Stockholders' Equity

3 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

17. STOCKHOLDERS’ EQUITY

Summary

The following table summarizes changes in the components of stockholders’ equity during the three months ended December 31, 2024 and 2023, respectively (amounts in thousands, except par value and share amounts):

	Common Stock
	Shares		Par Value Amount		Additional Paid-in Capital		Accumulated Deficit			Accumulated Other Comprehensive Loss			Total Stockholders' Equity
Balance as of September 30, 2024		44,631,030	$	446	$	125,690	$	(107,792	)	$	(335	)	$	17,563
Share-based compensation expense		—		—		391		—			—			391
Issuance of common stock upon exercise   of stock options, net		667		—		1		—			—			1
Issuance of common stock upon vesting   of restricted stock units		27,666		—		—		—			—			—
Obligation to issue common stock in Evertel acquisition		270,271		3		—		—			—			—
Accumulated other comprehensive loss		—		—		—		—			(207	)		(207	)
Net loss		—		—		—		(4,078	)		—			(4,078	)
Balance as of December 31, 2024		44,929,634	$	449	$	126,082	$	(111,870	)	$	(542	)	$	13,670

	Common Stock
	Shares		Par Value Amount		Additional Paid-in Capital		Accumulated Deficit			Accumulated Other Comprehensive Loss			Total Stockholders' Equity
Balance as of September 30, 2023		37,211,071	$	372	$	110,379	$	(76,062	)	$	(505	)	$	33,812
Share-based compensation expense		—		—		446		—			—			446
Issuance of common stock upon offering, net of    issuance costs		5,750,000		57		10,449		—			—			10,449
Issuance of common stock upon vesting of restricted stock units		10,000		—		—		—			—			—
Issuance of common stock in business combination		986,486		10		1,924		—			—			1,924
Obligation to issue common stock		—		—		527		—			—			527
Release of obligation to issue common stock		69,564		1		—		—			—			—
Accumulated other comprehensive loss		—		—		—		—			119			119
Net loss		—		—		—		(6,724	)		—			(6,724	)
Balance as of December 31, 2023		44,027,121	$	440	$	123,725	$	(82,786	)	$	(386	)	$	40,553

Common stock activity

During the three months ended December 31, 2024, 667 stock options were exercised and the Company issued 27,666 shares of common stock in connection with the vesting of RSUs. During the three months ended December 31, 2023, there were no exercises of stock options and the Company issued 10,000 shares of common stock in connection with the vesting of RSUs.

On October 4, 2023, the Company completed an underwritten public offering of 5,750,000 shares of its common stock at a public offering price of $2.00 per share of common stock. The Company received gross proceeds of approximately $11,500 from the offering, before underwriting discounts and commissions and offering expenses of $1,051. The Company intends to use the net proceeds from this offering for general corporate purposes, including funding organic growth, working capital, capital expenditures, and continued research and development with respect to products and technologies, as well as costs related to post-closing integration with the Evertel business and research and development activities related to the integrated business.

In connection with the Evertel acquisition, the Company issued 986,486 shares of common stock to the former owners of Evertel. The fair value of the Company’s stock on the closing date was $1.95 which resulted in the addition of $1,924 to additional-paid-in-capital. The Company also issued 236,343 shares of common stock to the former owners of Evertel, in connection with the settlement of a portion of the contingent consideration liability. This resulted in the addition of $656 to additional-paid-in-capital.

Under the terms of the Purchase Agreement, the Company recorded an obligation to issue 81,083 shares of common stock to the former owners of Evertel and three key employees during the three months ended June 30, 2024, resulting in an addition of $158 to additional-paid-in-capital. Also, in connection with the Evertel acquisition, the Company issued 270,271 shares of the Company’s common stock to the seller of Evertel twelve months from the closing date. The fair value of the Company’s common stock on the closing date was $1.95, resulting in the addition of $527 to additional paid-in-capital.

During the three months ended December 31, 2023, the Company issued the final 69,564 shares to the former owners of the Amika Mobile assets in connection with the Amika Mobile asset purchase.

Share buyback program

In December 2022, the Board of Directors extended the Company’s share buyback program through December 31, 2024. Under the program, the Company was authorized to repurchase up to $5,000 of its outstanding common shares and expired on December 31, 2024.

There were no shares repurchased during the three months ended December 31, 2024 and 2023. All repurchased shares have been retired.

Dividends

There were no dividends declared in the three months ended December 31, 2024 and 2023.