Equity and Stock-Based Compensation

3 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity and Stock-Based Compensation

8. Equity and Stock-Based Compensation

Stock-based compensation expense was $0.3 million in the three months ended December 31, 2024 and 2023, respectively. Stock-based compensation expense is included in selling, general and administrative expenses.

The following table summarizes our stock option activity during the three months ended December 31, 2024:

	Options			Weighted Average Exercise Price
Outstanding at beginning of period		1,087,016		$	6.97
Granted		10,000			5.55
Exercised		(30,187	)		4.97
Forfeited		(65,130	)		8.90
Outstanding at end of period		1,001,699		$	6.89
Exercisable at end of period		474,368		$	7.72
Weighted average fair value of options granted during the period	$	3.06

The fair value of options was estimated at the applicable grant date using the Black-Scholes option pricing model with the following assumptions:

	Three Months Ended December 31,
	2024			2023
Risk free interest rate		4	%		4	%
Expected term	5 years			5 years
Dividend rate		—	%		—	%
Volatility		61	%		56	%

The following table summarizes our RSU activity during the three months ended December 31, 2024:

	Number		Weighted Average Grant Date Fair Value
Nonvested at beginning of year		24,897	$	4.82
Granted		—		—
Released		—		—
Forfeited		—		—
Nonvested at end of period		24,897	$	4.82