,887	$ (4,222)	$ (517,681)
Balance (in shares) at Jun. 30, 2024		100,195,000
Issuance of common stock to employees, (In shares)		240,000
Share-based compensation	2,353		2,353
Net loss	(3,954)				(3,954)
Cumulative translation adjustment	1,740			1,740
Balance at Sep. 30, 2024	45,223	$ 100	569,240	(2,482)	(521,635)
Balance (in shares) at Sep. 30, 2024		100,435,000
Balance at Jun. 30, 2025	$ 81,169	$ 113	602,165	(1,837)	(519,272)
Balance (in shares) at Jun. 30, 2025	112,643,852	112,644,000
Issuance of common stock to employees, (In shares)		637,000
Share-based compensation	$ 2,515		2,515
Net loss	(21,678)				(21,678)
Unrealized loss from cash flow hedges	(108)			(108)
Cumulative translation adjustment	(31)			(31)
Balance at Sep. 30, 2025	$ 61,867	$ 113	$ 604,680	$ (1,976)	$ (540,950)
Balance (in shares) at Sep. 30, 2025	113,281,068	113,281,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Debt- Summary of Weighted Average Effective Interest Rate (Detail)	3 Months Ended	12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025
Convertible Senior Notes due June 1, 2026
Debt Instrument [Line Items]
Weighted average effective interest rate	4.40%	4.30%
Term Loan Facilities due 2030
Debt Instrument [Line Items]
Weighted average effective interest rate	23.80%	22.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (21,678)	$ (3,954)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Derivative Financial Instruments (Tables)

3 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Gains and Losses Resulting from Changes in Fair Value of Derivatives

The accounting for gains and losses resulting from changes in the fair value of those derivatives depends upon the use of the derivative and whether it qualifies for hedge accounting are as follows (in thousands):


		September 30, 2025		June 30, 2025
	Balance sheet location	Fair Value
Derivative Assets Designated as Hedges
Foreign currency exchange contracts	Other current and prepaid assets	$	106	$	-
Foreign currency exchange contracts	Other assets		17		-
Total asset derivatives		$	123	$	-
Derivative Liabilities Designated as Hedges
Foreign currency exchange contracts	Accrued liabilities	$	127	$	-
Foreign currency exchange contracts	Long-term other liabilities		104		-
Total liability derivatives		$	231	$	-

Schedule of Gains and Losses on Derivative Instruments Designated as Cash Flow Hedges

The amount of the gains and losses on derivative instruments designated as cash flow hedges and the classification of those gains and losses within the unaudited condensed consolidated financial statements were as follows (in thousands):


	Losses Recognized in Accumulated Other Comprehensive Loss
	Three Months Ended September 30,
Derivative Instrument	2025			2024
Foreign currency exchange contracts	$	(108	)	$	—

Schedule of Revenues And Designated Cash Flow Hedging Activities

The Company had the following outstanding foreign currency forward contracts that were entered into to hedge forecasted revenues and designated as cash flow hedges (in thousands):


	September 30, 2025		June 30, 2025
Euro	$	35,039	$	—
Japanese Yen		24,942		—
Total	$	59,981	$	—

Summary of Outstanding Balance Sheet Hedge Contracts

The notional amount of the Company's outstanding balance sheet hedge contracts consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Swiss Franc	$	20,284	$	7,438
Japanese Yen		5,317		8,700
Euro		9,368		11,431
Indian Rupee		8,308		7,485
Chinese Yuan		6,038		5,491
Korean Won		1,213		1,306
Canadian Dollar		1,136		—
British Pound		—		1,617
Total outstanding balance sheet hedge contracts	$	51,664	$	43,468

Schedule of Gain (loss) Associated With the Company's Derivative Financial Instruments

The following table provides information about the gain or loss associated with the Company’s derivative financial instruments (in thousands):


	Three Months Ended September 30,
	2025		2024
Foreign currency exchange gain on balance sheet hedges	$	99	$	1,436
Foreign currency exchange gain on cash flow hedges		95		-
Total	$	194	$	1,436

Net Loss Per Common Share (Tables)

3 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per common share

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per common share is as follows (in thousands, except for per share amounts):


	Three Months Ended September 30,
	2025			2024
Numerator:
Net loss	$	(21,678	)	$	(3,954	)
Denominator:
Weighted average shares outstanding - basic and diluted		118,946			100,225
Basic and diluted net loss per share	$	(0.18	)	$	(0.04	)
Anti-dilutive share-based awards, excluded		10,765			10,747
Anti-dilutive warrants		17,181			—

Joint Venture

3 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Joint Venture

Note 12. Joint Venture

In January 2019, the Company’s wholly-owned subsidiary, Accuray Asia Limited (“Accuray Asia”), entered into an agreement with CNNC High Energy Equipment (Tianjin) Co., Ltd. (the “CIRC Subsidiary”), a wholly-owned subsidiary of China Isotope & Radiation Corporation, to form a joint venture, CNNC Accuray (Tianjin) Medical Technology Co. Ltd. (the “JV”), to manufacture and sell radiation oncology systems in China. As of September 30, 2025, the Company owned a 49% interest in the JV, which is reported as an investment in joint venture on the Company’s unaudited condensed consolidated balance sheets.

The Company applies the equity method of accounting to its ownership interest in the JV as the Company has the ability to exercise significant influence over the JV but lacks controlling financial interest and is not the primary beneficiary. The Company recognizes the 49% proportionate share of the JV income or loss on a one-quarter lag due to the timing of the availability of the JV’s financial records. The Company recognizes revenue on sales to the JV in the current period of control transfer, eliminating a portion of profit to the extent goods sold have not been sold through by the JV to an end customer by the end of each reporting period. With the receipt of the necessary permits and licenses to operate, the JV has begun to manufacture and sell a locally branded “Made in China” radiotherapy device, the Tomo C radiation therapy system, in the Class B license category. The JV also distributes other Accuray treatment delivery systems like the Radixact and CyberKnife treatment delivery systems, including the Radixact SynC and CyberKnife S7 Systems, which received NMPA approval in January 2025.


	September 30, 2025			June 30, 2025
Carrying value of investment in joint venture	$	4,010		$	4,612
Deferred intra-entity gross profit		18,582			17,501
Dividend declared		-			2,453
Equity method goodwill		(4,720	)		(4,720	)
Proportional share of equity investment in joint venture	$	17,872		$	19,846

As of September 30, 2025, and June 30, 2025, the Company’s carrying value of the investment in the JV was decreased for the Company's proportional share of the JV's currency translation adjustment by $0.4 million. In June 2025, the JV declared a $2.5 million dividend to the Company which was paid in July 2025. There were no dividends declared as of September 30, 2025.

Summarized financial information of the JV is as follows (in thousands):


	Three Months Ended June 30,
Statement of Operations Data:	2025		2024
Revenue	$	19,786	$	21,834
Gross profit		5,580		4,850
Net income (loss)		888		(148	)
Net income (loss) attributable to the Company		439		(72	)


Summarized Balance Sheet Data:	As of June 30, 2025		As of June 30, 2024
Assets:
Current assets	$	189,755	$	131,045
Non-current assets		15,529		11,581
Total assets	$	205,284	$	142,626
Liabilities and Stockholders' Equity:
Current liabilities	$	167,514	$	112,379
Non-current liabilities		1,297		86
Stockholders' equity		36,473		30,161
Total liabilities and stockholders' equity	$	205,284	$	142,626

The following table shows the activity of the Company’s net revenue recognized from intra-entity gross profit from sales (in thousands):


	Three Months Ended September 30,
	2025			2024
Deferred gross profit recognized on sales to the JV	$	(570	)	$	(2,714	)
Deferred gross profit on sales to the JV		1,651			6,333
Net deferred gross profit on sales to the JV (1)	$	1,081		$	3,619

(1)

Goodwill and Intangible Assets - Additional Information (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2025 USD ($)
Finite Lived Intangible Assets [Line Items]
Impairment of goodwill	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

+ References + Details

Derivative Financial Instruments - Summary of Outstanding Balance Sheet Hedge Contracts (Details) - Balance Sheet Hedge Contracts - USD ($)	Sep. 30, 2025	Jun. 30, 2025
Outstanding balance sheet hedge contracts	$ 51,664,000	$ 43,468,000
Swiss Franc
Outstanding balance sheet hedge contracts	20,284,000	7,438,000
Japanese Yen
Outstanding balance sheet hedge contracts	5,317,000	8,700,000
Euro
Outstanding balance sheet hedge contracts	9,368,000	11,431,000
Indian Rupee
Outstanding balance sheet hedge contracts	8,308,000	7,485,000
Chinese Yuan
Outstanding balance sheet hedge contracts	6,038,000	5,491,000
Korean Won
Outstanding balance sheet hedge contracts	1,213,000	1,306,000
Canadian Dollar
Outstanding balance sheet hedge contracts	1,136,000	0
British Pound
Outstanding balance sheet hedge contracts	$ 0	$ 1,617,000

Joint Venture - Summary of Financial Information of Joint Ventures (Balance Sheet Data) (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024	Jun. 30, 2024
Schedule Of Equity Method Investments [Line Items]
Current assets	$ 303,603	$ 317,465
Total assets	456,816	470,239
Liabilities and Stockholders' Equity
Current liabilities	194,612	192,579
Stockholder's equity	61,867	81,169	$ 45,223	$ 45,084
Total liabilities and stockholders' equity	$ 456,816	470,239
Joint venture
Schedule Of Equity Method Investments [Line Items]
Current assets		189,755		131,045
Non current assets		15,529		11,581
Total assets		205,284		142,626
Liabilities and Stockholders' Equity
Current liabilities		167,514		112,379
Non-current liabilities		1,297		86
Stockholder's equity		36,473		30,161
Total liabilities and stockholders' equity		$ 205,284		$ 142,626

Fair Value Measurements

3 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 6. Fair Value Measurements

Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market, for the asset or liability, in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels of inputs that may be used to measure fair value, as follows:

•

Level 1— Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date.

•

Level 2— Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in non-active markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by other observable market data.

•

Level 3— Unobservable inputs that cannot be corroborated by observable market data and require the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

Items Measured at Fair Value on a Recurring Basis

Warrant Liabilities

The Penny Warrants (as defined in Note 8) are accounted for as a liability with the changes in fair value of the warrants are recognized in the statement of operations and comprehensive income (loss). The estimated fair value of the Penny Warrants liabilities represent Level 2 measurements because the fair value of the warrant is being implied based on market trades of the stock.

The following table shows the changes in fair value of the Penny Warrants:


	September 30, 2025		June 30, 2025
Balance at the beginning of the period	$	8,497	$	—
Issuance of Penny Warrants on June 6, 2025		-		7,998
Change in fair value		1,874		499
Balance at the end of the period	$	10,371	$	8,497

Other Fair Value Disclosures

As of September 30, 2025, the Company had open currency forward contracts to purchase or sell foreign currencies with a stated or notional value of $51.7 million. The fair value of the underlying currency, based upon the September 30, 2025, exchange rate, was $51.6 million, which it considers to be a Level 2 fair value measurement. As of June 30, 2025, the Company had open currency forward contracts to purchase or sell foreign currencies with a stated or notional value of $43.5 million. The fair value of the underlying currency, based upon the June 30, 2025, exchange rate, was $43.3 million, which it considers to be a Level 2 fair value measurement.

The Company’s convertible debt is measured on a recurring basis using Level 2 based upon observable inputs. The Company's Term Loan Facilities due 2030 (as defined in Note 8) reflect the bank quoted market rates, which the Company considers to be a Level 2 fair value measurement. The Company believes that the carrying value of the Term Loan Facilities approximates its estimated fair value based on the effective interest rate, compared to the current market rate available to the Company at quarter-end.

The table below summarizes the carrying value and estimated fair value of the 3.75% Convertible Senior Notes due June 1, 2026 (“2026 Notes”) and the Term Loan Facilities due 2030 (in thousands):


	September 30, 2025				June 30, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
3.75% Convertible Senior Notes due June 1, 2026	$	17,922	$	17,386	$	17,893	$	17,322
Term Loan Facilities due 2030		122,247		122,247	$	118,627	$	118,627
Total	$	140,169	$	139,633	$	136,520	$	135,949

The carrying value and fair value of the Term Loan Facilities due 2030 excludes $19.7 million for the fair value of the warrants issued to the lenders to purchase the Company’s common stock.

The Premium Warrants (as defined in Note 8) met all of the criteria for equity classification and were recorded at their relative fair value in additional paid-in capital at the time of issuance. The fair value of $12.8 million is not subject to remeasurement and was estimated using a Black-Scholes method, which incorporates significant unobservable inputs, including expected volatility, risk-free interest rate and expected term. As these inputs are not observable in the market, the fair value measurement of the Premium Warrants represent a Level 3 measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Revenue (Tables)

3 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Summary of Contract with Customer, Asset and Liability

Changes in the contract assets and liabilities are as follows (dollars in thousands):


					Change
	September 30, 2025		June 30, 2025		$			%
Contract Assets:
Unbilled accounts receivable – current (1)	$	13,369	$	11,823		1,546			13	%
Interest receivable – current (2)		269		284		(15	)		(5	%)
Long-term accounts receivable (3)		1,962		3,777		(1,815	)		(48	%)
Interest receivable – non-current (3)		151		172		(21	)		(12	%)
Contract Liabilities:
Customer advances		12,087		12,197		(110	)		(1	%)
Deferred revenue – current		79,631		82,306		(2,675	)		(3	%)
Deferred revenue – non-current		25,824		26,566		(742	)		(3	%)

(1)

Included in accounts receivable on the unaudited condensed consolidated balance sheets.

(2)

Included in prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets.

(3)

Included in other assets on the unaudited condensed consolidated balance sheets.

Schedule of Remaining Performance Obligations related to Warranty

The following table represents the Company's remaining performance obligations related to long-term warranty and non-cancellable post-warranty services as of September 30, 2025 (in thousands):


	Fiscal years of revenue recognition
	2026		2027		2028		Thereafter
Long-term warranty and non-cancellable post-warranty services	$	22,438	$	24,302	$	11,647	$	3,930

Summary of Expenses Related to Capitalized Costs

Expenses related to capitalized costs to obtain a contract consisted of the following (in thousands):


	Three Months Ended September 30,
	2025		2024
Capitalized contract costs	$	102	$	927
Amortization of capitalized contract costs		417		780
Impairment loss on capitalized costs		246		100

Revenue - Summary of Expenses Related to Capitalized Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Capitalized contract costs	$ 102	$ 927
Amortization of capitalized contract costs	417	780
Impairment loss on capitalized costs	$ 246	$ 100

Supplemental Financial Information (Tables)

3 Months Ended

Sep. 30, 2025

Supplemental Financial Information Disclosure [Abstract]

Schedule of Financing Receivables

A summary of the Company’s financing receivables is presented as follows (in thousands):


	September 30, 2025		June 30, 2025
Financing receivables	$	3,650	$	3,842
Allowance for credit losses		—		—
Total, net	$	3,650	$	3,842
Reported as:
Current	$	1,919	$	1,082
Non-current		1,731		2,760
Total, net	$	3,650	$	3,842

Schedule of Inventories

Inventories consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Raw materials	$	58,502	$	49,001
Work-in-process		14,568		14,844
Finished goods		82,433		77,175
Inventories, net	$	155,503	$	141,020

Schedule of Prepaid and Other Current Assets

Prepaid and other current assets consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Value added tax receivables	$	5,617	$	11,381
Prepaid commissions		4,412		4,388
Capitalized contract costs		1,910		1,949
Income tax receivable		1,163		841
Debt financing costs		470		470
Dividend receivable from JV		—		2,453
Other prepaid assets		8,485		5,560
Other current assets		7,316		6,459
Total prepaid and other current assets	$	29,373	$	33,501

Schedule of Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):


	September 30, 2025			June 30, 2025
Machinery and equipment	$	49,492		$	49,147
Leasehold improvements		32,033			32,491
Software		11,844			11,534
Computer and office equipment		6,792			6,797
Furniture and fixtures		1,959			1,959
Construction in progress		6,005			4,641
		108,125			106,569
Less: Accumulated depreciation		(79,112	)		(77,911	)
Property and equipment, net	$	29,013		$	28,658

Schedule of Goodwill

Activity related to goodwill consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Balance at the beginning of the period	$	57,802	$	57,672
Currency translation		18		130
Balance at the end of the period	$	57,820	$	57,802

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Capitalized software costs to be sold	$	12,302	$	10,252
Capitalized contract costs		4,748		5,359
Long-term accounts receivable		1,962		3,777
Purchased intangible assets, net		4		15
Deferred tax asset		738		756
Debt financing costs		626		669
Other long-term assets		3,879		3,615
Total other assets		24,259		24,443

Schedule of Other Accrued Liabilities

Other accrued liabilities consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Value added tax liabilities	$	6,887	$	12,408
Commissions due to third parties		445		573
Refunds due to customers		3,338		3,581
Accrued royalties		3,031		3,082
Accrued consulting		4,171		1,648
Interest payable		1,420		967
Income tax payable		802		973
Other liabilities		6,177		6,129
Total other accrued liabilities	$	26,271	$	29,361

Schedule of Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss in the stockholders' equity section of the Company’s unaudited condensed consolidated balance sheets are as follows (in thousands):


	September 30, 2025			June 30, 2025
Cumulative foreign currency translation adjustment	$	(3,251	)	$	(3,220	)
Cumulative unrealized losses on cash flow hedge instruments		(108	)		-
Defined benefit pension obligation		1,383			1,383
Accumulated other comprehensive loss	$	(1,976	)	$	(1,837	)

Schedule of Statements of Operations

Interest expense consisted of the following (in thousands)


	Three Months Ended September 30,
	2025		2024
Contractual interest coupon	$	3,555	$	2,625
Non-cash paid-in-kind interest		2,308		-
Amortization for financing costs and discount for warrants issued to lenders		1,905		254
Other		284		76
Total interest expense	$	8,052	$	2,955

Other (expense) income, net, consisted of the following (in thousands):


	Three Months Ended September 30,
	2025			2024
Interest income	$	272		$	303
Foreign currency exchange (loss) gain		(195	)		2,174
Costs for hedging activities		(336	)		(570	)
Other, net		(148	)		(60	)
Total other (expense) income, net	$	(407	)	$	1,847

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025
Financial assets
Fair value of the warrants issued	$ 1,874	$ 0
Black Scholes Method
Financial assets
Fair value of warrants issued with debt	12,800
Term Loan Facility
Financial assets
Fair value of the warrants issued	19,700
Forward Currency Exchange Contracts \| Level 2
Financial assets
Outstanding forward currency exchange contracts	51,700		$ 43,500
Fair value of currency contract based on exchange rate	$ 51,600		$ 43,300

Supplemental Financial Information - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Property and equipment, net
Property and equipment, gross	$ 108,125	$ 106,569
Less: Accumulated depreciation	(79,112)	(77,911)
Property and equipment, net	29,013	28,658
Machinery and Equipment
Property and equipment, net
Property and equipment, gross	49,492	49,147
Leasehold Improvements
Property and equipment, net
Property and equipment, gross	32,033	32,491
Software
Property and equipment, net
Property and equipment, gross	11,844	11,534
Computer and Office Equipment
Property and equipment, net
Property and equipment, gross	6,792	6,797
Furniture and Fixtures
Property and equipment, net
Property and equipment, gross	1,959	1,959
Construction in Progress
Property and equipment, net
Property and equipment, gross	$ 6,005	$ 4,641

Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Changes in Fair Value of Penny Warrants

The following table shows the changes in fair value of the Penny Warrants:


	September 30, 2025		June 30, 2025
Balance at the beginning of the period	$	8,497	$	—
Issuance of Penny Warrants on June 6, 2025		-		7,998
Change in fair value		1,874		499
Balance at the end of the period	$	10,371	$	8,497

Summary of Carrying Values and Estimated Fair Values of Short-Term and Long-Term Debt

The table below summarizes the carrying value and estimated fair value of the 3.75% Convertible Senior Notes due June 1, 2026 (“2026 Notes”) and the Term Loan Facilities due 2030 (in thousands):


	September 30, 2025				June 30, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
3.75% Convertible Senior Notes due June 1, 2026	$	17,922	$	17,386	$	17,893	$	17,322
Term Loan Facilities due 2030		122,247		122,247	$	118,627	$	118,627
Total	$	140,169	$	139,633	$	136,520	$	135,949

Income Tax

3 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Tax

Note 13. Income Tax

The following summarizes the provision for income taxes (in thousands):


	Three Months Ended September 30,
	2025		2024
Provision for income taxes	$	471	$	625

On a quarterly basis, the Company provides for income taxes based upon an estimated annual effective income tax rate. The Company's income tax expense during three months ended September 30, 2025 and 2024, was primarily related to foreign taxes.

On July 4, 2025, new federal tax legislation was enacted, introducing significant changes to U.S. corporate income tax law. Key provisions include the optional expensing of domestic research and development costs under Section 174, modifications to business interest deductions under Section 163(j), and changes to international tax rules such as GILTI. Some provisions are effective retroactively to January 1, 2025, while others phase in through 2027. Due to the full valuation allowance maintained against the Company’s U.S. deferred tax assets, the enactment of this legislation did not have a material impact on the Company’s income tax provision for the quarter ended September 30, 2025. Any required updates to deferred tax balances or related disclosures will be reflected in the Company’s annual financial statements, as applicable.

As of September 30, 2025, the Company’s gross unrecognized tax benefits were $22.6 million, of which $21.8 million would not affect income tax expense before consideration of any valuation allowance. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. Interest and penalties accrued on unrecognized tax benefits are recorded as a component of income tax expense.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Supplemental Financial Information - Consolidated Statements of Operations - Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Supplemental Financial Information Disclosure [Abstract]
Interest income	$ 272	$ 303
Foreign currency exchange (loss) gain	(195)	2,174
Costs for hedging activities	(336)	(570)
Other, net	(148)	(60)
Total other (expense) income, net	$ (407)	$ 1,847

Revenue

3 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Note 2. Revenue

Contract Balances

The timing of revenue recognition, billings, and cash collections results in trade receivables, unbilled receivables, and deferred revenues on the unaudited condensed consolidated balance sheets. The Company may offer longer or extended payment terms of more than one year for qualified customers in some circumstances. At times, revenue recognition occurs before the billing, resulting in an unbilled receivable, which represents a contract asset. The contract asset is a component of accounts receivable and other assets for the current and non-current portions, respectively. When the Company receives advances or deposits from customers before revenue is recognized, this results in a contract liability. It can take two or more years from the time of order to revenue recognition due to the Company’s long sales cycle.

Changes in the contract assets and liabilities are as follows (dollars in thousands):


					Change
	September 30, 2025		June 30, 2025		$			%
Contract Assets:
Unbilled accounts receivable – current (1)	$	13,369	$	11,823		1,546			13	%
Interest receivable – current (2)		269		284		(15	)		(5	%)
Long-term accounts receivable (3)		1,962		3,777		(1,815	)		(48	%)
Interest receivable – non-current (3)		151		172		(21	)		(12	%)
Contract Liabilities:
Customer advances		12,087		12,197		(110	)		(1	%)
Deferred revenue – current		79,631		82,306		(2,675	)		(3	%)
Deferred revenue – non-current		25,824		26,566		(742	)		(3	%)

(1)

Included in accounts receivable on the unaudited condensed consolidated balance sheets.

(2)

Included in prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets.

(3)

Included in other assets on the unaudited condensed consolidated balance sheets.

During the three months ended September 30, 2025, contract assets changed primarily due to changes in the timing of billings that occurred after revenues were recognized and changes in transactions with payment terms exceeding 12 months. During the three months ended September 30, 2025, contract liabilities changed due to changes in the timing of revenue recognition as a result of changes in shipping timing, modifications to the transaction price, reduced customer deposits for system sales, and for which the warranty was deferred.

During the three months ended September 30, 2025, the Company recognized revenue of $28.0 million, which was included in the deferred revenue balances as of June 30, 2025. During the three months ended September 30, 2024, the Company recognized revenue of $27.5 million, which was included in the deferred revenue balances as of June 30, 2024.

Remaining Performance Obligations

Remaining performance obligations represent deferred revenue from open contracts for which performance has already started and the transaction price from executed contracts for which performance has not yet started. Service contracts in general are considered month-to-month contracts.

As of September 30, 2025, total remaining performance obligations amounted to $866.0 million. Of this total amount, $62.3 million related to long-term warranty and non-cancellable post-warranty services, which is the estimated revenue expected to be recognized over the remaining service period and warranty period for systems that have been delivered (the time bands reflect management’s best estimate of when the Company will transfer control to the customer and may change based on timing of shipment, readiness of customers’ facilities for installation, installation requirements, and availability of products). The Company has elected the practical expedient to not disclose the unsatisfied performance obligations of contracts with an original expected duration of one year or less.

The following table represents the Company's remaining performance obligations related to long-term warranty and non-cancellable post-warranty services as of September 30, 2025 (in thousands):


	Fiscal years of revenue recognition
	2026		2027		2028		Thereafter
Long-term warranty and non-cancellable post-warranty services	$	22,438	$	24,302	$	11,647	$	3,930

For the remaining $803.7 million of performance obligations (i.e., open systems sales, upgrades, training and other miscellaneous items), the Company estimates 30% to 35% will be recognized in the next 12 months, and the remaining portion will be recognized thereafter. The Company’s historical experience indicates that some of its customers will cancel or renegotiate contracts as economic conditions change or when product offerings change during the long sales cycle. The Company anticipates a portion of its open contracts may never result in revenue recognition primarily due to the long sales cycle and factors outside of its control, including changes to its customers' needs or financial condition, changes in government or health insurance reimbursement policies, or changes to regulatory requirements. Based on historical experience and management's best estimate, approximately 27% of the Company’s $760.7 million open system sales contracts as of September 30, 2025 may never result in revenue.

Capitalized Contract Costs

As of September 30, 2025 and June 30, 2025, the balance of capitalized costs to obtain a contract was $6.7 million and $7.3 million, respectively. The Company has classified the capitalized costs to obtain a contract as a component of prepaid expenses and other current assets and other assets with respect to the current and non-current portions of capitalized costs, respectively, on the unaudited condensed consolidated balance sheets.

Expenses related to capitalized costs to obtain a contract consisted of the following (in thousands):


	Three Months Ended September 30,
	2025		2024
Capitalized contract costs	$	102	$	927
Amortization of capitalized contract costs		417		780
Impairment loss on capitalized costs		246		100

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Leases - Schedule of Weighted-Average Remaining Lease Term And Discount Rate For Operating Leases (Details)	Sep. 30, 2025	Jun. 30, 2025
Leases [Abstract]
Weighted average remaining lease term (in years)	7 years 7 months 6 days	7 years 9 months 18 days
Weighted average discount rate	10.50%	10.40%

Debt - Additional Information (Details)		3 Months Ended
Debt - Additional Information (Details)	Jun. 05, 2025 USD ($) $ / shares	Sep. 30, 2025 USD ($) shares	Jun. 30, 2025 USD ($)	Jun. 06, 2025 USD ($) $ / shares shares	May 31, 2021 USD ($)
Debt Instrument [Line Items]
Outstanding balance		$ 140,169,000	$ 136,520,000
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing capacity		20,000,000
Delayed Draw Term Loan Facility
Debt Instrument [Line Items]
Credit facility borrowing capacity		$ 20,000,000
3.75% Convertible Notes Due 2026
Debt Instrument [Line Items]
Aggregate principal amount of debt issued					$ 100,000,000
Interest rate (as a percent)		3.75%	3.75%
Convertible notes exchanged	$ 82,000,000
Principal payment	$ 18,000,000
Conversion rate, number of shares to be issued per $1000 of principal amount (in shares)	170.5611
Principal amount used for debt instrument conversion ratio	$ 1,000
Conversion price (in dollars per share) \| $ / shares	$ 5.86
Repurchase price, as a percentage of the principal amount, in the event of a fundamental change, as defined in Indenture	100.00%
Financing Agreement June 2025
Debt Instrument [Line Items]
Variable rate (as a percent)		8.50%
Applicable margin rate (as a percent)		1.00%
Leverage ratio		5.25
Debt Instrument, Interest Rate Terms		Interest on the borrowings under the Facilities is payable in arrears on the applicable interest payment date at an interest rate equal to, at the Company’s option, either: (i) a term SOFR-based rate (subject to a 2.00% per annum floor), plus an applicable margin of 8.50%, per annum or (ii) a reference rate (subject to a 3.00% per annum floor), plus an applicable margin of 7.50% per annum.
Debt instrument interest rate floor		2.00%
Unused commitment fee percentage per annum of average unused portion of the New Revolving Credit Facility		0.50%
Warrants exercised \| shares		0
Financing Agreement June 2025 \| Premium Warrants
Debt Instrument [Line Items]
Warrants purchase shares (in Shares) \| shares				17,180,710
Warrants, exercise price \| $ / shares				$ 1.68
Financing Agreement June 2025 \| Penny Warrants
Debt Instrument [Line Items]
Warrants purchase shares (in Shares) \| shares				6,247,531
Warrants, exercise price \| $ / shares				$ 0.01
Financing Agreement June 2025 \| Floor Rate
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		SOFR
Financing Agreement June 2025 \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing capacity				$ 20,000,000
Financing Agreement June 2025 \| Term Loan
Debt Instrument [Line Items]
Credit facility borrowing capacity				150,000,000
Financing Agreement June 2025 \| Delayed Draw Term Loan Facility
Debt Instrument [Line Items]
Credit facility borrowing capacity				$ 20,000,000
Financing Agreement June 2025 \| Reference Rate
Debt Instrument [Line Items]
Variable rate (as a percent)		7.50%
Debt instrument interest rate floor		3.00%
Financing Agreement June 2025 \| 3.75% Convertible Notes Due 2026
Debt Instrument [Line Items]
Remaining outstanding amount		$ 18,000,000
Financing Agreement June 2025 \| PIK
Debt Instrument [Line Items]
Variable rate (as a percent)		6.00%
Applicable margin rate (as a percent)		1.00%

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025
Amount reclassified from accumulated other comprehensive loss	$ 0	$ 0
Cash Flow Hedging
Minimum cash collateral balance	2,000
Cash collateral	$ 2,000
Maximum
Outstanding cash flow hedges mature period	18 months
Maximum \| Cash Flow Hedging
Length of forward contracts	eighteen months
Designated as Hedges
Derivative asset	$ 123		$ 0
Derivative liability	$ 231		$ 0
Not Designated as Hedging \| Maximum
Length of hedging period	3 months

The Company and its Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the periods presented. The results for the three months ended September 30, 2025, are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2026, or for any other future interim period or fiscal year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes for the fiscal year ended June 30, 2025, included in the Company’s Annual Report on Form 10-K filed with the SEC on August 28, 2025.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks and uncertainties caused, directly or indirectly, by events with significant geopolitical and macroeconomic impacts, including, but not limited to, inflation; actions taken to counter inflation, including high interest rates; foreign currency exchange rate fluctuations; uncertainty and volatility in the banking and financial services sector; tightening credit markets; geopolitical concerns, such as the Russia-Ukraine and Middle East conflicts and increasing tension between China and the U.S., including with respect to Taiwan; uncertainty caused by the China anti-corruption campaign and timing of the China stimulus program; changes in government administration policy positions; recent executive orders to impose new tariffs on global imports and uncertainties regarding impact, retaliations and further escalation, including against other countries; and other factors that may emerge. The Company is also continuing to navigate supply chain and inflation challenges, both of which continues to be a significant headwind that affects the Company’s results of operations. The Company expects that the business of its customers and its own business will continue to be adversely impacted, directly or indirectly, by these macroeconomic and geopolitical issues. In addition, ongoing supply chain challenges and logistics costs, including difficulties in obtaining a sufficient supply of component materials and increased component costs, have adversely affected the Company's gross margins and net income (loss), and the Company currently expects that gross margins and net income (loss) will continue to be adversely affected by increased material costs and freight and logistics expenses through at least fiscal year 2026. In addition, the Company expects inflation and the ongoing supply chain challenges and logistics costs to impact its cash from operations through at least fiscal year 2026. In addition, reduced budgets and lower capital deployment priority for radiotherapy equipment, along with longer customer installation timelines, in the United States have negatively impacted net revenue since fiscal year 2024, and the Company expects this will continue to have an impact through fiscal year 2026. The extent of the ongoing impact of these macroeconomic events on our business, our markets and on global economic activity, however, is uncertain and the related financial impact cannot be reasonably estimated with any certainty at this time. The Company’s past results may not be indicative of its future performance, and historical trends, including conversion of backlog to revenue, income (loss) from operations, net income (loss), net income (loss) per share and cash flows may differ materially. The Company continues to critically review its liquidity and anticipated capital requirements in light of the significant uncertainty created by geopolitical and macroeconomic conditions. Based on the balance of the Company’s cash and cash equivalents, available debt facilities, current business plan and revenue prospects, the Company believes that it will have sufficient cash resources and anticipated cash flows to fund its operations for at least the next 12 months. The Company, however, is unable to predict with certainty the impact that geopolitical and macroeconomic conditions, including their effect on the global supply chain, inflation and foreign currency exchange rates, will have on its ability to maintain compliance with the covenants contained in the Financing Agreement (as defined below), including financial covenants regarding the consolidated fixed charge coverage ratio, consolidated leverage ratio and minimum liquidity requirements. Failing to comply with the covenants to the Financing Agreement could adversely affect the Company’s ability to finance its future operations or capital needs, withstand a future downturn in its business or the economy in general, engage in business activities, including future opportunities that may be in its interest, and plan for or react to market conditions or otherwise execute its business strategies. The Company’s ability to comply with the covenants and other terms governing the Financing Agreement will depend in part on its future operating performance. In addition, because substantially all of the Company’s assets are pledged as collateral under the Financing Agreement, if the Company is not able to cure any default or repay outstanding borrowings, such assets are subject to the risk of foreclosure by the Company’s lenders. Failure to satisfy the covenants and other terms governing the Financing Agreement in the future could cause the Company to be in default and the maturity of the related debt could be accelerated and become immediately payable. This may require the Company to obtain waivers or additional amendments to the Financing Agreement in order to maintain compliance and there can be no certainty that any such waiver or amendment will be available, or what the cost of such waiver or amendment, if obtained, would be. If the Company is unable to obtain necessary waivers or amendments and the debt under the Financing Agreement is accelerated, the Company would be required to obtain replacement financing. There can be no assurance that the Company would be able to obtain replacement financing on acceptable terms, or at all, on a timely basis. There can be no assurance that the Company would be able to satisfy its obligations if any of its indebtedness is extended. There is no guarantee that the Company would be able to satisfy its obligations if any of its indebtedness is accelerated.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company. Actual results could differ materially from those estimates.
Significant Accounting Policies	Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies during the three months ended September 30, 2025, compared to the significant accounting policies described in its Annual Report on Form 10-K for the fiscal year ended June 30, 2025.
Recent Accounting Pronouncements	Accounting Pronouncements - Adopted In December 2023, the FASB issued ASU 2023-09 to improve the transparency and usefulness of income tax disclosures. The accounting standard expands disclosures to the entity’s income tax rate reconciliation table and requires cash taxes paid disaggregated by jurisdiction. The Company will adopt this standard in its Annual Report on Form 10-K for fiscal 2026, and the update can be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the standard and determining the extent of additional disclosures that may be required.
Accounting Pronouncements Not Yet Effective
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Recent Accounting Pronouncements	Accounting Pronouncements- Not Yet Effective In November 2024, the Financial Accounting Standards Board (“FASB”) issued accounting standard update (“ASU”) 2024-03 requiring additional disclosure of the nature of expenses included in the income statement. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The update is effective for annual periods beginning after December 15, 2026. The Company plans to adopt ASU 2024-03 on July 1, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently assessing the impact of adopting the updated provisions.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Revenue - Additional Information (Details1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01	Sep. 30, 2025
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations recognized period	12 months
Minimum
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations percentage	30.00%
Maximum
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations percentage	35.00%

Income Tax - Additional Information (Details) $ in Millions	3 Months Ended
Income Tax - Additional Information (Details) $ in Millions	Sep. 30, 2025 USD ($)
Income Taxes [Line Items]
Gross unrecognized tax benefits	$ 22.6
Unrecognized tax benefits that would not affect income tax expense	$ 21.8
Subsequent period within which no material changes in unrecognized tax benefits are expected	12 months

Leases

3 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

Note 4. Leases

The Company has operating leases for corporate offices and warehouse facilities worldwide. Additionally, the Company leases cars and copy machines that are considered operating leases. Some of the Company’s leases are non-cancellable operating lease agreements with various expiration dates through August 2035. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore, are not factored into the determination of lease payments.

The following table provides information related to the Company’s operating leases (in thousands):


	Three Months Ended September 30,
	2025		2024
Operating lease costs (1)	$	2,302	$	2,231
Short-term operating lease costs		91		39
Cash paid for amounts included in the measurement of lease liabilities		2,111		2,030

(1)

Excludes expenses related to short-term lease operating costs.

Operating lease right-of-use assets and operating lease liabilities consisted of the following (in thousands):


	September 30, 2025			June 30, 2025
Operating lease right-of-use assets
Balance at the beginning of period	$	33,115		$	33,773
Lease assets added		187			4,624
Amortization for the period		(1,203	)		(5,282	)
Balance at the end of period	$	32,099		$	33,115
Operating lease liabilities
Balance at the beginning of period	$	39,857		$	38,591
Lease liabilities added		187			5,726
Repayment and interest accretion		(1,100	)		(4,460	)
Balance at the end of period	$	38,944		$	39,857

Current portion of operating lease liabilities	$	7,463		$	7,375
Non-current portion of operating lease liabilities		31,481			32,482

Maturities of operating lease liabilities as of September 30, 2025, are presented in the table below (dollars in thousands):


	Amount
2026 (remaining nine months)	$	5,278
2027		8,076
2028		6,938
2029		5,382
2030		4,791
Thereafter		24,972
Total operating lease payments		55,437
Less: imputed interest		(16,493	)
Present value of operating lease liabilities	$	38,944

The weighted-average remaining lease term and weighted-average discount rate for operating leases were as follows:


	September 30, 2025			June 30, 2025
Weighted average remaining lease term (in years)		7.6			7.8
Weighted average discount rate		10.5	%		10.4	%

Revenue - Schedule of Remaining Performance Obligations related to Warranty (Details) - Long-term Warranty and Service $ in Thousands	Sep. 30, 2025 USD ($)
2026	$ 22,438
2027	24,302
2028	11,647
Thereafter	$ 3,930

Supplemental Financial Information - Schedule of Other assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Other Assets [Abstract]
Capitalized software costs to be sold	$ 12,302	$ 10,252
Capitalized contract costs	4,748	5,359
Long-term accounts receivable	1,962	3,777
Purchased intangible assets, net	4	15
Deferred tax asset	738	756
Debt financing costs	626	669
Other long-term assets	3,879	3,615
Total other assets	$ 24,259	$ 24,443

Fair Value Measurements - Summary of Carrying Value and Estimated Fair Value of all Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Carrying Value
Fair value measurement
Long term debt	$ 140,169	$ 136,520
Fair Value
Fair value measurement
Long term debt	139,633	135,949
Non-recurring basis \| Carrying Value \| Level 2 \| 3.75% Convertible Notes Due 2026
Fair value measurement
Long term debt	17,922	17,893
Non-recurring basis \| Fair Value \| Level 2 \| 3.75% Convertible Notes Due 2026
Fair value measurement
Long term debt	17,386	17,322
Term Loan Facilities due 2030 \| Non-recurring basis \| Carrying Value \| Level 2
Fair value measurement
Long term debt	122,247	118,627
Term Loan Facilities due 2030 \| Non-recurring basis \| Fair Value \| Level 2
Fair value measurement
Long term debt	$ 122,247	$ 118,627

Stock Incentive Plans - Summary of Share-Based Compensation Expenses by Functional Line Item Noted Within Company's Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Share-based compensation expenses
Share-based compensation expense	$ 2,516	$ 2,353
Cost of revenue \| Products
Share-based compensation expenses
Share-based compensation expense	180	217
Cost of revenue \| Services
Share-based compensation expenses
Share-based compensation expense	190	154
Research and development
Share-based compensation expenses
Share-based compensation expense	351	382
Selling and marketing
Share-based compensation expenses
Share-based compensation expense	509	370
General and administrative
Share-based compensation expenses
Share-based compensation expense	$ 1,286	$ 1,230

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Recognition of deferred revenue	$ 28.0	$ 27.5
Remaining performance obligations amount	$ 866.0
Percentage of changes in operating results on entity's revenue	27.00%
Capitalized costs to obtain a contract	$ 6.7		$ 7.3
Long-term Warranty and Service
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations amount	62.3
Performance Obligations Other Than Warrant
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations amount	803.7
Performance Obligations Service Contracts
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations amount	$ 760.7

Supplemental Financial Information - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Inventory, Net [Abstract]
Raw materials	$ 58,502	$ 49,001
Work-in-process	14,568	14,844
Finished goods	82,433	77,175
Inventories, net	$ 155,503	$ 141,020

Leases - Schedule of Operating Lease Right-of-use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025
Leases [Abstract]
Balance at the beginning of period-Operating lease right-of-use assets	$ 33,115	$ 33,773
Lease assets added	187	4,624
Amortization for the period	(1,203)	(5,282)
Balance at the end of period-Operating lease right-of-use assets	32,099	33,115
Balance at the beginning of period- Operating lease liabilities	39,857	38,591
Lease liabilities added	187	5,726
Repayment and interest accretion	(1,100)	(4,460)
Balance at the end of period-Operating lease liabilities	38,944	39,857
Current portion of operating lease liabilities	7,463	7,375
Non-current portion of operating lease liabilities	$ 31,481	$ 32,482

Derivative Financial Instruments - Schedule of Gains and Losses on Derivative Instruments Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Designated as Hedges \| Cash Flow Hedging \| Foreign Currency Exchange Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amounts Recognized in Accumulated Other Comprehensive Loss	$ (108)	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
-Paragraph 4D
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Paragraph 4A
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental Financial Information - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 57,802	$ 57,672
Currency translation	18	130
Balance at the end of the period	$ 57,820	$ 57,802

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Segment Information

3 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

Note 11. Segment Information

The Company has one operating and reporting segment (oncology systems group), which develops, manufactures and markets proprietary medical devices used in radiation therapy for the treatment of cancer patients. The Company’s Chief Executive Officer, its Chief Operating Decision Maker (“CODM”), assesses financial performance by reviewing a reporting package based on consolidated results of the Company when making decisions about allocating resources and assessing performance. The CODM evaluates performance based on net revenues, gross profit, and operating income which are consistent with what is reported on the consolidated statements of comprehensive income (loss). Significant segment expenses regularly provided to the CODM are consolidated research and development expenses, sales and marketing, and general and administrative expenses as reported on the consolidated financial statements. In addition, the CODM regularly reviews the budget and forecast-to-actual variances to evaluate performance and to make decisions about allocating capital and other resources. The Company does not assess the performance of its individual product lines on measures of profit or loss, or asset-based metrics. Therefore, the information below is presented only for revenues and long‑lived tangible assets by geographic areas.

Disaggregation of Revenues

The Company disaggregates its revenues from contracts by geographic region, as the Company believes this best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. Revenues attributed to a country or region are based on the shipping address of the Company’s customers. Additionally, the Company typically recognizes revenue at a point in time for product revenue and recognizes revenue over time for service revenue.

The Company reports its customer revenues in five geographic regions: the Americas, EIMEA, Japan, China and Asia Pacific. The Americas region primarily includes the United States, Canada and Latin America. The EIMEA region includes Europe, India, the Middle East, and Africa. The Asia Pacific region consists of Asia (excluding Japan and China), Australia and New Zealand.

The following summarizes net revenue by geographic region (in thousands):


	Three Months Ended September 30,
	2025		2024
Americas	$	24,926	$	20,870
EIMEA		34,272		25,894
China		15,229		33,976
Japan		9,308		9,865
Asia Pacific		10,207		10,940
Total	$	93,942	$	101,545

Disaggregation of Long-Lived Assets

Information regarding geographic areas in which the Company has long-lived assets, which consists of property, plant and equipment, net, and operating lease right-of-use assets are as follows (in thousands):


	September 30, 2025		June 30, 2025
Americas	$	49,161	$	49,466
EIMEA		9,122		9,220
China		1,506		1,577
Japan		854		999
Asia Pacific		469		511
Total	$	61,112	$	61,773

The long-lived assets in the Americas region are located in the United States as of September 30, 2025, and June 30, 2025.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Revenue

$ 93,942

$ 101,545

Total cost of revenue

^[1]

67,394

67,076

Research and development

^[2]

11,369

12,116

Products

Revenue

^[3]

37,161

48,369

Total cost of revenue

29,628

32,461

Services

Revenue

^[4]

56,781

53,176

Total cost of revenue

37,766

34,615

Revenue from Joint Venture

Total cost of revenue

9,545

20,891

Research and development

359

355

Revenue from Joint Venture | Products

Revenue

8,847

28,644

Revenue from Joint Venture | Services

Revenue

$ 5,515

$ 4,058

[1]	Includes cost of revenue from sales to the joint venture, an equity method investment, of $9,545 and $20,891 during the three months ended September 30, 2025, and 2024, respectively. See Note 12.
[2]	Includes charge backs to the joint venture, an equity method investment, related to research and development of $359 and $355 during the three months ended September 30, 2025 and 2024, respectively.
[3]	Includes sales of products to the joint venture, an equity method investment, of $8,847 and $28,644 during the three months ended September 30, 2025, and 2024, respectively. See Note 12.
[4]	Includes sales of services to the joint venture, an equity method investment, of $5,515 and $4,058 during the three months ended September 30, 2025, and 2024, respectively. See Note 12.

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

Debt (Tables)

3 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Carrying Values of all Debt

The Company's outstanding debt as of September 30, 2025, and June 30, 2025, is as follows (in thousands):


	September 30, 2025			June 30, 2025
Term Loan Facilities due 2030	$	149,525		$	150,000
Convertible Senior Notes due June 1, 2026		18,000			18,000
Total debt		167,525			168,000
Accumulated Paid-in-kind interest		2,925			616
Unamortized debt financing costs		(10,549	)		(11,101	)
Unamortized discount for warrants issued to lenders		(19,732	)		(20,995	)
Total debt, net	$	140,169		$	136,520
Reported as:
Short-term debt, net	$	12,853		$	12,734
Long-term debt, net		127,316			123,786
Total debt, net	$	140,169		$	136,520

Summary of Interest Expense

A summary of interest expense on the Company’s outstanding debt is as follows (in thousands):


	Three Months Ended September 30,
	2025		2024
Contractual interest coupon	$	3,555	$	2,625
Non-cash paid-in-kind interest		2,308		—
Amortization of debt financing costs and discount for warrants issued to lenders		1,905		254
Total interest expense on debt	$	7,768	$	2,879

Summary of Weighted Average Effective Interest Rate

A summary of weighted average effective interest rate on the Company’s debt is as follows:


	September 30, 2025			June 30, 2025
Term Loan Facility due 2030		23.8	%		22.0	%
Convertible Senior Notes due June 1, 2026		4.4	%		4.3	%

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (21,678)	$ (3,954)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	1,676	1,464
Share-based compensation	2,515	2,353
Amortization of debt financing costs and discount for warrants issued to lenders	1,905	254
Non-cash interest paid-in-kind	2,308	0
Loss from change in fair value of warrant liability	1,874	0
Provision from credit losses	685	244
Provision for write-down of inventories	1,020	913
Loss on disposal of property and equipment	160	0
(Income) loss from equity method investment	(439)	72
Net deferred gross profit on sales to the JV	1,081	3,619
Provision for deferred income taxes, net	(6)	(75)
Changes in assets and liabilities:
Accounts receivable	28,288	2,003
Inventories	(16,577)	(16,985)
Prepaid expenses and other assets	3,497	3,670
Deferred cost of revenue	1,329	(871)
Accounts payable	9,642	(1,727)
Operating lease liabilities, net of operating lease right-of-use assets	99	132
Accrued compensation and accrued liabilities	(2,576)	(3,911)
Customer advances	(70)	(1,300)
Deferred revenues	(2,553)	6,805
Net cash provided by (used in) operating activities	12,180	(7,294)
Cash flows from investing activities
Purchases of property and equipment	(1,904)	(1,120)
Capitalized costs for software to be sold	(1,920)	0
Net cash used in investing activities	(3,824)	(1,120)
Cash flows from financing activities
Debt financing costs	0	(173)
Paydown under Term Loan Facilities	(475)	(2,000)
Borrowings Revolving Credit Facilities	2,000	10,000
Repayments under Revolving Credit Facilities	(2,000)	(10,000)
Net cash used in financing activities	(475)	(2,173)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(87)	1,327
Net increase (decrease) in cash, cash equivalents and restricted cash	7,794	(9,260)
Cash, cash equivalents and restricted cash at beginning of period	62,134	70,392	$ 70,392
Cash, cash equivalents and restricted cash at end of period	69,928	61,132	$ 62,134
Supplemental non-cash disclosure:
Unpaid purchase of property and equipment at end of period	561	440
Unpaid capitalized software costs to be sold at end of period	464	0
Transfers from inventory to property and equipment, net	604	92
Transfers from inventory to prepaid and other assets	0	1,218
Transfer of lease liabilities to leasehold improvements	0	447
Transfer of other assets to property and equipment	$ 0	$ 288

Stock Incentive Plans

3 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plans

Note 9. Stock Incentive Plans

The following table presents details of share-based compensation expenses, by functional line item, noted within the Company's operating expenses (in thousands):


	Three Months Ended September 30,
	2025		2024
Cost of revenue – products	$	180	$	217
Cost of revenue – services		190		154
Research and development		351		382
Selling and marketing		509		370
General and administrative		1,286		1,230
Total share-based compensation	$	2,516	$	2,353

Debt - Schedule of Carrying Values of All Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Debt Instrument [Line Items]
Total debt	$ 167,525	$ 168,000
Accumulated Paid in kind Interest	2,925	616
Unamortized debt financing costs	(10,549)	(11,101)
Unamortized discount for warrants issued to lenders	(19,732)	(20,995)
Total debt, net	140,169	136,520
Reported as:
Short-term debt, net	12,853	12,734
Long-term debt, net	127,316	123,786
Total debt, net	140,169	136,520
Convertible Senior Notes due June 1, 2026
Debt Instrument [Line Items]
Total debt	18,000	18,000
Term Loan Facilities due 2030
Debt Instrument [Line Items]
Total debt	$ 149,525	$ 150,000

Segment Information - Summary of Net Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Segment Information
Total net revenues	$ 93,942	$ 101,545
Americas
Segment Information
Total net revenues	24,926	20,870
Europe, India, Middle East and Africa
Segment Information
Total net revenues	34,272	25,894
China
Segment Information
Total net revenues	15,229	33,976
Japan
Segment Information
Total net revenues	9,308	9,865
Asia Pacific
Segment Information
Total net revenues	$ 10,207	$ 10,940

- Definition

+ References

+ Details

Commitments and Contingencies - Schedule of Information about the Company's Royalty Expense and Royalty Payments (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Royalty expense	$ 328	$ 243
Royalty payments	$ 378	$ 702

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Estimated future amortization expense of purchased intangible assets
Total estimated future amortization expense	$ 4	$ 15

Joint Venture - Summary of Reconciliation Between the Carrying Value of Investment and Proportional Share of Underlying Equity in Net Assets of Joint Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Jun. 30, 2024
Schedule of Equity Method Investments [Line Items]
Carrying value of investment in joint venture	$ 4,010	$ 4,612
Equity method goodwill	57,820	57,802	$ 57,672
Joint venture
Schedule of Equity Method Investments [Line Items]
Carrying value of investment in joint venture	4,010	4,612
Deferred intra-entity gross profit	18,582	17,501
Dividend declared	0	2,453
Equity method goodwill	(4,720)	(4,720)
Proportional share of equity investment in joint venture	$ 17,872	$ 19,846

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements - Summary of Changes in Fair Value of Penny Warrants (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value	$ 1,874	$ 0
Penny Warrants \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at the beginning of the period	8,497	$ 0	$ 0
Issuance of Penny Warrants on June 6, 2025	0		7,998
Change in fair value	1,874		499
Balance at the end of the period	$ 10,371		$ 8,497

Segment Information (Tables)

3 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Summary of Net Revenue by Geographic Region

The following summarizes net revenue by geographic region (in thousands):


	Three Months Ended September 30,
	2025		2024
Americas	$	24,926	$	20,870
EIMEA		34,272		25,894
China		15,229		33,976
Japan		9,308		9,865
Asia Pacific		10,207		10,940
Total	$	93,942	$	101,545

Schedule of Geographic Areas in Which the Company has Long-Lived Assets, Property, Plant and Equipment Net, and Operating Lease Right of Use Assets


	September 30, 2025		June 30, 2025
Americas	$	49,161	$	49,466
EIMEA		9,122		9,220
China		1,506		1,577
Japan		854		999
Asia Pacific		469		511
Total	$	61,112	$	61,773

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Net revenue:

Revenue

$ 93,942

$ 101,545

Cost of revenue:

Total cost of revenue

^[1]

67,394

67,076

Gross profit

26,548

34,469

Operating expenses:

Research and development

^[2]

11,369

12,116

Selling and marketing

11,973

11,682

General and administrative

14,519

12,820

Total operating expenses

37,861

36,618

Loss from operations

(11,313)

(2,149)

Income (loss) from equity method investment, net

439

(72)

Interest expense

(8,052)

(2,955)

Loss from change in fair value of warrant liability

(1,874)

Other (expense) income, net

(407)

1,847

Loss before provision for income taxes

(21,207)

(3,329)

Provision for income taxes

471

625

Net loss

$ (21,678)

$ (3,954)

Net loss per share - basic

$ (0.18)

$ (0.04)

Net loss per share - diluted

$ (0.18)

$ (0.04)

Weighted average common shares used in computing net loss per share:

Basic

118,946

100,225

Diluted

118,946

100,225

Other comprehensive loss:

Net loss

$ (21,678)

$ (3,954)

Unrealized loss from cash flow hedges, net of reclassifications

(108)

Cumulative translation adjustment

(31)

1,740

Comprehensive loss

(21,817)

(2,214)

Products

Net revenue:

Revenue

^[3]

37,161

48,369

Cost of revenue:

Total cost of revenue

29,628

32,461

Services

Net revenue:

Revenue

^[4]

56,781

53,176

Cost of revenue:

Total cost of revenue

$ 37,766

$ 34,615

[1]	Includes cost of revenue from sales to the joint venture, an equity method investment, of $9,545 and $20,891 during the three months ended September 30, 2025, and 2024, respectively. See Note 12.
[2]	Includes charge backs to the joint venture, an equity method investment, related to research and development of $359 and $355 during the three months ended September 30, 2025 and 2024, respectively.
[3]	Includes sales of products to the joint venture, an equity method investment, of $8,847 and $28,644 during the three months ended September 30, 2025, and 2024, respectively. See Note 12.
[4]	Includes sales of services to the joint venture, an equity method investment, of $5,515 and $4,058 during the three months ended September 30, 2025, and 2024, respectively. See Note 12.

Subsequent Events

3 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Note 14. Subsequent Events

In October 2025, the Company announced it is engaging in a significant organizational, strategic, and operational transformation. To accelerate this work, the Company’s Board of Directors (the “Board”) appointed proven industry leaders with deep operational expertise to drive execution, strengthen performance, and enhance competitiveness. The transformation plan initiatives, most of which will be implemented during the current fiscal year, are designed to increase operating margins, enhance organizational responsiveness and agility, and position the Company for sustainable, profitable growth. To support the execution of this transformation, the Company announced the following:

•

Appointed Stephen La Neve as President and Chief Executive Officer (“CEO”) of the Company, effective as of October 20, 2025. Mr. La Neve was also appointed to the Board as a Class III director with his initial term ending at the Company’s 2027 annual meeting of stockholders. Mr. La Neve succeeded Suzanne Winter, the Company’s President and Chief Executive Officer who resigned from her position as President and CEO, and resigned as a member of the Board, effective October 19, 2025. Ms. Winter will continue to serve as an advisor through November 30, 2025 to provide an orderly transition.

•

Appointed Steven F. Mayer, a member of the Board, as the Transformation Board Sponsor who will provide consulting services to the Company over a period of one year. Mr. Mayer’s services will include, among other things, responsibility for leading the Company’s planning and execution of certain strategic, organizational,

cultural, and operational initiatives and transformation in consultation with the Company’s CEO, onboarding the CEO and consulting with the CEO on other matters, and establishing the composition and duties of a transformation office.

•

Chan W. Galbato was nominated to the Board. Mr. Galbato, bringing more than 30 years of operational and strategic leadership experience across global enterprises.

•

FTI Consulting continues to advise the Company on its operational execution and transformation strategy. TCW, the Company’s strategic lending partner, expressed strong support for the transformation plan and the accompanying leadership changes.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Oct. 31, 2025
Cover [Abstract]
Entity Registrant Name	ACCURAY INCORPORATED
Entity Central Index Key	0001138723
Document Type	10-Q
Document Period End Date	Sep. 30, 2025
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Trading Symbol	ARAY
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		113,341,132
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity File Number	001-33301
Entity Tax Identification Number	20-8370041
Entity Address, Address Line One	1240 Deming Way
Entity Address, City or Town	Madison
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53717
City Area Code	608
Local Phone Number	824-2800
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ

Supplemental Financial Information

3 Months Ended

Sep. 30, 2025

Supplemental Financial Information Disclosure [Abstract]

Supplemental Financial Information

Note 3. Supplemental Financial Information

Balance Sheet Components

Financing receivables

A financing receivable is a contractual right to receive money, on demand or on fixed or determinable dates, that is recognized as an asset on the Company’s balance sheets. The Company’s financing receivables, consisting of its accounts receivable with contractual maturities of more than one year, are included in other assets on the unaudited condensed consolidated balance sheets. The Company evaluates the credit quality of a customer at contract inception and monitors credit quality over the term of the underlying transactions. The Company performs a credit analysis for all new orders and reviews payment history, current order backlog, financial performance of the customers and other variables that augment or mitigate the inherent credit risk of a particular transaction. Such variables include the underlying value and liquidity of the collateral, the essential use of the equipment, the contract term and the inclusion of credit enhancements, such as guarantees, letters of credit or security deposits. The Company classifies accounts as high risk when it considers the financing receivable to be impaired or when management believes there is a significant near-term risk of non‑payment. The Company performs an assessment each quarter of the allowance for credit losses related to its financing receivables.

A summary of the Company’s financing receivables is presented as follows (in thousands):


	September 30, 2025		June 30, 2025
Financing receivables	$	3,650	$	3,842
Allowance for credit losses		—		—
Total, net	$	3,650	$	3,842
Reported as:
Current	$	1,919	$	1,082
Non-current		1,731		2,760
Total, net	$	3,650	$	3,842

Inventories, net

Inventories consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Raw materials	$	58,502	$	49,001
Work-in-process		14,568		14,844
Finished goods		82,433		77,175
Inventories, net	$	155,503	$	141,020

The Company's inventories on the unaudited condensed consolidated balance sheets are net of reserves.

Prepaid and Other Current Assets

Prepaid and other current assets consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Value added tax receivables	$	5,617	$	11,381
Prepaid commissions		4,412		4,388
Capitalized contract costs		1,910		1,949
Income tax receivable		1,163		841
Debt financing costs		470		470
Dividend receivable from JV		—		2,453
Other prepaid assets		8,485		5,560
Other current assets		7,316		6,459
Total prepaid and other current assets	$	29,373	$	33,501

Debt financing costs are related to the $20 million delayed draw term loan facility and the short-term financing costs related to the $20 million revolving credit facility included in the Financing Agreement (see Note 8. Debt, for more information).

Property and equipment, net

Property and equipment, net, consisted of the following (in thousands):


	September 30, 2025			June 30, 2025
Machinery and equipment	$	49,492		$	49,147
Leasehold improvements		32,033			32,491
Software		11,844			11,534
Computer and office equipment		6,792			6,797
Furniture and fixtures		1,959			1,959
Construction in progress		6,005			4,641
		108,125			106,569
Less: Accumulated depreciation		(79,112	)		(77,911	)
Property and equipment, net	$	29,013		$	28,658

Depreciation expense related to property and equipment was $1.7 million and $1.5 million during the three months ended September 30, 2025, and 2024, respectively.

Goodwill

Activity related to goodwill consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Balance at the beginning of the period	$	57,802	$	57,672
Currency translation		18		130
Balance at the end of the period	$	57,820	$	57,802

The Company performed its annual goodwill impairment test in the quarter ended December 31, 2024, and determined that there was no impairment to goodwill. The Company did not identify any triggering events that would indicate a potential impairment of its goodwill as of September 30, 2025. The Company will continue to monitor its recorded goodwill for indicators of impairment every fiscal quarter.

Other Assets

Other assets consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Capitalized software costs to be sold	$	12,302	$	10,252
Capitalized contract costs		4,748		5,359
Long-term accounts receivable		1,962		3,777
Purchased intangible assets, net		4		15
Deferred tax asset		738		756
Debt financing costs		626		669
Other long-term assets		3,879		3,615
Total other assets		24,259		24,443

There was no amortization expense or amounts written down to net realizable value for the capitalized software costs to be sold during the three months ended September 30, 2025 and 2024. The Company did not identify any triggering events that would indicate a potential impairment of its definite-lived intangible and long-lived assets as of September 30, 2025. Debt financing costs are related to the $20 million revolving credit facility included in the Financing Agreement (see Note 8. Debt, for more information).

Other Accrued Liabilities

Other accrued liabilities consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Value added tax liabilities	$	6,887	$	12,408
Commissions due to third parties		445		573
Refunds due to customers		3,338		3,581
Accrued royalties		3,031		3,082
Accrued consulting		4,171		1,648
Interest payable		1,420		967
Income tax payable		802		973
Other liabilities		6,177		6,129
Total other accrued liabilities	$	26,271	$	29,361

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss are excluded from earnings and reported as a component of stockholders’ equity. The unrealized gains or losses on cash flow hedge instruments results from changes in our cash flow hedging arrangements. The foreign currency translation adjustment results from those subsidiaries not using the U.S. Dollar as their functional currency since the majority of their economic activities are primarily denominated in their applicable local currency. Accordingly, all assets and liabilities related to these operations are translated to the U.S. Dollar at the current exchange rates at the end of each period. Revenues and expenses are translated at average exchange rates in effect during the period.

The components of accumulated other comprehensive loss in the stockholders' equity section of the Company’s unaudited condensed consolidated balance sheets are as follows (in thousands):


	September 30, 2025			June 30, 2025
Cumulative foreign currency translation adjustment	$	(3,251	)	$	(3,220	)
Cumulative unrealized losses on cash flow hedge instruments		(108	)		-
Defined benefit pension obligation		1,383			1,383
Accumulated other comprehensive loss	$	(1,976	)	$	(1,837	)

Statements of Operations

Interest expense consisted of the following (in thousands)


	Three Months Ended September 30,
	2025		2024
Contractual interest coupon	$	3,555	$	2,625
Non-cash paid-in-kind interest		2,308		-
Amortization for financing costs and discount for warrants issued to lenders		1,905		254
Other		284		76
Total interest expense	$	8,052	$	2,955

Other (expense) income, net, consisted of the following (in thousands):


	Three Months Ended September 30,
	2025			2024
Interest income	$	272		$	303
Foreign currency exchange (loss) gain		(195	)		2,174
Costs for hedging activities		(336	)		(570	)
Other, net		(148	)		(60	)
Total other (expense) income, net	$	(407	)	$	1,847

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025
Loss Contingencies [Line Items]
Royalty amount accrued	$ 3,031		$ 3,082
General and administrative	14,519	$ 12,820
Restructuring charges paid	900
Restructuring charge, remaining accrual	1,900
Third party consulting costs
Loss Contingencies [Line Items]
Restructuring charge	1,300
General and administrative	1,300
Restructuring charges severance benefits
Loss Contingencies [Line Items]
Restructuring charge	1,500
Research and development \| Severance charges
Loss Contingencies [Line Items]
General and administrative	100
Sales and marketing \| Severance charges
Loss Contingencies [Line Items]
General and administrative	300
General and administrative \| Severance charges
Loss Contingencies [Line Items]
General and administrative	700
Product [Member] \| Severance charges
Loss Contingencies [Line Items]
General and administrative	200
Service [Member] \| Severance charges
Loss Contingencies [Line Items]
General and administrative	200
License agreement \| WARF (Wisconsin Alumni Research Foundation)
Loss Contingencies [Line Items]
Royalty amount accrued	3,000		3,100
Financial Guarantee \| Various Customers
Loss Contingencies [Line Items]
Bank guarantees	$ 1,400		$ 1,500
Percentage of workforce eliminated	3.00%

Leases (Tables)

3 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Operating Leases

The following table provides information related to the Company’s operating leases (in thousands):


	Three Months Ended September 30,
	2025		2024
Operating lease costs (1)	$	2,302	$	2,231
Short-term operating lease costs		91		39
Cash paid for amounts included in the measurement of lease liabilities		2,111		2,030

(1)

Excludes expenses related to short-term lease operating costs.

Schedule of Operating Lease Right-of-use Assets and Operating Lease Liabilities

Operating lease right-of-use assets and operating lease liabilities consisted of the following (in thousands):


	September 30, 2025			June 30, 2025
Operating lease right-of-use assets
Balance at the beginning of period	$	33,115		$	33,773
Lease assets added		187			4,624
Amortization for the period		(1,203	)		(5,282	)
Balance at the end of period	$	32,099		$	33,115
Operating lease liabilities
Balance at the beginning of period	$	39,857		$	38,591
Lease liabilities added		187			5,726
Repayment and interest accretion		(1,100	)		(4,460	)
Balance at the end of period	$	38,944		$	39,857

Current portion of operating lease liabilities	$	7,463		$	7,375
Non-current portion of operating lease liabilities		31,481			32,482

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of September 30, 2025, are presented in the table below (dollars in thousands):


	Amount
2026 (remaining nine months)	$	5,278
2027		8,076
2028		6,938
2029		5,382
2030		4,791
Thereafter		24,972
Total operating lease payments		55,437
Less: imputed interest		(16,493	)
Present value of operating lease liabilities	$	38,944

The weighted-average remaining lease term and weighted-average discount rate for operating leases were as follows:


	September 30, 2025			June 30, 2025
Weighted average remaining lease term (in years)		7.6			7.8
Weighted average discount rate		10.5	%		10.4	%

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2025 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM evaluates performance based on net revenues, gross profit, and operating income which are consistent with what is reported on the consolidated statements of comprehensive income (loss). Significant segment expenses regularly provided to the CODM are consolidated research and development expenses, sales and marketing, and general and administrative expenses as reported on the consolidated financial statements.

Derivative Financial Instruments

3 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Note 5. Derivative Financial Instruments

The Company measures all derivatives at fair value on the unaudited consolidated balance sheets. The accounting for gains and losses resulting from changes in the fair value of those derivatives depends upon the use of the derivative and whether it qualifies for hedge accounting are as follows (in thousands):


		September 30, 2025		June 30, 2025
	Balance sheet location	Fair Value
Derivative Assets Designated as Hedges
Foreign currency exchange contracts	Other current and prepaid assets	$	106	$	-
Foreign currency exchange contracts	Other assets		17		-
Total asset derivatives		$	123	$	-
Derivative Liabilities Designated as Hedges
Foreign currency exchange contracts	Accrued liabilities	$	127	$	-
Foreign currency exchange contracts	Long-term other liabilities		104		-
Total liability derivatives		$	231	$	-

As of June 30, 2025, the Company did not have any outstanding derivatives designated as hedging instruments. As of September 30, 2025, and June 30, 2025, the fair value of the Company's derivatives not designated as hedging instruments were not material. The Company records its derivative financial instruments on a gross basis within the unaudited condensed consolidated balance sheets.

Cash Flow Hedging Arrangements

The Company uses foreign currency forward contracts designated as cash flow hedges to manage its exposure to the variability of future cash flows that are denominated in a foreign currency. The tenor of these forward contracts range up to approximately eighteen months. For derivative instruments designated as cash flow hedges, the derivative’s gain or loss is initially reported as a component of accumulated other comprehensive loss and subsequently reclassified into income in the same period or periods in which the hedged item affects earnings. In order for the Company to receive hedge accounting treatment, the cash flow hedge must be highly effective in offsetting changes in the fair value of the hedged item and the relationship between the hedging instrument and the associated hedged item must be formally documented at the inception of the hedge relationship. Hedge effectiveness is formally assessed, both at hedge inception and on an ongoing basis, to determine whether the derivatives used in hedging transactions are highly effective in offsetting changes in the value of the hedged items and whether they are expected to continue to be highly effective in future periods.

The Company formally documents relationships between hedging instruments and associated hedged items. This documentation includes: identification of the specific foreign currency asset, liability or forecasted transaction being hedged; the nature of the risk being hedged; the hedge objective; and the method of assessing hedge effectiveness. If an anticipated transaction is deemed no longer likely to occur, the corresponding derivative instrument is de-designated as a hedge and any associated unrealized gains and losses in accumulated other comprehensive loss are recognized in income or expense at that time. Any future changes in the fair value of the instrument are recognized in current income or expense. The Company is required to maintain a minimum cash collateral balance of $2.0 million for its outstanding cash flow hedge derivatives to fund the anticipated settlement of its open positions. As of September 30, 2025, the Company has $2.0 million in cash collateral for its cash flow hedge derivatives recorded in long-term restricted cash on the unaudited condensed consolidated balance sheets.

The Company had the following outstanding foreign currency forward contracts that were entered into to hedge forecasted revenues and designated as cash flow hedges (in thousands):


	September 30, 2025		June 30, 2025
Euro	$	35,039	$	—
Japanese Yen		24,942		—
Total	$	59,981	$	—

As of June 30, 2025, the Company did not have any foreign currency forward contracts designated as cash flow hedges.


	Losses Recognized in Accumulated Other Comprehensive Loss
	Three Months Ended September 30,
Derivative Instrument	2025			2024
Foreign currency exchange contracts	$	(108	)	$	—

During the three months ended September 30, 2025 and 2024, there were no amounts reclassified from accumulated other comprehensive loss to the statement of operations and comprehensive loss. During the three months ended September 30, 2025, the gains and losses recognized due to the de-designation of cash flow hedge contracts were not significant. As of September 30, 2025, the amount that will be reclassified from accumulated other comprehensive loss to earnings within the next twelve months is not material. As of September 30, 2025, outstanding cash flow hedges will mature within the next eighteen months.

Balance Sheet Hedging Arrangements

The Company uses foreign currency forward contracts designated as balance sheet hedges with approved financial institutions to manage its exposure of fluctuations in foreign currency exchange rates on certain intercompany balances and foreign currency denominated cash, customer receivables and liabilities.

These balance sheet hedging arrangements are not designated as hedging instruments for accounting purposes. Principal hedged currencies primarily include the Japanese Yen, Swiss Franc, and Euro. The periods of these balance sheet hedges range up to approximately three months and the notional amounts are intended to be consistent with changes in the underlying exposures.

The notional amount of the Company's outstanding balance sheet hedge contracts consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Swiss Franc	$	20,284	$	7,438
Japanese Yen		5,317		8,700
Euro		9,368		11,431
Indian Rupee		8,308		7,485
Chinese Yuan		6,038		5,491
Korean Won		1,213		1,306
Canadian Dollar		1,136		—
British Pound		—		1,617
Total outstanding balance sheet hedge contracts	$	51,664	$	43,468

Gains or losses on derivative financial instruments

Gains and losses on the Company's balance sheet and cash flow hedges are recorded in other income (expense), net, on the Company's unaudited condensed consolidated statements of operations. The following table provides information about the gain or loss associated with the Company’s derivative financial instruments (in thousands):


	Three Months Ended September 30,
	2025		2024
Foreign currency exchange gain on balance sheet hedges	$	99	$	1,436
Foreign currency exchange gain on cash flow hedges		95		-
Total	$	194	$	1,436

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details