Supporting Financial Information

6 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supporting Financial Information

Supporting Financial Information

Accounts receivable

The following table summarizes accounts receivable presented on our consolidated balance sheets as follows (in thousands):

	March 31,		September 30,
	2026		2025
Billed receivables	$	18,071	$	16,394
Contract assets	15,571		22,000
Accounts receivable	$	33,642	$	38,394

Other current assets

The following table summarizes other current assets presented on our consolidated balance sheets as follows (in thousands):

	March 31,		September 30,
	2026		2025
Prepaid licenses and other expenses	$	2,309	$	1,892
Prepaid insurance and benefits	32		1,015
Other receivables	672		1,111
Other current assets	$	3,013	$	4,018

Goodwill

There were no changes in goodwill for the six months ended March 31, 2026. The balance of goodwill was approximately $138.2 million as of March 31, 2026 and September 30, 2025.

Intangible assets

The following table summarizes intangible assets, net presented on our consolidated balance sheets as follows (in thousands):

	March 31,		September 30,
	2026		2025
Intangible assets
Customer contracts and related customer relationships	$	113,622	$	113,622
Backlog	37,249		37,249
Trade name	13,034		13,034
Covenants-not-to-compete	637		637
Total intangible assets	164,542		164,542
Less: accumulated amortization
Customer contracts and related customer relationships	(58,349)		(52,665)
Backlog	(16,575)		(14,714)
Trade name	(5,443)		(4,792)
Covenants-not-to-compete	(537)		(506)
Total accumulated amortization	(80,904)		(72,677)
Intangible assets, net	$	83,638	$	91,865

Amortization expense was $4.1 million and $4.1 million for the three months ended March 31, 2026 and 2025, respectively, and $8.2 million and $8.2 million for the six months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, the estimated amortization expense per fiscal year was as follows (in thousands):

Fiscal year ending:
2026 (remaining)	$	7,493
2027	14,694
2028	14,694
2029	13,734
2030	11,637
Thereafter	21,386
Total amortization expense	$	83,638

The weighted-average remaining amortization period at March 31, 2026 is as follows:

Intangible assets	Weighted-Average Remaining Amortization Period
Customer contracts and related customer relationships	6.1 years
Backlog	5.9 years
Trade names	6.3 years
Covenants not to compete	6.0 years
Total	6.1 years

Equipment and improvements, net

The following table summarizes equipment and improvements, net presented on our consolidated balance sheets as follows (in thousands):

	March 31,		September 30,
	2026		2025
Furniture and equipment	$	1,192	$	1,177
Computer equipment and software	4,241		4,217
Leasehold improvements	1,567		1,567
Total equipment and improvements	7,000		6,961
Less: accumulated depreciation	(6,058)		(5,687)
Equipment and improvements, net	$	942	$	1,274

Depreciation expense was $0.2 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively, and $0.4 million and $0.3 million for the six months ended March 31, 2026 and 2025, respectively.

Accounts payable and accrued liabilities

The following table summarizes accounts payable and accrued liabilities presented on our consolidated balance sheets as follows (in thousands):

	March 31,		September 30,
	2026		2025
Accounts payable	$	9,432	$	12,299
Accrued benefits	488		1,214
Accrued workers' compensation insurance	516		750
Accrued bonus and incentive compensation	616		1,527
Accrued interest	911		474
Other accrued expenses	482		2,982
Accounts payable and accrued liabilities	$	12,445	$	19,246

Accrued payroll

The following table summarizes accrued payroll presented on our consolidated balance sheets as follows (in thousands):

	March 31,		September 30,
	2026		2025
Accrued leave	$	4,352	$	8,112
Accrued payroll	2,511		3,701
Accrued payroll taxes	270		340
Accrued severance	48		—
Total accrued payroll	$	7,181	$	12,153

Debt obligations

The following table summarizes debt obligations presented on our consolidated balance sheets as follows (in thousands):

	March 31,		September 30,
	2026		2025
Secured term loan	$	122,000	$	123,500
Secured revolving line of credit	10,690		8,067
Less: unamortized deferred financing costs	(2,729)		(3,534)
Net bank debt obligations	129,961		128,033
Less: current portion of debt obligations, net of deferred financing costs (a)	(19,450)		(8,067)
Long-term portion of debt obligations, net of deferred financing costs	$	110,511	$	119,966

As of March 31, 2026, we have satisfied quarterly minimum principal payments on our secured term loan until December 31, 2026, and have made a partial payment toward the principal due as of that date.

(a) As of March 31, 2026, the current portion comprises term loan amortization of $10.4 million and the $10.7 million outstanding balance on the secured revolving line of credit, net of $1.6 million of unamortized deferred financing costs.

Interest expense

The following table summarizes interest expense presented on our consolidated statements of operations as follows (in thousands):

	Three Months Ended				Six Months Ended
	March 31,				March 31,
	2026		2025		2026		2025
Interest expense (a)	$	2,720	$	3,486	$	5,712	$	7,172
Interest income (b)	(5)		(33)		(34)		(42)
Amortization of deferred financing costs (c)	424		424		857		880
Interest expense, net	$	3,139	$	3,877	$	6,535	$	8,010

(a) Interest expense on borrowing.

(b) Interest earned from customer payments received after the due date.

(c) Amortization of expenses related to secured term loan and secured revolving line of credit.