Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2024, OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________________ TO ________________.

Commission File No. 0-13375

LSI Industries Inc.

(Exact name of registrant as specified in its charter)

Ohio

31-0888951

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer Identification No.)

10000 Alliance Road, Cincinnati, Ohio		45242
(Address of principal executive offices)		(Zip Code)
(513) 793-3200
Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which

registered

Common Stock, no par value

LYTS

NASDAQ Global Select Market

Indicate by checkmark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐

Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

YES ☒ NO ☐

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☒	Emerging growth company ☐
Non-accelerated filer ☐	Smaller reporting company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ NO ☒

As of January 29, 2025, there were 29,921,385 shares of the registrant's common stock, no par value per share, outstanding.

LSI INDUSTRIES INC.

FORM 10-Q

FOR THE QUARTER ENDED DECEMBER 31, 2024

INDEX

PART I. FINANCIAL INFORMATION		3

ITEM 1.	FINANCIAL STATEMENTS	3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS		3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME		4

CONDENSED CONSOLIDATED BALANCE SHEETS		5

CONDENSED CONSOLIDATED BALANCE SHEETS		6

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY		7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS		8

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS		9

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	22

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	31

ITEM 4.	CONTROLS AND PROCEDURES	31

PART II. OTHER INFORMATION		32

ITEM 5.	OTHER INFORMATION	32

ITEM 6	EXHIBITS	32

SIGNATURES		33

Page 2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

LSI INDUSTRIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended					Six Months Ended
	December 31					December 31
(In thousands, except per share data)	2024		2023			2024		2023

Net Sales	$	147,734	$	109,005		$	285,829	$	232,446

Cost of products and services sold		112,873		77,469			217,321		164,321

Gross profit		34,861		31,536			68,508		68,125

Selling and administrative expenses		26,402		23,717			50,918		49,278

Operating income		8,459		7,819			17,590		18,847

Interest expense		728		453			1,603		1,019
Other expense (income)		382		(29	)		322		67

Income before income taxes		7,349		7,395			15,665		17,761

Income tax expense		1,702		1,489			3,336		3,827

Net income	$	5,647	$	5,906		$	12,329	$	13,934


Earnings per common share (see Note 5)
Basic	$	0.19	$	0.20		$	0.41	$	0.48
Diluted	$	0.18	$	0.20		$	0.40	$	0.47


Weighted average common shares outstanding
Basic		29,930		29,024			29,761		28,890
Diluted		30,876		30,043			30,709		29,949

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.

Page 3

LSI INDUSTRIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended					Six Months Ended
	December 31					December 31
(In thousands)	2024			2023		2024			2023

Net Income	$	5,647		$	5,906	$	12,329		$	13,934

Foreign currency translation adjustment		(48	)		71		(157	)		15

Comprehensive Income	$	5,599		$	5,977	$	12,172		$	13,949

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.

Page 4

LSI INDUSTRIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	December 31,			June 30,
(In thousands, except shares)	2024			2024

ASSETS

Current assets

Cash and cash equivalents	$	4,712		$	4,110

Accounts receivable, less allowance for credit losses of $869 and $848, respectively		81,266			78,626

Inventories		69,426			70,913

Refundable income taxes		2,677			3,197

Other current assets		5,324			5,653

Total current assets		163,405			162,499

Property, Plant and Equipment, at cost
Land		4,029			4,010
Buildings		24,729			24,757
Machinery and equipment		76,443			74,204
Buildings under finance leases		2,033			2,033
Construction in progress		987			1,611
		108,221			106,615
Less accumulated depreciation		(76,687	)		(73,655	)
Net property, plant and equipment		31,534			32,960

Goodwill		57,456			57,397

Other intangible assets, net		71,100			73,916

Operating lease right-of-use assets		15,517			15,912

Other long-term assets, net		5,533			6,116

Total assets	$	344,545		$	348,800

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.

Page 5

LSI INDUSTRIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	December 31,			June 30,
(In thousands, except shares)	2024			2024

LIABILITIES & SHAREHOLDERS' EQUITY

Current liabilities
Current maturities of long-term debt	$	3,571		$	3,571
Accounts payable		32,322			32,192
Accrued expenses		42,655			43,444

Total current liabilities		78,548			79,207

Long-term debt		34,615			50,658

Finance lease liabilities		468			636

Operating lease liabilities		10,694			11,267

Other long-term liabilities		3,105			2,677

Commitments and contingencies (Note 13)

Shareholders' Equity
Preferred shares, without par value; Authorized 1,000,000 shares, none issued		-			-
Common shares, without par value; Authorized 50,000,000 shares; Outstanding 29,891,100 and 29,222,414 shares, respectively		159,926			156,365
Treasury shares, without par value		(9,261	)		(8,895	)
Deferred compensation plan		9,261			8,895
Retained earnings		57,144			47,788
Accumulated other comprehensive income		45			202

Total shareholders' equity		217,115			204,355

Total liabilities & shareholders' equity	$	344,545		$	348,800

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.

Page 6

LSI INDUSTRIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

	Common Shares				Treasury Shares						Key Executive		Accumulated Other						Total
	Number Of				Number Of						Compensation		Comprehensive			Retained			Shareholders'
(In thousands, except per share data)	Shares		Amount		Shares			Amount			Amount		Income/(Loss)			Earnings			Equity

Balance at June 30, 2023		28,488	$	148,691		(922	)	$	(7,166	)	$	7,166	$	339		$	28,548		$	177,578

Net Income		-		-		-			-			-		-			8,028			8,028
Other comprehensive loss		-		-		-			-			-		(56	)		-			(56	)
Board stock compensation awards		9		113		-			-			-		-			-			113
ESPP stock Awards		3		57																57
Restricted stock units issued, net of shares withheld for tax withholdings
Shares issued for deferred compensation		32		437		-			-			-		-			-			437
Activity of treasury shares, net		-		-		(30	)		(417	)		-		-			-			(417	)
Deferred stock compensation		-		-		-			-			417		-			-			417
Stock-based compensation expense				1,220		-			-			-		-			-			1,220
Stock options exercised, net		70		549		-			-			-		-			-			549
Dividends — $0.20 per share		-		-		-			-			-		-			(1,380	)		(1,380	)

Balance at September 30, 2023		28,878	$	151,067		(952	)	$	(7,583	)	$	7,583	$	283		$	35,196		$	186,546

Net Income		-		-		-			-			-		-			5,906			5,906
Other comprehensive loss		-		-		-			-			-		71			-			71
Board stock compensation awards		7		112		-			-			-		-			-			112
ESPP stock Awards		4		41		-			-			-		-			-			41
Restricted stock units issued, net of shares withheld for tax withholdings
Shares issued for deferred compensation		36		506		-			-			-		-			-			506
Activity of treasury shares, net		-		-		(36	)		(505	)		-		-			-			(505	)
Deferred stock compensation		-		-		-			-			505		-			-			505
Stock-based compensation expense		-		814		-			-			-		-			-			814
Stock options exercised, net		107		628		-			-			-		-			-			628
Dividends — $0.20 per share		-		-		-			-			-		-			(1,446	)		(1,446	)

Balance at December 31, 2023		29,060	$	152,924		(988	)	$	(8,088	)	$	8,088		354		$	39,656		$	192,934

	Common Shares					Treasury Shares						Key Executive			Accumulated Other						Total
	Number Of					Number Of						Compensation			Comprehensive			Retained			Shareholders'
	Shares		Amount			Shares			Amount			Amount			Income/(Loss)			Earnings			Equity

Balance at June 30, 2024		29,222	$	156,365			(1,036	)	$	(8,895	)	$	8,895			202		$	47,788		$	204,355

Net Income		-		-			-			-			-			-			6,682			6,682
Other comprehensive loss		-		-			-			-			-			(109	)		-			(109	)
Board stock compensation awards		8		113			-			-			-			-			-			113
ESPP stock Awards		3		45			-			-			-			-			-			45
Restricted stock units issued, net of shares withheld for tax withholdings		492		(204	)		-			-			-			-			-			(204	)
Shares issued for deferred compensation		32		487			-			-			-			-			-			487
Activity of treasury shares, net		-		-			42			140			-			-			-			140
Deferred stock compensation		-		-			-			-			(140	)		-			-			(140	)
Stock-based compensation expense				1,047			-			-			-			-			-			1,047
Stock options exercised, net		39		248			-			-			-			-			-			248
Dividends — $0.20 per share		-		-			-			-			-			-			(1,481	)		(1,481	)

Balance at September 30, 2024		29,796	$	158,101			(994	)	$	(8,755	)	$	8,755		$	93		$	52,989		$	211,183

Net Income		-		-			-			-			-			-			5,647			5,647
Other comprehensive loss		-		-			-			-			-			(48	)		-			(48	)
Board stock compensation awards		7		112			-			-			-			-			-			112
ESPP stock Awards		5		65			-			-			-			-			-			65
Restricted stock units issued, net of shares withheld for tax withholdings		26		(374	)																	(374	)
Shares issued for deferred compensation		27		507			-			-			-			-			-			507
Activity of treasury shares, net		-		-			(28	)		(506	)		-			-			-			(506	)
Deferred stock compensation		-		-			-			-			506			-			-			506
Stock-based compensation expense		-		1,141			-			-			-			-			-			1,141
Stock options exercised, net		30		374			-			-			-			-			-			374
Dividends — $0.20 per share		-		-			-			-			-			-			(1,492	)		(1,492	)

Balance at December 31, 2024		29,891	$	159,926			(1,022	)	$	(9,261	)	$	9,261		$	45		$	57,144		$	217,115

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.

Page 7

LSI INDUSTRIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended
	December 31
(In thousands)	2024			2023

Cash Flows from Operating Activities
Net income	$	12,329		$	13,934
Non-cash items included in net income
Depreciation and amortization		5,958			4,728
Deferred income taxes		558			(591	)
Deferred compensation plan		994			943
ESPP discount		110			98
Stock compensation expense		2,188			2,034
Issuance of common shares as compensation		225			225
(Gain) loss on disposition of fixed assets		(17	)		141
Allowance for credit losses		21			25
Inventory obsolescence reserve		131			234

Changes in certain assets and liabilities
Accounts receivable		(2,661	)		5,496
Inventories		1,356			3,330
Refundable income taxes		223			1,087
Accounts payable		130			(6,070	)
Accrued expenses and other		(44	)		(6,529	)
Customer prepayments		236			783
Net cash flows provided by operating activities		21,737			19,868

Cash Flows from Investing Activities
Acquisition of EMI		(59	)		-
Proceeds from the sale of fixed assets		46			26
Purchases of property, plant and equipment		(1,825	)		(3,349	)
Net cash flows used in investing activities		(1,838	)		(3,323	)

Cash Flows from Financing Activities
Payments of long-term debt		(96,265	)		(96,600	)
Borrowings of long-term debt		80,222			82,921
Cash dividends paid		(2,973	)		(2,826	)
Shares withheld for employees' taxes		(578	)		(244	)
Payments on financing lease obligations		(168	)		(156	)
Proceeds from stock option exercises		622			1,177
Net cash flows used in financing activities		(19,140	)		(15,728	)

Change related to foreign currency		(157	)		15

Increase in cash and cash equivalents		602			832

Cash and cash equivalents at beginning of period		4,110			1,828

Cash and cash equivalents at end of period	$	4,712		$	2,660

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.

Page 8

LSI INDUSTRIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 - INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The interim condensed consolidated financial statements are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the interim financial statements include all normal adjustments and disclosures necessary to present fairly the Company’s financial position as of December 31, 2024, the results of its operations for the three and six-month periods ended December 31, 2024, and 2023, and its cash flows for the six-month periods ended December 31, 2024, and 2023. These statements should be read in conjunction with the financial statements and footnotes included in the fiscal 2024 Annual Report on Form 10-K. Financial information as of June 30, 2024, has been derived from the Company’s audited consolidated financial statements.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Consolidation:

A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company’s fiscal 2024 Annual Report on Form 10-K.

Revenue Recognition:

The Company recognizes revenue when it satisfies the performance obligation in its customer contracts or purchase orders. Most of the Company’s products have a single performance obligation which is satisfied at a point in time when control is transferred to the customer. Control is generally transferred at the time of shipment when title and risk of ownership passes to the customer. For customer contracts with multiple performance obligations, the Company allocates the transaction price and any discounts to each performance obligation based on relative standalone selling prices. Payment terms are typically within 30 to 90 days from the shipping date, depending on the terms with the customer. The Company offers standard warranties that do not represent separate performance obligations.

Installation is a separate performance obligation, except for the Company’s digital signage products. For digital signage products, installation is not a separate performance obligation as the product and installation is the combined item promised in digital signage contracts. The Company is not always responsible for installation of products it sells and has no post-installation responsibilities other than standard warranties.

A number of the Company's display solutions and select lighting products are customized for specific customers. As a result, these customized products do not have an alternative use. For these products, the Company has a legal right to payment for performance to date and generally does not accept returns on these items. The measurement of performance is based upon cost plus a reasonable profit margin for work completed. Because there is no alternative use and there is a legal right to payment, the Company transfers control of the item as the item is being produced and therefore recognizes revenue over time. The customized product types are as follows:

●

Customer specific branded print graphics

●

Electrical components based on customer specifications

●

Digital signage and related media content

The Company also offers installation services for its display solutions elements and select lighting products. Installation revenue is recognized over time as the customer simultaneously receives and consumes the benefits provided through the installation process.

For these customized products and installation services, revenue is recognized using a cost-based input method: recognizing revenue and gross profit as work is performed based on the relationship between the actual cost incurred and the total estimated cost for the performance obligation.

Page 9

On occasion, the Company enters into bill-and-hold arrangements on a limited basis. Each bill-and-hold arrangement is reviewed and revenue is recognized only when certain criteria have been met: (1) the customer has requested delayed delivery and storage of the products by the Company because the customer wants to secure a supply of the products but lacks storage space; (ii) the risk of ownership has passed to the customer; (iii) the products are segregated from the Company’s other inventory items held for sale; (iv) the products are ready for shipment to the customer; and (v) the Company does not have the ability to use the products or direct them to another customer.

Disaggregation of Revenue

The Company disaggregates the revenue from contracts with customers by the timing of revenue recognition because the Company believes it best depicts the nature, amount, and timing of its revenue and cash flows. The table below presents a reconciliation of the disaggregation by reportable segments:

	Three Months Ended
(In thousands)	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Timing of revenue recognition
Products and services transferred at a point in time	$	48,366	$	68,046	$	54,619	$	29,268
Products and services transferred over time		9,844		21,478		10,176		14,942
	$	58,210	$	89,524	$	64,795	$	44,210

	Three Months Ended
	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Type of Product and Services
LED lighting, digital signage solutions, electronic circuit boards	$	47,580	$	9,310	$	53,116	$	8,791
Poles, other display solution elements		9,945		60,726		10,968		24,829
Project management, installation services, shipping and handling		685		19,488		711		10,590
	$	58,210	$	89,524	$	64,795	$	44,210

	Six Months Ended
	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Timing of revenue recognition
Products and services transferred at a point in time	$	96,577	$	130,140	$	112,271	$	69,256
Products and services transferred over time		20,069		39,043		20,165		30,754
	$	116,646	$	169,183	$	132,436	$	100,010

	Six Months Ended
	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Type of Product and Services
LED lighting, digital signage solutions, electronic circuit boards	$	95,009	$	17,746	$	108,607	$	17,724
Poles, other display solution elements		20,338		116,429		22,351		59,698
Project management, installation services, shipping and handling		1,299		35,008		1,478		22,588
	$	116,646	$	169,183	$	132,436	$	100,010

Page 10

Practical Expedients and Exemptions

●

The Company’s contracts with customers have an expected duration of one year or less, as such, the Company applies the practical expedient to expense sales commissions as incurred and has omitted disclosures on the amount of remaining performance obligations.

●

Shipping costs that are not material in context of the delivery of products are expensed as incurred.

●

The Company’s accounts receivable balance represents the Company’s unconditional right to receive payment from its customers with contracts. Payments are generally due within 30 to 90 days of completion of the performance obligation and invoicing; therefore, payments do not contain significant financing components.

●

The Company collects sales tax and other taxes concurrent with revenue-producing activities which are excluded from revenue. Shipping and handling costs are treated as fulfillment activities and included in cost of products and services sold on the Consolidated Statements of Operations.

New Accounting Pronouncements:

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative. This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but it does not anticipate that the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements and related disclosures. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard requires interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision-maker ("CODM") and included within the reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually, requires disclosure of the position and title of the CODM, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires additional disclosures of various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. The standard also requires information pertaining to taxes paid to be disaggregated for federal, state and foreign taxes, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements and related disclosures.

NOTE 3 — ACQUISITION OF EMI INDUSTRIES, LLC

On April 18, 2024, the Company entered into and consummated the transactions contemplated by an asset purchase agreement with EMI Industries, LLC (EMI), a Florida-based metal and millwork manufacturer of standard and customized fixtures, displays and equipment for the convenience store, supermarket and restaurant industries, for $50.0 million, of which $0.1 million of the purchase price was retained pending a review of the acquired working capital. In the first quarter of fiscal 2025, the company funded an additional $59,000 related to the final settlement of the acquired working capital. The Company incurred acquisition-related costs totaling $1.0 million which are included in the selling and administrative expense line of the consolidated statements of operations. The acquisition of EMI is expected to increase the Company’s total addressable markets within the grocery, quick service restaurant and convenience store verticals. The Company funded the acquisition totaling $49.9 million with a combination of cash on hand and from the $75 million revolving line of credit.

Page 11

The Company accounted for this transaction as a business combination. The Company has allocated the purchase price of approximately $49.9 million which includes an estimate of customary post-closing purchase price adjustments to the assets acquired and liabilities assumed at estimated fair values, and the excess of the purchase price over the aggregate fair values is recorded as goodwill. This preliminary allocation is subject to the final determination of the purchase price which will be finalized in fiscal 2025, as well as the potential revision resulting from the finalization of pre-acquisition tax filings. The preliminary allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed as of April 18, 2024, is as follows:

(In thousands)	April 18, 2024 as initially reported			Adjustments		April 18, 2024 as adjusted

Accounts Receivable	$	11,386		$	-	$	11,386
Inventory		12,246			-		12,246
Property, Plant and Equipment		7,719			-		7,719
Operating Lease Right-Of-Use Assets		8,734			-		8,734
Other Assets		1,176			-		1,176
Intangible Assets		15,670			-		15,670
Accounts Payable		(7,103	)		-		(7,103	)
Accrued Expenses		(6,308	)		-		(6,308	)
Operating Lease Liabilities		(5,987	)		-		(5,987	)
Identifiable Assets		37,533			-		37,533
Goodwill		12,367			59		12,426
Net Purchase Consideration	$	49,900		$	59	$	49,959

The gross amount of accounts receivable acquired was $11.9 million.

Goodwill recorded from the acquisition of EMI is attributable to the impact of the positive cash flow from EMI in addition to expected synergies from the business combination. The goodwill resulting from the acquisition is deductible for tax purposes. The trade name and technology used an income (relief from royalty) approach, the non-compete used an income (with or without) approach, and the customer relationships used an income (excess earnings) approach. The following table presents the details of the intangible assets acquired at the date of acquisition:

(in thousands)	Estimated Fair Value		Estimated Useful Life (Years)


Tradename	$	4,880	Indefinite life
Technology assets		3,160		7
Non-compete		140		5
Customer relationships		7,490		20
	$	15,670

EMI’s post-acquisition results of operations for the period from April 18, 2024, through June 30, 2024, are included in the Company’s Consolidated Statements of Operations. Since the acquisition date, net sales of EMI for the period from April 18, 2024, through June 30, 2024, were $18.1 million and operating income was $0.7 million. The operating results of EMI are included in the Display Solutions Segment.

Pro Forma Impact of the Acquisition of EMI (Unaudited)

The following table represents unaudited pro forma results of operations and gives effect to the acquisition of EMI as if the transaction had occurred on July 1, 2022. The unaudited pro forma results of operations have been prepared for comparative purposes only and are not necessarily indicative of what would have occurred had the business combination been completed at the beginning of the period or the results that may occur in the future. Furthermore, the unaudited pro forma financial information does not reflect the impact of any synergies or operating efficiencies resulting from the acquisition of EMI.

The unaudited pro forma financial information for the twelve months ended June 30, 2024, and June 30, 2023, is prepared using the acquisition method of accounting and has been adjusted to reflect the pro forma events that are: (1) directly attributable to the acquisition; (2) factually supportable; and (3) expected to have a continuing impact on the combined results. The fiscal 2024 unaudited pro forma operating income of $36.3 million excludes acquisition-related expenses of $1.0 million.

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	Twelve Months Ended June 30
(in thousands; unaudited)
	2024		2023
Sales	$	535,849	$	578,169

Gross Profit	$	141,788	$	147,967

Operating Income	$	36,303	$	38,798

NOTE 4 - SEGMENT REPORTING INFORMATION

The accounting guidance on Segment Reporting establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information of those segments to be presented in financial statements. Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker (the Company’s Chief Executive Officer or “CODM”) in making decisions on how to allocate resources and assess performance. The Company’s two operating segments are Lighting and Display Solutions, with one executive team under the organizational structure reporting directly to the CODM with responsibilities for managing each segment. Corporate and Eliminations, which captures the Company’s corporate administrative activities, is also reported in the segment information.

The Lighting Segment includes non-residential outdoor and indoor lighting fixtures utilizing LED light sources that have been fabricated and assembled for the Company’s markets, primarily the refueling and convenience store markets, parking lot and garage markets, quick-service restaurant market, retail and grocery store markets, the automotive market, the warehouse market, and the sports court and field market. The Company also services lighting product customers through the commercial and industrial project, stock and flow, and renovation channels. In addition to the manufacture and sale of lighting fixtures, the Company offers a variety of lighting controls to complement its lighting fixtures which include sensors, photocontrols, dimmers, motion detection and Bluetooth systems. The Lighting Segment also includes the design, engineering and manufacturing of electronic circuit boards, assemblies and sub-assemblies which are sold directly to customers.

The Display Solutions Segment manufactures, sells and installs exterior and interior visual image and display elements, including printed graphics, structural graphics, digital signage, menu board systems, millwork display fixtures, refrigerated displays, food equipment, countertops, and other custom display elements. These products are used in visual image programs in several markets including the refueling and convenience store markets, parking lot and garage markets, quick-service and casual restaurant market, retail and grocery store, and other retail markets. The Company accesses its customers primarily through a direct sale model utilizing its own sales force. Sales through distribution represents a small portion of Display Solutions sales. The Display Solutions Segment also provides a variety of project management services to complement our display elements, such as installation management, site surveys, permitting, and content management which are offered to our customers to support our digital signage.

The Company’s corporate administration activities are reported in the Corporate and Eliminations line item. These activities primarily include intercompany profit in inventory eliminations, expense related to certain corporate officers and support staff, the Company’s internal audit staff, expense related to the Company’s Board of Directors, equity compensation expense for various equity awards granted to corporate administration employees, certain consulting expenses, investor relations activities, and a portion of the Company’s legal, auditing, and professional fee expenses. Corporate identifiable assets primarily consist of cash, invested cash (if any), refundable income taxes (if any), and deferred income taxes.

There were no customers or customer programs representing a concentration of 10% or more of the Company’s consolidated net sales in the three and six months ended December 31, 2024, or 2023. There was no concentration of accounts receivable at December 31, 2024, or 2023.

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Summarized financial information for the Company’s operating segments is provided for the indicated periods and as of December 31, 2024, and December 31, 2023:

	Three Months Ended						Six Months Ended
(In thousands)	December 31						December 31
	2024			2023			2024			2023
Net Sales:
Lighting Segment	$	58,210		$	64,795		$	116,646		$	132,436
Display Solutions Segment		89,524			44,210			169,183			100,010
	$	147,734		$	109,005		$	285,829		$	232,446

Operating Income (Loss):
Lighting Segment	$	5,972		$	8,856		$	11,731		$	17,609
Display Solutions Segment	$	8,127			3,302			15,834			10,521
Corporate and Eliminations		(5,640	)		(4,339	)		(9,975	)		(9,283	)
	$	8,459		$	7,819		$	17,590		$	18,847

Capital Expenditures:
Lighting Segment	$	509		$	1,151		$	1,221		$	2,013
Display Solutions Segment	$	529			529			576			1,048
Corporate and Eliminations		28			276			28			288
	$	1,066		$	1,956		$	1,825		$	3,349

Depreciation and Amortization:
Lighting Segment	$	1,281		$	1,293		$	2,493		$	2,602
Display Solutions Segment	$	1,656			989			3,291			1,965
Corporate and Eliminations	$	81			75			174			161
	$	3,018		$	2,357		$	5,958		$	4,728

	December 31, 2024		June 30, 2024
Total Assets:
Lighting Segment	$	119,006	$	130,695
Display Solutions Segment		215,824		208,248
Corporate and Eliminations		9,715		9,857
	$	344,545	$	348,800

The segment net sales reported above represent sales to external customers. Segment operating income, which is used in management’s evaluation of segment performance, represents net sales less all operating expenses. Identifiable assets are those assets used by each segment in its operations.

The Company records a 10% mark-up on intersegment revenues. Any inter-segment profit in inventory is eliminated in consolidation. Intersegment revenues were eliminated in consolidation as follows:

Inter-segment sales
	Three Months Ended					Six Months Ended
(In thousands)	December 31					December 31
	2024		2023			2024		2023
Lighting Segment inter-segment net sales	$	6,053	$	5,286		$	12,037	$	12,150

Display Solutions Segment inter-segment net sales	$	133	$	(15	)	$	304	$	440

Page 14

NOTE 5 - EARNINGS PER COMMON SHARE

The following table presents the amounts used to compute basic and diluted earnings per common share, as well as the effect of dilutive potential common shares on weighted average shares outstanding:

	Three Months Ended				Six Months Ended
	December 31				December 31
	2024		2023		2024		2023

BASIC EARNINGS PER SHARE

Net income	$	5,647	$	5,906	$	12,329	$	13,934

Weighted average shares outstanding during the period, net of treasury shares		28,848		27,979		28,681		27,858
Weighted average vested restricted stock units outstanding		72		76		81		78
Weighted average shares outstanding in the Deferred Compensation Plan during the period		1,010		969		999		954
Weighted average shares outstanding		29,930		29,024		29,761		28,890

Basic earnings per common share	$	0.19	$	0.20	$	0.41	$	0.48


DILUTED EARNINGS PER SHARE

Net income	$	5,647	$	5,906	$	12,329	$	13,934

Weighted average shares outstanding:

Basic		29,930		29,024		29,761		28,890

Effect of dilutive securities (a):
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any		946		1,019		948		1,059
Weighted average shares outstanding		30,876		30,043		30,709		29,949

Diluted earnings per common share	$	0.18	$	0.20	$	0.40	$	0.47


Anti-dilutive securities (b)		265		-		265		-

(a)

Calculated using the “Treasury Stock” method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period.

(b)

Anti-dilutive securities were excluded from the computation of diluted net income per share for the three and six months ended December 31, 2024, and December 31, 2023, because the exercise price was greater than the average fair market price of the common shares or because the assumed proceeds from the award’s exercise or vesting was greater than the average fair market price of the common shares.

Page 15

NOTE 6 – INVENTORIES, NET

The following information is provided as of the dates indicated:

	December 31,		June 30,
(In thousands)	2024		2024

Inventories:
Raw materials	$	49,388	$	52,644
Work-in-progress		6,891		6,244
Finished goods		13,147		12,025
Total Inventories	$	69,426	$	70,913

NOTE 7 - ACCRUED EXPENSES

The following information is provided as of the dates indicated:

	December 31,		June 30,
(In thousands)	2024		2024

Accrued Expenses:
Customer prepayments	$	8,714	$	8,475
Compensation and benefits		9,110		9,704
Accrued warranty		6,653		6,623
Operating lease liabilities		5,619		5,560
Accrued sales commissions		2,691		3,937
Accrued Freight		2,353		2,270
Accrued FICA		492		513
Finance lease liabilities		327		324
Other accrued expenses		6,696		6,038
Total Accrued Expenses	$	42,655	$	43,444

NOTE 8 - GOODWILL AND OTHER INTANGIBLE ASSETS

The carrying values of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment. The Company may first assess qualitative factors in order to determine if goodwill and indefinite-lived intangible assets are impaired. If through the qualitative assessment it is determined that it is more likely than not that goodwill and indefinite-lived assets are not impaired, no further testing is required. If it is determined more likely than not that goodwill and indefinite-lived assets are impaired, or if the Company elects not to first assess qualitative factors, the Company’s impairment testing continues with the estimation of the fair value of the reporting unit using a combination of a market approach and an income (discounted cash flow) approach, at the reporting unit level. The estimation of the fair value of the reporting unit requires significant management judgment with respect to revenue and expense growth rates, changes in working capital and the selection and use of an appropriate discount rate. The estimates of the fair value of reporting units are based on the best information available as of the date of the assessment. The use of different assumptions would increase or decrease estimated discounted future operating cash flows and could increase or decrease an impairment charge. Company management uses its judgment in assessing whether assets may have become impaired between annual impairment tests. Indicators such as adverse business conditions, economic factors and technological change or competitive activities may signal that an asset has become impaired.

The Company identified its reporting units in conjunction with its annual goodwill impairment testing. The Company has a total of four reporting units that contain goodwill. One reporting unit is within the Lighting Segment and three reporting units are within the Display Solutions Segment. The tradename intangible assets have an indefinite life and are also tested separately on an annual basis. The Company relies upon a number of factors, judgments and estimates when conducting its impairment testing including, but not limited to, the Company’s stock price, operating results, forecasts, anticipated future cash flows, and marketplace data. There are inherent uncertainties related to these factors and judgments in applying them to the analysis of goodwill impairment.

Page 16

The following table presents information about the Company's goodwill on the dates or for the periods indicated:

Goodwill				Display
(In thousands)	Lighting			Solutions
	Segment			Segment			Total
Balance as of December 31, 2024
Goodwill	$	70,971		$	75,773		$	146,744
Accumulated impairment losses		(61,763	)		(27,525	)		(89,288	)
Goodwill, net as of December 31, 2024	$	9,208		$	48,248		$	57,456

Balance as of June 30, 2024
Goodwill	$	70,971		$	75,714		$	146,685
Accumulated impairment losses		(61,763	)		(27,525	)		(89,288	)
Goodwill, net as of June 30, 2024	$	9,208		$	48,189		$	57,397

The gross carrying amount and accumulated amortization by each major intangible asset class is as follows:

Other Intangible Assets	December 31, 2024
(In thousands)	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount
Amortized Intangible Assets
Customer relationships	$	69,573	$	23,227	$	46,346
Patents		268		268		-
LED technology firmware, software		24,126		17,876		6,250
Trade name		2,658		1,319		1,339
Non-compete		400		217		183
Total Amortized Intangible Assets		97,025		42,907		54,118

Indefinite-lived Intangible Assets
Trademarks and trade names		16,982		-		16,982
Total indefinite-lived Intangible Assets		16,982		-		16,982

Total Other Intangible Assets	$	114,007	$	42,907	$	71,100

Other Intangible Assets	June 30, 2024
(In thousands)	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount
Amortized Intangible Assets
Customer relationships	$	69,573	$	21,332	$	48,241
Patents		268		268		-
LED technology firmware, software		24,126		17,058		7,068
Trade name		2,658		1,265		1,393
Non-compete		400		168		232
Total Amortized Intangible Assets		97,025		40,091		56,934

Indefinite-lived Intangible Assets
Trademarks and trade names		16,982		-		16,982
Total indefinite-lived Intangible Assets		16,982		-		16,982

Total Other Intangible Assets	$	114,007	$	40,091	$	73,916

Page 17

	Three Months Ended				Six Months Ended
	December 31				December 31
(In thousands)	2024		2023		2024		2023

Amortization Expense of Other Intangible Assets	$	1,408	$	1,190	$	2,816	$	2,380

The Company expects to record annual amortization expense as follows:

(In thousands)
2025	$	5,739
2026	$	5,733
2027	$	5,512
2028	$	5,125
2029	$	4,497
After 2029	$	30,328

NOTE 9 - DEBT

The Company’s long-term debt as of December 31, 2024, and June 30, 2024, consisted of the following:

	December 31,		June 30,
(In thousands)	2024		2024

Secured line of credit	$	24,803	$	38,766
Term loan, net of debt issuance costs of $10 and $14, respectively		13,383		15,463
Total debt	$	38,186	$	54,229
Less: amounts due within one year		3,571		3,571
Total amounts due after one year, net	$	34,615	$	50,658

In September 2021, the Company amended its existing $100 million secured line of credit, to a $25 million term loan and $75 million remaining as a secured revolving line of credit. Both facilities expire in the first quarter of fiscal 2027. The principal of the term loan is repaid annually in the amount of $3.6 million over a five-year period with a balloon payment of the remaining balance due last month. Interest on both the revolving line of credit and the term loan is charged based upon an increment over the Secured Overnight Financing Rate (SOFR) or a base rate, at the Company’s option. The base rate is calculated as the highest of (a) the Prime rate, (b) the sum of the Overnight Funding Rate plus 50 basis points and (c) the sum of the Daily SOFR Rate plus 100 basis points. The increment over the SOFR borrowing rate fluctuates between 100 and 225 basis points, and the increment over the Base Rate fluctuates between 0 and 125 basis points, both of which depend upon the ratio of indebtedness to earnings before interest, taxes, depreciation, and amortization (“EBITDA”), as defined in the line of credit agreement. As of December 31, 2024, the Company’s borrowing rate against its revolving line of credit was 5.7%. The increment over the SOFR borrowing rate will be 100 basis points for the third quarter of fiscal 2025. The fee on the unused balance of the $75 million committed line of credit fluctuates between 15 and 25 basis points. Under the terms of this line of credit, the Company is required to comply with financial covenants that limit the ratio of indebtedness to EBITDA and require a minimum fixed charge ratio. As of December 31, 2024, there was $50.2 million available for borrowing under the $75 million line of credit.

The Company is in compliance with all of its loan covenants as of December 31, 2024.

NOTE 10 - CASH DIVIDENDS

The Company paid cash dividends of $3.0 million and $2.8 million for the six months ended December 31, 2024, and December 31, 2023, respectively. Dividends on restricted stock units in the amount of $0.2 million and $0.1million were accrued as of both December 31, 2024, and 2023, respectively. These dividends will be paid upon the vesting of the restricted stock units when shares are issued to the award recipients. In January 2025, the Board of Directors declared a regular quarterly cash dividend of $0.05 per share payable February 11, 2025, to shareholders of record as February 3, 2025. The indicated annual cash dividend rate is $0.20 per share.

Page 18

NOTE 11 – EQUITY COMPENSATION

In November 2022, the Company's shareholders approved the amendment and restatement of the 2019 Omnibus Award Plan ("2019 Omnibus Plan") which increased the number of shares authorized for issuance under the plan by 2,350,000 and removed the Plan's fungible share counting feature. The purpose of the 2019 Omnibus Plan is to provide a means to attract and retain key personnel and to align the interests of the directors, officers, and employees with the Company's shareholders. The plan also provides a vehicle whereby directors and officers may acquire shares in order to meet the ownership requirements under the Company's Stock Ownership Policy. The 2019 Omnibus Plan allows for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units RSUs, performance stock units ("PSUs") and other awards. Except for Restricted Stock Unit ("RSU") grants which are time-based, participants in the Company's Long-Term Equity Compensation Plans are awarded the opportunity to acquire shares over a three-year performance measurement period tied to specific company performance metrics. The number of shares that remain reserved for issuance under the 2019 Omnibus Plan is 1,403,708 as of December 31, 2024.

In the first quarter of fiscal 2025, the Company granted 160,826 PSUs and 107,217 RSUs, both with a weighted average market value of $14.92. Stock compensation expense was $1.1 million and $0.8 million for the three months ended December 31, 2024, and 2023, respectively, and $2.2 million and $2.0 million in the six months ended December 31, 2024, and 2023, respectively.

In November of 2021, our board of directors approved the LSI Employee Stock Purchase Plan (“ESPP”). A total of 270,000 shares of common stock were provided for issuance under the ESPP. Employees may participate at their discretion and are able to purchase, through payroll deduction, common stock at a 10% discount on a quarterly basis. Employees may end their participation at any time during the offering period, and participation ends automatically upon termination of employment with the company. During fiscal year 2025, employees purchased 8,000 shares. At December 31, 2024, 234,000 shares remained available for purchase under the ESPP.

NOTE 12 - SUPPLEMENTAL CASH FLOW INFORMATION

	Six Months Ended
(In thousands)	December 31
	2024		2023
Cash Payments:
Interest	$	1,460	$	1,006
Income taxes	$	2,321	$	3,375

Non-cash investing and financing activities
Issuance of common shares as compensation	$	225	$	225
Issuance of common shares to fund deferred compensation plan	$	994	$	943
Issuance of common shares to fund ESPP plan	$	110	$	98

NOTE 13 - COMMITMENTS AND CONTINGENCIES

The Company is party to various negotiations, customer bankruptcies, and legal proceedings arising in the normal course of business. The Company provides reserves for these matters when a loss is probable and reasonably estimable. The Company does not disclose a range of potential loss because the likelihood of such a loss is remote. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations, cash flows or liquidity.

The Company may occasionally issue a standby letter of credit in favor of third parties. As of December 31, 2024, there were no such standby letters of credit issued.

NOTE 14 - LEASES

The Company leases certain manufacturing facilities along with a small office space, several forklifts, several small tooling items, and various items of office equipment. All but two of the Company’s leases are operating leases. Leases have a remaining term of one to seven years some of which have an option to renew. The Company does not assume renewals in determining the lease term unless the renewals are deemed reasonably certain. The lease agreements do not contain any material residual guarantees or material variable lease payments. The number of operating leases increased in fiscal 2024 as a result of the acquisition of EMI; most of EMI’s operating leases are building leases.

Page 19

The Company has periodically entered into short-term operating leases with an initial term of twelve months or less. The Company elected not to record these leases on the balance sheet. The rent expense for these leases was immaterial for December 31, 2024, and 2023.

The Company has certain leases that contain lease and non-lease components and has elected to utilize the practical expedient to account for these components together as a single lease component.

Lease expense is recognized on a straight-line basis over the lease term. The Company used its incremental borrowing rate when determining the present value of lease payments.

	Three Months Ended					Six Months Ended
	December 31					December 31
(In thousands)	2024		2023			2024			2023

Operating lease cost	$	1,610	$	993		$	3,231		$	1,900
Financing lease cost:
Amortization of right of use assets		73		73			145			146
Interest on lease liabilities		10		14			22			28
Variable lease cost		-		22			7			44
Sublease income		-		(116	)		(39	)		(232	)
Total lease cost	$	1,693	$	986		$	3,366		$	1,886

Supplemental Cash Flow Information:	Six Months Ended
	December 31
(In thousands)	2024		2023

Cash flows from operating leases
Fixed payments - operating cash flows	$	3,298	$	1,778
Liability reduction - operating cash flows	$	2,813	$	1,537

Cash flows from finance leases
Interest - operating cash flows	$	21	$	28
Repayments of principal portion - financing cash flows	$	168	$	156

Operating Leases:	December 31,			June 30,
	2024			2024

Total operating right-of-use assets	$	15,517		$	15,912

Accrued expenses (Current liabilities)	$	5,619		$	5,560
Long-term operating lease liability		10,694			11,267
Total operating lease liabilities	$	16,313		$	16,827

Weighted Average remaining Lease Term (in years)		3.40			3.49

Weighted Average Discount Rate		5.82	%		5.90	%

Page 20

Finance Leases:	December 31,			June 30,
	2024			2024

Buildings under finance leases	$	2,033		$	2,033
Equipment under finance leases		-			41
Accumulated depreciation		(1,355	)		(1,232	)
Total finance lease assets, net	$	678		$	842

Accrued expenses (Current liabilities)	$	327		$	324
Long-term finance lease liability		468			636
Total finance lease liabilities	$	795		$	960

Weighted Average remaining Lease Term (in years)		2.33			2.83

Weighted Average Discount Rate		4.86	%		4.86	%

Maturities of Lease Liability:	Operating Lease Liabilities			Finance Lease Liabilities			Operating Subleases			Net Lease Commitments
2025	$	5,619		$	327		$	(38	)	$	5,908
2026		5,360			362			-			5,722
2027		4,337			150			-			4,487
2028		1,319			-			-			1,319
2029		972			-			-			972
Thereafter		489			-			-			489
Total lease payments	$	18,096		$	839		$	(38	)	$	18,897
Less: Interest		(1,783	)		(44	)					(1,827	)
Present Value of Lease Liabilities	$	16,313		$	795					$	17,070

NOTE 15 – INCOME TAXES

The Company's effective income tax rate is based on expected income, statutory rates, and tax planning opportunities available in the various jurisdictions in which it operates. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year's taxable income as new information becomes available, including actual year-to-date financial results. This continual estimation process often results in a change to the expected effective income tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected income tax rate. Significant judgment is required in determining the effective tax rate and in evaluating tax positions.

	Three Months Ended						Six Months Ended
	December 31						December 31
	2024			2023			2024			2023
Reconciliation of effective tax rate:

Provision for income taxes at the anticipated annual tax rate		26.7	%		25.6	%		26.2	%		26.3	%
Uncertain tax positions		(1.5	)		(2.8	)		(0.2	)		(0.6	)
Deferred Income Tax Adjustment		-			-			1.1			-
Share-based compensation		(2.0	)		(2.7	)		(5.8	)		(4.2	)
Effective tax rate		23.2	%		20.1	%		21.3	%		21.5	%

Page 21

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Note About Forward-Looking Statements

This report includes estimates, projections, statements relating to our business plans, objectives, and expected operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may appear throughout this report, including this section. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “focus,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. We describe risks and uncertainties that could cause actual results and events to differ materially in in our Annual Report on Form 10-K in the following sections: “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures about Market Risk,” and “Risk Factors.” All of those risks and uncertainties are incorporated herein by reference. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the results of operations and financial condition of LSI Industries Inc. MD&A is provided as a supplement to, and should be read in conjunction with, our Annual Report on Form 10-K for the year ended June 30, 2024, and our financial statements and the accompanying Notes to Financial Statements (Part I, Item 1 of this Form 10-Q).

Our condensed consolidated financial statements, accompanying notes and the “Safe Harbor” Statement, each as appearing earlier in this report, should be referred to in conjunction with this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Summary of Consolidated Results

Net Sales by Business Segment	Three Months Ended				Six Months Ended
	December 31				December 31
(In thousands)	2024		2023		2024		2023

Lighting Segment	$	58,210	$	64,795	$	116,646	$	132,436
Display Solutions Segment		89,524		44,210		169,183		100,010
	$	147,734	$	109,005	$	285,829	$	232,446

Operating Income (Loss) by Business Segment	Three Months Ended						Six Months Ended
	December 31						December 31
(In thousands)	2024			2023			2024			2023

Lighting Segment	$	5,972		$	8,856		$	11,731		$	17,609
Display Solutions Segment		8,127			3,302			15,834			10,521
Corporate and Eliminations		(5,640	)		(4,339	)		(9,975	)		(9,283	)
	$	8,459		$	7,819		$	17,590		$	18,847

Net sales of $147.7 million for the three months ended December 31, 2024, increased 36% as compared to net sales of $109.0 million for the three months ended December 31, 2023. The increase in net sales was attributed to a $45.3 million or 103% increase in net sales of the Display Solutions Segment, partially offset by a $6.6 million or 10% decline in net sales of the Lighting Segment. The Display Solutions Segment generated organic growth of 50% driven by increased sales across all product categories and vertical markets supported mostly by the grocery, refueling/ C-Store, and QSR verticals. The Company’s recent acquisition of EMI contributed an additional $23.4 million of the quarter-over-quarter sales growth of the Display Solutions Segment. The decline in sales in the Lighting Segment is attributed to the comparison of quarter-over-quarter sales of large lighting projects. In fiscal 2024, the Company had several large lighting projects, including a new EV plant complex that did not repeat in fiscal 2025. While there was a decline in large lighting projects, small project activity increased over the prior year period.

Page 22

Net sales of $285.8 million for the six months ended December 31, 2024, increased 23% as compared to net sales of $232.4 million for the six months ended December 31, 2023. The increase in net sales was attributed to a $69.2 million or 69% increase in net sales of the Display Solutions Segment, partially offset by a $15.8 or 12% decline in net sales of the Lighting Segment. The Display Solutions Segment generated organic growth of 20% driven by increased sales across all product categories and vertical markets supported mostly by the grocery, refueling/ c-Store, and QSR verticals. The Company’s recent acquisition of EMI contributed an additional $49.6 million of the year-over-year sales growth of the Display Solutions Segment. The decline in sales in the Lighting Segment is attributed to the comparison of year-over-year sales of large lighting projects. In fiscal 2024, the Company had several large lighting projects, including a new EV plant complex that did not repeat in fiscal 2025. While there was a decline in large lighting projects, small project activity increased over the prior year period.

Operating income of $8.5 million for the three months ended December 31, 2024, represents an 8% increase in operating income of $7.8 million in the three months ended December 31, 2023. Adjusted operating income, a Non-GAAP measure, was $11.7 million in the three months ended December 31, 2024, compared to $9.9 million in the three months ended December 31, 2023. Refer to “Non-GAAP Financial Measures” below for a reconciliation of Non-GAAP financial measures to U.S. GAAP measures. The increase in net sales contributed to the increase in operating profit which was partially offset by a change in product mix between the Lighting Segment and Display Solutions Segment product lines.

Operating income of $17.6 million for the six months ended December 31, 2024, represents a 7% decrease from operating income of $18.8 million in the six months ended December 31, 2023. Adjusted operating income, a Non-GAAP financial measure, was $23.6 million in the six months ended December 31, 2024, compared to adjusted operating income of $23.8 million in the six months ended December 31, 2023. The increase in net sales was offset by a change in product mix between the Lighting Segment and Display Solutions Segment product lines. Refer to “Non-GAAP Financial Measures” below for a reconciliation of Non-GAAP financial measures to U.S. GAAP measures.

Non-GAAP Financial Measures

This report includes adjustments to GAAP operating income, net income, and earnings per share for the three months and six ended December 31, 2024, and 2023. Operating income, net income, and earnings per share, which exclude the impact of long-term performance based compensation expense, the amortization expense of acquired intangible assets, commercial growth opportunity expense, acquisition costs, the lease expense on the step-up basis of acquired leases, and restructuring and severance costs, are non-GAAP financial measures. We further note that while the amortization expense of acquired intangible assets is excluded from the non-GAAP financial measures, the revenue of the acquired companies is included in the measures and the acquired assets contribute to the generation of revenue. We believe these non-GAAP measures will provide increased transparency to our core operating performance of the business. Also included in this report are non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA and Adjusted EBITDA), Net Debt to Adjusted EBITDA, Free Cash Flow, and organic sales growth. We believe that these are useful as supplemental measures in assessing the operating performance of our business. These measures are used by our management, including our chief operating decision maker, to evaluate business results, and are frequently referenced by those who follow the Company. These non-GAAP measures may be different from non-GAAP measures used by other companies. In addition, the non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations, in that they do not reflect all amounts associated with our results as determined in accordance with U.S. GAAP. Therefore, these measures should be used only to evaluate our results in conjunction with corresponding GAAP measures. Below is a reconciliation of these non-GAAP measures to net income and earnings per share reported for the periods indicated along with the calculation of EBITDA, Adjusted EBITDA, Free Cash Flow, Net Debt to Adjusted EBITDA, and organic sales growth.

Page 23

	Three Months Ended
Reconciliation of operating income to adjusted operating income:	December 31
	2024		2023
(In thousands)

Operating income as reported	$	8,459	$	7,819

Long-term performance based compensation		1,669		849

Amortization expense of acquired intangible assets		1,408		1,190

Lease expense on the step-up basis of acquired leases		69		-

Restructuring/severance costs		-		35

Consulting expense: commercial growth opportunities		81		-

Adjusted operating income	$	11,686	$	9,893

Reconciliation of net income to adjusted net income	Three Months Ended
	December 31
(In thousands, except per share data)	2024						2023
					Diluted EPS						Diluted EPS

Net income as reported	$	5,647			$	0.18	$	5,906			$	0.20

Long-term performance based compensation		1,294		(1)		0.04		625		(5)		0.02

Amortization expense of acquired intangible assets		1,090		(2)		0.04		885		(6)		0.03

Restructuring/severance costs		-				-		34		(7)		-

Lease expense on the step-up basis of acquired leases		53		(3)		-		-				-

Consulting expense: commercial growth opportunities		62		(4)		-		-				-

Tax rate difference between reported and adjusted net income		(150	)			-		(201	)			(0.01	)

Net income adjusted	$	7,996			$	0.26	$	7,249			$	0.24

Effective in the first quarter of fiscal 2025, LSI will include the amortization expense related to acquired intangible assets as an add-back to its non-GAAP reconciliation. Prior quarter non-GAAP reconciliations have been adjusted accordingly.

The following represents the income tax effects of the adjustments in the tables above, which were calculated using the estimated combined U.S., Canada and Mexico effective income tax rates for the periods indicated (in thousands):

⁽¹⁾ $375

⁽²⁾$318

⁽³⁾$16

⁽⁴⁾$19

⁽⁵⁾$224

⁽⁶⁾$305

⁽⁷⁾$1

Page 24

	Six Months Ended
Reconciliation of operating income to adjusted operating income:	December 31
	2024		2023
(In thousands)

Operating income as reported	$	17,590	$	18,847

Acquisition costs		48		-

Long-term performance based compensation		2,853		2,174

Amortization expense of acquired intangible assets		2,816		2,380

Lease expense on the step-up basis of acquired leases		136		-

Restructuring/severance costs		60		388

Consulting expense: commercial growth opportunities		81		19

Adjusted operating income	$	23,584	$	23,808

Reconciliation of net income to adjusted net income	Six Months Ended
	December 31
(In thousands, except per share data)	2024							2023
					Diluted EPS							Diluted EPS

Net income as reported	$	12,329			$	0.40		$	13,934			$	0.47

Long-term performance based compensation		2,161		(1)		0.07			1,599		(7)		0.05

Amortization expense of acquired intangible assets		2,132		(2)		0.07			1,755		(8)		0.06

Restructuring/severance costs		45		(3)		-			290		(9)		0.01

Acquisition costs		50		(4)		-			-				-

Lease expense on the step-up basis of acquired leases		103		(5)		0.01			-				-

Consulting expense: commercial growth opportunities		62		(6)		-			13		(10)		-

Tax rate difference between reported and adjusted net income		(905	)			(0.03	)		(732	)			(0.03	)

Net income adjusted	$	15,977			$	0.52		$	16,859			$	0.56

(1) $692

(2) $684

(3) $15

(4) ($2)

(5) $33

(6) $19

(7) $575

(8) $625

(9) $98

(10) $6

Page 25

Reconciliation of Net Income to Adjusted EBITDA	Three Months Ended					Six Months Ended
	December 31					December 31
(In thousands)	2024		2023			2024		2023
Net Income - Reported	$	5,647	$	5,906		$	12,329	$	13,934

Income Tax		1,702		1,489			3,336		3,827
Interest Expense, Net		728		453			1,603		1,019
Other (Income) Expense		382		(29	)		322		67
Operating Income as reported	$	8,459	$	7,819		$	17,590	$	18,847

Depreciation and Amortization		3,018		2,357			5,958		4,728

EBITDA	$	11,477	$	10,176		$	23,548	$	23,575

Long-term performance based compensation		1,669		849			2,853		2,174
Restructuring/severance costs		-		-			60		19
Lease expense on the step-up basis of acquired leases		69		-			136		-
Consulting expense: commercial growth opportunities		81		-			81		-
Acquisition costs		-		35			48		388

Adjusted EBITDA	$	13,296	$	11,060		$	26,726	$	26,156

Reconciliation of cash flow from operations to free cash flow	Three Months Ended						Six Months Ended
	December 31						December 31
(In thousands)	2024			2023			2024			2023

Cash Flow from Operations	$	9,891		$	9,276		$	21,737		$	19,868

Capital expenditures		(1,066	)		(1,956	)		(1,825	)		(3,349	)
							`
Free Cash Flow	$	8,825		$	7,320		$	19,912		$	16,519

Net Debt to Adjusted EBITDA	December 31			June 30
(In thousands)	2024			2024

Current portion and long-term debt as reported	$	3,571		$	3,571
Long-Term Debt		34,615			50,658
Total Debt		38,186			54,229
Less: Cash and cash equivalents		(4,712	)		(4,110	)

Net Debt	$	33,474		$	50,119

Adjusted EBITDA - Trailing 12 Months	$	52,006		$	51,436

Net Debt to Adjusted EBITDA		0.6			1.0

	Three Months Ended								Six Months Ended
Organic compared to Inorganic Sales	Dec 2024		Dec 2023		% Variance				Dec 2024		Dec 2023		% Variance

Lighting Segment	$	58,210	$	64,796		-10	%		$	116,646	$	132,437		-12	%
Display Solutions Segment
- Comparable Display Solutions Sales		66,133		44,209		50	%			119,588		100,010		20	%
- EMI		23,391		-						49,595		-
Total Display Solutions Sales		89,524		44,209		103	%			169,183		100,010		69	%
Total net sales		147,734		109,005		36	%			285,829		232,447		23	%
Less:
EMI		23,391		-				`		49,595		-
Total organic net sales	$	124,343	$	109,005		14	%		$	236,234	$	232,447		2	%

Page 26

Results of Operations

THREE MONTHS ENDED DECEMBER 31, 2024, COMPARED TO THREE MONTHS ENDED DECEMBER 31, 2023

Display Solutions Segment	Three Months Ended
	December 31
(In thousands)	2024		2023

Net Sales	$	89,524	$	44,210
Gross Profit	$	15,820	$	8,838
Operating Income	$	8,127	$	3,302

Display Solutions net sales of $89.5 million increased 103% from same period in fiscal 2024. This segment generated organic growth of 50% driven by increased sales across all major product categories and vertical markets supported mostly by the grocery, refueling/ c-Store, and QSR verticals. The Company’s recent acquisition of EMI also contributed $23.4 million of the quarter-over-quarter sales growth of the Display Solutions Segment.

Gross profit of $15.8 million in the three months ended December 31, 2024 increased 79% from the same period of fiscal 2024. Gross profit as a percentage of net sales in the three months ended December 31, 2024 decreased to 18% from 20% in the same period of fiscal 2024 impacted by product and vertical market mix. The Company continues to maintain favorable program pricing and prudent cost management.

Operating expenses of $7.7 million in the three months ended December 31, 2024 increased 39% from the same period of fiscal 2024, primarily driven by the acquisition of EMI and by continued investment in commercial initiatives to drive growth.

Display Solutions Segment operating income of $8.1 million in the three months ended December 31, 2024 increased 146% from the same period of fiscal 2024. The increase in operating income of $4.8 million was driven by the net effect of an increase in net sales partially offset by the gross margin impact of product mix.

Lighting Segment	Three Months Ended
	December 31
(In thousands)	2024		2023

Net Sales	$	58,210	$	64,795
Gross Profit	$	19,034	$	22,698
Operating Income	$	5,972	$	8,856

Lighting Segment net sales of $58.2 million in the three months ended December 31, 2024, decreased 10% compared to net sales of $64.8 million in the same period in fiscal 2024. The decline in sales is attributed to the comparison of quarter-over-quarter sales of large lighting projects. In fiscal 2024, the Company had several large lighting projects, including a new EV plant complex that did not repeat in fiscal 2025. While there was a decline in large lighting projects, small project activity increased over the prior year period.

Gross profit of $19.0 million in the three months ended December 31, 2024 decreased 16% from the same period of fiscal 2024. The decline in gross profit is attributed to the decline in sales. While overall demand levels were lower in the fiscal second quarter, selling prices and material input costs remain stable.

Operating expenses of $13.1 million in the three months ended December 31, 2024 decreased 6% from the same period of fiscal 2024, driven mostly by lower commission expense from lower sales, and effective cost management.

Lighting Segment operating income of $6.0 million for the three months ended December 31, 2024 decreased 33% from operating income of $8.9 million in the same period of fiscal 2024 primarily driven by decreased net sales.

Page 27

Corporate and Eliminations	Three Months Ended
	December 31
(In thousands)	2024			2023

Gross Profit	$	7		$	-
Operating (Loss)	$	(5,640	)	$	(4,339	)

The gross profit relates to the change in the intercompany profit in inventory elimination.

Operating expenses of $5.6 million in the three months ended December 31, 2024, increased 30% from the same period of fiscal 2024. The increase in expense is primarily the result of continued investment in commercial initiatives to support the growth of the Company. Also contributing to the quarter-over-quarter change was an increase in employee benefit costs.

Consolidated Results

The Company reported $0.7 million and $0.5 million of net interest expense in the three months ended December 31, 2024, and December 31, 2023, respectively. The increase in interest expense is the result of the funds borrowed to acquire EMI in the fourth quarter of fiscal 2024 partially offset by decreased borrowing costs. The Company also recorded other income of $0.4 million of other (income) in the three months ended December 31, 2024, of which is related to net foreign exchange currency transaction gains and losses through the Company’s Mexican and Canadian subsidiaries.

The $1.7 million of income tax expense in the three months ended December 31, 2024 represents a consolidated effective tax rate of 23.2%. The $1.5 million of income tax expense in the three months ended December 31, 2023 represents a consolidated effective tax rate of 20.1%. Impacting the effective tax rate of both reported periods was the favorable tax treatment of the Company’s long-term performance based compensation.

The Company reported net income of $5.6 million in the three months ended December 31, 2024 compared to net income of $5.9 million in the three months ended December 31, 2023. Non-GAAP adjusted net income was $8.0 million for the three months ended December 31, 2024, compared to adjusted net income of $7.3 million for the three months ended December 31, 2023 (Refer to the Non-GAAP tables above). The increase in Non-GAAP adjusted net income is primarily the net result of an increase in net sales partially offset by the profit margin impact of product mix. Diluted adjusted earnings per share of $0.18 was reported in the three months ended December 31, 2024 compared to $0.20 diluted adjusted earnings per share in the same period of fiscal 2024. The weighted average common shares outstanding for purposes of computing diluted earnings per share in the three months ended December 31, 2024 were 30,876,000 shares compared to 30,043,000 shares in the same period last year.

SIX MONTHS ENDED DECEMBER 31, 2024, COMPARED TO SIX MONTHS ENDED DECEMBER 31, 2023

Display Solutions Segment	Six Months Ended
	December 31
(In thousands)	2024		2023

Net Sales	$	169,183	$	100,010
Gross Profit	$	30,851	$	22,148
Operating Income	$	15,834	$	10,521

Display Solutions net sales of $169.2 million increased 69% from same period in fiscal 2024. This segment generated organic growth of 20% driven by increased sales across all major product categories and vertical markets supported mostly by the grocery, refueling/ c-Store, and QSR verticals. The Company’s recent acquisition of EMI also contributed $49.6 million of the year-over-year sales growth of the Display Solutions Segment.

Gross profit of $30.9 million in the six months ended December 31, 2024 increased 39% from the same period of fiscal 2024. Gross profit as a percentage of net sales in the six months ended December 31, 2024 decreased to 18% from 22% in the same period of fiscal 2024 impacted by product and vertical market mix. The Company continues to maintain favorable program pricing and prudent cost management.

Operating expenses of $15.0 million in the six months ended December 31, 2024 increased 29% from the same period of fiscal 2024, primarily driven by the acquisition of EMI and by continued investment in commercial initiatives to drive growth.

Page 28

Operating income of $15.8 million in the six months ended December 31, 2024 increased 51% from the same period of fiscal 2024. The increase in operating income of 5.3 million was driven by the net effect of an increase in net sales partially offset by the gross margin impact of product mix.

Lighting Segment	Six Months Ended
	December 31
(In thousands)	2024		2023

Net Sales	$	116,646	$	132,436
Gross Profit	$	37,658	$	45,978
Operating Income	$	11,731	$	17,609

Lighting Segment net sales of $116.6 million in the six months ended December 31, 2024, decreased 12% compared to net sales of $132.4 million in the same period in fiscal 2024. The decline in sales in the Lighting Segment is attributed to the comparison of year-over-year sales of large lighting projects. In fiscal 2024, the Company had several large lighting projects, including a new EV plant complex that did not repeat in fiscal 2025. Contributing to the decline in large projects was the lengthening of the conversions cycle for these large projects. While there was a decline in large lighting projects, small project activity increased over the prior year period.

Gross profit of $37.7 million in the three months ended December 31, 2024 decreased 18% from the same period of fiscal 2024. The decline in gross profit is attributed to the decline in sales. While overall demand levels were lower in the first half of fiscal 2025, selling prices and material input costs remain stable.

Operating expenses of $25.9 million in the six months ended December 31, 2024 decreased 9% from the same period of fiscal 2024, driven mostly by lower commission expense from lower sales, and effective cost management.

Lighting Segment operating income of $11.7 million for the six months ended December 31, 2024 decreased 33% from operating income of $17.6 million in the same period of fiscal 2024 primarily driven by decreased net sales.

Corporate and Eliminations	Six Months Ended
	December 31
(In thousands)	2024			2023

Gross Profit (Loss)	$	(1	)	$	(1	)
Operating (Loss)	$	(9,975	)	$	(9,283	)

The gross profit (loss) relates to the change in the intercompany profit in inventory elimination.

Operating expenses of $10.0 million in the six months ended December 31, 2024, increased 7% from the same period of fiscal 2024. The increase in expense is the result of an increase in investment in commercial initiatives to support the growth of the Company. Also contributing to the year-over-year change was an increase in employee benefit costs.

Consolidated Results

The Company reported $1.6 million and $1.0 million of net interest expense in the six months ended December 31, 2024, and December 31, 2023, respectively. The increase in interest expense is the result of the funds borrowed to acquire EMI in the fourth quarter of fiscal 2024 partially offset by decreased borrowing costs. The Company also recorded other income of $0.3 million and $0.1 million in the six months ended December 31, 2024, and December 31, 2023, respectively, both of which is related to net foreign exchange currency transaction gains and losses through the Company’s Mexican and Canadian subsidiaries.

The $3.3 million of income tax expense in the six months ended December 31, 2024 represents a consolidated effective tax rate of 21.3%. The $3.8 million of income tax expense in the six months ended December 31, 2023 represents a consolidated effective tax rate of 21.5%. Impacting the effective tax rate of both reported periods was the favorable tax treatment of the Company’s long-term performance based compensation.

Page 29

The Company reported net income of $12.3 million in the six months ended December 31, 2024 compared to net income of $13.9 million in the six months ended December 31, 2023. Non-GAAP adjusted net income was $16.0 million for the six months ended December 31, 2024, compared to adjusted net income of $16.9 million for the six months ended December 31, 2023 (Refer to the Non-GAAP tables above). The decrease in Non-GAAP adjusted net income is primarily the net result of an increase in net sales offset by the profit margin impact of product mix. Diluted adjusted earnings per share of $0.40 was reported in the six months ended December 31, 2024 compared to $0.47 diluted adjusted earnings per share in the same period of fiscal 2024. The weighted average common shares outstanding for purposes of computing diluted earnings per share in the six months ended December 31, 2024 were 30,876,000 shares compared to 29,949,000 shares in the same period last year.

Liquidity and Capital Resources

The Company considers its level of cash on hand, borrowing capacity, current ratio and working capital levels to be its most important measures of short-term liquidity. For long-term liquidity indicators, the Company believes its ratio of long-term debt to equity and our historical levels of net cash flows from operating activities to be the most important measures.

At December 31, 2024, the Company had working capital of $84.9 million compared to $83.3 million at June 30, 2024. The ratio of current assets to current liabilities was 2.1 to 1 for both December 31, 2024, and June 30, 2024. The increase in working capital from June 30, 2024, to December 31, 2024, was primarily driven by a $2.6 million increase in net accounts receivable partially offset by a $1.5 million decrease in net inventory.

Net accounts receivable was $81.2 million and $78.6 million at December 31, 2024, and June 30, 2024, respectively. DSO decreased to 52 days at December 31, 2024, from 58 days at June 30, 2024.

Net inventories of $69.4 million at December 31, 2024, decreased $1.5 million from $70.9 million at June 30, 2024. Lighting Segment net inventory decreased $1.7 million whereas net inventory in the Display Solutions Segment increased $0.2 million to support the growth in backlog resulting from an increase program activity.

Cash generated from operations and borrowing capacity under the Company’s line of credit is its primary source of liquidity. The Company has a $25 million term loan and $75 million remaining in a secured revolving line of credit. Both facilities expire in the first quarter of fiscal 2027. As of December 31, 2024, $50.2 million of the credit line was available. The Company is in compliance with all of its loan covenants. The $100 million credit facility plus cash flows from operating activities are adequate for operational and capital expenditure needs for the remainder of fiscal 2025.

The Company generated $21.7 million of cash from operating activities in the six months ended December 31, 2024, compared to $19.9 million of cash generated from operating activities in the same period in fiscal 2024. The Company continues to effectively manage its working capital while generating increasing cash flow from earnings in both fiscal years, resulting in strong cash flow from operations.

The Company invested $1.8 million and $3.3 million of cash related to investing activities in the six months ended December 31, 2024, and December 31, 2023, respectively. The Company continues to invest in equipment and tooling to support sales growth.

The Company had a net use of cash of $19.1 million and $15.7 million related to financing activities in the six months ended December 31, 2024, and December 31, 2023, respectively. The Company continues to generate positive cash flow from its operations in order to pay down its debt and fund its dividend payments to shareholders.

The Company has on its balance sheet financial instruments consisting primarily of cash and cash equivalents, revolving lines of credit, and long-term debt. The fair value of these financial instruments approximates carrying value because of their short-term maturity and/or variable, market-driven interest rates.

Off-Balance Sheet Arrangements

The Company has no financial instruments with off-balance sheet risk and have no off-balance sheet arrangements.

Cash Dividends

In January 2025, the Board of Directors declared a regular quarterly cash dividend of $0.05 per share payable February 11, 2025, to shareholders of record as of February 3, 2025. The indicated annual cash dividend rate for fiscal 2025 is $0.20 per share. The Board of Directors has adopted a policy regarding dividends which indicates that dividends will be determined by the Board of Directors in its discretion based upon its evaluation of earnings, cash flow requirements, financial condition, debt levels, stock repurchases, future business developments and opportunities, and other factors deemed relevant.

Page 30

Critical Accounting Policies and Estimates

A summary of our significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company’s fiscal 2024 Annual Report on Form 10-K.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in our exposure to market risk since June 30, 2024. Additional information can be found in Item 7A, Quantitative and Qualitative Disclosures About Market Risk, which appears on page 16 of the Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as such term is defined Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), that are designed to ensure that information required to be disclosed by a company in the reports that it files under the Exchange Act is recorded, processed, summarized, and reported within required time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

We conducted, under the supervision of our management, including the Chief Executive Officer and Chief Financial Officer, an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Based upon our evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2024, our disclosure controls and procedures were effective. Management believes that the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q are fairly presented in all material respects in accordance with GAAP for interim financial statements, and the Company’s Chief Executive Officer and Chief Financial Officer have certified that, based on their knowledge, the condensed consolidated financial statements included in this report fairly present in all material respects the Company’s financial condition, results of operations and cash flows for each of the periods presented in this report.

Changes in Internal Control

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter ended December 31, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Page 31

PART II. OTHER INFORMATION

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibits:

19.1	Insider trading Policy Amended and Restated effective January 22, 2025

31.1	Certification of Principal Executive Officer required by Rule 13a-14(a)

31.2	Certification of Principal Financial Officer required by Rule 13a-14(a)

32.1	Section 1350 Certification of Principal Executive Officer

32.2	Section 1350 Certification of Principal Financial Officer

101.INS Inline XBRL Instance Document

101.SCH Inline XBRL Taxonomy Extension Schema Document

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document

104	Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101)

Page 32

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	LSI Industries Inc.


	By:	/s/ James A. Clark
		James A. Clark
		Chief Executive Officer and President
		(Principal Executive Officer)


	By:	/s/ James E. Galeese
		James E. Galeese
		Executive Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)
February 7, 2025

Page 33

Exhibit 19.1

Amended and Restated: January 22, 2025

LSI INDUSTRIES INC. INSIDER TRADING POLICY AND ANTI- HEDGING AND PLEDGING POLICY

SCOPE:

This policy applies to all directors and employees of LSI Industries Inc. and its subsidiaries and divisions. LSI may also determine that other persons should be subject to this policy, such as contractors or consultants who may have access to material non-public information. This policy also applies to family members, other members of a person’s household and entities controlled by a person covered by this policy, including independent retirement accounts, trusts and other entities controlled by those subject to this policy.

In addition, individuals who have recently departed LSI or any of its subsidiaries or otherwise terminated a relationship with the company will be expected to comply with the terms of this policy for the period of time during which such individuals are in possession of material non-public information.

PURPOSE:

Federal law makes persons who engage in transactions in securities on the basis of material non-public information, as well as their employers in certain cases, liable for fines, criminal penalties and civil liabilities. LSI has adopted this policy to assist it and its directors and employees in avoiding unlawful insider trading and improprieties related to transactions in LSI securities, including the establishment of blackout periods during which transactions in LSI securities by LSI directors, certain employees (including those employees identified on the attachment to this policy), their family members and others are prohibited. In addition, the policy applies to information relating to securities issued by other companies with which LSI may have a business relationship or proposed business relationship.

POLICY:

Insider Trading Policy and Anti-Hedging and Pledging Policy.

GENERAL PROHIBITION:

Directors and employees of LSI and its subsidiaries are prohibited from:

(i)

engaging in transactions in LSI securities or in the securities of any company with which LSI may be conducting business or proposing to be conducting business while in possession of material non-public information regarding LSI or such other company;

(ii)

transactions in “puts” or “calls” or other derivative securities linked to LSI;

(iii)

tipping, or providing material non-public information to third parties for other than legitimate corporate purposes;

(iv)

recommending the purchase or sale of any LSI security;

(v)

engaging in short sales of LSI stock. “Short” sales of stock are transactions where you borrow stock, sell it, then buy stock at a later date to replace the borrowed shares;

(vi)

for directors and certain officers of LSI, engaging in the purchase and subsequent sale, or vice versa, of LSI securities within a six-month period; and

(vii)

assisting someone who is engaged in any of the above activities.

EXPLANATION OF KEY CONCEPTS:

The following discussion is provided in applying the “General Prohibition.”

(i)

LSI Securities.

LSI securities include shares of LSI common stock and incentive awards such as stock options, restricted shares, restricted share units and performance awards related to shares of LSI common stock.

This policy also applies to any other securities that LSI may issue, including, but not limited to, preferred stock, convertible debentures and warrants, as well as derivative securities that are not issued by LSI, such as exchange-traded put or call options or swaps related to LSI securities. Gifts and other contributions of LSI securities are also subject to this policy.

(ii)

Materiality

The materiality of a fact depends upon the circumstances. A fact is material if it is likely that an investor would take it into account in deciding to purchase or sell securities. It need not be so important that it would change the investor’s decision of whether to buy or sell; it is enough if it is the type of information on which reasonable investors usually rely in making purchase or sale decisions. As a general rule, if disclosure of the information is likely to affect the market price of a security, the information is always material. Material information can be either business or market related, can be positive or negative and can relate to virtually any aspect of a company’s business or to any type of security, debt or equity. Examples of material information include, but are not limited to, information about:

●

corporate earnings, earnings forecasts, or other earnings projections or guidance;

●

possible mergers, acquisitions, tender offers, dispositions, joint ventures or restructurings;

●

major new service offerings or new major contract awards;

●

important business developments, such as developments of significant new product lines;

●

significant litigation, regulatory action or other investigation;

●

senior management or control changes;

●

developments in the Company’s business or prospects related to extraordinary events, such as pandemics, wars, terrorist attacks and natural disasters;

●

changes in dividend policies or amounts or stock splits;

●

significant financing developments including pending public sales or offerings of debt or equity securities;

●

defaults on borrowings;

●

changes in auditors or notification that the auditor’s reports may no longer be relied

upon;

●

the establishment of a repurchase plan or program for Company securities;

●

significant cybersecurity incidents, including significant data breaches or the investigation of such incidents;

●

bankruptcies; and

●

significant related party transactions.

It is important to remember that materiality determinations are often challenged with the benefit of hindsight and therefore if there is any question whether particular information is material, the employee should not engage in transactions or communicate the information without consulting the Company’s General Counsel. Moreover, material information does not have to be directly about a company's business. For example, the contents of a forthcoming newspaper column that is expected to affect the market price of a security can be material.

(iii)

Non-Public

Information is non-public unless it has been disclosed to the investing public. Selective disclosure to a few persons does not make information public. In order to establish that the information has been disclosed to the public, it may be necessary to demonstrate that the information has been widely disseminated. Information generally would be

considered widely disseminated if it has been disclosed through the Dow Jones “broad

tape,” newswire services, publication in a widely-available newspaper, magazine or news websites, a Regulation FD-compliant conference call, or public disclosure documents filed with the SEC that are available on the SEC’s website.

The circulation of rumors, even if accurate and reported in the media, does not constitute effective public dissemination. In addition, even after a public announcement, a reasonable period of time must lapse in order for the market to react to the information. Generally, one should allow one full trading day following publication as a reasonable waiting period before such information is deemed to be public.

(iv)

Unauthorized Disclosure

Maintaining the confidentiality of Company information is essential for competitive, security and other business reasons, as well as to comply with securities laws. Directors and employees should treat all information learned about the Company or its business plans in connection with employment as confidential and proprietary to, and as owned

by, the Company. Inadvertent disclosure of confidential or inside information may adversely affect business plans and expose the Company and its directors and employees to significant risk of investigation and litigation.

The timing and nature of the Company’s disclosure of material information to outsiders is subject to federal law, the breach of which could result in substantial liability to the Company and its employees. Accordingly, it is important that responses to inquiries about the Company by the press, investment analysts or others in the financial community be made on the Company’s behalf only through authorized individuals.

All directors and employees are prohibited from posting or responding to any posting on or in Internet message boards, chat rooms, discussion groups or other publicly accessible forums, with respect to LSI. Keep in mind that any inquiries about LSI should be directed to the Company’s Chief Financial Officer.

BLACKOUT PERIODS

The Chief Financial Officer or General Counsel shall notify directors and select employees of the Company when there is a blackout period during which Covered Persons shall be prohibited from engaging in most transactions involving LSI securities. “Covered Persons” include LSI directors and select employees (including executive officers and those employees identified on the attachment to this policy) along with their family members, other members of a person’s household and persons or entities they control in a trust or custodial capacity. Note that the Company has the sole and absolute discretion to include, among others, certain administrative staff, information technology employees, sales representatives and other service- providers as “Covered Persons” from time to time. Such notice will generally be delivered by email to such directors and select employees without specific identification of the reason for the blackout. Those periods shall be determined as follows:

(i)

The period beginning fifteen days prior to the end of the fiscal quarter and ending one full trading day after the public release of actual earnings for that fiscal quarter.

(ii)

Any other period during the fiscal year deemed appropriate to declare a blackout period as a result of pending news or activity of the Company that could significantly impact the market price of the Company’s stock, including the events identified in the section above captioned “Explanation of Key Concepts.”

PRE-CLEARANCE

Covered Persons must contact the General Counsel, or in his absence, the Chief Financial Officer, to discuss any plans to engage in any transactions in LSI securities in the open market prior to the transaction to determine if there is any reason the contemplated transaction should not proceed. If there is nothing that should prohibit the transaction at that time, the Covered Person will be given approval for the transaction. If a Covered Person seeks pre-clearance and permission to engage in the transaction is denied, then such Covered Person should refrain from initiating any transaction in LSI’s securities and should not inform any other person of the restriction.

TRANSACTIONS NOT SUBJECT TO THIS POLICY

This policy does not apply to the following transactions, except as specifically noted:

Stock Option Exercises. This policy does not apply to the exercise (i.e., purchase and hold) of an employee or director stock option acquired pursuant to LSI’s plans, or to the exercise of a tax withholding right pursuant to which a person has elected to have LSI withhold shares subject to an option to satisfy tax withholding requirements. This policy does apply, however, to any sale of stock as part of a broker-assisted cashless exercise of an option, or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option.

Restricted Stock Awards. This policy does not apply to the vesting of restricted stock, or the exercise of a tax withholding right pursuant to which a person elects to have LSI withhold shares of stock to satisfy tax withholding requirements upon the vesting of any restricted stock. The policy does apply, however, to any market sale of restricted stock.

Nonqualified Deferred Compensation Plan. This policy does not apply to purchases of LSI

securities in LSI’s Nonqualified Deferred Compensation Plan resulting from periodic (i.e., monthly) contribution of funds to the plan pursuant to payroll deduction elections. This policy also does not apply to distributions of LSI securities out of LSI’s Nonqualified Deferred Compensation Plan. As the timing of the annual purchase for LSI shares under the Nonqualified Deferred Compensation Plan is determined by LSI management, such annual purchase shall be subject to this policy.

Pre-arranged Trading Plans. This policy does not apply to purchases or sales of LSI securities by a Covered Person pursuant to pre-arranged trading plans that comply with Rule 10b5-1 and the requirements of this policy applicable to Rule 10b5-1 plans. Use of a pre-arranged trading plan allows a Covered Person to trade in LSI securities or the securities of other companies even during trading blackout periods because trading decisions are made by an independent third party according to a pre-set plan.

All Covered Persons entering into a Rule 10b5-1 trading plan must act in good faith with respect to the plan. The Rule 10b5-1 trading plan must be entered into at a time when the Covered Person does not possess material non-public information. The Rule 10b5-1 trading plan may not be entered into during a blackout period. Covered Persons must pre-clear such Rule 10b5-1 trading plans by submitting to the General Counsel, or in his absence, the Chief Financial Officer, a copy of the written Rule 10b5-1 trading plan for review and approval before it can be entered into and effective.

The Rule 10b5-1 trading plan must be a written, binding contract, instruction, or other arrangement under specified terms and conditions for the purchase or sale of securities. SEC rules require Covered Persons to include representations in their written Rule 10b5-1 trading plans certifying, at the time of the adoption of a new or modified plan, that: (1) they are not aware of material nonpublic information about LSI or its securities; and (2) they are adopting the plan in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5. The written Rule 10b5-1 trading plan also must:

(i)

expressly specify the amount, price, and date of trades;

(ii)

include a written formula or algorithm, or computer program, for determining amounts, prices, and dates; or

(iii)

not permit the Covered Person to exercise any subsequent influence over the amount of securities to be traded, the price at which they are to be traded or the date of the trade; provided, in addition, that any other person who does exercise such influence is not aware (or is deemed to be unaware of the material nonpublic information when doing so).

All Rule 10b5-1 trading plans of Covered Persons must have “cooling-off” periods between the date the Rule 10b5-1 trading plan is adopted or modified and when trading under the plan commences. For Covered Persons, the cooling-off period is the later of (i) 90 days after the adoption or modification of the Rule 10b5-1 trading plan or (ii) two business days following the filing of the Form 10-Q or Form 10-K for the fiscal quarter in which the plan was adopted or modified. In any event, the required cooling-off period for Covered Persons must not exceed 120 days following the Rule 10b5-1 trading plan adoption or modification. For employees who are not Covered Persons, the applicable cooling-off period is 30 days after the adoption or modification of the Rule 10b5-1 trading plan.

No Covered Person may maintain or use multiple overlapping Rule 10b5-1 trading plans for open market purchases of LSI securities except as described below. This prohibition does not apply where a person transacts directly with LSI such as in a dividend reinvestment plan, employee stock ownership plan or deferred compensation plan, which are not executed on the open market. Also, the prohibition does not apply to plans authorizing an agent to sell only enough securities as are necessary to satisfy tax withholding obligations arising exclusively from the vesting of a compensatory award, such as on the vesting and settlement of restricted stock units, performance share awards and stock options (“sell-to-cover” Rule 10b5-1 trading plans), provided that the award holder is not permitted to exercise control over the timing of such sales. Also, a Covered Person may maintain two separate Rule 10b5-1 trading plans for open market purchases or sales of LSI securities if trading under the later-commencing plan is not authorized to begin until after all trades under the earlier-commencing plan are completed or expire without execution. If the first plan is terminated early, the first trade under the later-commencing plan, however, must not be scheduled to occur until after the effective cooling-off period following the termination of the earlier plan which, as explained above, is the later of (i) 90 days after the adoption or modification of the Rule 10b5-1 trading plan or (ii) two business days following the filing of the Form 10-Q or Form 10-K for the fiscal quarter in which the plan was adopted or modified. In any event, as explained above, the required cooling-off period for Covered Persons must not exceed 120 days following the Rule 10b5-1 trading plan adoption or modification.

A Covered Person may enter into only one single-trade Rule 10b5-1 trading plan during any consecutive twelve-month period. A Rule 10b5-1 trading plan will not be treated as a single-trade plan if it gives the Covered Person’s agent discretion over whether to execute the plan as a single transaction, or provides that the agent’s future acts will depend on events or data not known at the time the plan is entered into and it is reasonably foreseeable at the time the plan is entered into that the plan might result in multiple trades. For the avoidance of doubt, sell-to-cover Rule 10b5-1 trading plans are exempt from the limitation on single-trade plans.

Although transactions effected under a Rule 10b5-1 trading plan will not require further pre-clearance at the time of the trade, any transaction (including the quantity and price) executed pursuant to a trading plan of a Section 16 reporting person must be reported to the Company promptly on the day of each trade to permit the Company's filing coordinator to assist in the preparation and filing of a required Form 4.

The Company reserves the right from time to time to suspend, discontinue or otherwise prohibit any transaction in LSI securities, even pursuant to a previously approved trading plan, if the Chief Executive Officer, Chief Financial Officer or the Board of Directors, in its discretion, determines that such suspension, discontinuation or other prohibition is in the best interests of the Company. Any trading plan submitted for approval hereunder should explicitly acknowledge the Company's right to suspend, discontinue or prohibit transactions in LSI securities.

Other Similar Transactions. Any other purchase of LSI securities from LSI or sales of LSI securities to LSI are not subject to this policy.

PLEDGING AND HEDGING

Covered Persons are prohibited from, directly or indirectly, pledging and/or hedging any LSI securities. “Pledging” includes the intentional creation of any form of pledge, security interest, deposit, lien or other hypothecation, including the holding or purchase of shares in a margin account or hypothecating shares as collateral for a loan, that entitles a third-party to foreclose against, or otherwise sell, any equity securities, whether with or without notice, consent, default or otherwise. For purposes of this policy, pledging does not include either the involuntary imposition of liens, such as tax liens or liens arising from legal proceedings, or customary purchase and sale agreements, such as Rule 10b5-1 plans. “Hedging” includes any instrument or transaction, including put options, monetization transactions, equity swaps, forward-sale contracts, collars, exchange funds, prepaid variable forwards and other forward-sale contracts, through which the Covered Person offsets or reduces exposure to the risk of price fluctuations in a corresponding equity security.

SECTION 16 LIABILITY – DIRECTORS AND CERTAIN OFFICERS

All directors and certain officers (designated by the Board) must also comply with the reporting obligations and limitations on short-swing profit transactions set forth in Section 16 of the Securities Exchange Act of 1934. The practical effect of these provisions is that any officer or director who purchases and sells the company’s securities within a six-month period must disgorge all profits to the company whether or not he or she had knowledge of any material non-public information. Under these provisions, and so long as certain other criteria are met, neither the receipt of stock options under the company’s stock plans, nor the exercise of options is deemed a purchase that can be matched against a sale for Section 16(b) short-swing profit disgorgement purposes; however, the sale of any such shares so obtained is a sale for these purposes. Moreover, no such officer or director may ever make a short sale of the company’s stock which is unlawful under Section 16(c) of the Exchange Act.

CONSEQUENCES OF VIOLATING THIS POLICY

Violation of this policy is not only a violation of LSI rules, but may also be a violation of federal law. As a result, a violation of these rules may:

(i)

subject the violator and the Company to large civil liability (up to three times the profit gained, or loss avoided);

(ii)

subject the violator to criminal prosecution with possible penalties of imprisonment of up to 20 years and additional fines of up to $5 million; and

(iii)

subject the violator to termination of employment for cause, whether or not the violation results in a violation of law.

NOTIFICATION

The Executive Vice President--Human Resources and General Counsel is in charge of implementing and explaining these policies. Please contact the General Counsel, or in his absence the Chief Financial Officer, before you buy or sell LSI securities or other securities or if anything in this policy is unclear to you.

EXHIBIT 31.1

Certification of Principal Executive Officer

Pursuant to Rule 13a-14(a)

I, James A. Clark, certify that:

1. I have reviewed this quarterly report on Form 10-Q of LSI Industries Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 7, 2025		/s/ James A. Clark
		Principal Executive Officer

EXHIBIT 31.2

Certification of Principal Financial Officer

Pursuant to Rule 13a-14(a)

I, James E. Galeese, certify that:

1. I have reviewed this quarterly report on Form 10-Q of LSI Industries Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 7, 2025		/s/ James E. Galeese
		Principal Financial and Accounting Officer

EXHIBIT 32.1

CERTIFICATION OF JAMES A. CLARK

Pursuant to Section 1350 of Chapter 63 of the

United States Code and Rule 13a-14b

In connection with the filing with the Securities and Exchange Commission of the Quarterly Report of LSI Industries Inc. (the “Company”) on Form 10-Q for the quarter ended December 31, 2024 (the “Report”), I, James A. Clark, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ James A. Clark
James A. Clark
Chief Executive Officer and President

Date: February 7, 2025

A signed original of this written statement required by Section 906 has been provided to LSI Industries Inc. and will be retained by LSI Industries Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EXHIBIT 32.2

CERTIFICATION OF JAMES E. GALEESE

Pursuant to Section 1350 of Chapter 63 of the

United States Code and Rule 13a-14b

In connection with the filing with the Securities and Exchange Commission of the Quarterly Report of LSI Industries Inc. (the “Company”) on Form 10-Q for the quarter ended December 31, 2024 (the “Report”), I, James E. Galeese, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ James E. Galeese
James E. Galeese
Executive Vice President and Chief Financial and Accounting Officer

Date: February 7, 2025

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Dec. 31, 2024	Jan. 29, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	0-13375
Entity Registrant Name	LSI Industries Inc.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	31-0888951
Entity Address, Address Line One	10000 Alliance Road
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45242
City Area Code	513
Local Phone Number	793-3200
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	LYTS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		29,921,385
Entity Central Index Key	0000763532
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Net Sales	$ 147,734	$ 109,005	$ 285,829	$ 232,446
Cost of products and services sold	112,873	77,469	217,321	164,321
Gross profit	34,861	31,536	68,508	68,125
Selling and administrative expenses	26,402	23,717	50,918	49,278
Operating income	8,459	7,819	17,590	18,847
Interest expense	728	453	1,603	1,019
Other expense (income)	382	(29)	322	67
Income before income taxes	7,349	7,395	15,665	17,761
Income tax expense	1,702	1,489	3,336	3,827
Net income	$ 5,647	$ 5,906	$ 12,329	$ 13,934
Basic (in dollars per share)	$ 0.19	$ 0.2	$ 0.41	$ 0.48
Diluted (in dollars per share)	$ 0.18	$ 0.2	$ 0.4	$ 0.47
Weighted average common shares outstanding
Basic (in shares)	29,930	29,024	29,761	28,890
Diluted (in shares)	30,876	30,043	30,709	29,949

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Net Income	$ 5,647	$ 5,906	$ 12,329	$ 13,934
Foreign currency translation adjustment	(48)	71	(157)	15
Comprehensive Income	$ 5,599	$ 5,977	$ 12,172	$ 13,949

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Current assets
Cash and cash equivalents	$ 4,712	$ 4,110
Accounts receivable, less allowance for credit losses of $869 and $848, respectively	81,266	78,626
Inventories	69,426	70,913
Refundable income taxes	2,677	3,197
Other current assets	5,324	5,653
Total current assets	163,405	162,499
Property, Plant and Equipment, at cost
Land	4,029	4,010
Buildings	24,729	24,757
Machinery and equipment	76,443	74,204
Buildings under finance leases	2,033	2,033
Construction in progress	987	1,611
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	108,221	106,615
Less accumulated depreciation	(76,687)	(73,655)
Net property, plant and equipment	31,534	32,960
Goodwill	57,456	57,397
Other intangible assets, net	71,100	73,916
Operating lease right-of-use assets	15,517	15,912
Other long-term assets, net	5,533	6,116
Total assets	344,545	348,800
LIABILITIES & SHAREHOLDERS' EQUITY
Current maturities of long-term debt	3,571	3,571
Accounts payable	32,322	32,192
Accrued expenses	42,655	43,444
Total current liabilities	78,548	79,207
Long-term debt	34,615	50,658
Finance lease liabilities	468	636
Operating lease liabilities	10,694	11,267
Other long-term liabilities	3,105	2,677
Commitments and Contingencies
Shareholders' Equity
Preferred shares, without par value; Authorized 1,000,000 shares, none issued	0	0
Common shares, without par value; Authorized 50,000,000 shares; Outstanding 29,891,100 and 29,222,414 shares, respectively	159,926	156,365
Treasury shares, without par value	9,261	8,895
Deferred compensation plan	9,261	8,895
Retained earnings	57,144	47,788
Accumulated other comprehensive income	45	202
Total shareholders' equity	217,115	204,355
Total liabilities & shareholders' equity	$ 344,545	$ 348,800

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Accounts Receivable, Allowance for Credit Loss, Current	$ 869	$ 848
Preferred Stock, No Par Value (in dollars per share)	$ 0	$ 0
Preferred Stock, Shares Authorized (in shares)	1,000,000	1,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Common Stock, No Par Value (in dollars per share)	$ 0	$ 0
Common Stock, Shares Authorized (in shares)	50,000,000	50,000,000
Common Stock, Shares, Outstanding (in shares)	29,891,100	29,222,414

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock Including Additional Paid in Capital [Member]	Treasury Stock, Common [Member]	Key Executive Deferred Compensation [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares)	28,488	(922)
Balance (in shares) at Jun. 30, 2023	28,488	(922)
Balance at Jun. 30, 2023	$ 148,691	$ (7,166)	$ 7,166	$ 339	$ 28,548	$ 177,578
Net Income	0	0	0	0	8,028	8,028
Other comprehensive gain (loss)	$ 0	$ 0	0	(56)	0	(56)
Board stock compensation (in shares)	9	0
Board stock compensation	$ 113	$ 0	0	0	0	113
ESPP stock Awards (in shares)	3
ESPP stock Awards	$ 57					57
Shares issued for deferred compensation (in shares)	32	0
Shares issued for deferred compensation	$ 437	$ 0	0	0	0	437
Activity of treasury shares, net (in shares)	0	30
Activity of treasury shares, net	$ 0	$ 417	0	0	0	417
Deferred stock compensation	$ 0	0	417	0	0	417
Stock-based compensation expense		$ 0	0	0	0	1,220
Stock options exercised, net (in shares)	70	0
Stock options exercised, net	$ 549	$ 0	0	0	0	549
Dividends	0	0	0	0	(1,380)	(1,380)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0	0	0	(56)	0	(56)
Balance at Sep. 30, 2023	$ 151,067	$ (7,583)	7,583	283	35,196	186,546
Balance (in shares) at Sep. 30, 2023	28,878	(952)
Balance (in shares) at Jun. 30, 2023	28,488	(922)
Balance at Jun. 30, 2023	$ 148,691	$ (7,166)	7,166	339	28,548	177,578
Net Income						13,934
Balance at Dec. 31, 2023	$ 152,924	$ (8,088)	8,088	354	39,656	192,934
Balance (in shares) at Dec. 31, 2023	29,060	(988)
Balance (in shares)	28,878	(952)
Balance (in shares) at Sep. 30, 2023	28,878	(952)
Balance at Sep. 30, 2023	$ 151,067	$ (7,583)	7,583	283	35,196	186,546
Net Income					5,906	5,906
Other comprehensive gain (loss)		$ 0	0	0	71	71
Board stock compensation (in shares)	7
Board stock compensation	$ 112			0		112
ESPP stock Awards (in shares)	4	0
ESPP stock Awards	$ 41	$ 0	0	0	0	41
Shares issued for deferred compensation (in shares)	36
Shares issued for deferred compensation	$ 506					506
Activity of treasury shares, net (in shares)		(36)
Activity of treasury shares, net		$ (505)				(505)
Deferred stock compensation			505			505
Stock-based compensation expense	$ 814					814
Stock options exercised, net (in shares)	107
Stock options exercised, net	$ 628					628
Dividends					(1,446)	(1,446)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		0	0	0	71	71
Balance at Dec. 31, 2023	$ 152,924	$ (8,088)	8,088	354	39,656	192,934
Balance (in shares) at Dec. 31, 2023	29,060	(988)
Balance (in shares)	29,060	(988)
Balance (in shares)	29,222	(1,036)
Balance (in shares) at Jun. 30, 2024	29,222	(1,036)
Balance at Jun. 30, 2024	$ 156,365	$ (8,895)	8,895	202	47,788	204,355
Net Income	0	0	0	0	6,682	6,682
Other comprehensive gain (loss)	$ 0	$ 0	0	(109)	0	(109)
Board stock compensation (in shares)	8	0
Board stock compensation	$ 113	$ 0	0	0	0	113
ESPP stock Awards (in shares)	3	0
ESPP stock Awards	$ 45	$ 0	0	0	0	45
Shares issued for deferred compensation (in shares)	32	0
Shares issued for deferred compensation	$ 487	$ 0	0	0	0	487
Activity of treasury shares, net (in shares)	0	42
Activity of treasury shares, net	$ 0	$ 140	0	0	0	140
Deferred stock compensation	$ 0	0	(140)	0	0	(140)
Stock-based compensation expense		$ 0	0	0	0	1,047
Stock options exercised, net (in shares)	39	0
Stock options exercised, net	$ 248	$ 0	0	0	0	248
Dividends	0	0	0	0	(1,481)	(1,481)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ 0	$ 0	0	(109)	0	(109)
Restricted stock units issued, net of shares withheld for tax withholdings (in shares)	492	0
Restricted stock units issued, net of shares withheld for tax withholdings	$ (204)	$ 0	0	0	0	(204)
Balance at Sep. 30, 2024	$ 158,101	$ (8,755)	8,755	93	52,989	211,183
Balance (in shares) at Sep. 30, 2024	29,796	(994)
Balance (in shares) at Jun. 30, 2024	29,222	(1,036)
Balance at Jun. 30, 2024	$ 156,365	$ (8,895)	8,895	202	47,788	204,355
Net Income						12,329
Balance at Dec. 31, 2024	$ 159,926	$ (9,261)	9,261	45	57,144	217,115
Balance (in shares) at Dec. 31, 2024	29,891	(1,022)
Balance (in shares)	29,796	(994)
Balance (in shares) at Sep. 30, 2024	29,796	(994)
Balance at Sep. 30, 2024	$ 158,101	$ (8,755)	8,755	93	52,989	211,183
Net Income					5,647	5,647
Other comprehensive gain (loss)				(48)		(48)
Board stock compensation (in shares)	7
Board stock compensation	$ 112					112
ESPP stock Awards (in shares)	5
ESPP stock Awards	$ 65					65
Shares issued for deferred compensation (in shares)	27
Shares issued for deferred compensation	$ 507					507
Activity of treasury shares, net (in shares)		(28)
Activity of treasury shares, net		$ (506)				(506)
Deferred stock compensation			506			506
Stock-based compensation expense	$ 1,141					1,141
Stock options exercised, net (in shares)	30
Stock options exercised, net	$ 374					374
Dividends					(1,492)	(1,492)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent				(48)		(48)
Restricted stock units issued, net of shares withheld for tax withholdings (in shares)	26
Restricted stock units issued, net of shares withheld for tax withholdings	$ (374)					(374)
Balance at Dec. 31, 2024	$ 159,926	$ (9,261)	$ 9,261	$ 45	$ 57,144	$ 217,115
Balance (in shares) at Dec. 31, 2024	29,891	(1,022)
Balance (in shares)	29,891	(1,022)

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Dividend per share (in dollars per share)	$ 0.2	$ 0.2	$ 0.2	$ 0.2
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	$ 0.2	$ 0.2	$ 0.2	$ 0.2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities
Net Income	$ 12,329	$ 13,934
Non-cash items included in net income
Depreciation and amortization	5,958	4,728
Deferred income taxes	558	(591)
Deferred compensation plan	994	943
ESPP discount	110	98
Stock compensation expense	2,188	2,034
Issuance of common shares as compensation	225	225
(Gain) loss on disposition of fixed assets	(17)	141
Allowance for credit losses	21	25
Inventory obsolescence reserve	131	234
Changes in certain assets and liabilities
Accounts receivable	(2,661)	5,496
Inventories	1,356	3,330
Refundable income taxes	223	1,087
Accounts payable	130	(6,070)
Accrued expenses and other	(44)	(6,529)
Customer prepayments	236	783
Net cash flows provided by operating activities	21,737	19,868
Cash Flows from Investing Activities
Acquisition of EMI	59	(0)
Proceeds from the sale of fixed assets	46	26
Purchases of property, plant and equipment	(1,825)	(3,349)
Net cash flows used in investing activities	(1,838)	(3,323)
Cash Flows from Financing Activities
Payments of long-term debt	(96,265)	(96,600)
Borrowings of long-term debt	80,222	82,921
Cash dividends paid	(2,973)	(2,826)
Shares withheld for employees' taxes	(578)	(244)
Payments on financing lease obligations	(168)	(156)
Proceeds from stock option exercises	622	1,177
Net cash flows used in financing activities	(19,140)	(15,728)
Change related to foreign currency	(157)	15
Increase in cash and cash equivalents	602	832
Cash and cash equivalents at beginning of period	4,110	1,828
Cash and cash equivalents at end of period	$ 4,712	$ 2,660

Note 1 - Interim Condensed Consolidated Financial Statements

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Condensed Financial Statements [Text Block]

NOTE 1 - INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 2 - Summary of Significant Accounting Policies

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Significant Accounting Policies [Text Block]

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Consolidation:

A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company’s fiscal 2024 Annual Report on Form 10-K.

Revenue Recognition:

●

Customer specific branded print graphics

●

Electrical components based on customer specifications

●

Digital signage and related media content

Disaggregation of Revenue

	Three Months Ended
(In thousands)	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Timing of revenue recognition
Products and services transferred at a point in time	$	48,366	$	68,046	$	54,619	$	29,268
Products and services transferred over time		9,844		21,478		10,176		14,942
	$	58,210	$	89,524	$	64,795	$	44,210

	Three Months Ended
	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Type of Product and Services
LED lighting, digital signage solutions, electronic circuit boards	$	47,580	$	9,310	$	53,116	$	8,791
Poles, other display solution elements		9,945		60,726		10,968		24,829
Project management, installation services, shipping and handling		685		19,488		711		10,590
	$	58,210	$	89,524	$	64,795	$	44,210

	Six Months Ended
	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Timing of revenue recognition
Products and services transferred at a point in time	$	96,577	$	130,140	$	112,271	$	69,256
Products and services transferred over time		20,069		39,043		20,165		30,754
	$	116,646	$	169,183	$	132,436	$	100,010

	Six Months Ended
	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Type of Product and Services
LED lighting, digital signage solutions, electronic circuit boards	$	95,009	$	17,746	$	108,607	$	17,724
Poles, other display solution elements		20,338		116,429		22,351		59,698
Project management, installation services, shipping and handling		1,299		35,008		1,478		22,588
	$	116,646	$	169,183	$	132,436	$	100,010

Practical Expedients and Exemptions

●

Shipping costs that are not material in context of the delivery of products are expensed as incurred.

●

New Accounting Pronouncements:

Note 3 - Acquisition of EMI Industries, LLC

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Business Combination Disclosure [Text Block]

NOTE 3 — ACQUISITION OF EMI INDUSTRIES, LLC

(In thousands)	April 18, 2024 as initially reported			Adjustments		April 18, 2024 as adjusted

Accounts Receivable	$	11,386		$	-	$	11,386
Inventory		12,246			-		12,246
Property, Plant and Equipment		7,719			-		7,719
Operating Lease Right-Of-Use Assets		8,734			-		8,734
Other Assets		1,176			-		1,176
Intangible Assets		15,670			-		15,670
Accounts Payable		(7,103	)		-		(7,103	)
Accrued Expenses		(6,308	)		-		(6,308	)
Operating Lease Liabilities		(5,987	)		-		(5,987	)
Identifiable Assets		37,533			-		37,533
Goodwill		12,367			59		12,426
Net Purchase Consideration	$	49,900		$	59	$	49,959

The gross amount of accounts receivable acquired was $11.9 million.

(in thousands)	Estimated Fair Value		Estimated Useful Life (Years)


Tradename	$	4,880	Indefinite life
Technology assets		3,160		7
Non-compete		140		5
Customer relationships		7,490		20
	$	15,670

Pro Forma Impact of the Acquisition of EMI (Unaudited)

	Twelve Months Ended June 30
(in thousands; unaudited)
	2024		2023
Sales	$	535,849	$	578,169

Gross Profit	$	141,788	$	147,967

Operating Income	$	36,303	$	38,798

Note 4 - Segment Reporting Information

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 4 - SEGMENT REPORTING INFORMATION

Summarized financial information for the Company’s operating segments is provided for the indicated periods and as of December 31, 2024, and December 31, 2023:

	Three Months Ended						Six Months Ended
(In thousands)	December 31						December 31
	2024			2023			2024			2023
Net Sales:
Lighting Segment	$	58,210		$	64,795		$	116,646		$	132,436
Display Solutions Segment		89,524			44,210			169,183			100,010
	$	147,734		$	109,005		$	285,829		$	232,446

Operating Income (Loss):
Lighting Segment	$	5,972		$	8,856		$	11,731		$	17,609
Display Solutions Segment	$	8,127			3,302			15,834			10,521
Corporate and Eliminations		(5,640	)		(4,339	)		(9,975	)		(9,283	)
	$	8,459		$	7,819		$	17,590		$	18,847

Capital Expenditures:
Lighting Segment	$	509		$	1,151		$	1,221		$	2,013
Display Solutions Segment	$	529			529			576			1,048
Corporate and Eliminations		28			276			28			288
	$	1,066		$	1,956		$	1,825		$	3,349

Depreciation and Amortization:
Lighting Segment	$	1,281		$	1,293		$	2,493		$	2,602
Display Solutions Segment	$	1,656			989			3,291			1,965
Corporate and Eliminations	$	81			75			174			161
	$	3,018		$	2,357		$	5,958		$	4,728

	December 31, 2024		June 30, 2024
Total Assets:
Lighting Segment	$	119,006	$	130,695
Display Solutions Segment		215,824		208,248
Corporate and Eliminations		9,715		9,857
	$	344,545	$	348,800

The Company records a 10% mark-up on intersegment revenues. Any inter-segment profit in inventory is eliminated in consolidation. Intersegment revenues were eliminated in consolidation as follows:

Inter-segment sales
	Three Months Ended					Six Months Ended
(In thousands)	December 31					December 31
	2024		2023			2024		2023
Lighting Segment inter-segment net sales	$	6,053	$	5,286		$	12,037	$	12,150

Display Solutions Segment inter-segment net sales	$	133	$	(15	)	$	304	$	440

Note 5 - Earnings Per Common Share

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 5 - EARNINGS PER COMMON SHARE

The following table presents the amounts used to compute basic and diluted earnings per common share, as well as the effect of dilutive potential common shares on weighted average shares outstanding:

	Three Months Ended				Six Months Ended
	December 31				December 31
	2024		2023		2024		2023

BASIC EARNINGS PER SHARE

Net income	$	5,647	$	5,906	$	12,329	$	13,934

Weighted average shares outstanding during the period, net of treasury shares		28,848		27,979		28,681		27,858
Weighted average vested restricted stock units outstanding		72		76		81		78
Weighted average shares outstanding in the Deferred Compensation Plan during the period		1,010		969		999		954
Weighted average shares outstanding		29,930		29,024		29,761		28,890

Basic earnings per common share	$	0.19	$	0.20	$	0.41	$	0.48


DILUTED EARNINGS PER SHARE

Net income	$	5,647	$	5,906	$	12,329	$	13,934

Weighted average shares outstanding:

Basic		29,930		29,024		29,761		28,890

Effect of dilutive securities (a):
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any		946		1,019		948		1,059
Weighted average shares outstanding		30,876		30,043		30,709		29,949

Diluted earnings per common share	$	0.18	$	0.20	$	0.40	$	0.47


Anti-dilutive securities (b)		265		-		265		-

(a)

Calculated using the “Treasury Stock” method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period.

(b)

Note 6 - Inventories, Net

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 6 – INVENTORIES, NET

The following information is provided as of the dates indicated:

	December 31,		June 30,
(In thousands)	2024		2024

Inventories:
Raw materials	$	49,388	$	52,644
Work-in-progress		6,891		6,244
Finished goods		13,147		12,025
Total Inventories	$	69,426	$	70,913

Note 7 - Accrued Expenses

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

NOTE 7 - ACCRUED EXPENSES

The following information is provided as of the dates indicated:

	December 31,		June 30,
(In thousands)	2024		2024

Accrued Expenses:
Customer prepayments	$	8,714	$	8,475
Compensation and benefits		9,110		9,704
Accrued warranty		6,653		6,623
Operating lease liabilities		5,619		5,560
Accrued sales commissions		2,691		3,937
Accrued Freight		2,353		2,270
Accrued FICA		492		513
Finance lease liabilities		327		324
Other accrued expenses		6,696		6,038
Total Accrued Expenses	$	42,655	$	43,444

Note 8 - Goodwill and Other Intangible Assets

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 8 - GOODWILL AND OTHER INTANGIBLE ASSETS

The following table presents information about the Company's goodwill on the dates or for the periods indicated:

Goodwill				Display
(In thousands)	Lighting			Solutions
	Segment			Segment			Total
Balance as of December 31, 2024
Goodwill	$	70,971		$	75,773		$	146,744
Accumulated impairment losses		(61,763	)		(27,525	)		(89,288	)
Goodwill, net as of December 31, 2024	$	9,208		$	48,248		$	57,456

Balance as of June 30, 2024
Goodwill	$	70,971		$	75,714		$	146,685
Accumulated impairment losses		(61,763	)		(27,525	)		(89,288	)
Goodwill, net as of June 30, 2024	$	9,208		$	48,189		$	57,397

The gross carrying amount and accumulated amortization by each major intangible asset class is as follows:

Other Intangible Assets	December 31, 2024
(In thousands)	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount
Amortized Intangible Assets
Customer relationships	$	69,573	$	23,227	$	46,346
Patents		268		268		-
LED technology firmware, software		24,126		17,876		6,250
Trade name		2,658		1,319		1,339
Non-compete		400		217		183
Total Amortized Intangible Assets		97,025		42,907		54,118

Indefinite-lived Intangible Assets
Trademarks and trade names		16,982		-		16,982
Total indefinite-lived Intangible Assets		16,982		-		16,982

Total Other Intangible Assets	$	114,007	$	42,907	$	71,100

Other Intangible Assets	June 30, 2024
(In thousands)	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount
Amortized Intangible Assets
Customer relationships	$	69,573	$	21,332	$	48,241
Patents		268		268		-
LED technology firmware, software		24,126		17,058		7,068
Trade name		2,658		1,265		1,393
Non-compete		400		168		232
Total Amortized Intangible Assets		97,025		40,091		56,934

Indefinite-lived Intangible Assets
Trademarks and trade names		16,982		-		16,982
Total indefinite-lived Intangible Assets		16,982		-		16,982

Total Other Intangible Assets	$	114,007	$	40,091	$	73,916

	Three Months Ended				Six Months Ended
	December 31				December 31
(In thousands)	2024		2023		2024		2023

Amortization Expense of Other Intangible Assets	$	1,408	$	1,190	$	2,816	$	2,380

The Company expects to record annual amortization expense as follows:

(In thousands)
2025	$	5,739
2026	$	5,733
2027	$	5,512
2028	$	5,125
2029	$	4,497
After 2029	$	30,328

Note 9 - Debt

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 9 - DEBT

The Company’s long-term debt as of December 31, 2024, and June 30, 2024, consisted of the following:

	December 31,		June 30,
(In thousands)	2024		2024

Secured line of credit	$	24,803	$	38,766
Term loan, net of debt issuance costs of $10 and $14, respectively		13,383		15,463
Total debt	$	38,186	$	54,229
Less: amounts due within one year		3,571		3,571
Total amounts due after one year, net	$	34,615	$	50,658

The Company is in compliance with all of its loan covenants as of December 31, 2024.

Note 10 - Cash Dividends

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Equity [Text Block]

NOTE 10 - CASH DIVIDENDS

Note 11 - Equity Compensation

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE 11 – EQUITY COMPENSATION

Note 12 - Supplemental Cash Flow Information

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

NOTE 12 - SUPPLEMENTAL CASH FLOW INFORMATION

	Six Months Ended
(In thousands)	December 31
	2024		2023
Cash Payments:
Interest	$	1,460	$	1,006
Income taxes	$	2,321	$	3,375

Non-cash investing and financing activities
Issuance of common shares as compensation	$	225	$	225
Issuance of common shares to fund deferred compensation plan	$	994	$	943
Issuance of common shares to fund ESPP plan	$	110	$	98

Note 13 - Commitments and Contingencies

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 13 - COMMITMENTS AND CONTINGENCIES

The Company may occasionally issue a standby letter of credit in favor of third parties. As of December 31, 2024, there were no such standby letters of credit issued.

Note 14 - Leases

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Lessee, Leases [Text Block]

NOTE 14 - LEASES

The Company has certain leases that contain lease and non-lease components and has elected to utilize the practical expedient to account for these components together as a single lease component.

Lease expense is recognized on a straight-line basis over the lease term. The Company used its incremental borrowing rate when determining the present value of lease payments.

	Three Months Ended					Six Months Ended
	December 31					December 31
(In thousands)	2024		2023			2024			2023

Operating lease cost	$	1,610	$	993		$	3,231		$	1,900
Financing lease cost:
Amortization of right of use assets		73		73			145			146
Interest on lease liabilities		10		14			22			28
Variable lease cost		-		22			7			44
Sublease income		-		(116	)		(39	)		(232	)
Total lease cost	$	1,693	$	986		$	3,366		$	1,886

Supplemental Cash Flow Information:	Six Months Ended
	December 31
(In thousands)	2024		2023

Cash flows from operating leases
Fixed payments - operating cash flows	$	3,298	$	1,778
Liability reduction - operating cash flows	$	2,813	$	1,537

Cash flows from finance leases
Interest - operating cash flows	$	21	$	28
Repayments of principal portion - financing cash flows	$	168	$	156

Operating Leases:	December 31,			June 30,
	2024			2024

Total operating right-of-use assets	$	15,517		$	15,912

Accrued expenses (Current liabilities)	$	5,619		$	5,560
Long-term operating lease liability		10,694			11,267
Total operating lease liabilities	$	16,313		$	16,827

Weighted Average remaining Lease Term (in years)		3.40			3.49

Weighted Average Discount Rate		5.82	%		5.90	%

Finance Leases:	December 31,			June 30,
	2024			2024

Buildings under finance leases	$	2,033		$	2,033
Equipment under finance leases		-			41
Accumulated depreciation		(1,355	)		(1,232	)
Total finance lease assets, net	$	678		$	842

Accrued expenses (Current liabilities)	$	327		$	324
Long-term finance lease liability		468			636
Total finance lease liabilities	$	795		$	960

Weighted Average remaining Lease Term (in years)		2.33			2.83

Weighted Average Discount Rate		4.86	%		4.86	%

Maturities of Lease Liability:	Operating Lease Liabilities			Finance Lease Liabilities			Operating Subleases			Net Lease Commitments
2025	$	5,619		$	327		$	(38	)	$	5,908
2026		5,360			362			-			5,722
2027		4,337			150			-			4,487
2028		1,319			-			-			1,319
2029		972			-			-			972
Thereafter		489			-			-			489
Total lease payments	$	18,096		$	839		$	(38	)	$	18,897
Less: Interest		(1,783	)		(44	)					(1,827	)
Present Value of Lease Liabilities	$	16,313		$	795					$	17,070

Note 15 - Income Taxes

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 15 – INCOME TAXES

	Three Months Ended						Six Months Ended
	December 31						December 31
	2024			2023			2024			2023
Reconciliation of effective tax rate:

Provision for income taxes at the anticipated annual tax rate		26.7	%		25.6	%		26.2	%		26.3	%
Uncertain tax positions		(1.5	)		(2.8	)		(0.2	)		(0.6	)
Deferred Income Tax Adjustment		-			-			1.1			-
Share-based compensation		(2.0	)		(2.7	)		(5.8	)		(4.2	)
Effective tax rate		23.2	%		20.1	%		21.3	%		21.5	%

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM 5. OTHER INFORMATION None.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies (Policies)

6 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Consolidation:

A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company’s fiscal 2024 Annual Report on Form 10-K.

Revenue [Policy Text Block]

Revenue Recognition:

●

Customer specific branded print graphics

●

Electrical components based on customer specifications

●

Digital signage and related media content

Disaggregation of Revenue

	Three Months Ended
(In thousands)	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Timing of revenue recognition
Products and services transferred at a point in time	$	48,366	$	68,046	$	54,619	$	29,268
Products and services transferred over time		9,844		21,478		10,176		14,942
	$	58,210	$	89,524	$	64,795	$	44,210

	Three Months Ended
	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Type of Product and Services
LED lighting, digital signage solutions, electronic circuit boards	$	47,580	$	9,310	$	53,116	$	8,791
Poles, other display solution elements		9,945		60,726		10,968		24,829
Project management, installation services, shipping and handling		685		19,488		711		10,590
	$	58,210	$	89,524	$	64,795	$	44,210

	Six Months Ended
	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Timing of revenue recognition
Products and services transferred at a point in time	$	96,577	$	130,140	$	112,271	$	69,256
Products and services transferred over time		20,069		39,043		20,165		30,754
	$	116,646	$	169,183	$	132,436	$	100,010

	Six Months Ended
	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Type of Product and Services
LED lighting, digital signage solutions, electronic circuit boards	$	95,009	$	17,746	$	108,607	$	17,724
Poles, other display solution elements		20,338		116,429		22,351		59,698
Project management, installation services, shipping and handling		1,299		35,008		1,478		22,588
	$	116,646	$	169,183	$	132,436	$	100,010

Practical Expedients and Exemptions

●

Shipping costs that are not material in context of the delivery of products are expensed as incurred.

●

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements:

Note 2 - Summary of Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2024

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three Months Ended
(In thousands)	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Timing of revenue recognition
Products and services transferred at a point in time	$	48,366	$	68,046	$	54,619	$	29,268
Products and services transferred over time		9,844		21,478		10,176		14,942
	$	58,210	$	89,524	$	64,795	$	44,210

	Three Months Ended
	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Type of Product and Services
LED lighting, digital signage solutions, electronic circuit boards	$	47,580	$	9,310	$	53,116	$	8,791
Poles, other display solution elements		9,945		60,726		10,968		24,829
Project management, installation services, shipping and handling		685		19,488		711		10,590
	$	58,210	$	89,524	$	64,795	$	44,210

	Six Months Ended
	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Timing of revenue recognition
Products and services transferred at a point in time	$	96,577	$	130,140	$	112,271	$	69,256
Products and services transferred over time		20,069		39,043		20,165		30,754
	$	116,646	$	169,183	$	132,436	$	100,010

	Six Months Ended
	December 31, 2024				December 31, 2023
	Lighting Segment		Display Solutions Segment		Lighting Segment		Display Solutions Segment
Type of Product and Services
LED lighting, digital signage solutions, electronic circuit boards	$	95,009	$	17,746	$	108,607	$	17,724
Poles, other display solution elements		20,338		116,429		22,351		59,698
Project management, installation services, shipping and handling		1,299		35,008		1,478		22,588
	$	116,646	$	169,183	$	132,436	$	100,010

Note 3 - Acquisition of EMI Industries, LLC (Tables)

6 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

(In thousands)	April 18, 2024 as initially reported			Adjustments		April 18, 2024 as adjusted

Accounts Receivable	$	11,386		$	-	$	11,386
Inventory		12,246			-		12,246
Property, Plant and Equipment		7,719			-		7,719
Operating Lease Right-Of-Use Assets		8,734			-		8,734
Other Assets		1,176			-		1,176
Intangible Assets		15,670			-		15,670
Accounts Payable		(7,103	)		-		(7,103	)
Accrued Expenses		(6,308	)		-		(6,308	)
Operating Lease Liabilities		(5,987	)		-		(5,987	)
Identifiable Assets		37,533			-		37,533
Goodwill		12,367			59		12,426
Net Purchase Consideration	$	49,900		$	59	$	49,959

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

(in thousands)	Estimated Fair Value		Estimated Useful Life (Years)


Tradename	$	4,880	Indefinite life
Technology assets		3,160		7
Non-compete		140		5
Customer relationships		7,490		20
	$	15,670

Business Acquisition, Pro Forma Information [Table Text Block]

	Twelve Months Ended June 30
(in thousands; unaudited)
	2024		2023
Sales	$	535,849	$	578,169

Gross Profit	$	141,788	$	147,967

Operating Income	$	36,303	$	38,798

Note 4 - Segment Reporting Information (Tables)

6 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months Ended						Six Months Ended
(In thousands)	December 31						December 31
	2024			2023			2024			2023
Net Sales:
Lighting Segment	$	58,210		$	64,795		$	116,646		$	132,436
Display Solutions Segment		89,524			44,210			169,183			100,010
	$	147,734		$	109,005		$	285,829		$	232,446

Operating Income (Loss):
Lighting Segment	$	5,972		$	8,856		$	11,731		$	17,609
Display Solutions Segment	$	8,127			3,302			15,834			10,521
Corporate and Eliminations		(5,640	)		(4,339	)		(9,975	)		(9,283	)
	$	8,459		$	7,819		$	17,590		$	18,847

Capital Expenditures:
Lighting Segment	$	509		$	1,151		$	1,221		$	2,013
Display Solutions Segment	$	529			529			576			1,048
Corporate and Eliminations		28			276			28			288
	$	1,066		$	1,956		$	1,825		$	3,349

Depreciation and Amortization:
Lighting Segment	$	1,281		$	1,293		$	2,493		$	2,602
Display Solutions Segment	$	1,656			989			3,291			1,965
Corporate and Eliminations	$	81			75			174			161
	$	3,018		$	2,357		$	5,958		$	4,728

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	December 31, 2024		June 30, 2024
Total Assets:
Lighting Segment	$	119,006	$	130,695
Display Solutions Segment		215,824		208,248
Corporate and Eliminations		9,715		9,857
	$	344,545	$	348,800

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

Inter-segment sales
	Three Months Ended					Six Months Ended
(In thousands)	December 31					December 31
	2024		2023			2024		2023
Lighting Segment inter-segment net sales	$	6,053	$	5,286		$	12,037	$	12,150

Display Solutions Segment inter-segment net sales	$	133	$	(15	)	$	304	$	440

Note 5 - Earnings Per Common Share (Tables)

6 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended				Six Months Ended
	December 31				December 31
	2024		2023		2024		2023

BASIC EARNINGS PER SHARE

Net income	$	5,647	$	5,906	$	12,329	$	13,934

Weighted average shares outstanding during the period, net of treasury shares		28,848		27,979		28,681		27,858
Weighted average vested restricted stock units outstanding		72		76		81		78
Weighted average shares outstanding in the Deferred Compensation Plan during the period		1,010		969		999		954
Weighted average shares outstanding		29,930		29,024		29,761		28,890

Basic earnings per common share	$	0.19	$	0.20	$	0.41	$	0.48


DILUTED EARNINGS PER SHARE

Net income	$	5,647	$	5,906	$	12,329	$	13,934

Weighted average shares outstanding:

Basic		29,930		29,024		29,761		28,890

Effect of dilutive securities (a):
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any		946		1,019		948		1,059
Weighted average shares outstanding		30,876		30,043		30,709		29,949

Diluted earnings per common share	$	0.18	$	0.20	$	0.40	$	0.47


Anti-dilutive securities (b)		265		-		265		-

Note 6 - Inventories, Net (Tables)

6 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	December 31,		June 30,
(In thousands)	2024		2024

Inventories:
Raw materials	$	49,388	$	52,644
Work-in-progress		6,891		6,244
Finished goods		13,147		12,025
Total Inventories	$	69,426	$	70,913

Note 7 - Accrued Expenses (Tables)

6 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	December 31,		June 30,
(In thousands)	2024		2024

Accrued Expenses:
Customer prepayments	$	8,714	$	8,475
Compensation and benefits		9,110		9,704
Accrued warranty		6,653		6,623
Operating lease liabilities		5,619		5,560
Accrued sales commissions		2,691		3,937
Accrued Freight		2,353		2,270
Accrued FICA		492		513
Finance lease liabilities		327		324
Other accrued expenses		6,696		6,038
Total Accrued Expenses	$	42,655	$	43,444

Note 8 - Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Goodwill [Table Text Block]

Goodwill				Display
(In thousands)	Lighting			Solutions
	Segment			Segment			Total
Balance as of December 31, 2024
Goodwill	$	70,971		$	75,773		$	146,744
Accumulated impairment losses		(61,763	)		(27,525	)		(89,288	)
Goodwill, net as of December 31, 2024	$	9,208		$	48,248		$	57,456

Balance as of June 30, 2024
Goodwill	$	70,971		$	75,714		$	146,685
Accumulated impairment losses		(61,763	)		(27,525	)		(89,288	)
Goodwill, net as of June 30, 2024	$	9,208		$	48,189		$	57,397

Schedule of Intangible Assets and Goodwill [Table Text Block]

Other Intangible Assets	December 31, 2024
(In thousands)	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount
Amortized Intangible Assets
Customer relationships	$	69,573	$	23,227	$	46,346
Patents		268		268		-
LED technology firmware, software		24,126		17,876		6,250
Trade name		2,658		1,319		1,339
Non-compete		400		217		183
Total Amortized Intangible Assets		97,025		42,907		54,118

Indefinite-lived Intangible Assets
Trademarks and trade names		16,982		-		16,982
Total indefinite-lived Intangible Assets		16,982		-		16,982

Total Other Intangible Assets	$	114,007	$	42,907	$	71,100

Other Intangible Assets	June 30, 2024
(In thousands)	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount
Amortized Intangible Assets
Customer relationships	$	69,573	$	21,332	$	48,241
Patents		268		268		-
LED technology firmware, software		24,126		17,058		7,068
Trade name		2,658		1,265		1,393
Non-compete		400		168		232
Total Amortized Intangible Assets		97,025		40,091		56,934

Indefinite-lived Intangible Assets
Trademarks and trade names		16,982		-		16,982
Total indefinite-lived Intangible Assets		16,982		-		16,982

Total Other Intangible Assets	$	114,007	$	40,091	$	73,916

Finite-Lived Intangible Assets Amortization Expense [Table Text Block]

	Three Months Ended				Six Months Ended
	December 31				December 31
(In thousands)	2024		2023		2024		2023

Amortization Expense of Other Intangible Assets	$	1,408	$	1,190	$	2,816	$	2,380

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

(In thousands)
2025	$	5,739
2026	$	5,733
2027	$	5,512
2028	$	5,125
2029	$	4,497
After 2029	$	30,328

Note 9 - Debt (Tables)

6 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Debt [Table Text Block]

	December 31,		June 30,
(In thousands)	2024		2024

Secured line of credit	$	24,803	$	38,766
Term loan, net of debt issuance costs of $10 and $14, respectively		13,383		15,463
Total debt	$	38,186	$	54,229
Less: amounts due within one year		3,571		3,571
Total amounts due after one year, net	$	34,615	$	50,658

Note 12 - Supplemental Cash Flow Information (Tables)

6 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	Six Months Ended
(In thousands)	December 31
	2024		2023
Cash Payments:
Interest	$	1,460	$	1,006
Income taxes	$	2,321	$	3,375

Non-cash investing and financing activities
Issuance of common shares as compensation	$	225	$	225
Issuance of common shares to fund deferred compensation plan	$	994	$	943
Issuance of common shares to fund ESPP plan	$	110	$	98

Note 14 - Leases (Tables)

6 Months Ended

Dec. 31, 2024

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended					Six Months Ended
	December 31					December 31
(In thousands)	2024		2023			2024			2023

Operating lease cost	$	1,610	$	993		$	3,231		$	1,900
Financing lease cost:
Amortization of right of use assets		73		73			145			146
Interest on lease liabilities		10		14			22			28
Variable lease cost		-		22			7			44
Sublease income		-		(116	)		(39	)		(232	)
Total lease cost	$	1,693	$	986		$	3,366		$	1,886

Supplemental Cash Flow Information:	Six Months Ended
	December 31
(In thousands)	2024		2023

Cash flows from operating leases
Fixed payments - operating cash flows	$	3,298	$	1,778
Liability reduction - operating cash flows	$	2,813	$	1,537

Cash flows from finance leases
Interest - operating cash flows	$	21	$	28
Repayments of principal portion - financing cash flows	$	168	$	156

Operating Leases:	December 31,			June 30,
	2024			2024

Total operating right-of-use assets	$	15,517		$	15,912

Accrued expenses (Current liabilities)	$	5,619		$	5,560
Long-term operating lease liability		10,694			11,267
Total operating lease liabilities	$	16,313		$	16,827

Weighted Average remaining Lease Term (in years)		3.40			3.49

Weighted Average Discount Rate		5.82	%		5.90	%

Finance Leases:	December 31,			June 30,
	2024			2024

Buildings under finance leases	$	2,033		$	2,033
Equipment under finance leases		-			41
Accumulated depreciation		(1,355	)		(1,232	)
Total finance lease assets, net	$	678		$	842

Accrued expenses (Current liabilities)	$	327		$	324
Long-term finance lease liability		468			636
Total finance lease liabilities	$	795		$	960

Weighted Average remaining Lease Term (in years)		2.33			2.83

Weighted Average Discount Rate		4.86	%		4.86	%

Lessee, Leases, Liability, Maturity [Table Text Block]

Maturities of Lease Liability:	Operating Lease Liabilities			Finance Lease Liabilities			Operating Subleases			Net Lease Commitments
2025	$	5,619		$	327		$	(38	)	$	5,908
2026		5,360			362			-			5,722
2027		4,337			150			-			4,487
2028		1,319			-			-			1,319
2029		972			-			-			972
Thereafter		489			-			-			489
Total lease payments	$	18,096		$	839		$	(38	)	$	18,897
Less: Interest		(1,783	)		(44	)					(1,827	)
Present Value of Lease Liabilities	$	16,313		$	795					$	17,070

Note 15 - Income Taxes (Tables)

6 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Three Months Ended						Six Months Ended
	December 31						December 31
	2024			2023			2024			2023
Reconciliation of effective tax rate:

Provision for income taxes at the anticipated annual tax rate		26.7	%		25.6	%		26.2	%		26.3	%
Uncertain tax positions		(1.5	)		(2.8	)		(0.2	)		(0.6	)
Deferred Income Tax Adjustment		-			-			1.1			-
Share-based compensation		(2.0	)		(2.7	)		(5.8	)		(4.2	)
Effective tax rate		23.2	%		20.1	%		21.3	%		21.5	%

Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Net Sales	$ 147,734	$ 109,005	$ 285,829	$ 232,446
Lighting Segment [Member]
Net Sales	58,210	64,795	116,646	132,436
Lighting Segment [Member] \| Transferred at Point in Time [Member]
Net Sales	48,366	54,619	96,577	112,271
Lighting Segment [Member] \| Transferred over Time [Member]
Net Sales	9,844	10,176	20,069	20,165
Lighting Segment [Member] \| LED Lighting, Digital Signage, Electronic Circuit Boards [Member]
Net Sales	47,580	53,116	95,009	108,607
Lighting Segment [Member] \| Poles, Other Display Solution Elements [Member]
Net Sales	9,945	10,968	20,338	22,351
Lighting Segment [Member] \| Project Management, Installation Services, Shipping and Handling [Member]
Net Sales	685	711	1,299	1,478
Display Solutions Segment [Member]
Net Sales	89,524	44,210	169,183	100,010
Display Solutions Segment [Member] \| Transferred at Point in Time [Member]
Net Sales	68,046	29,268	130,140	69,256
Display Solutions Segment [Member] \| Transferred over Time [Member]
Net Sales	21,478	14,942	39,043	30,754
Display Solutions Segment [Member] \| LED Lighting, Digital Signage, Electronic Circuit Boards [Member]
Net Sales	9,310	8,791	17,746	17,724
Display Solutions Segment [Member] \| Poles, Other Display Solution Elements [Member]
Net Sales	60,726	24,829	116,429	59,698
Display Solutions Segment [Member] \| Project Management, Installation Services, Shipping and Handling [Member]
Net Sales	$ 19,488	$ 10,590	$ 35,008	$ 22,588

Note 3 - Acquisition of EMI Industries, LLC (Details Textual) - USD ($)		2 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Apr. 18, 2024	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2021
Payments to Acquire Businesses, Gross				$ 59,000	$ (0)
Line of Credit Facility, Maximum Borrowing Capacity								$ 100,000,000
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax						$ 36,303,000	$ 38,798,000
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 75,000,000				$ 75,000,000
EMI Industries [Member]
Business Combination, Consideration Transferred	$ 50,000,000
Business Combination, Consideration Transferred, Liabilities Incurred	100,000
Payments to Acquire Businesses, Gross	49,900,000		$ 59,000
Business Acquisition, Transaction Costs	1,000,000
Business Combination, Acquired Receivables, Gross Contractual Amount	$ 11,900,000
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		$ 18,100,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		$ 700,000
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax						$ 36,300,000

Note 3 - Acquisition of EMI Industries, LLC - Schedule of Assets Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Apr. 18, 2024
Goodwill	$ 57,456	$ 57,397
EMI Industries [Member]
Accounts Receivable			$ 11,386
Inventory			12,246
Property, Plant and Equipment			7,719
Operating Lease Right-Of-Use Assets			8,734
Other Assets			1,176
Intangible Assets			15,670
Accounts Payable			(7,103)
Accrued Expenses			(6,308)
Operating Lease Liabilities			(5,987)
Identifiable Assets			37,533
Goodwill			12,426
Net Purchase Consideration			49,959
EMI Industries [Member] \| As Initially Reported [Member]
Accounts Receivable			11,386
Inventory			12,246
Property, Plant and Equipment			7,719
Operating Lease Right-Of-Use Assets			8,734
Other Assets			1,176
Intangible Assets			15,670
Accounts Payable			(7,103)
Accrued Expenses			(6,308)
Operating Lease Liabilities			(5,987)
Identifiable Assets			37,533
Goodwill			12,367
Net Purchase Consideration			49,900
EMI Industries [Member] \| Fair Value Adjustments [Member]
Accounts Receivable			0
Inventory			0
Property, Plant and Equipment			0
Operating Lease Right-Of-Use Assets			0
Other Assets			0
Intangible Assets			0
Accounts Payable			0
Accrued Expenses			0
Operating Lease Liabilities			0
Identifiable Assets			0
Goodwill			59
Net Purchase Consideration			$ 59

Note 3 - Acquisition of EMI Industries, LLC - Schedule of Intangible Assets Acquired (Details) - EMI Industries [Member] $ in Thousands	Apr. 18, 2024 USD ($)
Intangible Assets	$ 15,670
Technology-Based Intangible Assets [Member]
Finite life intangible assets acquired	$ 3,160
Acquired intangible asset, useful life (Year)	7 years
Noncompete Agreements [Member]
Finite life intangible assets acquired	$ 140
Acquired intangible asset, useful life (Year)	5 years
Customer Relationships [Member]
Finite life intangible assets acquired	$ 7,490
Acquired intangible asset, useful life (Year)	20 years
Trade Names [Member]
Indefinite life intangible assets acquired	$ 4,880

Note 3 - Acquisition of EMI Industries, LLC - Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Sales	$ 535,849	$ 578,169
Gross Profit	141,788	147,967
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax	$ 36,303	$ 38,798

Note 4 - Segment Reporting Information (Details Textual)	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Operating Segments	2
Intersegment Revenue Markup Percentage	10.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Number of Major Customers	0	0

Note 4 - Segment Reporting Information - Summarized Financial Information by Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Net Sales	$ 147,734	$ 109,005	$ 285,829	$ 232,446
Operating Income (Loss)	8,459	7,819	17,590	18,847
Capital Expenditures	1,066	1,956	1,825	3,349
Depreciation and amortization	3,018	2,357	5,958	4,728
Corporate and Eliminations [Member]
Operating Income (Loss)	(5,640)	(4,339)	(9,975)	(9,283)
Capital Expenditures	28	276	28	288
Depreciation and amortization	81	75	174	161
Lighting Segment [Member]
Net Sales	58,210	64,795	116,646	132,436
Lighting Segment [Member] \| Operating Segments [Member]
Operating Income (Loss)	5,972	8,856	11,731	17,609
Capital Expenditures	509	1,151	1,221	2,013
Depreciation and amortization	1,281	1,293	2,493	2,602
Display Solutions Segment [Member]
Net Sales	89,524	44,210	169,183	100,010
Display Solutions Segment [Member] \| Operating Segments [Member]
Operating Income (Loss)	8,127	3,302	15,834	10,521
Capital Expenditures	529	529	576	1,048
Depreciation and amortization	$ 1,656	$ 989	$ 3,291	$ 1,965

Note 4 - Segment Reporting Information - Identifiable Assets by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Total Assets	$ 344,545	$ 348,800
Corporate and Eliminations [Member]
Total Assets	9,715	9,857
Lighting Segment [Member] \| Operating Segments [Member]
Total Assets	119,006	130,695
Display Solutions Segment [Member] \| Operating Segments [Member]
Total Assets	$ 215,824	$ 208,248

Note 4 - Segment Reporting Information - Intersegment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Net sales	$ 147,734	$ 109,005	$ 285,829	$ 232,446
Lighting Segment [Member]
Net sales	58,210	64,795	116,646	132,436
Display Solutions Segment [Member]
Net sales	89,524	44,210	169,183	100,010
Intersegment Eliminations [Member] \| Lighting Segment [Member]
Net sales	6,053	5,286	12,037	12,150
Intersegment Eliminations [Member] \| Display Solutions Segment [Member]
Net sales	$ 133	$ (15)	$ 304	$ 440

Note 5 - Earnings per Common Share - Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Dec. 31, 2024

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Dec. 31, 2024

Dec. 31, 2023

Net Income

$ 5,647

$ 6,682

$ 5,906

$ 8,028

$ 12,329

$ 13,934

Weighted average shares outstanding during the period, net of treasury shares (in shares)

28,848

27,979

28,681

27,858

Weighted average vested restricted stock units outstanding (in shares)

1,010

969

999

954

Weighted average shares outstanding (in shares)

29,930

29,024

29,761

28,890

Basic earnings per common share (in dollars per share)

$ 0.19

$ 0.2

$ 0.41

$ 0.48

Basic (in shares)

29,930

29,024

29,761

28,890

Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any (in shares)

^[1]

946

1,019

948

1,059

Weighted average shares outstanding (in shares)

30,876

30,043

30,709

29,949

Diluted earnings per common share (in dollars per share)

$ 0.18

$ 0.2

$ 0.4

$ 0.47

Anti-dilutive securities (b) (in shares)

^[2]

265

Restricted Stock Units (RSUs) [Member]

Weighted average vested restricted stock units outstanding (in shares)

[1]

Calculated using the “Treasury Stock” method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period.

[2]

Note 6 - Inventories, Net - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Raw materials	$ 49,388	$ 52,644
Work-in-progress	6,891	6,244
Finished goods	13,147	12,025
Total Inventories	$ 69,426	$ 70,913

Note 7 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Customer prepayments	$ 8,714	$ 8,475
Compensation and benefits	9,110	9,704
Accrued warranty	6,653	6,623
Operating lease liabilities	5,619	5,560
Accrued sales commissions	2,691	3,937
Accrued freight	2,353	2,270
Accrued FICA	492	513
Finance lease liabilities	327	324
Other accrued expenses	6,696	6,038
Total Accrued Expenses	$ 42,655	$ 43,444

Note 8 - Goodwill and Other Intangible Assets (Details Textual)	6 Months Ended
	Dec. 31, 2024
Number of Reporting Units	3
Lighting Segment [Member]
Number of Reporting Units	1
Display Solutions Segment [Member]
Number of Reporting Units	2

Note 8 - Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Goodwill	$ 146,744	$ 146,685
Accumulated impairment losses	(89,288)	(89,288)
Goodwill, net	57,456	57,397
Lighting Segment [Member]
Goodwill	70,971	70,971
Accumulated impairment losses	(61,763)	(61,763)
Goodwill, net	9,208	9,208
Display Solutions Segment [Member]
Goodwill	75,773	75,714
Accumulated impairment losses	(27,525)	(27,525)
Goodwill, net	$ 48,248	$ 48,189

Note 8 - Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
finite lived, gross	$ 97,025	$ 97,025
finite lived, accumulated amortization	42,907	40,091
finite lived, net	54,118	56,934
indefinite lived	16,982	16,982
Total Other Intangible Assets	114,007	114,007
Other intangible assets, net	71,100	73,916
Trademarks and Trade Names [Member]
indefinite lived	16,982	16,982
Customer Relationships [Member]
finite lived, gross	69,573	69,573
finite lived, accumulated amortization	23,227	21,332
finite lived, net	46,346	48,241
Patents [Member]
finite lived, gross	268	268
finite lived, accumulated amortization	268	268
finite lived, net	0	0
LED Technology Firmware Software [Member]
finite lived, gross		24,126
finite lived, accumulated amortization		17,058
finite lived, net		7,068
Trade Names [Member]
finite lived, gross	2,658	2,658
finite lived, accumulated amortization	1,319	1,265
finite lived, net	1,339	1,393
Noncompete Agreements [Member]
finite lived, gross	400	400
finite lived, accumulated amortization	217	168
finite lived, net	183	$ 232
Technology-Based Intangible Assets [Member]
finite lived, gross	24,126
finite lived, accumulated amortization	17,876
finite lived, net	$ 6,250

Note 8 - Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Amortization Expense of Other Intangible Assets	$ 1,408	$ 1,190	$ 2,816	$ 2,380

Note 8 - Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
2025	$ 5,739
2026	5,733
2027	5,512
2028	5,125
2029	4,497
After 2029	$ 30,328

Note 9 - Debt (Details Textual) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Note 9 - Debt (Details Textual) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2024
Line of Credit Facility, Maximum Borrowing Capacity	$ 100.0
Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.15%
Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%	1.00%
Secured Overnight Financing Rate (SOFR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Secured Overnight Financing Rate (SOFR) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.25%
Base Rate [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.00%
Base Rate [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 75.0	$ 75.0
Debt Instrument, Interest Rate, Effective Percentage		5.70%
Line of Credit Facility, Remaining Borrowing Capacity		$ 50.2
Term Loan [Member]
Debt Instrument, Face Amount	25.0
Debt Instrument, Annual Principal Payment	$ 3.6
Debt Instrument, Term	5 years

Note 9 - Debt - Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Secured line of credit	$ 24,803	$ 38,766
Long Term Debt	38,186	54,229
Less: amounts due within one year	3,571	3,571
Total amounts due after one year, net	34,615	50,658
Term Loan [Member]
Long Term Debt	$ 13,383	$ 15,463

Note 9 - Debt - Debt (Details) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Term Loan [Member]
Debt Issuance Costs, Net	$ 10	$ 14

Note 10 - Cash Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Jan. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Payments of Dividends, Total		$ 3.0	$ 2.8
Dividends Payable		$ 0.2	$ 0.1
Annual Indicated per Share Dividend Rate		$ 0.2
O2025Q3 Dividends [Member] \| Subsequent Event [Member]
Quarterly Indicated Per Share Dividend Rate	$ 0.05
Dividends Payable, Date to be Paid	Feb. 11, 2025
Dividends Payable, Date of Record	Feb. 03, 2025

Note 11 - Equity Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended			6 Months Ended
	Nov. 30, 2022	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Nov. 30, 2021
Share-Based Payment Arrangement, Expense		$ 1.1		$ 0.8	$ 2.2	$ 2.0
LSi Employee Stock Purchase Plan (ESPP) [Member]
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares		234,000			234,000		270,000
Employee Stock Ownership Plan (ESOP), Discount Percentage							10.00%
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP					8,000
The 2019 Omnibus Award Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)	2,350,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant		1,403,708			1,403,708
The 2019 Omnibus Award Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period					3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period			107,217
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 14.92
The 2019 Omnibus Award Plan [Member] \| Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period			160,826
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 14.92

Note 12 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Interest	$ 1,460	$ 1,006
Income taxes	2,321	3,375
Issuance of common shares as compensation	225	225
Issuance of common shares to fund deferred compensation plan	994	943
Issuance of common shares to fund ESPP plan	$ 110	$ 98

Note 13 - Commitments and Contingencies (Details Textual) $ in Thousands	Dec. 31, 2024 USD ($)
Standby Letters of Credit [Member]
Letters of Credit Outstanding, Amount	$ 0

Note 14 - Leases (Details Textual)	6 Months Ended
Note 14 - Leases (Details Textual)	Dec. 31, 2024
Minimum [Member]
Lessee, Leases, Remaining Term	1 year
Maximum [Member]
Lessee, Leases, Remaining Term	7 years

Note 14 - Leases - Operating Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Operating lease cost	$ 1,610	$ 993	$ 3,231	$ 1,900
Total operating right-of-use assets	15,517		15,517		$ 15,912
Buildings under finance leases	2,033		2,033		2,033
Fixed payments - operating cash flows			3,298	1,778
Operating lease liabilities	5,619		5,619		5,560
Liability reduction - operating cash flows			2,813	1,537
Long-term operating lease liability	10,694		10,694		11,267
Accumulated depreciation	(1,355)		(1,355)		(1,232)
Amortization of right of use assets	73	73	145	146
Interest - operating cash flows			21	28
Total operating lease liabilities	16,313		16,313		16,827
Total finance lease assets, net	$ 678		678		$ 842
Repayments of principal portion - financing cash flows			$ 168	156
Weighted Average remaining Lease Term (in years) (Year)	3 years 4 months 24 days		3 years 4 months 24 days		3 years 5 months 26 days
Accrued expenses (Current liabilities)	$ 327		$ 327		$ 324
Interest on lease liabilities	$ 10	14	$ 22	28
Weighted Average Discount Rate	5.82%		5.82%		5.90%
Long-term finance lease liability	$ 468		$ 468		$ 636
Total finance lease liabilities	795		795		$ 960
Variable lease cost	$ 0	22	$ 7	44
Weighted Average remaining Lease Term (in years) (Year)	2 years 3 months 29 days		2 years 3 months 29 days		2 years 9 months 29 days
Weighted Average Discount Rate	4.86%		4.86%		4.86%
Sublease income	$ 0	(116)	$ (39)	(232)
Total lease cost	1,693	$ 986	3,366	$ 1,886
Buildings Under Finance Leases [Member]
Buildings under finance leases	2,033		2,033		$ 2,033
Equipment Under Finance Leases [Member]
Buildings under finance leases	$ 0		$ 0		$ 41

Note 14 - Leases - Maturities of Lease Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
2025, operating lease	$ 5,619
2025, finance lease	327
2025, operating sublease	(38)
2025, net lease commitments	5,908
2026, operating lease	5,360
2026, finance lease	362
2026, operating sublease	0
2026, net lease commitments	5,722
2027, operating lease	4,337
2027, finance lease	150
2027, operating sublease	0
2027, net lease commitments	4,487
2028, operating lease	1,319
2028, finance lease	0
2028, operating subleases	0
2028, net lease commitments	1,319
2029, operating lease	972
2029, finance lease	0
2029, operating subleases	0
2029, net lease commitments	972
Thereafter, operating lease	489
Thereafter, finance lease	0
Thereafter, operating subleases	0
Thereafter, net lease commitments	489
Total lease payments, operating lease	18,096
Total lease payments, finance lease	839
Total lease payments, operating sublease	38
Total lease payments, net lease commitments	18,897
Less: Interest, operating lease	(1,783)
Less: Interest, finance lease	(44)
Less: Interest, net lease commitments	(1,827)
Present Value of Lease Liabilities, operating lease	16,313	$ 16,827
Present Value of Lease Liabilities, finance lease	795	$ 960
Present Value of Lease Liabilities, net lease commitments	$ 17,070

Note 15 - Income Taxes - Reconciliation of Income Tax Rate (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Provision for income taxes at the anticipated annual tax rate	26.70%	25.60%	26.20%	26.30%
Uncertain tax positions	(1.50%)	(2.80%)	(0.20%)	(0.60%)
Deferred Income Tax Adjustment	0.00%	0.00%	1.10%	0.00%
Share-based compensation	2.00%	2.70%	5.80%	4.20%
Effective tax rate	23.20%	20.10%	21.30%	21.50%

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