Quipt Home Medical (QIPT) 10-Q 10 Feb 25 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2024	Feb. 07, 2025
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2024
Entity File Number	001-40413
Entity Registrant Name	Quipt Home Medical Corp.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	1019 Town Drive
Entity Address, City or Town	Wilder
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	41076
City Area Code	859
Local Phone Number	878-2220
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	QIPT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,091,273
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001540013
Entity Ex Transition Period	false
Amendment Flag	false

CONDENSED CONSOLIDATED INTERIM

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Current assets
Cash	$ 15,451	$ 16,174
Accounts receivable, net	27,638	29,116
Inventory	20,067	20,853
Prepaid and other current assets	6,503	6,911
Total current assets	69,659	73,054
Long-term assets
Property and equipment, net	36,751	37,385
Right of use assets, net	17,659	16,475
Goodwill	50,733	50,733
Intangible assets, net	66,435	67,953
Equity method investment	1,234	1,311
Other assets	345	337
Total long-term assets	173,157	174,194
TOTAL ASSETS	242,816	247,248
Current liabilities
Accounts payable and accrued liabilities	31,959	35,363
Current portion of equipment loans	12,351	12,804
Current portion of lease liabilities	6,014	5,867
Current portion of senior credit facility	3,228	3,248
Deferred revenue	3,530	3,568
Total current liabilities	57,082	60,850
Long-term liabilities
Equipment loans	35	55
Lease liabilities	12,989	13,283
Senior credit facility	66,108	64,545
Derivative liability - interest rate swap	84	1,122
Deferred income taxes	204	202
TOTAL LIABILITIES	136,502	140,057
COMMITMENTS AND CONTINGENCIES (Note 7)
Capital stock
Preferred Shares, no par value, unlimited shares authorized, none issued and outstanding as of December 31, 2024 and September 30, 2024
Additional paid-in capital	277,969	277,762
Accumulated deficit	(171,655)	(170,571)
TOTAL SHAREHOLDERS' EQUITY	106,314	107,191
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 242,816	$ 247,248

CONDENSED CONSOLIDATED INTERI_2

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Parenthetical) - $ / shares	Dec. 31, 2024	Sep. 30, 2024
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
Common shares, no par value (in dollars per share)	$ 0	$ 0
Common shares, shares issued	43,091,273	43,091,273
Common shares, shares outstanding	43,091,273	43,091,273
Preferred shares, no par value (in dollars per share)	$ 0	$ 0
Preferred shares, shares issued	0	0
Preferred shares, shares outstanding	0	0

CONDENSED CONSOLIDATED INTERI_3

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue
Rentals of medical equipment	$ 24,321,000	$ 24,620,000
Sales of medical equipment and supplies	37,060,000	37,953,000
Total revenue	61,381,000	62,573,000
Cost of inventory sold	17,767,000	17,897,000
Operating expenses	30,398,000	29,807,000
Depreciation	9,473,000	9,642,000
Amortization of intangible assets	1,521,000	1,532,000
Right-of-use operating lease amortization and interest	1,536,000	1,472,000
Stock-based compensation	207,000	970,000
Acquisition-related costs	47,000	188,000
Gain on disposal of property and equipment	(16,000)	(10,000)
Operating income	448,000	1,075,000
Interest expense	1,764,000	1,827,000
Interest income	(154,000)	(169,000)
Change in fair value of derivative liability - interest rate swaps	(1,038,000)	902,000
Loss (gain) on foreign currency transactions	853,000	(298,000)
Share of loss in equity method investment	77,000	81,000
Loss before taxes	(1,054,000)	(1,268,000)
Provision for income taxes	30,000	220,000
Net loss	$ (1,084,000)	$ (1,488,000)
Net loss per share
Basic loss per share	$ (0.03)	$ (0.04)
Diluted loss per share	$ (0.03)	$ (0.04)
Weighted average number of common shares outstanding:
Basic (in shares)	43,091	42,102
Diluted (in shares)	43,091	42,102

CONDENSED CONSOLIDATED INTERI_4

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Number of Shares	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance at Sep. 30, 2023		$ 274,923	$ (163,808)	$ 111,115
Beginning Balance (in shares) at Sep. 30, 2023	42,102
Changes in Shareholder's Equity
Net income (loss)			(1,488)	(1,488)
Stock-based compensation		970		970
Ending Balance at Dec. 31, 2023		275,893	(165,296)	110,597
Ending Balance (in shares) at Dec. 31, 2023	42,102
Beginning Balance at Sep. 30, 2024		277,762	(170,571)	107,191
Beginning Balance (in shares) at Sep. 30, 2024	43,091
Changes in Shareholder's Equity
Net income (loss)			(1,084)	(1,084)
Stock-based compensation		207		207
Ending Balance at Dec. 31, 2024		$ 277,969	$ (171,655)	$ 106,314
Ending Balance (in shares) at Dec. 31, 2024	43,091

CONDENSED CONSOLIDATED INTERI_5

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net loss	$ (1,084,000)	$ (1,488,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	10,994,000	11,174,000
Right-of-use operating lease amortization and interest	1,536,000	1,472,000
Payments of operating leases, including interest	(1,462,000)	(1,428,000)
Stock-based compensation	207,000	970,000
Gain on disposal of property and equipment	(16,000)	(10,000)
Amortization of financing costs and accretion of purchase price payable	153,000	138,000
Change in fair value of derivative liability - interest rate swaps	(1,038,000)	902,000
Loss (gain) on foreign currency transactions	853,000	(298,000)
Share of loss in equity method investment	77,000	81,000
Deferred income taxes	2,000
Change in working capital:
Net decrease in accounts receivable	1,477,000	1,994,000
Net decrease (increase) in inventory	786,000	(1,302,000)
Net decrease in prepaid and other current assets	397,000	99,000
Net increase (decrease) in deferred revenue	(37,000)	108,000
Net decrease in accounts payables and accrued liabilities	(3,545,000)	(1,806,000)
Net cash flow provided by operating activities	9,300,000	10,606,000
Investing activities
Purchases of property and equipment	(3,681,000)	(1,571,000)
Other, net	33,000	(62,000)
Net cash flow used in investing activities	(3,648,000)	(1,633,000)
Financing activities
Repayments of equipment loans	(6,483,000)	(6,864,000)
Repayments of finance leases	(428,000)	(343,000)
Repayments of senior credit facility	(863,000)	(863,000)
Gross borrowings on the revolving credit facility	8,577,000
Gross repayments on the revolving credit facility	(6,300,000)
Other, net	(25,000)	(88,000)
Net cash flow used in financing activities	(5,522,000)	(8,158,000)
Effect of exchange rate changes on cash held in foreign currencies	(853,000)	302,000
Net increase (decrease) in cash	(723,000)	1,117,000
Cash, beginning of period	16,174,000	17,209,000
Cash, end of period	15,451,000	18,326,000
Supplemental cash flow information
Cash paid for interest	(1,632,000)	(2,048,000)
Cash refunded (paid) for income taxes	5,000	(19,000)
Operating lease additions	1,160,000	583,000
Equipment loan additions	6,010,000	5,777,000
Finance lease additions	370,000	$ 582,000
Purchases of property and equipment in ending accounts payable	$ 141,000

Nature of operations

Nature of operations	3 Months Ended
	Dec. 31, 2024
Nature of operations.
Nature of operations	1. Nature of operations ​ Reporting entity ​ Quipt Home Medical Corp. (the “Company”) was incorporated under the Business Corporations Act (Alberta) on March 5, 1997. On December 30, 2013, pursuant to a Certificate of Continuance, the Company changed its jurisdiction of governance by continuing from Alberta into British Columbia. The Company’s head office is located at 1019 Town Drive, Wilder, Kentucky 41076, and its registered office is located at Suite 2700, 1133 Melville Street, Vancouver, British Columbia V6E 4E5. ​ Basis of presentation ​ The interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP") applied on a consistent basis with those of the annual audited consolidated financial statements and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the interim consolidated financial statements include all necessary adjustments for a fair statement of the financial position and results of operations for the periods presented. ​ The interim consolidated financial statements are unaudited, but reflect all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 filed with the SEC on December 16, 2024. Interim results are not necessarily indicative of the results for a full year. ​ There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024. ​ Recently issued accounting pronouncements The Company is an “emerging growth company” as defined by the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). The JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards. In other words, an emerging growth company can selectively delay the adoption of all accounting standards until those standards would otherwise apply to private companies. The Company has elected to utilize this exemption and, as a result, the consolidated financial statements may not be comparable to the financial statements of issuers that are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies. To date, however, the Company has not delayed the adoption of any accounting standards except as noted below. Section 107 of the JOBS Act provides that the Company can elect to opt out of the extended transition period at any time, which election is irrevocable. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)  No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid by jurisdiction. This ASU is effective for public business entities' annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting ("Topic 280"), which requires disclosure of incremental segment information, including significant segment expenses that are regularly provided to the chief operating decision maker and to disclose how reported measures of segment profit or loss are used in assessing segment performance and allocating resources. ASU 2023-07 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 impact that this standard will have on its consolidated financial statements and related disclosures. In March 2024, the FASB issued ASU No. 2024-01, Compensation-Stock Compensation ("Topic 718"), which provides illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of ASC 718. ASU 2024-01 is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. The Company is currently evaluating the impact that this standard will have on its consolidated financial statements and related disclosures.

Property and equipment and righ

Property and equipment and right-of-use assets	3 Months Ended
	Dec. 31, 2024
Property and equipment and right-of-use assets
Property and equipment and right-of-use assets	2. Property and equipment and right-of-use assets The property and equipment and right-of-use assets was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of Cost ​ December 31, 2024 ​ September 30, 2024 Rental equipment ​ $ 64,552 ​ $ 64,568 Vehicles ​ ​ 3,733 ​ ​ 3,296 Leasehold improvements ​ 2,340 ​ 2,403 Office and technology equipment ​ 1,136 ​ 1,130 Land ​ 160 ​ 160 Buildings ​ ​ 930 ​ ​ 930 Projects in process ​ ​ 376 ​ ​ 360 Property and equipment, gross ​ ​ 73,227 ​ ​ 72,847 Less: accumulated depreciation ​ ​ (36,476) ​ ​ (35,462) Property and equipment, net ​ $ 36,751 ​ $ 37,385 ​ ​ ​ ​ ​ ​ ​ Right-of-use real estate ​ ​ 24,288 ​ ​ 23,510 Right-of-use vehicles ​ ​ 5,485 ​ ​ 5,498 Right-of-use, gross ​ ​ 29,773 ​ ​ 29,008 Less: accumulated amortization ​ (12,114) ​ (12,533) Right-of-use, net ​ $ 17,659 ​ $ 16,475 ​ Rental equipment transferred from inventory during the three months ended December 31, 2024 and 2023 was $9,438,000 and $7,312,000 respectively. For the three months ended December 31, 2024 and 2023, the Company obtained equipment loans (as described in Note 5) of $6,010,000 and $5,777,000, respectively, with the balance of $3,428,000 and $1,535,000 paid in cash, respectively.

Goodwill and intangible assets

Goodwill and intangible assets	3 Months Ended
	Dec. 31, 2024
Goodwill and intangible assets
Goodwill and intangible assets	3. Goodwill and intangible assets ​ There was no activity in goodwill for the three months ended December 31, 2024. ​ The following is the summary of intangible assets as of December 31, 2024 and September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ As of ​ ​ December 31, 2024 ​ September 30, 2024 Customer relationships ​ $ 79,088 ​ $ 79,088 ​ Trade names ​ ​ 11,581 ​ ​ 11,581 ​ Customer contracts ​ ​ 3,851 ​ ​ 3,851 ​ Non-compete agreements ​ ​ 710 ​ ​ 710 ​ Intangible assets, gross ​ ​ 95,230 ​ ​ 95,230 ​ Less: accumulated amortization ​ ​ (28,795) ​ ​ (27,277) ​ Intangible assets, net ​ $ 66,435 ​ $ 67,953 ​ ​ ​ As of December 31, 2024, estimated annual amortization for intangible assets for each of the next rolling five years and thereafter is approximately: ​ ​ ​ ​ ​ ​ ​ Estimated Period Amortization Nine months ending September 30, 2025 ​ $ 4,495 Year ending September 30, 2026 ​ ​ 5,776 Year ending September 30, 2027 ​ ​ 5,723 Year ending September 30, 2028 ​ ​ 5,594 Year ending September 30, 2029 ​ ​ 5,587 Thereafter ​ ​ 39,260 Intangible assets, net ​ $ 66,435 ​

Accounts payable and accrued li

Accounts payable and accrued liabilities	3 Months Ended
	Dec. 31, 2024
Accounts payable and accrued liabilities
Accounts payable and accrued liabilities	4. Accounts payable and accrued liabilities ​ Following is a summary of accounts payable and accrued liabilities as of December 31, 2024 and September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ As of ​ ​ December 31, 2024 ​ September 30, 2024 Accounts payable ​ $ 27,171 ​ $ 29,310 ​ Accrued compensation ​ ​ 3,379 ​ ​ 4,576 ​ Other ​ 1,409 ​ 1,477 ​ Total ​ $ 31,959 ​ $ 35,363 ​ ​ ​

Long-term debt

Long-term debt	3 Months Ended
	Dec. 31, 2024
Long-term debt.
Long-term debt	5. Long-term debt ​ Senior credit facility ​ In September 2022, the Company entered into a five-year, $110,000,000 senior credit facility (“Facility”) with a group of US banks. The Facility consists of (i) a delayed-draw term loan facility of $85,000,000, of which $64,000,000 has been drawn as of December 31, 2024, (ii) a term loan of $5,000,000 that was drawn at closing, and (iii) a $20,000,000 revolving credit facility. The Facility is secured by substantially all assets of the Company and is subject to certain financial covenants with which the Company was in compliance as of December 31, 2024. ​ A summary of the balances on the Facility as of December 31, 2024 and September 30, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ December 31, 2024 September 30, 2024 Delayed-draw term loan ​ $ 57,600 ​ $ 58,400 ​ Term loan ​ ​ 4,438 ​ ​ 4,500 ​ Revolving credit facility ​ 8,600 ​ 6,323 ​ Total principal ​ ​ 70,638 ​ ​ 69,223 ​ Deferred financing costs ​ ​ (1,302) ​ ​ (1,430) ​ Net carrying value ​ $ 69,336 ​ $ 67,793 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current portion ​ 3,228 ​ ​ 3,248 ​ Long-term portion ​ 66,108 ​ ​ 64,545 ​ Net carrying value ​ $ 69,336 ​ $ 67,793 ​ ​ As of December 31, 2024, scheduled repayments of the Facility are as follows: ​ ​ ​ ​ ​ ​ Twelve months ended December 31, ​ Amount 2025 ​ $ 3,450 ​ 2026 ​ ​ 3,450 ​ 2027 ​ 63,738 ​ Total ​ $ 70,638 ​ ​ The delayed-draw term loan and the term loan bear interest at a weighted average of 7.2% as of December 31, 2024, and will reprice within two months. The rate is based on a secured overnight financing rate (“SOFR”), with a floor of 0.5%, plus a spread of 2.1% to 2.85% (2.65% as of December 31, 2024) based on the Company’s leverage To manage the risks of the cash flows related to interest expense, the Company entered into several interest rate swaps on $59,000,000 of the principal amount of the Facility during the year ended September 30, 2024. The swaps carry a fixed SOFR of 3.4% to 4.4%, resulting in a weighted combined rate of 6.8%. The swaps are settled quarterly and mature on September 30, 2025, on September 30, 2026, and at the Facility’s maturity. Any difference between the Facility’s SOFR rate and the swap’s rate is recorded as interest expense. For the three months ended December 31, 2024 and 2023, a reduction of $105,000 and $31,000, respectively, to interest expense was recorded in the condensed consolidated interim statements of income (loss). Interest expense on the Facility, including the impact of the interest rate swap agreements, was $1,310,000 and $1,362,000 for the three months ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and September 30, 2024, the fair value of the interest rate swap liability, which was determined using Level 2 inputs of market conditions on future expected interest rates, credit worthiness, and the current terms of debt, was $84,000 and $1,122,000, and is recorded in derivative liability – interest rate swaps in the condensed consolidated statements of financial position. For the three months ended December 31, 2024 and 2023, the Company recorded changes in fair value of derivative liability – interest rate swaps of a gain of $1,038,000 and a loss of $(902,000), respectively, on the condensed consolidated interim statements of income (loss). The Company has incurred financing costs to obtain and maintain the Facility, which is reflected as a reduction of the outstanding balance and will be amortized as interest expense using the effective interest method over the life of the Facility. During the three months ended December 31, 2024 and 2023, $153,000 and $130,000 of amortization of deferred financing costs was recorded, respectively. ​ Equipment loans The Company is offered financing arrangements from the Company’s suppliers and the supplier’s designated financial institution, in which payments for certain invoices or products can be financed and paid over an extended period. The financial institution pays the supplier when the original invoice becomes due, and the Company pays the third-party financial institution over a period of time. In most cases, the supplier accepts a discounted amount from the financial institution and the Company repays the financial institution the face amount of the invoice with no stated interest, in twelve equal monthly installments. The Company uses its incremental borrowing rate of 7.2% to 8.0% to impute interest on these arrangements. Following is the activity in equipment loans for the three months ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Three months ended ​ ​ December 31, 2024 ​ December 31, 2023 Beginning balance ​ $ 12,859 ​ $ 14,347 Additions ​ 6,010 ​ 5,777 Repayments ​ (6,483) ​ (6,864) Ending balance ​ 12,386 ​ 13,260 Current portion ​ 12,351 ​ 13,086 Long-term portion ​ $ 35 ​ $ 174 ​ Leases liabilities The Company enters into leases for real estate and vehicles. Real estate leases are operating leases and are valued at the net present value of the future lease payments at the Company’s incremental borrowing rate. Vehicle leases are finance leases and recorded at the rate implicit in the lease based on the current value and the estimated residual value of the vehicle, if any. Following is the activity in lease liabilities for the three months ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real ​ ​ ​ ​ Vehicles ​ estate ​ Total Balance September 30, 2023 ​ $ 2,914 ​ $ 16,236 ​ $ 19,150 Additions ​ ​ 582 ​ ​ 583 ​ 1,165 Repayments ​ ​ (343) ​ ​ (1,128) ​ (1,471) Balance December 31, 2023 ​ $ 3,153 ​ $ 15,691 ​ $ 18,844 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance September 30, 2024 ​ $ 3,310 ​ $ 15,840 ​ $ 19,150 Additions ​ ​ 370 ​ ​ 1,160 ​ 1,530 Non-cash terminations ​ ​ — ​ ​ (79) ​ (79) Repayments ​ (428) ​ ​ (1,170) ​ (1,598) Balance December 31, 2024 ​ $ 3,252 ​ $ 15,751 ​ $ 19,003 ​ Future payments pursuant to lease liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ending December 31, ​ Operating ​ Finance ​ Total 2025 ​ $ 5,710 ​ $ 1,483 ​ $ 7,193 2026 ​ 4,589 ​ 1,000 ​ 5,589 2027 ​ ​ 3,263 ​ ​ 738 ​ ​ 4,001 2028 ​ ​ 2,317 ​ ​ 414 ​ ​ 2,731 2029 ​ ​ 1,428 ​ ​ 70 ​ ​ 1,498 Thereafter ​ ​ 845 ​ ​ — ​ ​ 845 Gross lease payments ​ 18,152 ​ 3,705 ​ 21,857 Less amounts relating to interest ​ (2,401) ​ ​ (453) ​ (2,854) Lease liabilities ​ $ 15,751 ​ $ 3,252 ​ $ 19,003 ​ ​ ​ The components of finance lease expense are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 months ended December, 31 ​ Classification ​ 2024 ​ ​ 2023 ​ Finance lease cost: ​ ​ ​ ​ Amortization of lease assets Depreciation $ 307 ​ $ 305 ​ Interest on lease liabilities Interest expense ​ 69 ​ 58 ​ Total finance lease cost ​ $ 376 ​ $ 363 ​ ​ Other information relating to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ December 31, 2024 ​ September 30, 2024 Weighted average remaining lease term (years) ​ ​ ​ ​ ​ ​ ​ Operating leases ​ 3.9 ​ 4.1 ​ Finance leases ​ 2.9 ​ 2.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 7.3 % ​ 7.4 % Finance leases ​ ​ 8.8 % ​ 8.5 % ​

Share capital

Share capital	3 Months Ended
	Dec. 31, 2024
Share capital
Share capital	6. Share capital ​ Authorized share capital The Company is authorized to issue an unlimited number of common shares, an unlimited number of first preferred shares without par value, and an unlimited number of second preferred shares without par value. Issued share capital As of the date hereof, the only class of shares outstanding are common shares. Common shares are classified as equity, and costs related to the issuance of shares are recognized as a reduction of equity. Share-based long-term incentives On February 14, 2024, the Board of Directors approved the 2024 Equity Incentive Plan (the “2024 EIP”) which became effective on March 27, 2024 upon shareholder approval, pursuant to which the Company is able to issue share-based long-term incentives. Awards include common share purchase options, stock appreciation rights, restricted share awards, restricted share bonuses, restricted share units, performance shares, performance units, cash-based awards and other share-based awards, under the 2024 EIP. All directors, officers, employees and service providers of the Corporation and/or its affiliates are eligible to receive awards under the 2024 EIP, subject to the terms of the 2024 EIP. ​ Options granted under the plan are non-assignable and may be granted for a term not exceeding ten years. Stock options have varying vesting periods. A summary of stock options is provided below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ exercise price per share ​ ​ Number of options ​ in Canadian dollars (C$) Balance September 30, 2023 3,957 ​ C$ 4.49 Expired (11) ​ 7.46 Forfeited (2) ​ 8.48 Balance December 31, 2023 3,944 ​ C$ 4.48 ​ ​ ​ ​ ​ ​ Balance September 30, 2024 3,402 ​ C$ 4.91 Expired (12) ​ 6.96 Balance December 31, 2024 3,390 ​ C$ 4.90 ​ At December 31, 2024, the Company had 3,190,000 vested stock options with a weighted average exercise price of C$4.70. Each restricted share unit represents the right to ‎receive one common share, and vests over a period of one two years The fair value of the restricted share units on the date of grant are discounted to reflect the difference between the vesting dates and the expected issuance dates, to be expensed over the respective vesting periods with an increase to contributed surplus. A summary of restricted share units is provided below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ grant-date price ​ ​ Number per share in ​ ​ of units ​ Canadian dollars (C$) Balance September 30, 2023 1,034 ​ C$ 8.34 ​ Settled — ​ — ​ Balance December 31, 2023 1,034 ​ C$ 8.34 ​ ​ ​ ​ ​ ​ ​ ​ Balance September 30, 2024 519 ​ C$ 8.30 ​ Settled — ​ — ​ Balance December 31, 2024 519 ​ C$ 8.30 ​ ​ ​ ​ Stock-based compensation For the three months ended December 31, 2024 and 2023, the Company recorded stock-based compensation expense as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Three Months ​ ​ Ended December 31, ​ Ended December 31, ​ ​ 2024 ​ 2023 Restricted share units ​ $ 119 ​ $ 640 Stock options ​ ​ 88 ​ ​ 330 Stock-based compensation expense ​ $ 207 ​ $ 970 ​ ​ Unrecognized compensation expense related to nonvested shares of stock options and restricted stock was $165,000 at December 31, 2024 and will be recognized over a weighted average vesting period of 0.4 years.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Dec. 31, 2024
Commitments and contingencies.
Commitments and contingencies	7. Commitments and contingencies From time to time, the Company is involved in various legal proceedings and investigations arising in the ordinary course of business, including those relating to employment matters, relationships with clients and contractors, intellectual property disputes and other business matters. The outcomes of our legal proceedings and other contingencies are inherently unpredictable, subject to significant uncertainties, and if one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s financial condition and operating results for that period could be materially adversely affected. ​ The Company has received a civil investigative demand (“CID”) from the Department of Justice (“DOJ”) through the U.S. Attorney’s Office for the Northern District of Georgia pursuant to the False Claims Act regarding an investigation concerning whether the Company may have caused the submission of false claims to government healthcare programs for CPAP equipment. The Company is cooperating with the investigation. The DOJ has not indicated to the Company whether it believes the Company engaged in any wrongdoing. No assurance can be given as to the timing or outcome of the DOJ’s investigation . ​ In April 2024, the Company received a subpoena from the SEC to provide certain documents related to the Company and the DOJ investigation, CID, and financial reporting and disclosure matters (SEC Subpoena). The SEC concluded its investigation in November 2024 and, based on the information it had as at such time, the SEC advised that it did not intend to recommend an enforcement action by it against the Company. ​

Operating expenses

Operating expenses	3 Months Ended
	Dec. 31, 2024
Operating expenses
Operating expenses	8. ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months Three months ​ ​ ended December 31, ​ ended December 31, ​ ​ 2024 ​ 2023 Payroll and employee benefits ​ $ 19,782 ​ $ 19,258 Facilities ​ 1,375 ​ 1,389 Billing ​ 2,942 ​ 2,654 Professional fees ​ 1,433 ​ 1,336 Outbound freight ​ 1,385 ​ 1,376 Vehicle fuel and maintenance ​ ​ 1,057 ​ ​ 1,120 Bank and credit card fees ​ ​ 529 ​ ​ 483 Technology ​ ​ 411 ​ ​ 368 Insurance ​ ​ 387 ​ ​ 398 All other ​ 1,097 ​ 1,425 Total operating expenses ​ $ 30,398 ​ $ 29,807 ​

Income taxes

Income taxes	3 Months Ended
	Dec. 31, 2024
Income taxes
Income taxes	​ ​ 9. Income taxes ​ The Company follows the asset and liability method of accounting for income taxes. Under this method, current income taxes are recognized for the estimated income taxes payable for the current period. Deferred income tax assets and liabilities are recognized for temporary differences between the tax and accounting basis of assets and liabilities as well as for the benefit of losses available to be carried forward to future years and are measured using the current enacted tax rates expected to apply when the differences reverse. The Company considers all positive and negative evidence available to determine whether it is more likely than not that the tax benefit from utilization of the deferred tax assets will ultimately be realized. Based upon that evidence, the Company determined that only a portion of its deferred tax assets will be utilized in the future to offset taxable income generated by the reversal of its deferred tax liabilities, and a valuation allowance has been provided for the remaining deferred tax assets. The provision for income taxes was $30,000 and $220,000 for the three months ended December 31, 2024 and 2023, respectively, and relates primarily to current state income taxes payable. ​

Related party transactions

Related party transactions	3 Months Ended
	Dec. 31, 2024
Related party transactions
Related party transactions	10. Related party transactions The Company (through indirect wholly owned subsidiaries) has six leases for office, warehouse, and retail space with a rental company affiliated with the Company’s Chief Executive Officer, the majority of which were entered into in 2015, five of which were renewed effective October 1, 2022. The leases have a combined area of 74,520 square feet. Lease payments under these leases were approximately $65,000 and $63,000 per month for the three months ended December 31, 2024 and 2023, respectively, with increases on October 1 of each year equal to the greater of (i) the Consumer Price Index for All Urban Consumers (CPI-U), and (ii) 3%. One lease expires in June 2026 and the remaining five leases expire on September 30, 2029. ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,084)	$ (1,488)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of operations (Policies)

Nature of operations (Policies)	3 Months Ended
	Dec. 31, 2024
Nature of operations
Basis of presentation	Basis of presentation ​ The interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP") applied on a consistent basis with those of the annual audited consolidated financial statements and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the interim consolidated financial statements include all necessary adjustments for a fair statement of the financial position and results of operations for the periods presented. ​ The interim consolidated financial statements are unaudited, but reflect all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 filed with the SEC on December 16, 2024. Interim results are not necessarily indicative of the results for a full year. ​ There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024.
Recently issued accounting pronouncements	Recently issued accounting pronouncements The Company is an “emerging growth company” as defined by the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). The JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards. In other words, an emerging growth company can selectively delay the adoption of all accounting standards until those standards would otherwise apply to private companies. The Company has elected to utilize this exemption and, as a result, the consolidated financial statements may not be comparable to the financial statements of issuers that are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies. To date, however, the Company has not delayed the adoption of any accounting standards except as noted below. Section 107 of the JOBS Act provides that the Company can elect to opt out of the extended transition period at any time, which election is irrevocable. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)  No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid by jurisdiction. This ASU is effective for public business entities' annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting ("Topic 280"), which requires disclosure of incremental segment information, including significant segment expenses that are regularly provided to the chief operating decision maker and to disclose how reported measures of segment profit or loss are used in assessing segment performance and allocating resources. ASU 2023-07 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 impact that this standard will have on its consolidated financial statements and related disclosures. In March 2024, the FASB issued ASU No. 2024-01, Compensation-Stock Compensation ("Topic 718"), which provides illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of ASC 718. ASU 2024-01 is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. The Company is currently evaluating the impact that this standard will have on its consolidated financial statements and related disclosures.

Property and equipment and ri_2

Property and equipment and right-of-use assets (Tables)	3 Months Ended
	Dec. 31, 2024
Property and equipment and right-of-use assets
Schedule of property and equipment and right-of-use assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of Cost ​ December 31, 2024 ​ September 30, 2024 Rental equipment ​ $ 64,552 ​ $ 64,568 Vehicles ​ ​ 3,733 ​ ​ 3,296 Leasehold improvements ​ 2,340 ​ 2,403 Office and technology equipment ​ 1,136 ​ 1,130 Land ​ 160 ​ 160 Buildings ​ ​ 930 ​ ​ 930 Projects in process ​ ​ 376 ​ ​ 360 Property and equipment, gross ​ ​ 73,227 ​ ​ 72,847 Less: accumulated depreciation ​ ​ (36,476) ​ ​ (35,462) Property and equipment, net ​ $ 36,751 ​ $ 37,385 ​ ​ ​ ​ ​ ​ ​ Right-of-use real estate ​ ​ 24,288 ​ ​ 23,510 Right-of-use vehicles ​ ​ 5,485 ​ ​ 5,498 Right-of-use, gross ​ ​ 29,773 ​ ​ 29,008 Less: accumulated amortization ​ (12,114) ​ (12,533) Right-of-use, net ​ $ 17,659 ​ $ 16,475

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	3 Months Ended
	Dec. 31, 2024
Goodwill and intangible assets
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ As of ​ ​ December 31, 2024 ​ September 30, 2024 Customer relationships ​ $ 79,088 ​ $ 79,088 ​ Trade names ​ ​ 11,581 ​ ​ 11,581 ​ Customer contracts ​ ​ 3,851 ​ ​ 3,851 ​ Non-compete agreements ​ ​ 710 ​ ​ 710 ​ Intangible assets, gross ​ ​ 95,230 ​ ​ 95,230 ​ Less: accumulated amortization ​ ​ (28,795) ​ ​ (27,277) ​ Intangible assets, net ​ $ 66,435 ​ $ 67,953 ​
Schedule of annual amortization of intangible asset	​ ​ ​ ​ ​ ​ ​ Estimated Period Amortization Nine months ending September 30, 2025 ​ $ 4,495 Year ending September 30, 2026 ​ ​ 5,776 Year ending September 30, 2027 ​ ​ 5,723 Year ending September 30, 2028 ​ ​ 5,594 Year ending September 30, 2029 ​ ​ 5,587 Thereafter ​ ​ 39,260 Intangible assets, net ​ $ 66,435 ​

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	3 Months Ended
	Dec. 31, 2024
Accounts payable and accrued liabilities
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ As of ​ ​ December 31, 2024 ​ September 30, 2024 Accounts payable ​ $ 27,171 ​ $ 29,310 ​ Accrued compensation ​ ​ 3,379 ​ ​ 4,576 ​ Other ​ 1,409 ​ 1,477 ​ Total ​ $ 31,959 ​ $ 35,363 ​ ​

Long-term debt (Tables)

Long-term debt (Tables)	3 Months Ended
	Dec. 31, 2024
Long-term debt.
Summary of the balances on the Facility	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ December 31, 2024 September 30, 2024 Delayed-draw term loan ​ $ 57,600 ​ $ 58,400 ​ Term loan ​ ​ 4,438 ​ ​ 4,500 ​ Revolving credit facility ​ 8,600 ​ 6,323 ​ Total principal ​ ​ 70,638 ​ ​ 69,223 ​ Deferred financing costs ​ ​ (1,302) ​ ​ (1,430) ​ Net carrying value ​ $ 69,336 ​ $ 67,793 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current portion ​ 3,228 ​ ​ 3,248 ​ Long-term portion ​ 66,108 ​ ​ 64,545 ​ Net carrying value ​ $ 69,336 ​ $ 67,793 ​
Schedule future repayments of the Facility	​ ​ ​ ​ ​ ​ Twelve months ended December 31, ​ Amount 2025 ​ $ 3,450 ​ 2026 ​ ​ 3,450 ​ 2027 ​ 63,738 ​ Total ​ $ 70,638 ​
Schedule of activity in equipment loans	​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Three months ended ​ ​ December 31, 2024 ​ December 31, 2023 Beginning balance ​ $ 12,859 ​ $ 14,347 Additions ​ 6,010 ​ 5,777 Repayments ​ (6,483) ​ (6,864) Ending balance ​ 12,386 ​ 13,260 Current portion ​ 12,351 ​ 13,086 Long-term portion ​ $ 35 ​ $ 174
Schedule of movement in lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real ​ ​ ​ ​ Vehicles ​ estate ​ Total Balance September 30, 2023 ​ $ 2,914 ​ $ 16,236 ​ $ 19,150 Additions ​ ​ 582 ​ ​ 583 ​ 1,165 Repayments ​ ​ (343) ​ ​ (1,128) ​ (1,471) Balance December 31, 2023 ​ $ 3,153 ​ $ 15,691 ​ $ 18,844 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance September 30, 2024 ​ $ 3,310 ​ $ 15,840 ​ $ 19,150 Additions ​ ​ 370 ​ ​ 1,160 ​ 1,530 Non-cash terminations ​ ​ — ​ ​ (79) ​ (79) Repayments ​ (428) ​ ​ (1,170) ​ (1,598) Balance December 31, 2024 ​ $ 3,252 ​ $ 15,751 ​ $ 19,003
Schedule of future payments pursuant to lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ending December 31, ​ Operating ​ Finance ​ Total 2025 ​ $ 5,710 ​ $ 1,483 ​ $ 7,193 2026 ​ 4,589 ​ 1,000 ​ 5,589 2027 ​ ​ 3,263 ​ ​ 738 ​ ​ 4,001 2028 ​ ​ 2,317 ​ ​ 414 ​ ​ 2,731 2029 ​ ​ 1,428 ​ ​ 70 ​ ​ 1,498 Thereafter ​ ​ 845 ​ ​ — ​ ​ 845 Gross lease payments ​ 18,152 ​ 3,705 ​ 21,857 Less amounts relating to interest ​ (2,401) ​ ​ (453) ​ (2,854) Lease liabilities ​ $ 15,751 ​ $ 3,252 ​ $ 19,003
Schedule of components of finance lease expense and other information relating to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 months ended December, 31 ​ Classification ​ 2024 ​ ​ 2023 ​ Finance lease cost: ​ ​ ​ ​ Amortization of lease assets Depreciation $ 307 ​ $ 305 ​ Interest on lease liabilities Interest expense ​ 69 ​ 58 ​ Total finance lease cost ​ $ 376 ​ $ 363 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ December 31, 2024 ​ September 30, 2024 Weighted average remaining lease term (years) ​ ​ ​ ​ ​ ​ ​ Operating leases ​ 3.9 ​ 4.1 ​ Finance leases ​ 2.9 ​ 2.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 7.3 % ​ 7.4 % Finance leases ​ ​ 8.8 % ​ 8.5 % ​

Share capital (Tables)

Share capital (Tables)	3 Months Ended
	Dec. 31, 2024
Share capital
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ exercise price per share ​ ​ Number of options ​ in Canadian dollars (C$) Balance September 30, 2023 3,957 ​ C$ 4.49 Expired (11) ​ 7.46 Forfeited (2) ​ 8.48 Balance December 31, 2023 3,944 ​ C$ 4.48 ​ ​ ​ ​ ​ ​ Balance September 30, 2024 3,402 ​ C$ 4.91 Expired (12) ​ 6.96 Balance December 31, 2024 3,390 ​ C$ 4.90
Schedule of restricted stock units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ grant-date price ​ ​ Number per share in ​ ​ of units ​ Canadian dollars (C$) Balance September 30, 2023 1,034 ​ C$ 8.34 ​ Settled — ​ — ​ Balance December 31, 2023 1,034 ​ C$ 8.34 ​ ​ ​ ​ ​ ​ ​ ​ Balance September 30, 2024 519 ​ C$ 8.30 ​ Settled — ​ — ​ Balance December 31, 2024 519 ​ C$ 8.30 ​
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Three Months ​ ​ Ended December 31, ​ Ended December 31, ​ ​ 2024 ​ 2023 Restricted share units ​ $ 119 ​ $ 640 Stock options ​ ​ 88 ​ ​ 330 Stock-based compensation expense ​ $ 207 ​ $ 970

Operating expenses (Tables)

Operating expenses (Tables)	3 Months Ended
	Dec. 31, 2024
Operating expenses
Schedule of operating expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ Three months Three months ​ ​ ended December 31, ​ ended December 31, ​ ​ 2024 ​ 2023 Payroll and employee benefits ​ $ 19,782 ​ $ 19,258 Facilities ​ 1,375 ​ 1,389 Billing ​ 2,942 ​ 2,654 Professional fees ​ 1,433 ​ 1,336 Outbound freight ​ 1,385 ​ 1,376 Vehicle fuel and maintenance ​ ​ 1,057 ​ ​ 1,120 Bank and credit card fees ​ ​ 529 ​ ​ 483 Technology ​ ​ 411 ​ ​ 368 Insurance ​ ​ 387 ​ ​ 398 All other ​ 1,097 ​ 1,425 Total operating expenses ​ $ 30,398 ​ $ 29,807 ​

Property and equipment and ri_3

Property and equipment and right-of-use assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Property, equipment, and right-of-use assets
Property and equipment, gross	$ 73,227	$ 72,847
Less: accumulated depreciation	(36,476)	(35,462)
Property and equipment, net	36,751	37,385
Right of use, gross	29,773	29,008
Less: accumulated amortization	(12,114)	(12,533)
Right of use, net	17,659	16,475
Rental equipment
Property, equipment, and right-of-use assets
Property and equipment, gross	64,552	64,568
Vehicles
Property, equipment, and right-of-use assets
Property and equipment, gross	3,733	3,296
Leasehold Improvements
Property, equipment, and right-of-use assets
Property and equipment, gross	2,340	2,403
Office and technology equipment
Property, equipment, and right-of-use assets
Property and equipment, gross	1,136	1,130
Land
Property, equipment, and right-of-use assets
Property and equipment, gross	160	160
Buildings
Property, equipment, and right-of-use assets
Property and equipment, gross	930	930
Projects in process
Property, equipment, and right-of-use assets
Property and equipment, gross	376	360
Right-of-use real estate
Property, equipment, and right-of-use assets
Right of use, gross	24,288	23,510
Right-of-use vehicles
Property, equipment, and right-of-use assets
Right of use, gross	$ 5,485	$ 5,498

Property and equipment and ri_4

Property and equipment and right-of-use assets - Narrative (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, equipment, and right-of-use assets
Balance of equipment value paid in cash	$ 3,681,000	$ 1,571,000
Rental equipment
Property, equipment, and right-of-use assets
Rental equipment transferred from inventory	9,438,000	7,312,000
Balance of equipment value paid in cash	3,428,000	1,535,000
Rental equipment | Equipment loans
Property, equipment, and right-of-use assets
Principal amount of debt	$ 6,010,000	$ 5,777,000

Goodwill and intangible asset_2

Goodwill and intangible assets - Summary of intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Summary of intangible assets
Intangible assets, gross	$ 95,230		$ 95,230
Less: accumulated amortization	(28,795)		(27,277)
Total intangible assets, net	66,435	$ 67,953	67,953
Customer relationships
Summary of intangible assets
Intangible assets, gross	79,088		79,088
Trade names
Summary of intangible assets
Intangible assets, gross	11,581		11,581
Customer contracts
Summary of intangible assets
Intangible assets, gross	3,851		3,851
Non-compete agreements
Summary of intangible assets
Intangible assets, gross	$ 710		$ 710

Goodwill and intangible asset_3

Goodwill and intangible assets - Schedule of annual amortization of intangible asset (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Annual amortization of intangible assets
Nine months ending September 30, 2025	$ 4,495
Year ending September 30, 2026	5,776
Year ending September 30, 2027	5,723
Year ending September 30, 2028	5,594
Year ending September 30, 2029	5,587
Thereafter	39,260
Total intangible assets, net	$ 66,435	$ 67,953	$ 67,953

Accounts payable and accrued _3

Accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Accounts payable and accrued liabilities
Accounts payable	$ 27,171	$ 29,310
Accrued compensation	3,379	4,576
Other	1,409	1,477
Total	$ 31,959	$ 35,363

Long-term debt - Senior credit

Long-term debt - Senior credit facility (Details) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Long-term debt
Floor rate		0.50%
Interest rate		0%
Reduction of interest expense		$ 105,000	$ 31,000
Derivative liability - interest rate swap		84,000		$ 1,122,000
Interest expense		1,310,000	1,362,000
Gain (loss) on change in fair value of interest rate swap		1,038,000	(902,000)
Amortization of deferred financing costs		153,000	$ 130,000
Interest rate swap
Long-term debt
Notional amount				59,000,000
Derivative liability - interest rate swap		84,000		$ 1,122,000
Minimum | Interest rate swap
Long-term debt
Notional amount		3.4
Maximum | Interest rate swap
Long-term debt
Notional amount		$ 4.4
Weighted average | Interest rate swap
Long-term debt
Fixed SOFR rate		6.80%
Senior credit facility
Long-term debt
Debt Instrument	5 years
Borrowing capacity	$ 110,000,000
Delayed-draw term loan
Long-term debt
Borrowing capacity	85,000,000
Issuance of delayed-draw term loan under senior credit facility	64,000,000
Term loan
Long-term debt
Issuance of delayed-draw term loan under senior credit facility	5,000,000
Revolving credit facility
Long-term debt
Borrowing capacity	$ 20,000,000
Repricing period		1 month
Interest rate		7.10%
Delayed Draw Term Loan and Term Loan
Long-term debt
Weighted average interest rate		7.20%
Spread rate		2.65%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrMember
Repricing period		2 months
Delayed Draw Term Loan and Term Loan | Minimum
Long-term debt
Spread rate		2.10%
Delayed Draw Term Loan and Term Loan | Maximum
Long-term debt
Spread rate		2.85%

Long-term debt - Summary of the

Long-term debt - Summary of the balances on the Facility (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Long-term debt
Total principal	$ 70,638	$ 69,223
Deferred financing costs	(1,302)	(1,430)
Net carrying value	69,336	67,793
Current portion	3,228	3,248
Long-term portion	66,108	64,545
Delayed-draw term loan
Long-term debt
Total principal	57,600	58,400
Term loan
Long-term debt
Total principal	4,438	4,500
Revolving credit facility
Long-term debt
Total principal	$ 8,600	$ 6,323

Long-term debt - Future repayme

Long-term debt - Future repayments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Long-Term Debt, Fiscal Year Maturity
2025	$ 3,450
2026	3,450
2027	63,738
Total	$ 70,638

Long-term debt - Equipment loan

Long-term debt - Equipment loans (Details)	3 Months Ended
	Dec. 31, 2024 USD ($)
Long-term debt
Interest rate	0%
Equipment loan
Long-term debt
Number of installments	12
Equipment loan | Minimum
Long-term debt
Incremental borrowing rate	7.20%
Equipment loan | Maximum
Long-term debt
Incremental borrowing rate	8%

Long-term debt - Activity in eq

Long-term debt - Activity in equipment loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Long-term debt.
Beginning Balance	$ 12,859	$ 14,347
Additions	6,010	5,777
Ending Balance	12,386	13,260
Repayments	(6,483)	(6,864)
Current portion	12,351	13,086	$ 12,804
Long-term portion	$ 35	$ 174	$ 55

Long-term debt - Activity in le

Long-term debt - Activity in lease liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Vehicles
Beginning balance	$ 3,310	$ 2,914
Additions	370	582
Repayments of finance leases	(428)	(343)
Ending balance	$ 3,252	$ 3,153
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Ending balance	Ending balance
Real estate
Beginning balance	$ 15,840	$ 16,236
Additions	1,160	583
Non-cash terminations	(79)
Repayments	(1,170)	(1,128)
Ending balance	$ 15,751	$ 15,691
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Ending balance	Ending balance
Total
Beginning balance	$ 19,150	$ 19,150
Additions	1,530	1,165
Non-cash terminations	(79)
Repayments	(1,598)	(1,471)
Ending balance	$ 19,003	$ 18,844

Long-term debt - Future payment

Long-term debt - Future payments pursuant to lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Operating
2025	$ 5,710
2026	4,589
2027	3,263
2028	2,317
2029	1,428
Thereafter	845
Gross lease payments	18,152
Less amounts relating to interest	(2,401)
Lease liabilities	$ 15,751	$ 15,840	$ 15,691	$ 16,236
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease liabilities		Lease liabilities
Finance
2025	$ 1,483
2026	1,000
2027	738
2028	414
2029	70
Gross lease payments	3,705
Less amounts relating to interest	(453)
Lease liabilities	$ 3,252	3,310	$ 3,153	2,914
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease liabilities		Lease liabilities
Total
2025	$ 7,193
2026	5,589
2027	4,001
2028	2,731
2029	1,498
Thereafter	845
Gross lease payments	21,857
Less amounts relating to interest	(2,854)
Lease liabilities	$ 19,003	$ 19,150	$ 18,844	$ 19,150

Long-term debt - Components of

Long-term debt - Components of finance lease expense and other information relating to leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Long-term debt.
Finance lease expense: Amortization of lease assets	$ 307	$ 305
Finance lease expense: Interest on lease liabilities	69	58
Total finance lease cost	$ 376	$ 363
Operating leases, weighted average remaining lease term (in years)	3 years 10 months 24 days		4 years 1 month 6 days
Finance leases, weighted average remaining lease term (in years)	2 years 10 months 24 days		2 years 9 months 18 days
Operating leases, weighted average discount rate (in percent)	7.30%		7.40%
Finance leases, weighted average discount rate (in percent)	8.80%		8.50%

Share capital - Employee, direc

Share capital - Employee, director, and consultant options (Details)	3 Months Ended
	Dec. 31, 2024
Employee Stock Option | Maximum
Shareholders' Equity
Award term (in years)	10 years

Share capital - Stock options (

Share capital - Stock options (Details) - $ / shares	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of options
Beginning Balance	3,402,000	3,957,000
Expired	(12,000)	(11,000)
Forfeited		(2,000)
Ending Balance	3,390,000	3,944,000
Weighted average exercise price per share in Canadian dollars
Beginning Balance	$ 4.91	$ 4.49
Expired	6.96	7.46
Forfeited		8.48
Ending Balance	$ 4.9	$ 4.48
Additional Disclosures
Number of options vested	3,190,000
Weighted average exercise price of options vested	$ 4.7

Share capital - Restricted stoc

Share capital - Restricted stock units (Details) - Restricted stock units	3 Months Ended
	Dec. 31, 2024 shares
Shareholders' Equity
Number of shares per unit of RSU	1
Minimum
Shareholders' Equity
Vesting period (in years)	1 year
Maximum
Shareholders' Equity
Vesting period (in years)	2 years

Share capital - Restricted St_2

Share capital - Restricted Stock Unit Activity (Details) - $ / shares shares in Thousands	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Number of units
Beginning balance	519	1,034	1,034
Ending balance	519	519	1,034
Weighted average grant-date price per share in Canadian dollars
Beginning balance	$ 8.3	$ 8.34	$ 8.34
Ending balance	$ 8.3	$ 8.3	$ 8.34

Share capital - Stock-based com

Share capital - Stock-based compensation expense (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Shareholders' Equity
Stock-based compensation	$ 207,000	$ 970,000
Compensation expense related to nonvested	$ 165,000
Weighted average vesting period	4 months 24 days
Restricted share units
Shareholders' Equity
Stock-based compensation	$ 119,000	640,000
Employee Stock Option
Shareholders' Equity
Stock-based compensation	$ 88,000	$ 330,000

Operating expenses (Details)

Operating expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating expenses
Payroll and employee benefits	$ 19,782	$ 19,258
Facilities	1,375	1,389
Billing	2,942	2,654
Professional fees	1,433	1,336
Outbound freight	1,385	1,376
Vehicle fuel and maintenance	1,057	1,120
Bank and credit card fees	529	483
Technology	411	368
Insurance	387	398
All other	1,097	1,425
Total operating expenses	$ 30,398	$ 29,807

Income taxes (Details)

Income taxes (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income taxes
Provision for income taxes	$ 30,000	$ 220,000

Related party transactions (Det

Related party transactions (Details) - Rental Company		3 Months Ended
	Oct. 01, 2022 lease	Dec. 31, 2024 USD ($) ft² lease	Dec. 31, 2023 USD ($)
Related party transactions
Number of leases		6
Number of leases renewed	5
Combined area | ft²		74,520
Lease payments per month | $		$ 65,000	$ 63,000
Minimum percentage increase in lease rent		3%
Lease expires in June 2026
Related party transactions
Number of leases		1
Lease Expires in September 2029
Related party transactions
Number of leases		5