Stock-Based Compensation (Tables)

3 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions of Grant Date Fair Value

The following table summarizes the assumptions used to calculate the grant date fair value of the Tranche 3 RSUs

granted on August 6, 2024:

Expected term for performance period (in years)	4.9
Expected volatility	74.6%
Risk-free interest rate	3.7%

The following table summarizes the assumptions used to calculate the grant date fair value of these stock options on

May 28, 2026:

Expected term for performance period (in years)	3.0
Expected volatility	55.42%
Risk-free interest rate	4.0%
Dividend yield	—%

Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

A summary of the Group's employee RSUs activity for the three months ended September 30, 2026 is as follows (in

numbers and dollars):

	Balance at July 1, 2026	Granted	Vested	Forfeited	Balance at September 30, 2026
IPO Awards:
Tranche 1	266,250	—	(8,334)	(4,166)	253,750
Tranche 2	83,125	—	(6,250)	—	76,875
Tranche 3	183,125	—	—	(6,250)	176,875
Retention Awards	25,000	10,000	—	—	35,000
Total RSUs (1)	557,500	10,000	(14,584)	(10,416)	542,500
Weighted average grant date fair value	$20.96	$30.52	$21.73	$20.48	$21.13

(1) As of September 30, 2026, 542,500 RSUs are expected to vest.

Schedule of Stock-Based Compensation Costs Recognized

The following table presents the stock-based compensation costs recognized related to our RSUs for the three months

ended September 30, 2026 (in thousands, except remaining contractual term):

	Three months ended September 30, 2026
	Stock-based compensation cost incurred	Remaining costs to recognize, if all vesting conditions are met	Weighted average remaining contractual term (in years)
IPO Awards (Tranche 1)	$485	$1,407	0.76
IPO Awards (Tranche 2)	193	426	0.76
IPO Awards (Tranche 3)	304	886	0.76
Retention Awards - granted FY26	42	289	1.76
Retention Awards - granted FY27	36	404	2.76
Less: Forfeitures	(81)	—
Total cost incurred	$979	$3,412
Total stock compensation costs capitalized	$421
Total stock compensation costs expensed	558
Total cost incurred	$979

Schedule of Share-Based Payment Arrangement, Option, Activity

A summary of activity for Falcon stock options is as follows:

	Number of Shares	Weighted Average Exercise Price	Weighted Average Remaining Contractual Term (in years)
Outstanding at July 1, 2026	369,084	$21.94	2.91
Granted	—	—	0.00
Exercised	—	—	0.00
Forfeited or expired	—	—	0.00
Outstanding at September 30, 2026	369,084	21.94	2.66
Vested and exercisable at September 30, 2026	123,028	$21.94	2.66