Equity and Stock-Based Compensation

9 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

8. Equity and Stock-Based Compensation

Stock-based compensation expense was $0.3 million and $0.5 million in the three months ended June 30, 2025 and 2024, respectively, and $1.0 million and $1.2 million in the nine months ended June 30, 2025 and 2024, respectively. Stock-based compensation expense is included in selling, general and administrative expenses.

The following table summarizes our stock option activity during the nine months ended June 30, 2025:


	Options			Weighted Average Exercise Price
Outstanding at beginning of period		1,087,016		$	6.97
Granted		20,000			5.40
Exercised		(30,187	)		4.97
Forfeited		(184,079	)		7.76
Outstanding at end of period		892,750		$	6.84
Exercisable at end of period		615,404		$	7.09
Weighted average fair value of options granted during the period	$	2.96

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


	Nine Months Ended June 30,
	2025			2024
Risk free interest rate		4	%		4	%
Expected term	5 years			5 years
Dividend rate		—	%		—	%
Volatility		60	%		60	%

The following table summarizes our RSU activity during the nine months ended June 30, 2025:


	Number			Weighted Average Grant Date Fair Value
Nonvested at beginning of year		24,897		$	4.82
Granted		207,524			4.98
Released		(24,897	)		4.82
Forfeited		(36,500	)		4.99
Nonvested at end of period		171,024		$	4.98