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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Revenues:        
Franchise rental income (Note 8) $ 17,237 $ 20,022 $ 34,591 $ 41,658
Total revenue 57,117 46,719 116,075 92,779
Operating expenses:        
General and administrative 10,264 11,155 21,615 25,189
Rent 17,200 20,000 34,600 41,700
Advertising fund expense 5,298 5,490 10,871 11,131
Depreciation and amortization 796 460 1,564 906
Long-lived asset impairment 0 0 0 352
Total operating expenses 50,920 41,222 103,957 85,148
Operating income 6,197 5,497 12,118 7,631
Other (expense) income:        
Interest expense (5,255) (4,848) (10,526) (9,694)
Gain on earn-out liability 0 0 1,000 0
Other, net 517 (307) 759 370
Income (loss) from operations before income taxes 1,459 342 3,351 (1,693)
Income tax (expense) benefit (1,003) (136) (1,539) 89
Income (loss) from continuing operations 456 206 1,812 (1,604)
Income from discontinued operations (Note 3) 0 7,439 0 8,396
Net income $ 456 $ 7,645 $ 1,812 $ 6,792
Basic:        
Income (loss) from continuing operations, basic (in dollars per share) $ 0.18 $ 0.09 $ 0.74 $ (0.68)
Income from discontinued operations, basic (in dollars per share) 0 3.20 0 3.58
Net income per share (in dollars per share) [1] 0.18 3.29 0.74 2.90
Diluted:        
Income (loss) from continuing operations, diluted (in dollars per share) 0.16 0.07 0.64 (0.68)
Income from discontinued operations, diluted (in dollars per share) 0 2.63 0 3.58
Net income per share, diluted (in dollars per share) [1] $ 0.16 $ 2.71 $ 0.64 $ 2.90
Weighted average common and common equivalent shares outstanding:        
Basic (in shares) 2,482 2,324 2,461 2,346
Diluted (in shares) 2,862 2,825 2,822 2,346
Rent        
Operating expenses:        
Rent $ 3,598 $ 2,149 $ 6,821 $ 3,213
Franchisor        
Operating expenses:        
Rent 17,237 20,022 34,591 41,658
Royalties        
Revenues:        
Revenues 13,641 14,840 27,677 30,486
Fees        
Revenues:        
Revenues 1,753 2,917 3,537 5,269
Advertising fund contributions        
Revenues:        
Revenues 5,298 5,490 10,871 11,131
Company-owned salon revenue        
Revenues:        
Revenues 19,188 3,450 39,399 4,235
Operating expenses:        
Company-owned salon expense [2] $ 13,727 $ 1,946 $ 28,495 $ 2,699
[1] Total is a recalculation; line items calculated individually may not sum to total due to rounding.
[2] Includes cost of services and products sold to guests in our company-owned salons. Excludes general and administrative expense, rent, and depreciation and amortization related to company-owned salons