Income Taxes

3 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Note 10 – Income Taxes

As of September 30, 2026, the Company has initiated the compulsory acquisition process for the remaining minority

shareholders of Falcon Australia, which is expected to be completed in November 2026. Upon obtaining full ownership,

Falcon Australia is expected to join the Australian tax consolidated group, resulting in application of the Australian tax

cost-setting rules. Management has considered the expected tax base step-up in determining deferred tax assets and

deferred tax liabilities, based on its current expectation that the compulsory acquisition process and subsequent tax

consolidation will be completed.

The ultimate deferred tax consequences remain subject to completion of the tax cost-setting process, final

determination of available tax attributes and completion of the Australian tax consolidation calculations.

The effective tax rates for the three months ended September 30, 2026, and 2025 were nil. The Group’s effective tax

rate differed from the applicable statutory income tax rate primarily due to operating losses incurred for the three months

ended September 30, 2026, and 2025. As of September 30, 2026, the Group has unrecognized accumulated losses for tax

purposes in the amount of $664.5 million, which may be carried forward and offset against taxable income in the future for

an indefinite period, subject to meeting Australian tax rules around continuity of ownership or business continuity test.

The Organization for Economic Co-operation and Development's (“OECD”) framework to implement a global

minimum corporate tax rate of 15% (calculated on a country-by-country basis) for companies with global consolidated

revenues above certain thresholds (“referred to as Pillar 2”) has been agreed upon in principle by over 140 countries. While

it is not expected that the U.S. will enact legislation to adopt Pillar 2, certain countries in which the Group operates have

adopted Pillar 2 legislation or are in the process of introducing legislation to implement Pillar 2. Although the framework

provides model rules for applying the minimum tax, countries may enact Pillar 2 differently than the model rules and on

different timelines and may adjust their domestic tax incentives in response to Pillar 2. On January 5, 2026, the OECD

introduced new guidance including a “Side-by-Side Safe Harbor” for U.S. and other multinational companies where

domestic and international tax systems meet certain requirements to coexist with Pillar 2. Under the new guidance, U.S.-

parented companies would be exempt from certain aspects of the global minimum tax regime. The package includes a

permanent simplified effective tax rate safe harbor and a substance-based tax incentive safe harbor. Additionally, the

package extends the transitional country-by-country reporting safe harbor through to 2027. The updated model rules will

need to be incorporated into local tax legislation to become effective. The Group will continue to evaluate the impacts of

Pillar 2 in our non-U.S. tax jurisdictions. The Pillar 2 rules did not have a material impact on the Group's condensed

consolidated financial statements for the three months ended September 30, 2026.

On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (“OBBBA”) which includes, among

other provisions, changes to the U.S. corporate income tax system such as allowing of immediate expensing of qualifying

domestic research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs

Act. Certain provisions of the OBBBA are effective for the Group beginning in fiscal year 2026. The OBBBA did not have

any impact on the Group’s interim financial statements for the three months ended September 30, 2026 and is not expected

to have an impact on the Group’s annual financial statements for the year ending on June 30, 2027. For additional

information regarding the Group's income tax matters, refer to the section entitled “Income Taxes” of our Annual Report

on Form 10-K for the fiscal year ended June 30, 2026.

As of September 30, 2026, and June 30, 2026, the Group did not have any uncertain tax positions.