Stock-based Payments

12 Months Ended

Apr. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based compensation in the amount of $1.2 million and $654,000 was recognized for years ended April 30, 2026 and 2025, respectively. Stock-based compensation costs were recorded as follows (in thousands):


	Year Ended April 30,
	2026		2025
General and administrative	$	969	$	414
Sales and marketing	78		125
Research and development	134		10
TOS cost of sales	56		105


Total stock-based compensation expense	$	1,237	$	654

For the twelve months ended April 30, 2026, stock-based compensation expense for research and development includes approximately $129,000, for options granted by the Company's wholly-owned subsidiary, Corellia, to certain of its employees.

The Company has in place a 2021 Equity Incentive Plan and 2010 Equity Incentive Plan as well as the 2023 Global Equity Incentive Plan which is specific to Corellia (collectively, the "Plans"). In general, these Plans provide for stock-based compensation to the Company’s employees, directors and non-employees. The 2010 and 2021 Plans also provide for limits on the aggregate number of shares that may be granted, the term of grants and the strike price of option awards.

2021 Equity Incentive Plan

As part of the 2021 Annual Shareholders Meeting, shareholders approved the adoption of the 2021 Equity Incentive Plan (“2021 Equity Plan”). The purpose of the 2021 Equity Plan is to grant (i) Non-statutory Stock Options; (ii) Incentive Stock Options; (iii) Restricted Stock Awards; and/or (iv) Stock Appreciation Rights (collectively, stock-based compensation) to its employees, directors and non-employees. Total stock awards under the 2021 Equity Plan shall not exceed 2 million shares of common stock. Options and Stock Appreciation Rights expire no later than ten years from the date of grant and the awards vest as determined by the Board of Directors (the "Board") or Chief Executive Officer. Options and Stock Appreciation Rights have a strike price not less than 100% of the fair market value of the common stock subject to the option or right at the date of grant. As of April 30, 2026, approximately 80,000 shares were left to issue under this plan and 1.9 million options granted under the 2021 plan were outstanding.

2010 Equity Incentive Plan

On February 18, 2011, shareholders owning a majority of the issued and outstanding shares of the Company executed a written consent approving the 2010 Equity Incentive Plan (“2010 Equity Plan”). The purpose of the 2010 Equity Plan is to grant (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights (collectively, stock-based compensation) to its employees, directors and non-employees. Total stock awards under the 2010 Equity Plan shall not exceed 30,000,000 shares of common stock. Options and Stock Appreciation Rights expire no later than ten years from the date of grant and the awards vest as determined by the Board. Options and Stock Appreciation Rights have a strike price not less than 100% of the fair market value of the common stock subject to the option or right at the date of grant. After February 2021, no more shares were available to be issued from this plan. As of April 30, 2026, approximately 732,000 options granted under the 2010 plan were still outstanding.

2023 Global Equity Incentive Plan

As part of the establishment of Corellia, the subsidiary's Board of Directors approved the adoption of the 2023 Global Equity Incentive Plan ("the Plan"). The purpose of the Plan is to grant (i) Non-statutory Stock Options; (ii) Incentive Stock Options; and/or (iii) Restricted Stock Awards (collectively, stock-based compensation) to its employees, directors and non-employees. Options expire no later than ten years from the date of grant. Options awards vest as follows, unless otherwise determined by the subsidiary's Board or Plan Administrator, twenty-five percent (25%) of the options grant on the first anniversary of the vesting commencement date (and in the absence of such determination, of date on which such Options were granted), and six and one-quarter percent (6.25%) of the options grant at the end of each subsequent three-month period thereafter over the course of the following three (3) years.

Director Compensation Plan

On December 12, 2013, the Compensation Committee of the Board (the "Committee") adopted changes to the Director Compensation Plan of 2010 (the “Director Plan”) effective December 1, 2013. Under the Director Plan, independent directors of the Company were entitled to an annual award of a five-year option to purchase 8,333 shares of the Company’s common stock, and the Chairman of the Board of the Company was entitled to an annual award of a five-year option to purchase 16,667 shares of the Company’s common stock. Independent directors who serve as chairperson of a committee were also to receive an annual grant of a five-year option to purchase 1,667 shares of the Company’s common stock.

During fiscal year 2021, the Committee adopted the Director Compensation Plan of 2021 (the "2021 Plan"). Under the 2021 Plan, independent directors are entitled to an annual base compensation of $100,000 which can be received in either ten-year options to purchase shares of the Company's stock, which vest fully over a one-year period, or a combination of options and cash, where cash received is not to exceed $35,000. The Chairman of the Board’s annual compensation was set at an equivalent of $150,000. Compensation for independent directors who serve as chairperson of a committee was set at an equivalent of between $110,000 to $120,000. All options issued under the 2021 Plan vest quarterly at a rate of 25%. Option grants will typically be issued after the annual shareholder meeting which will generally be held in October of each year. New directors will receive compensation upon joining the Board equal to a pro-rata equivalent for the remainder of the year. Options issued under the 2021 Plan are issued pursuant to the 2021 Equity Plan.

Stock Option Grants

Black-Scholes and Monte Carlo assumptions used to calculate the fair value of Champions options granted by the Company during the years ended April 30, 2026 and 2025 were as follows:


	Year Ended April 30,
	2026	2025
Expected term in years	6	6
Risk-free interest rates	3.6% - 4.5%	3.6% - 4.5%
Volatility	53% - 62%	54% - 63%
Dividend yield	—%	—%

The weighted average fair value at grant date of stock options granted during the years ended April 30, 2026 and 2025, was $4.10 and $2.86, respectively.

Black-Scholes assumptions used to calculate the fair value of Corellia options granted by Corellia during May 2025 were as follows:


	Year Ended April 30,
		2026	2025
Expected term in years		6	0
Risk-free interest rates		4.15%	—%
Volatility		65%	—%
Dividend yield		—%	—%

The weighted average fair value at grant date of stock options granted during year ended April 30, 2026 was $1,364. There have been no Corellia stock options granted prior to or since the first quarter of fiscal 2026 and no options were granted during the year ended April 30, 2025.

The Company’s stock options activity and related information as of and for the years ended April 30, 2026 and 2025 is as follows:


	Directors and Employees	Non- Employees	Total	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding, May 1, 2025	1,671,182	7,500	1,678,682	$	4.98	4.9	$	4,434,000
Granted	1,205,272	—	1,205,272	$	7.08	9.3	$	—
Exercised	(109,656)	—	(109,656)	$	2.13
Canceled	(14,875)	—	(14,875)	$	7.23
Forfeited	(66,270)	—	(66,270)	$	7.53
Expired	(53,333)	—	(53,333)	$	11.96

Outstanding, April 30, 2026	2,632,320	7,500	2,639,820	$	5.84	6.4	$	2,673,000

Vested and expected to vest as of April 30, 2026	2,632,320	7,500	2,639,820	$	5.84	6.4	$	2,673,000

Exercisable as of April 30, 2026	1,462,450	7,500	1,469,950	$	4.86	4.0	$	2,618,000

The remaining unrecognized stock-based compensation expense at April 30, 2026 was $4.1 million. Of this amount, $2.1 million is expected to be recognized over weighted-average periods ranging from 1.8 to 2.58 years. The remaining

$2.0 million relates to awards with performance-based conditions that are not currently considered probable of achievement and will be recognized only if and when the applicable performance conditions become probable. As of April 30, 2026, there were 490,000 options that have these performance-based vesting provisions and are subject to forfeiture, in whole or in part, if these performance conditions are not achieved. Management assesses, on an ongoing basis, the probability of whether the performance criteria will be achieved and, if it is deemed probable, stock-based compensation expense is recognized over the relevant performance period.

The stock options activity for the Corellia 2023 Global equity incentive plan for the year ended April 30, 2026 was as follows:


	Directors and Employees	Non- Employees	Total	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding, April 30, 2025	—	—	—	$	—	—	$	—
Granted	300	—	300	$	1,682.00	9.06	$	110,000





Outstanding, April 30, 2026	300	—	300	$	1,682.00	9.06	$	110,000

Vested and expected to vest as of April 30, 2026	300	—	300	$	1,682.00	9.06	$	110,000

Exercisable as of April 30, 2026	—	—	—	$	—	—	$	—

The remaining unrecognized stock-based compensation expense at April 30, 2026 was $281,000. This amount relates to time-based awards with a remaining weighted average recognition period of 2.06 years

Share Repurchase Program

On March 29, 2023, the Board of Directors approved a share repurchase program authorizing the Company to purchase up to an aggregate of $5.0 million of the Company’s common stock. The share repurchase program is designed in accordance with Rule 10b-18 of the Exchange Act. The shares may be purchased from time to time in the open market, as permitted under applicable rules and regulations, at prevailing market prices. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The program does not obligate the Company to acquire a minimum number of shares. As of April 30, 2026, the Company had purchased approximately 120,300 shares of its common stock, at an average price of $5.73 per share, totaling approximately $708,000 and leaving an available balance of approximately $4.3 million authorized by the Board for use in the program as of that date. The Company did not purchase any shares of its common stock during the year ended April 30, 2026.