0001628280-24-050862 | 10-Q | XBRL Viewer

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DEBT - Narrative (Details) - USD ($) $ in Millions			12 Months Ended
DEBT - Narrative (Details) - USD ($) $ in Millions	Sep. 01, 2024	Mar. 09, 2023	Jul. 31, 2023	Oct. 31, 2024	Jul. 31, 2024	Feb. 28, 2019
Umpqua Revolver
Debt Instrument [Line Items]
Line of credit facility, maximum credit commitment				$ 12.5
Line of credit facility, sublimit borrowing capacity				5.0
Revolving credit facility				0.6
MidCap Credit Facility
Debt Instrument [Line Items]
Credit facility, readily available borrowing capacity				$ 11.9
Convertible loan note investment \| SPHG Holdings
Debt Instrument [Line Items]
Debt instrument, stated interest rate						7.50%
Debt instrument, face amount					$ 12.9	$ 14.9
Debt instrument, repaid, principal		$ 1.0	$ 2.0
Repayments of debt	$ 12.9
Interest payable, current	$ 0.5
Fair value of the notes					$ 12.9

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 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

SEGMENT INFORMATION - Additional Information (Details)	3 Months Ended
SEGMENT INFORMATION - Additional Information (Details)	Oct. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

CONTINGENCIES - Additional Information (Details) - USD ($) $ in Millions	Aug. 13, 2021	Dec. 15, 2017	Apr. 08, 2024
Reith v. Lichtenstein
Contingencies [Line Items]
Gain contingency, unrecorded amount			$ 6.0
Reith v. Lichtenstein \| Director \| Restricted Stock
Contingencies [Line Items]
Number of shares surrendered (in shares)	353,571
Reith v. Lichtenstein \| Director \| Restricted Stock \| Warren Lichtenstein
Contingencies [Line Items]
Number of vested shares surrendered (in shares)	196,429
Number of nonvested shares surrendered (in shares)	32,143
Reith v. Lichtenstein \| Director \| Restricted Stock \| Jack Howard
Contingencies [Line Items]
Number of vested shares surrendered (in shares)	98,214
Number of nonvested shares surrendered (in shares)	16,071
Reith v. Lichtenstein \| Director \| Restricted Stock \| William Fejes
Contingencies [Line Items]
Number of vested shares surrendered (in shares)	10,714
Series C convertible preferred stock \| Purchase Agreement \| SPHG Holdings
Contingencies [Line Items]
Proceeds from issuance of preferred stock		$ 35.0

EARNINGS PER SHARE - Schedule of Reconciliation of (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Class of Stock [Line Items]
Net income	$ 2,365	$ 4,436
Less: Preferred dividends on Series C redeemable preferred stock	(537)	(536)
Net income attributable to common stockholders	1,828	3,900
Less: Undistributed earnings allocated to participating securities	(1,389)	(2,970)
Net income attributable to common stockholders	439	930
Undistributed earnings allocated to Series E preferred stock	1,389	2,970
Net income attributable to common stockholders - assuming dilution	$ 1,828	$ 3,900
Net income per common share - basic (in usd per share)	$ 0.07	$ 0.15
Net income per common share - diluted (in usd per share)	$ 0.07	$ 0.15
Weighted-average number of common shares outstanding - basic (in shares)	6,256	6,199
Common stock equivalents - Restricted stock and restricted stock shares (in shares)	38	57
Weighted average common shares outstanding, diluted (in shares)	26,104	26,066
Series E Preferred Stock
Class of Stock [Line Items]
Common stock equivalents - Series E Preferred stock (in shares)	19,810	19,810

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Oct. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	The accompanying condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of a normal recurring nature) considered necessary for fair presentation have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes for the year ended July 31, 2024 (Fiscal Year 2024), which are contained in the Company's Form 10-K for the fiscal year ended July 31, 2024 filed on November 6, 2024, as amended on November 25, 2024. The results for the three months ended October 31, 2024 are not necessarily indicative of the results to be expected for the full fiscal year. The year-end condensed consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. Pushdown Accounting On May 1, 2023, the Exchange Transaction resulted in Steel Holdings obtaining control of the Company for financial statement consolidation purposes. Steel Holdings does not consolidate the Company for Federal income tax purposes because the ownership in the Company is dispersed between different federal tax consolidation groups within Steel Holdings. As of May 1, 2023, the Company elected pushdown accounting in which it used Steel Holdings' basis of accounting, which reflected the fair market value of the Company’s assets and liabilities at the date of the Exchange Transaction. As a result, the Company has reflected the required pushdown accounting adjustments in its consolidated financial statements.
Consolidation	All significant intercompany transactions and balances have been eliminated in consolidation.
Adoption of New Accounting Standards and Accounting Standards Issued and Not Yet Implemented	Adoption of New Accounting Standards In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“ASU”) 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40). The amendment in this update simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. This update also amends the guidance for the derivatives scope exception for contracts in an entity's own equity to reduce form-over-substance-based accounting conclusions and requires the application of the if-converted method for calculating diluted earnings per share. The update also requires entities to provide expanded disclosures about the terms and features of convertible instruments, how the instruments have been reported in the entity's financial statements and information about events, conditions and circumstances that can affect how to assess the amount or timing of an entity's future cash flows related to those instruments. The guidance is effective for interim and annual periods beginning in our fiscal year ending July 31, 2025, with early adoption permitted. The Company adopted ASU 2020-06 on August 1, 2024. The adoption did not have any impact on the Company's consolidated financial statements and disclosures. Accounting Standards Issued and Not Yet Implemented In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), which requires a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expenses to help investors: (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities. Early adoption is permitted. The new guidance may be applied either on a prospective or retrospective basis. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statement disclosures; however, adoption is not expected to impact its consolidated balance sheets, or statement of operations. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The new guidance requires disaggregated information about the effective tax rate reconciliation and additional information on taxes paid that meet a quantitative threshold. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption and retrospective application permitted. This guidance will be effective for the Company beginning in the fourth quarter in the fiscal year ending July 31, 2026. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statement disclosures; however, adoption is not expected to impact its consolidated balance sheets or statement of operations. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The new guidance requires a public entity to disclose significant expenses and other segment items that are regularly reported to the chief operating decision maker ("CODM") and the nature of segment expense information used to manage operations. Additionally, it requires a public entity to disclose the title and position of the CODM. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new guidance is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. This guidance will be effective for the Company beginning in the fourth quarter in the fiscal year ending July 31, 2025. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statement disclosures; however, adoption is not expected to impact its consolidated balance sheets or statements of operations. In August 2023, the FASB issued ASU 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement ("ASU 2023-05"). ASU 2023-05 applies to the formation of a "joint venture" or a "corporate joint venture" and requires a joint venture to initially measure all contributions received upon its formation at fair value. The new guidance is applicable to joint venture entities with a formation date on or after January 1, 2025, on a prospective basis. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statement disclosures; however, adoption is not expected to impact its consolidated balance sheets or statement of operations. Other new pronouncements issued but not effective until after October 31, 2024 are not expected to have a material impact on our financial condition, results of operations or liquidity.

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2024	Apr. 30, 2024	Oct. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale, unrealized gain (loss)	$ 0.0		$ 0.0
Investments, fair value disclosure		$ 0.0
Debt securities, available-for-sale, realized loss		$ 1.2
Long-Term Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain	$ 0.1

INVENTORIES, NET - Components of Inventories (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 7,326	$ 5,534
Work-in-process	263	125
Finished goods	1,078	1,074
Inventories, net	$ 8,667	$ 6,733

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Oct. 31, 2024

Payables and Accruals [Abstract]

Schedule of Components of Accrued Expenses

The following tables reflect the components of "Accrued expenses" and "Other current liabilities".



	October 31, 2024		July 31, 2024
Accrued Expenses	(In thousands)
Accrued compensation	$	6,926	$	6,504
Accrued audit, tax and legal	4,073		3,909
Accrued price concessions	3,531		2,312
Accrued taxes	1,970		1,863
Accrued occupancy costs	1,830		1,803



Accrued other	3,870		5,268
Total accrued expenses	$	22,200	$	21,659

Schedule of Components of Other Current Liabilities



	October 31, 2024		July 31, 2024
Other Current Liabilities	(In thousands)
Deferred revenue - current	2,027		2,271

Other	2,831		2,152
Total other current liabilities	$	4,858	$	4,423

EARNINGS PER SHARE

3 Months Ended

Oct. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table reconciles net earnings per share for the three months ended October 31, 2024 and 2023:



	Three Months Ended October 31,
	2024		2023
	(In thousands, except per share data)
Reconciliation of net income to net income attributable to common stockholders after assumed conversions:
Net income	$	2,365	$	4,436
Less: Preferred dividends on Series C redeemable preferred stock	(537)		(536)
Net income available to common stockholders	1,828		3,900
Less: Undistributed earnings allocated to participating securities	(1,389)		(2,970)
Net income attributable to common stockholders	$	439	$	930

Effect of dilutive securities:


Undistributed earnings allocated to Series E preferred stock	1,389		2,970
Net income attributable to common stockholders - assuming dilution	$	1,828	$	3,900

Net income per common share - basic	$	0.07	$	0.15

Net income per common share - diluted	$	0.07	$	0.15

Weighted average common shares outstanding - basic	6,256		6,199
Effect of dilutive securities:
Common stock equivalents - Restricted stock and restricted stock shares	38		57


Common stock equivalents - Series E Preferred stock	19,810		19,810
Weighted average common shares outstanding - diluted	26,104		26,066

The Company calculated basic and diluted net income per common share using the two-class method, as the Series E Convertible Preferred Stock meets the definition of a participating security. The two-class method is an allocation formula that determines net income per common share for each share of common stock and Series E Convertible Preferred Stock, a participating security, according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and Series E Convertible Preferred Stock based on their respective rights to receive dividends. The holders of Series E Convertible Preferred Stock are entitled to participate equally and ratably with the holders of shares of Common Stock in all dividends or other distributions on the shares of Common Stock as if, immediately prior to each record date for payment of dividends or other distributions on the Common Stock, shares of Series E Preferred Stock then outstanding were converted into shares of Common Stock. Basic net income per common share is computed by dividing net income attributable to common stockholders for the period by the weighted average number of common shares outstanding for the period. Net income attributable to common stockholders for the period includes dividends paid to common stockholders, if any, during the period plus a proportionate share of undistributed net income allocable to common stockholders for the period; the proportionate share of undistributed net income allocable to common stockholders for the period is based on the proportionate share of total weighted-average common shares and participating securities outstanding during the period. Diluted net income per common share is computed based on the weighted average number of shares of common stock outstanding during each period, plus potential common shares considered outstanding during the period, as long as the inclusion of such awards is not antidilutive. Potential common shares consist of restricted common stock (calculated based on the treasury stock method) and shares issuable upon debt or preferred stock conversion (calculated using an as-if converted method), using the more dilutive of either the two-class method or as-converted stock method.

The below details certain exclusions from the calculation of diluted net income per share for the three months ended October 31, 2024 and 2023, respectively, as their inclusion would have been antidilutive:

For the three months ended October 31, 2024, $0.5 million of Series C preferred dividends were excluded from the numerator in the calculation of diluted net income per share as their inclusion would have been antidilutive. For the three months ended October 31, 2023, $0.2 million of interest expense, net of tax impact related to the SPHG Note, and $0.5 million of Series C preferred dividends were excluded from the numerator in the calculation of diluted net income per share as their inclusion would have been antidilutive.

For the three months ended October 31, 2024, 1.9 million common stock equivalent shares related to the Series C Preferred stock were excluded from the denominator in the calculation of diluted net income per share as their inclusion would have been antidilutive. For the three months ended October 31, 2023, 2.5 million common stock equivalent shares (including those related to the SPHG Note and the Series C Preferred stock) were excluded from the denominator in the calculation of diluted net income per share as their inclusion would have been antidilutive.

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Oct. 31, 2024
Goodwill [Line Items]
Net goodwill	$ 19,703	$ 19,703
Exchange Transaction Agreement \| Steel Partners \| Exchanging Parties
Goodwill [Line Items]
Liabilities, fair value disclosure	0
Liabilities, fair value adjustment	3,100
Supply Chain
Goodwill [Line Items]
Gross goodwill	22,785	19,703
Accumulated impairments	0	0
Pushdown accounting adjustment	(3,082)
Net goodwill	$ 19,703	$ 19,703

SEGMENT INFORMATION (Tables)

3 Months Ended

Oct. 31, 2024

Segment Reporting [Abstract]

Schedule of Financial Information of Continuing Operations by Operating Segment and Corporate-Level Activity

Summarized financial information of the Company's continuing operations by operating segment is as follows:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Net revenue:
Supply Chain	$	50,487	$	41,341
Total segment net revenue	50,487		41,341
Operating income:
Supply Chain	8,547		2,675

Corporate-level activity	(2,046)		(870)
Total operating income	6,501		1,805
Total other (expense) income, net	(3,319)		3,302
Income before income taxes	$	3,182	$	5,107

Summarized financial information of the Company's capital expenditures and depreciation expense for the Supply Chain reportable segment is as follows:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Capital expenditures	$	581	$	552
Depreciation expense	$	606	$	435

Schedule of Total Assets of Continuing Operations



	October 31, 2024		July 31, 2024
	(In thousands)
Total assets:
Supply Chain	$	160,085	$	149,198
Corporate	316,673		336,430
Total assets	$	476,758	$	485,628

Schedule of Financial Information of Net Revenue from External Customers by Group of Services

Summarized financial information of the Company's net revenue by geographic location is as follows:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Mainland China	$	17,169	$	14,384
United States	10,687		15,197
Netherlands	6,684		5,298
Singapore	5,718		1,460
Czech Republic	4,589		2,630
Malaysia	2,883		—
Other	2,757		2,372
Total consolidated net revenue	$	50,487	$	41,341

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Oct. 31, 2024
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Standards In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“ASU”) 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40). The amendment in this update simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. This update also amends the guidance for the derivatives scope exception for contracts in an entity's own equity to reduce form-over-substance-based accounting conclusions and requires the application of the if-converted method for calculating diluted earnings per share. The update also requires entities to provide expanded disclosures about the terms and features of convertible instruments, how the instruments have been reported in the entity's financial statements and information about events, conditions and circumstances that can affect how to assess the amount or timing of an entity's future cash flows related to those instruments. The guidance is effective for interim and annual periods beginning in our fiscal year ending July 31, 2025, with early adoption permitted. The Company adopted ASU 2020-06 on August 1, 2024. The adoption did not have any impact on the Company's consolidated financial statements and disclosures. Accounting Standards Issued and Not Yet Implemented In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), which requires a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expenses to help investors: (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities. Early adoption is permitted. The new guidance may be applied either on a prospective or retrospective basis. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statement disclosures; however, adoption is not expected to impact its consolidated balance sheets, or statement of operations. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The new guidance requires disaggregated information about the effective tax rate reconciliation and additional information on taxes paid that meet a quantitative threshold. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption and retrospective application permitted. This guidance will be effective for the Company beginning in the fourth quarter in the fiscal year ending July 31, 2026. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statement disclosures; however, adoption is not expected to impact its consolidated balance sheets or statement of operations. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The new guidance requires a public entity to disclose significant expenses and other segment items that are regularly reported to the chief operating decision maker ("CODM") and the nature of segment expense information used to manage operations. Additionally, it requires a public entity to disclose the title and position of the CODM. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new guidance is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. This guidance will be effective for the Company beginning in the fourth quarter in the fiscal year ending July 31, 2025. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statement disclosures; however, adoption is not expected to impact its consolidated balance sheets or statements of operations. In August 2023, the FASB issued ASU 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement ("ASU 2023-05"). ASU 2023-05 applies to the formation of a "joint venture" or a "corporate joint venture" and requires a joint venture to initially measure all contributions received upon its formation at fair value. The new guidance is applicable to joint venture entities with a formation date on or after January 1, 2025, on a prospective basis. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statement disclosures; however, adoption is not expected to impact its consolidated balance sheets or statement of operations. Other new pronouncements issued but not effective until after October 31, 2024 are not expected to have a material impact on our financial condition, results of operations or liquidity.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets Measured at Fair Value on Recurring Basis and Classified by Fair Value Hierarchy (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 215,990	$ 235,221
Convertible loan note investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Investments in equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	48,693	41,376
SPHG Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value disclosure		12,903
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	215,990	235,221
Level 1 \| Convertible loan note investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Level 1 \| Investments in equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	48,693	41,376
Level 1 \| SPHG Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value disclosure		0
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Level 2 \| Convertible loan note investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Level 2 \| Investments in equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Level 2 \| SPHG Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value disclosure		0
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Level 3 \| Convertible loan note investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Level 3 \| Investments in equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 0	0
Level 3 \| SPHG Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value disclosure		$ 12,903

DEBT (Tables)

3 Months Ended

Oct. 31, 2024

Debt Disclosure [Abstract]

Schedule of Components of Debt and Reconciliation to Carrying Amount

The components of debt are presented in the table below:



	October 31, 2024		July 31, 2024
	(In thousands)
Unsecured
7.50% Convertible Senior Note due September 1, 2024	$	—	$	12,903
Credit Facilities
Umpqua Revolver	—		—
Total debt, net	$	—	$	12,903

Schedule of Net carrying value of SPG note

Below is a reconciliation of interest expense related to the SPHG Note to total interest expense:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Interest expense related to contractual interest coupon on the SPHG Note	$	111	$	247



Total interest expense	$	111	$	247

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Paragraph 1
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

INVENTORIES, NET

3 Months Ended

Oct. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES, NET

The table below presents the components of Inventories, net:



	October 31, 2024		July 31, 2024
	(In thousands)
Raw materials	$	7,326	$	5,534
Work-in-process	263		125
Finished goods	1,078		1,074
	$	8,667	$	6,733

REVENUE RECOGNITION (Tables)

3 Months Ended

Oct. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Reconciliation of the Disaggregated Revenue

The following table presents the Company's revenues from contracts with customers disaggregated by major good or service line and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with the reportable segments.



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Major Goods/Service Lines
Supply chain management services	$	50,061	$	41,005
Other	426		336
	$	50,487	$	41,341
Timing of Revenue Recognition
Services transferred over time	$	50,487	$	41,341
	$	50,487	$	41,341

Schedule of of Changes in Deferred Revenue

The table below presents information for the Company's contract balances:



	October 31, 2024		July 31, 2024
	(In thousands)
Accounts receivable, trade, net	$	34,543	$	33,443
Contract assets	360		275

Deferred revenue - current	$	2,027	$	2,271
Deferred revenue - long-term	48		54
Total deferred revenue	$	2,075	$	2,325

Remaining Performance Obligations

Remaining performance obligations are comprised of deferred revenue. Changes in deferred revenue during the three months ended October 31, 2024 and October 31, 2023, were as follows:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Balance at beginning of period	$	2,325	$	2,718
Deferral of revenue	208		301
Recognition of deferred amounts upon satisfaction of performance obligation	(458)		(371)
Balance at end of period	$	2,075	$	2,648

DEBT - Schedule of Components of Debt and Reconciliation to Carrying Amount (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024	Feb. 28, 2019
Line of Credit Facility [Line Items]
Total debt, net	$ 0	$ 12,903
Convertible loan note investment
Line of Credit Facility [Line Items]
Principal amount of long term debt	0	12,903
Convertible loan note investment \| SPHG Holdings
Line of Credit Facility [Line Items]
Debt instrument, stated interest rate			7.50%
Umpqua Revolver
Line of Credit Facility [Line Items]
Umpqua Revolver	$ 0	$ 0

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

COMPREHENSIVE (LOSS) INCOME (Tables)

3 Months Ended

Oct. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income, Net of Income Taxes

Accumulated other comprehensive items consist of the following:


	Foreign Currency Items		Pension Items		Total
	(In thousands)
Accumulated other comprehensive loss as of July 31, 2024	$	(1,099)	$	(408)	$	(1,507)
Foreign currency translation adjustment	383		—		383


Net current-period other comprehensive income	383		—		383
Accumulated other comprehensive loss as of October 31, 2024	$	(716)	$	(408)	$	(1,124)


	Foreign Currency Items		Pension Items		Total
	(In thousands)
Accumulated other comprehensive (loss) income as of July 31, 2023	$	(623)	$	36	$	(587)
Foreign currency translation adjustment	(996)		—		(996)


Net current-period other comprehensive loss	(996)		—		(996)
Accumulated other comprehensive (loss) income as of October 31, 2023	$	(1,619)	$	36	$	(1,583)

LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$ 2,690	$ 2,292

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

3 Months Ended

Oct. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

In connection with the application of pushdown accounting, the Company recorded intangible assets for goodwill, customer relationships and tradenames. A reconciliation of the change in the carrying amount of goodwill by reportable segment is as follows:


	Supply Chain
(In thousands)
Balance at July 31, 2024
Gross goodwill	$	22,785
Accumulated impairments	—
Pushdown accounting adjustment(a)	(3,082)
Net goodwill	$	19,703
Balance at October 31, 2024
Gross goodwill	$	19,703
Accumulated impairments	—
Net goodwill	$	19,703

(a) In the fourth quarter of Fiscal Year 2024, the Company determined that the fair value of a liability that existed as of the date of the Exchange Transaction was zero. As such, the Company recorded the $3.1 million reduction of the liability as an offset to the amount of goodwill recognized in pushdown accounting.

A summary of Other intangible assets, net is as follows:



	October 31, 2024						July 31, 2024
	(In thousands)
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	25,000	$	5,357	$	19,643	$	25,000	$	4,464	$	20,536
Trade name	10,500		—		10,500		10,500		—		10,500
Total	$	35,500	$	5,357	$	30,143	$	35,500	$	4,464	$	31,036

The trade name intangible asset has an indefinite useful life. Customer relationships are amortized on a straight-line basis over an estimated useful life of seven years. Amortization expense related to intangible assets was $0.9 million for both the three months ended October 31, 2024 and 2023, respectively.

Based on gross carrying amounts at October 31, 2024, the Company's estimate of amortization expense for identifiable intangible assets for the remainder of the fiscal year ending July 31, 2025, and fiscal years 2026 through 2029 and thereafter is presented in the table below:


	Fiscal Year Ending July 31,
	2025		2026		2027		2028		2029		Thereafter
	(In thousands)
Estimated amortization expense	$	2,679	$	3,571	$	3,571	$	3,571	$	3,571	$	2,680

RELATED PARTY TRANSACTIONS

3 Months Ended

Oct. 31, 2024

RELATED PARTY TRANSACTIONS

As of October 31, 2024, the Steel Partners Group beneficially owned approximately 91.0% of our outstanding capital stock, including the if-converted shares of Series C Convertible Preferred Stock and Series E Convertible Preferred Stock that vote on an as-converted basis together with our common stock. Warren G. Lichtenstein, our Interim Chief Executive Officer and

the Executive Chairman of our Board, is also the Executive Chairman of Steel Holdings GP. Glen Kassan, one of our Directors and our former Chief Administrative Officer, was an employee of Steel Services until October 2024. Jack L. Howard, the President and a director of Steel Holdings GP, is also a director. Joseph Martin, one of our directors, is the Chief Administrative Officer and Chief Legal Officer of Steel Holdings. Ryan O'Herrin, our Chief Financial Officer, is the Chief Financial Officer of Steel Holdings.

SPHG Note Transaction

On February 28, 2019, the Company entered into a SPHG Note Purchase Agreement with SPHG Holdings, whereby SPHG Holdings agreed to loan the Company $14.9 million in exchange for the SPHG Note.

On March 9, 2023 (the "Amendment Date"), the Company and SPHG Holdings entered into an amendment to the SPHG Note. Pursuant to the SPHG Note Amendment, the maturity date of the SPHG Note was extended six months from March 1, 2024 to September 1, 2024. The Company repaid $1.0 million in principal amount of the SPHG Note on the Amendment Date, and repaid an additional $1.0 million principal amount of the note on June 9, 2023. In connection with the SPHG Note Amendment, the Company also paid SPHG Holdings a cash amendment fee of $0.1 million, and derecognized $0.2 million of the debt discount in proportion to the reduction of the principal balance on the Amendment Date in the third quarter of fiscal year 2023. No other changes were made to the terms of the SPHG Note besides the items discussed.

During the three months ended October 31, 2024 and 2023, the Company recognized interest expense of $0.1 million and $0.2 million, respectively, associated with the SPHG Note.

Series C Preferred Stock Transaction

On December 15, 2017, the Company entered into a Preferred Stock Purchase Agreement with SPHG Holdings, pursuant to which the Company issued 35,000 shares of the Company's newly created Series C Convertible Preferred Stock to SPHG Holdings at a price of $1,000 per share, for an aggregate purchase consideration of $35.0 million. The terms, rights, obligations and preferences of the Series C Convertible Preferred Stock are set forth in the Series C Certificate of Designations, which has been filed with the Secretary of State of the State of Delaware. During each of the three months ended October 31, 2024 and 2023, the Company paid dividends of $0.5 million associated with the Series C Convertible Preferred Stock.

On or after December 15, 2022, each holder of Series C Convertible Preferred Stock can also require the Company to redeem its Series C Convertible Preferred Stock in cash at a price equal to the Liquidation Preference (as defined in Series C Certificate of Designations).

Series E Preferred Stock Transaction

On May 1, 2023, the Company and Steel Holdings executed a series of agreements in which the Steel Partners Group agreed to transfer certain marketable securities held by the Steel Partners Group to Steel Connect in exchange for 3.5 million shares of Series E Convertible Preferred Stock of Steel Connect (the “Series E Convertible Preferred Stock”, and, such transfer the “Transfer and Exchange Agreement”). On June 6, 2023, the Steel Connect stockholders approved the rights of the Series E Preferred Stock to vote and receive dividends together with the Common Stock on an as-converted basis and the issuance of the Company's common stock ("Common Stock") upon conversion of the Series E Preferred Stock by the holders at their option, pursuant to the rules and regulations of Nasdaq. The Series E Convertible Preferred Stock is convertible into an aggregate of 19.8 million shares of Common Stock, and votes together with the holders of Common Stock and participates in any dividends paid on the Common Stock, in each case on an as-converted basis.

The terms, rights, obligations and preferences of the Series E Convertible Preferred Stock are set forth in a Certificate of Designations, Preferences and Rights of Series E Convertible Preferred Stock of the Company (the “Series E Certificate of Designations”).

Stockholders' Agreement

Concurrently with the execution of the Transfer and Exchange Agreement, the Company, Steel Holdings, Steel Excel, WebFinancial, WHX CS, LLC, WF Asset Corp., Steel Partners Ltd., Warren G. Lichtenstein and Jack L. Howard (together, the "SP Investors") entered into a Stockholders' Agreement dated as of April 30, 2023 (the "Stockholders' Agreement"). Pursuant to the Stockholders' Agreement, the parties agreed to implement various corporate governance requirements, including requirements

relating to the size of the Board and the composition of the Company's Audit Committee and the approval of certain transactions, as discussed below.

The Stockholders' Agreement provides that (a) prior to September 1, 2025 the prior approval of the Independent Audit Committee or the Disinterested Audit Committee (each as defined in the Stockholders' Agreement), as applicable, is required for the following: (i) a voluntary delisting of the common stock from the applicable stock exchange or a transaction (including a merger, recapitalization, stock split or otherwise) which results in the delisting of the common stock, Steel Connect ceasing to be an SEC reporting company, or Steel Connect filing a Form 25 or Form 15 or any similar form with the SEC; (ii) an amendment to the terms of the STCN Management Services Agreement (as defined below); and (iii) any related party transaction between Steel Connect and the SP Investors and their subsidiaries and affiliates; (b) prior to September 1, 2028, the prior approval of the Independent Audit Committee or the Disinterested Audit Committee, as applicable, is required for the Board to approve a going private transaction pursuant to which Steel Holdings or its subsidiaries or affiliates acquires the outstanding shares of common stock they do not own (or any alternative transaction that would have the same impact); and (c) until the Final Sunset Date, the prior approval of the Independent Audit Committee or the Disinterested Audit Committee, as applicable, is required (i) for the Board to approve a short-form or squeeze-out merger between Steel Connect and the SP Investors; or (ii) prior to any transfer of equity interests in Steel Connect by the members of the SP Group (as defined in the Stockholders' Agreement) if such transfers would result in 80% of the voting power and value of the equity interests in Steel Connect that are held by the members of the SP Group being held by one corporate entity.

Currently, the Stockholders' Agreement also provides that 70% of the net proceeds received by the Company upon resolution of the Reith litigation will be distributed to the Company’s stockholders with the SP Investors and the directors and officers of the Company agreeing to waive their portion of any such distribution to the extent of any shares of common stock held as of the date of the Stockholders’ Agreement or issuable upon conversion of the Series E Convertible Preferred Stock held by the SP Investors and the Series C Convertible Preferred Stock of Steel Connect, and the SPHG Note. Any amendment to the Stockholders’ Agreement by the Company prior to the date that any person or group of related persons owns 100% of the equity securities of the Company requires the prior approval of the Independent Audit Committee or the Disinterested Audit Committee, as applicable. As described in Note 10 - "Commitments and Contingencies", if the Settlement is approved, the Company will make certain changes to the Stockholders’ Agreement as described above, including that 100% of the net proceeds received by the Company upon resolution of the Reith litigation will be distributed to the Company's stockholders.

Steel Connect Management Services Agreement

On June 14, 2019, the Company entered into an agreement (the "STCN Management Services Agreement") with Steel Services Ltd. ("Steel Services"), an indirect wholly-owned subsidiary of Steel Holdings. The STCN Management Services Agreement was effective as of June 1, 2019. Pursuant to the STCN Management Services Agreement, Steel Services provides the Company and its subsidiaries with the non-exclusive services of certain employees, including certain executive officers (including chief financial officer and general counsel services) and other corporate services. The STCN Management Services Agreement also provides for reimbursements to Steel Services and its representatives for all reasonable expenses incurred in providing the non-exclusive services and automatically renews for successive one year periods unless and until terminated by the Company or Steel Services. On February 25, 2022, in connection with the Company's disposal of its ownership in IWCO Direct Holdings, Inc., the management fee was reduced from $282.8 thousand per month to $101.9 thousand per month.

On October 25, 2023, the Company and Steel Services entered into Amendment No. 2 to the STCN Management Services Agreement, pursuant to which the parties agreed to increase the monthly fee to $131.0 thousand effective as of January 1, 2024, primarily to increase the business development and mergers and acquisition staffing needed to originate, analyze and pursue strategic acquisitions and investments.

Prior to the effective date of Amendment No. 2 to the STCN Management Services Agreement, expenses incurred by ModusLink were paid to Steel Services under the STCN Management Services Agreement.

ModusLink Management Services Agreement

On October 25, 2023, ModusLink entered into a management services agreement (the “ModusLink Management Services Agreement”) with Steel Services, effective as of January 1, 2024. Pursuant to the ModusLink Management Services Agreement, Steel Services will provide ModusLink with certain non-exclusive services of certain employees and executive officers to serve in various positions or functions and to perform duties normally associated with those specific to, or substantially equivalent, positions or functions for ModusLink based on its particular needs. Such services include, but are not limited to, services related to legal and environmental, health and safety, finance, tax and treasury, human resources, “lean,” internal audit, mergers and acquisitions, and information technology. Previously, the terms regarding such non-exclusive services were governed by the STCN Management Services Agreement.

The ModusLink Management Services Agreement provides that ModusLink will pay Steel Services a fixed monthly fee of $80.0 thousand in consideration of the non-exclusive services and will reimburse Steel Services and its representatives for all reasonable expenses incurred in providing the services. The ModusLink Management Services Agreement will automatically renew for successive one-year periods unless and until terminated by ModusLink or Steel Services.

Total expenses incurred related to the management services agreements for the three months ended October 31, 2024 and 2023, respectively, are below and are recorded within the consolidated statements of operations to Selling, general and administrative expense:


	Three Months Ended October 31,
	2024		2023
	(In thousands)
Management services agreement expenses	$	656	$	617

As of October 31, 2024 and July 31, 2024, amounts due to Steel Services were $26.9 thousand and $0.1 million, respectively and are recorded within the consolidated balance sheets as a component of Accounts payable.

ModusLink Employee Stock Awards

On May 14, 2024, the Company agreed to reimburse Steel Holdings for the issuance by Steel Holdings of restricted limited partnership units to certain ModusLink employees.

Total expenses incurred related to the ModusLink Stock Awards were $21.9 thousand for the three months ended October 31, 2024. The ModusLink Employee Stock Awards agreement was effective beginning May 14, 2024, and as such, there was no related expenses for the three months ended October 31, 2023. As of October 31, 2024, there were no amounts due to Steel Services. As of July 31, 2024, amounts due to Steel Services were $0.2 million, respectively, and were recorded within the consolidated balance sheets as a component of Accounts payable.

Air Travel

The Company reimburses SP General Services, LLC (an affiliate of Steel Holdings), rather than Steel Services, for expenses for business-related air travel, which relates to services provided to the Company by Warren G. Lichtenstein as Interim Chief Executive Officer as well as certain of the Company’s executive officers whose services are provided to the Company under the STCN Management Services Agreement or the ModusLink Management Services Agreement. For the three months ended October 31, 2024, SP General Services, LLC incurred $0.1 million in expenses for business-related air travel. There were no reportable expenses incurred by SP General Services, LLC for business-related air travel for the three months ended October 31, 2023. As of October 31, 2024 and July 31, 2024, amounts due to SP General Services, LLC were $1.0 million and $1.6 million, respectively.

Going Private Transaction

On November 27, 2024, the Audit Committee of the Board approved a short-form merger (the “Short-Form Merger”) with Steel Holdings in accordance with the terms of the Stockholders’ Agreement. No approval is required by the Board or the Company's minority stockholders. Steel Holdings has no obligation to consummate the Short-Form Merger. If Steel Holdings determined to proceed with the Short-Form Merger, Steel Holdings, which, together with its affiliates, owns greater than 90% of the outstanding common stock of Steel Connect, intends to acquire the remaining shares of Common Stock that it does not currently own for $11.45 per share in cash. In addition, if, prior to the effective time of the Short-Form Merger, Steel Connect has not distributed to stockholders proceeds, if any, from the Settlement of the Reith litigation, holders of Common Stock (other than shares held by officers and directors of Steel Connect and certain shares held by Steel Holdings and its affiliates) will receive a contingent value right to receive their pro rata share of the net settlement proceeds, if any, as described in a contingent value right agreement.

If the Short-Form Merger is consummated, the Common Stock will cease to be quoted on the NASDAQ Stock Market and will be eligible for deregistration under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INVESTMENTS - Schedule of Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Unrealized losses recognized during the period on equity securities still held at the end of the period	$ (5,480)	$ (447)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Income Statement [Abstract]
Net revenue	$ 50,487	$ 41,341
Cost of revenue	33,251	29,866
Gross profit	17,236	11,475
Operating expenses:
Selling, general and administrative	9,842	8,795
Amortization	893	875
Total operating expenses	10,735	9,670
Operating income	6,501	1,805
Other (expense) income:
Interest income	2,814	3,219
Interest expense	(111)	(247)
Other (losses) gains, net	(6,022)	330
Total other (expense) income, net	(3,319)	3,302
Income before income taxes	3,182	5,107
Income tax expense	817	671
Net income	2,365	4,436
Less: Preferred dividends on Series C redeemable preferred stock	(537)	(536)
Net income attributable to common stockholders	$ 1,828	$ 3,900
Net income per common shares - basic (in usd per share)	$ 0.07	$ 0.15
Net income per common shares - diluted (in usd per share)	$ 0.07	$ 0.15
Weighted-average number of common shares outstanding - basic (in shares)	6,256	6,199
Weighted-average number of common shares outstanding - basic (in shares)	26,104	26,066

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Oct. 31, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of a normal recurring nature) considered necessary for fair presentation have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes for the year ended July 31, 2024 (Fiscal Year 2024), which are contained in the Company's Form 10-K for the fiscal year ended July 31, 2024 filed on November 6, 2024, as amended on November 25, 2024. The results for the three months ended October 31, 2024 are not necessarily indicative of the results to be expected for the full fiscal year. The year-end condensed consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. Pushdown Accounting On May 1, 2023, the Exchange Transaction resulted in Steel Holdings obtaining control of the Company for financial statement consolidation purposes. Steel Holdings does not consolidate the Company for Federal income tax purposes because the ownership in the Company is dispersed between different federal tax consolidation groups within Steel Holdings. As of May 1, 2023, the Company elected pushdown accounting in which it used Steel Holdings' basis of accounting, which reflected the fair market value of the Company’s assets and liabilities at the date of the Exchange Transaction. As a result, the Company has reflected the required pushdown accounting adjustments in its consolidated financial statements. All significant intercompany transactions and balances have been eliminated in consolidation. The Company considers events or transactions that occur after the balance sheet date but before the issuance of financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. For the three months ended October 31, 2024, the Company evaluated subsequent events for potential recognition and disclosure through the date these financial statements were filed.

Cover Page - shares	3 Months Ended
Cover Page - shares	Oct. 31, 2024	Dec. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2024
Document Transition Report	false
Entity File Number	001-35319
Entity Registrant Name	Steel Connect, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2921333
Entity Address, Address Line One	590 Madison Avenue32nd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	914
Local Phone Number	461-1276
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	STCN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,335,641
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000914712
Current Fiscal Year End Date	--07-31

SEGMENT INFORMATION - Schedule of Financial Information of Net Revenue from External Customers by Group of Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenue	$ 50,487	$ 41,341
Mainland China
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenue	17,169	14,384
United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenue	10,687	15,197
Netherlands
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenue	6,684	5,298
Singapore
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenue	5,718	1,460
Czech Republic
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenue	4,589	2,630
Malaysia
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenue	2,883	0
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenue	$ 2,757	$ 2,372

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

CONTINGENCIES	3 Months Ended
CONTINGENCIES	Oct. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES Donald Reith v. Warren G. Lichtenstein, et al. On April 13, 2018, a purported shareholder, Donald Reith, filed a verified complaint, Reith v. Lichtenstein, et al., 2018-277 (Del. Ch.) in the Delaware Court of Chancery (the “Reith litigation”). The complaint alleges class and derivative claims for breach of fiduciary duty and/or aiding and abetting breach of fiduciary duty and unjust enrichment against certain current and former directors of the Company, Warren G. Lichtenstein, Glen M. Kassan, William T. Fejes, Jack L. Howard, Jeffrey J. Fenton, Philip E. Lengyel and Jeffrey S. Wald; and stockholders Steel Holdings and several of its affiliated companies (collectively, the "Steel Parties") in connection with the acquisition of $35.0 million of the Series C Convertible Preferred Stock by SPHG Holdings and equity grants made to Messrs. Lichtenstein, Howard and Fejes on December 15, 2017 (collectively, the "Challenged Transactions"). The Company is named as a nominal defendant. The complaint alleges that although the Challenged Transactions were approved by a Special Committee consisting of the independent members of the Board of Directors (Messrs. Fenton, Lengyel and Wald), the Steel Parties dominated and controlled the Special Committee, who approved the Challenged Transactions in breach of their fiduciary duty. Plaintiff alleges that the Challenged Transactions unfairly diluted stockholders and therefore unjustly enriched Steel Holdings, SPHG Holdings and Messrs. Lichtenstein, Howard and Fejes. The complaint also alleges that the Board of Directors made misleading disclosures in the Company's proxy statement for the 2017 Annual Meeting of Stockholders in connection with seeking approval to amend the 2010 Incentive Award Plan to authorize the issuance of additional shares to accommodate certain shares underlying the equity grants. Remedies requested include rescission of the Series C Convertible Preferred Stock and equity grants, disgorgement of any unjustly obtained property or compensation and monetary damages. On August 13, 2021, the Company, together with certain of its current and former directors of the Board, Warren Lichtenstein, Glen Kassan, William Fejes, Jr., Jack Howard, Jeffrey Fenton and Jeffrey Wald, as well as other named defendants (collectively, the “Defendants”), entered into a memorandum of understanding (the “MOU”) with Donald Reith (the “Plaintiff”) in connection with the settlement of the Reith. Additionally, under the MOU and separate letter agreements between the Company and such individuals (the “Surrender Agreements”), Messrs. Lichtenstein, Howard and Fejes agreed to surrender to the Company an aggregate 353,571 shares that they had initially received in December 2017 in consideration for services to the Company. The surrenders and cancellations are in the following amounts: for Mr. Lichtenstein, 196,429 vested shares and 32,143 unvested shares; for Mr. Howard, 98,214 vested shares and 16,071 unvested shares; and for Mr. Fejes, 10,714 vested shares. All such shares were surrendered and subsequently cancelled. On September 23, 2022, the court ruled that it was denying approval of the terms of the MOU. On April 8, 2024, the Company, the Defendants and Mr. Reith entered into a new memorandum of understanding contemplating the settlement of the Reith litigation. On October 18, 2024, the Company, Plaintiff, and Defendants entered into a Stipulation and Agreement of Compromise, Settlement and Release (the “Stipulation”) to resolve the Reith litigation (the “Settlement”). A court hearing is scheduled to consider the approval of the Settlement on December 13, 2024. If the Settlement is approved by the Court, (i) the Defendants shall cause their insurers to make a cash payment of $6.0 million to the Company and, after deducting any Court-approved award of attorneys’ fees to Plaintiff's counsel and certain litigation expenses, the Company shall distribute the balance of the cash payment, by way of a special divided or other distribution, to the holders of the Company’s common stock pursuant to the allocation provisions set forth in the previously disclosed Stockholders Agreement dated April 30, 2023 by and among the Company, Steel Partners Holdings L.P., and other stockholders signatory thereto (the “Stockholders’ Agreement”) as amended by the Settlement; (ii) the Company will adopt certain amendments to the Stockholders’ Agreement; and (iii) the Company will adopt certain corporate governance policies and practices, including a formal review process for compensation clawbacks, enhancing the process for granting equity awards and keeping records of equity awards granted under the Company’s stock plans, further enhancing board committee independence, and reducing the materiality threshold for review of related party transactions under the Stockholders' Agreement. The Settlement requires Court approval, and there can be no assurances that such approval will be granted. The Settlement, if approved by the Court, will cause the dismissal, with prejudice, of the Reith litigation and the release of claims against the parties to the Settlement as described in the Stipulation. On December 12, 2023, the Company received books and records demand, similar to the demand from Reith, from another purported shareholder. The possible liability, if any, with respect to this matter cannot be determined.

SEGMENT INFORMATION - Schedule Financial Information of Net Revenue from External Customers by Group of Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Segment Reporting Information [Line Items]
Capital expenditures	$ 581	$ 552
Depreciation	606	435
Supply Chain \| Supply Chain
Segment Reporting Information [Line Items]
Capital expenditures	581	552
Depreciation	$ 606	$ 435

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Jul. 31, 2023		6,250,493
Beginning balance at Jul. 31, 2023	$ 68,624	$ 65	$ 61,534	$ 7,612	$ (587)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,436			4,436
Preferred dividends	(536)			(536)
Restricted stock grants (in shares)		16,737
Share-based compensation	137		137
Other comprehensive items	(996)				(996)
Ending balance (in shares) at Oct. 31, 2023		6,267,230
Ending balance at Oct. 31, 2023	$ 71,665	$ 65	61,671	11,512	(1,583)
Beginning balance (in shares) at Jul. 31, 2024	6,319,513	6,319,513
Beginning balance at Jul. 31, 2024	$ 154,181	$ 65	62,166	93,457	(1,507)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,365			2,365
Preferred dividends	(537)			(537)
Restricted stock grants (in shares)		16,128
Share-based compensation	181		181
Other comprehensive items	$ 383				383
Ending balance (in shares) at Oct. 31, 2024	6,335,641	6,335,641
Ending balance at Oct. 31, 2024	$ 156,573	$ 65	$ 62,347	$ 95,285	$ (1,124)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

RELATED PARTY TRANSACTIONS - Schedule of Management Service Agreement Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Related Party \| Steel Services Ltd.
Related Party Transaction [Line Items]
Management services agreement expenses	$ 656	$ 617

SEGMENT INFORMATION - Schedule of Financial Information of Continuing Operations by Operating Segment and Corporate-Level Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Segment Reporting Information [Line Items]
Total consolidated net revenue	$ 50,487	$ 41,341
Operating income	6,501	1,805
Total other (expense) income, net	(3,319)	3,302
Income before income taxes	3,182	5,107
Supply Chain \| Supply Chain
Segment Reporting Information [Line Items]
Total consolidated net revenue	50,487	41,341
Operating income	8,547	2,675
Corporate
Segment Reporting Information [Line Items]
Operating income	$ (2,046)	$ (870)

- Definition

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SEGMENT INFORMATION

3 Months Ended

Oct. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company has one reportable segment: Supply Chain. The Company also has Corporate-level activity, which consists primarily of activity related to business development to manage investments and cash, as well as costs associated with certain corporate administrative functions such as legal, finance and share-based compensation, which are not allocated to the Company's reportable segment. The Corporate-level balance sheet information includes cash and cash equivalents, investments, debt and other assets and liabilities which are not identifiable to the operations of the Company's operating segment.

Management evaluates segment performance based on segment net revenue, operating income (loss) and "adjusted operating income (loss)," which is defined as the operating income (loss) excluding net charges related to depreciation, amortization of long-lived asset impairment, share-based compensation and restructuring. These items are excluded because they may be considered to be of a non-operational or non-cash nature. Historically, the Company has recorded significant impairment and restructuring charges, and therefore management uses adjusted operating income (loss) to assist in evaluating the performance of the Company's core operations.

Summarized financial information of the Company's continuing operations by operating segment is as follows:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Net revenue:
Supply Chain	$	50,487	$	41,341
Total segment net revenue	50,487		41,341
Operating income:
Supply Chain	8,547		2,675

Corporate-level activity	(2,046)		(870)
Total operating income	6,501		1,805
Total other (expense) income, net	(3,319)		3,302
Income before income taxes	$	3,182	$	5,107



	October 31, 2024		July 31, 2024
	(In thousands)
Total assets:
Supply Chain	$	160,085	$	149,198
Corporate	316,673		336,430
Total assets	$	476,758	$	485,628

Summarized financial information of the Company's capital expenditures and depreciation expense for the Supply Chain reportable segment is as follows:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Capital expenditures	$	581	$	552
Depreciation expense	$	606	$	435

Summarized financial information of the Company's net revenue by geographic location is as follows:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Mainland China	$	17,169	$	14,384
United States	10,687		15,197
Netherlands	6,684		5,298
Singapore	5,718		1,460
Czech Republic	4,589		2,630
Malaysia	2,883		—
Other	2,757		2,372
Total consolidated net revenue	$	50,487	$	41,341

- Definition

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GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)

3 Months Ended

Oct. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

A reconciliation of the change in the carrying amount of goodwill by reportable segment is as follows:


	Supply Chain
(In thousands)
Balance at July 31, 2024
Gross goodwill	$	22,785
Accumulated impairments	—
Pushdown accounting adjustment(a)	(3,082)
Net goodwill	$	19,703
Balance at October 31, 2024
Gross goodwill	$	19,703
Accumulated impairments	—
Net goodwill	$	19,703

Schedule of Indefinite-Lived Intangible Assets

A summary of Other intangible assets, net is as follows:



	October 31, 2024						July 31, 2024
	(In thousands)
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	25,000	$	5,357	$	19,643	$	25,000	$	4,464	$	20,536
Trade name	10,500		—		10,500		10,500		—		10,500
Total	$	35,500	$	5,357	$	30,143	$	35,500	$	4,464	$	31,036

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense


	Fiscal Year Ending July 31,
	2025		2026		2027		2028		2029		Thereafter
	(In thousands)
Estimated amortization expense	$	2,679	$	3,571	$	3,571	$	3,571	$	3,571	$	2,680

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Cash flows from operating activities:
Net income	$ 2,365	$ 4,436
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation	606	435
Amortization of finite-lived intangible assets	893	875
Share-based compensation	181	137
Non-cash lease expense	2,417	2,197
Bad debt recovery	(22)	(8)
Other losses (gains), net	6,032	(330)
Changes in operating assets and liabilities:
Accounts receivable, net	(943)	238
Inventories, net	(1,889)	1,525
Prepaid expenses and other current assets	632	(367)
Accounts payable, accrued restructuring and accrued expenses	4,100	(1,351)
Refundable and accrued income taxes, net	(58)	312
Other assets and liabilities	(2,324)	(1,516)
Net cash provided by operating activities	11,990	6,583
Cash flows from investing activities:
Purchases of investments	(12,797)	(3,890)
Proceeds from disposition of securities	0	154,526
Additions of property and equipment	(581)	(552)
Proceeds from the disposition of property and equipment	1	0
Net cash (used in) provided by investing activities	(13,377)	150,084
Cash flows from financing activities:
Preferred dividend payments	(537)	(536)
Repayment of remaining principal balance on SPHG Note	(12,940)	0
Net cash used in financing activities	(13,477)	(536)
Net effect of exchange rate changes on cash, cash equivalents and restricted cash	66	(884)
Net increase in cash, cash equivalents and restricted cash	(14,798)	155,247
Cash, cash equivalents and restricted cash, beginning of period	251,190	123,404
Cash, cash equivalents and restricted cash, end of period	236,392	278,651
Cash and cash equivalents, end of period	233,927	276,705
Restricted cash for funds held for clients, end of period	2,465	1,946
Cash, cash equivalents and restricted cash, end of period	$ 236,392	$ 278,651

COMPREHENSIVE (LOSS) INCOME

3 Months Ended

Oct. 31, 2024

Equity [Abstract]

COMPREHENSIVE (LOSS) INCOME

Comprehensive (loss) income combines net income and other comprehensive items. Other comprehensive items represent certain amounts that are reported as components of stockholders' equity in the accompanying condensed consolidated balance sheets. Accumulated other comprehensive items consist of the following:


	Foreign Currency Items		Pension Items		Total
	(In thousands)
Accumulated other comprehensive loss as of July 31, 2024	$	(1,099)	$	(408)	$	(1,507)
Foreign currency translation adjustment	383		—		383


Net current-period other comprehensive income	383		—		383
Accumulated other comprehensive loss as of October 31, 2024	$	(716)	$	(408)	$	(1,124)


	Foreign Currency Items		Pension Items		Total
	(In thousands)
Accumulated other comprehensive (loss) income as of July 31, 2023	$	(623)	$	36	$	(587)
Foreign currency translation adjustment	(996)		—		(996)


Net current-period other comprehensive loss	(996)		—		(996)
Accumulated other comprehensive (loss) income as of October 31, 2023	$	(1,619)	$	36	$	(1,583)

LEASES

3 Months Ended

Oct. 31, 2024

Leases [Abstract]

LEASES

The table below presents the components of the Company's lease expense:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Operating lease cost	$	2,688	$	2,546
Short-term lease expense	380		451



Sublease income	(10)		(167)
Total lease expense	$	3,058	$	2,830

Supplemental Cash Flow Information

Supplemental cash flow information related to the Company's leases was as follows:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	2,690	$	2,292

LEASES

The table below presents the components of the Company's lease expense:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Operating lease cost	$	2,688	$	2,546
Short-term lease expense	380		451



Sublease income	(10)		(167)
Total lease expense	$	3,058	$	2,830

Supplemental Cash Flow Information

Supplemental cash flow information related to the Company's leases was as follows:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	2,690	$	2,292

INVENTORIES, NET (Tables)

3 Months Ended

Oct. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

The table below presents the components of Inventories, net:



	October 31, 2024		July 31, 2024
	(In thousands)
Raw materials	$	7,326	$	5,534
Work-in-process	263		125
Finished goods	1,078		1,074
	$	8,667	$	6,733

INVESTMENTS - Schedule of Investment (Details) $ in Thousands, £ in Millions	3 Months Ended
	Oct. 31, 2024 GBP (£)	Apr. 30, 2024 USD ($)	Oct. 31, 2024 USD ($)	Oct. 31, 2024 GBP (£)	Jul. 31, 2024 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Convertible loan note investment		$ 0	$ 0		$ 0
Investments in equity securities			48,693		41,376
Total			48,693		$ 41,376
Debt securities, available-for-sale, realized loss		$ 1,200
Convertible Loan Note
Debt Securities, Available-for-Sale [Line Items]
Convertible loan note investment			$ 1,200	£ 1.0
Payments to acquire debt securities, available-for-sale \| £	£ 1.0
Debt securities, available-for-sale, interest rate, stated percentage			11.00%	11.00%

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Accounts receivable, trade, allowance for doubtful accounts	$ 150	$ 169
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	4,965,000	4,965,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,400,000,000	1,400,000,000
Common stock, shares issued (in shares)	6,335,641	6,319,513
Common stock, shares outstanding (in shares)	6,335,641	6,319,513
Series C Contingently Redeemable Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	35,000	35,000
Preferred stock, shares issued (in shares)	35,000	35,000
Preferred stock, shares outstanding (in shares)	35,000	35,000
Series E Contingently Redeemable Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	3,500,000	3,500,000
Preferred stock, shares issued (in shares)	3,500,000	3,500,000
Preferred stock, shares outstanding (in shares)	3,500,000	3,500,000

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
SPHG Note
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of July 31, 2023	$ 12,903	$ 12,461
Purchases	0	0
Change in fair value	0	(134)
Paydown of SPHG Note at maturity	(12,903)
Balance as of October 31, 2023	0	12,327
Convertible Loan Note Investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of July 31, 2023	0	0
Purchases	0	1,227
Change in fair value	0	0
Paydown of SPHG Note at maturity	0
Balance as of October 31, 2023	$ 0	$ 1,227

SEGMENT INFORMATION - Schedule of Total Assets of Continuing Operations (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Segment Reporting Information [Line Items]
Total assets	$ 476,758	$ 485,628
Supply Chain \| Supply Chain
Segment Reporting Information [Line Items]
Total assets	160,085	149,198
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 316,673	$ 336,430

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
ASSETS
Cash and cash equivalents	$ 233,927	$ 248,614
Accounts receivable, trade, net of allowance for credit losses of $150 and $169 at October 31, 2024 and July 31, 2024, respectively	34,543	33,443
Inventories, net	8,667	6,733
Funds held for clients	2,465	2,576
Prepaid expenses and other current assets	3,797	4,462
Total current assets	283,399	295,828
Property and equipment, net	5,642	5,536
Operating lease right-of-use assets	18,555	20,748
Investments	48,693	41,376
Other intangible assets, net	30,143	31,036
Goodwill	19,703	19,703
Deferred tax assets	67,860	68,315
Other assets	2,763	3,086
Total assets	476,758	485,628
LIABILITIES, CONTINGENTLY REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Accounts payable	29,031	25,219
Accrued expenses	22,200	21,659
Funds held for clients	2,408	2,532
Current lease obligations	7,881	8,319
Convertible note payable	0	12,903
Other current liabilities	4,858	4,423
Total current liabilities	66,378	75,055
Long-term lease obligations	11,020	12,740
Other long-term liabilities	5,048	5,913
Total long-term liabilities	16,068	18,653
Total liabilities	82,446	93,708
Contingently redeemable preferred stock	237,739	237,739
Stockholders' equity:
Preferred stock, $0.01 par value per share. 4,965,000 shares authorized at October 31, 2024 and July 31, 2024; zero shares issued and outstanding at October 31, 2024 and July 31, 2024	0	0
Common stock, $0.01 par value per share. Authorized 1,400,000,000 shares; 6,335,641 issued and outstanding shares at October 31, 2024; 6,319,513 issued and outstanding shares at July 31, 2024	65	65
Additional paid-in capital	62,347	62,166
Accumulated earnings	95,285	93,457
Accumulated other comprehensive loss	(1,124)	(1,507)
Total stockholders' equity	156,573	154,181
Total liabilities, contingently redeemable preferred stock and stockholders' equity	476,758	485,628
Series C Contingently Redeemable Preferred Stock
LIABILITIES, CONTINGENTLY REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Contingently redeemable preferred stock	35,006	35,006
Series E Contingently Redeemable Preferred Stock
LIABILITIES, CONTINGENTLY REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Contingently redeemable preferred stock	$ 202,733	$ 202,733

SUBSEQUENT EVENTS (Details) - Subsequent Event - Steel Holdings	Nov. 27, 2024 $ / shares
Steel Connect, Inc.
Subsequent Event [Line Items]
Share price (in dollars per share)	$ 11.45
Steel Connect, Inc. \| Steel Connect, Inc. \| Stockholders' Agreement
Subsequent Event [Line Items]
Equity method investment, ownership percentage	90.00%

REVENUE RECOGNITION

3 Months Ended

Oct. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Disaggregation of Revenue



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Major Goods/Service Lines
Supply chain management services	$	50,061	$	41,005
Other	426		336
	$	50,487	$	41,341
Timing of Revenue Recognition
Services transferred over time	$	50,487	$	41,341
	$	50,487	$	41,341

Supply Chain Management Services

ModusLink's revenue primarily comes from the sale of supply chain management services to its clients. Amounts billed to customers under these arrangements include revenue attributable to the services performed as well as for materials procured on the customer's behalf as part of its service to them. The majority of these arrangements consist of two distinct performance obligations (i.e., warehousing/inventory management service and a separate kitting/packaging/assembly service), revenue related to each of which is recognized over time as services are performed using an input method based on the level of efforts expended.

For certain customer contracts, the Company recognizes the sale of certain inventoriable goods at a point in time when control of those goods is transferred to clients. However, for sales recognized at a point in time, the timing of recognition is not significantly different than over time.

Other

Other revenue consists of cloud-based software subscriptions, software maintenance and support service contracts, and fees for professional services. Revenue related to these arrangements is recognized on a straight-line basis over the term of the agreement or over the term of the agreement in proportion to the costs incurred in satisfying the obligations under the contract.

Contract Balances

Timing of revenue recognition may differ from timing of invoicing to customers. The Company records contract assets and liabilities related to its contracts with customers as follows:

•Accounts receivable when revenue is recognized prior to receipt of cash payments and if the right to such amounts is unconditional and solely based on the passage of time.

•Contract asset when the Company recognizes revenue based on efforts expended but the right to such amount is conditional upon satisfaction of another performance obligation. Contract assets are primarily comprised of fees related to supply chain management services. The Company's contract assets are all short-term in nature and are included in prepaid expenses and other current assets in the condensed consolidated balance sheets.

•Deferred revenue when cash payments are received or due in advance of performance. Deferred revenue is primarily comprised of fees related to supply chain management services, cloud-based software subscriptions and software maintenance and support service contracts, which are generally billed in advance. Deferred revenue also includes other offerings for which we have been paid in advance and earn the revenue when we transfer control of the product or service. The deferred revenue balance is classified as a component of other current liabilities and other long-term liabilities on the Company's condensed consolidated balance sheets.

The table below presents information for the Company's contract balances:



	October 31, 2024		July 31, 2024
	(In thousands)
Accounts receivable, trade, net	$	34,543	$	33,443
Contract assets	360		275

Deferred revenue - current	$	2,027	$	2,271
Deferred revenue - long-term	48		54
Total deferred revenue	$	2,075	$	2,325

Remaining Performance Obligations

Remaining performance obligations are comprised of deferred revenue. Changes in deferred revenue during the three months ended October 31, 2024 and October 31, 2023, were as follows:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Balance at beginning of period	$	2,325	$	2,718
Deferral of revenue	208		301
Recognition of deferred amounts upon satisfaction of performance obligation	(458)		(371)
Balance at end of period	$	2,075	$	2,648

The Company expects to recognize approximately $2.0 million of the deferred revenue over the next twelve months and the remaining balance beyond that time period.

The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RELATED PARTY TRANSACTIONS - Additional Information (Details)						3 Months Ended		12 Months Ended
	Sep. 01, 2024 USD ($)	May 01, 2023 shares	Apr. 30, 2023 corporateEntity	Mar. 09, 2023 USD ($)	Dec. 15, 2017 USD ($) $ / shares shares	Oct. 31, 2024 USD ($) shares	Oct. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	Nov. 27, 2024 $ / shares	Jul. 31, 2024 USD ($) shares	Oct. 25, 2023 USD ($)	Jun. 06, 2023 shares	Feb. 25, 2022 USD ($)	Jun. 14, 2019 USD ($)	Feb. 28, 2019 USD ($)
Related Party Transaction [Line Items]
Interest expense						$ 111,000	$ 247,000
Preferred stock, shares issued (in shares) \| shares						0				0
Preferred dividends						$ 537,000	536,000
Series E Contingently Redeemable Preferred Stock
Related Party Transaction [Line Items]
Preferred stock, shares issued (in shares) \| shares						3,500,000				3,500,000
Series E Preferred Stock
Related Party Transaction [Line Items]
Preferred stock, convertible, shares issuable (in shares) \| shares												19,800,000
Steel Partners Group \| Series E Contingently Redeemable Preferred Stock
Related Party Transaction [Line Items]
Conversion of stock, shares converted (in shares) \| shares		3,500,000
Purchase Agreement \| SPHG Holdings \| Series C convertible preferred stock
Related Party Transaction [Line Items]
Preferred stock, shares issued (in shares) \| shares					35,000
Share price (in usd per share) \| $ / shares					$ 1,000
Proceeds from issuance of preferred stock					$ 35,000,000.0
Stockholders' Agreement \| Related Party
Related Party Transaction [Line Items]
Litigation settlement, proceeds required to be distributed to stockholders, percentage			70.00%
Ownership percentage, prior approval of equity securities, threshold percentage			100.00%
Management Services Agreement \| Related Party
Related Party Transaction [Line Items]
Management fee											$ 131,000		$ 101,900	$ 282,800
Monthly fixed fee											$ 80,000
Management services agreement, duration											1 year
Management Services Agreement \| SP Corporate Services Llc and Steel Services Limited
Related Party Transaction [Line Items]
Other receivables, net, current						$ 26,900				$ 100,000
ModusLink Management Services Agreement \| Related Party
Related Party Transaction [Line Items]
Management services agreement expenses						21,900
Accounts payable						0				200,000
Air Travel \| Related Party
Related Party Transaction [Line Items]
Management services agreement expenses						100,000
Accounts payable						1,000,000.0				1,600,000
SPHG Holdings \| Purchase Agreement \| Series C convertible preferred stock
Related Party Transaction [Line Items]
Preferred dividends						500,000	500,000
SPHG Holdings \| Convertible loan note investment
Related Party Transaction [Line Items]
Debt instrument, face amount										$ 12,900,000					$ 14,900,000
Debt instrument, repaid, principal				$ 1,000,000				$ 2,000,000.0
Debt instrument, periodic payment, principal				1,000,000
Long-term debt, cash amendment fee amount				100,000
Long-term debt, derecognized debt discount amount				$ 200,000
Interest expense						$ 100,000	$ 200,000
Repayments of debt	$ 12,900,000
Interest payable, current	$ 500,000
Steel Holdings \| Subsequent Event \| Steel Connect, Inc.
Related Party Transaction [Line Items]
Share price (in dollars per share) \| $ / shares									$ 11.45
Steel Holdings \| Convertible debt
Related Party Transaction [Line Items]
Debt instrument, face amount															$ 14,900,000
Steel Connect, Inc. \| Stockholders' Agreement \| Related Party
Related Party Transaction [Line Items]
Litigation settlement, proceeds required to be distributed to stockholders, percentage			100.00%
Steel Connect, Inc. \| Steel Connect, Inc. \| SPHG Holdings
Related Party Transaction [Line Items]
Equity method investment, ownership percentage						91.00%
Steel Connect, Inc. \| Steel Connect, Inc. \| Steel Holdings \| Stockholders' Agreement \| Subsequent Event
Related Party Transaction [Line Items]
Equity method investment, ownership percentage									90.00%
Steel Connect, Inc. \| Steel Connect, Inc. \| SP Group \| Stockholders' Agreement
Related Party Transaction [Line Items]
Ownership percentage, prior approval required for transfer of equity interests, threshold percentage			80.00%
Number of corporate entity \| corporateEntity			1

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Payables and Accruals [Abstract]
Deferred revenue - current	$ 2,027	$ 2,271
Other	2,831	2,152
Total other current liabilities	$ 4,858	$ 4,423

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
Pay vs Performance Disclosure
Net loss	$ 2,365	$ 4,436

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Oct. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis and Classified by Fair Value Hierarchy

The following tables present the Company's financial assets and liability measured at fair value on a recurring basis as of October 31, 2024 and July 31, 2024, classified by fair value hierarchy:


			Fair Value Measurements at Reporting Date Using
	October 31, 2024		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Money market funds	$	215,990	$	215,990	$	—	$	—
Convertible loan note investment	—		—		—		—
Investments in equity securities	48,693		48,693		—		—


			Fair Value Measurements at Reporting Date Using
	July 31, 2024		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Money market funds	$	235,221	$	235,221	$	—	$	—
Convertible loan note investment	—		—		—		—
Investments in equity securities	41,376		41,376		—		—

Liabilities:
SPHG Note	$	12,903	$	—	$	—	$	12,903

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

Following is a summary of changes in financial assets and liabilities measured using Level 3 inputs:


(In thousands)	SPHG Note		Convertible Loan Note Investment
Balance as of July 31, 2024	$	12,903	$	—
Purchases	—		—
Change in fair value(a)	—		—
Paydown of SPHG Note at maturity	(12,903)		—
Balance as of October 31, 2024	$	—	$	—

Balance as of July 31, 2023	$	12,461	$	—
Purchases	—		1,227
Change in fair value(a)	(134)		—
Balance as of October 31, 2023	$	12,327	$	1,227

(a) Unrealized gains and losses as a result of changes in fair value are recorded in Other (losses) gains, net within the condensed consolidated statements of operations.

SUPPLEMENTAL CASH FLOW INFORMATION

3 Months Ended

Oct. 31, 2024

Condensed Financial Information Disclosure [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

A summary of supplemental cash flow information for the three months ended October 31, 2024 and 2023 is presented in the following table:


	Three Months Ended October 31,
	2024		2023
	(in thousands)
Cash paid during the period for:
Interest	$	496	$	519
Income taxes	$	185	$	327

LEASES - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 2,688	$ 2,546
Short-term lease expense	380	451
Sublease income	(10)	(167)
Total lease expense	$ 3,058	$ 2,830

DEBT - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Interest Expense, Debt [Line Items]
Debt instrument, interest expense	$ 111	$ 247
SPHG Holdings \| Interest expense related to contractual interest coupon on the SPHG Note
Interest Expense, Debt [Line Items]
Debt instrument, interest expense	$ 111	$ 247

INCOME TAXES	3 Months Ended
INCOME TAXES	Oct. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's tax provision represents the income tax expense or benefit of its consolidated subsidiaries that are taxable entities. The income tax provision fluctuates based on, among other factors, where income is earned and the level of income relative to tax attributes. The Company recorded income tax provisions of $0.8 million and $0.7 million for the three months ended October 31, 2024 and 2023, respectively. Provisions have been made for federal, state, local, and foreign income taxes on the results of operations generated by our consolidated subsidiaries that are taxable entities. Significant differences between the statutory rate and the effective tax rate include changes in deferred tax valuation allowances, the impact of international tax provisions and withholding taxes, and other permanent differences. The Company’s consolidated subsidiaries have recorded deferred tax valuation allowances to the extent that they believe it is more likely than not that the benefits of certain deferred tax assets will not be realized in future periods. The Company operates in multiple taxing jurisdictions, both within and outside of the United States. For the three months ended October 31, 2024, the Company was profitable in certain jurisdictions, resulting in an income tax expense using enacted rates in those jurisdictions. As of both October 31, 2024 and July 31, 2024, the total amount of the liability for unrecognized tax benefits related to federal, state and foreign taxes was approximately $0.1 million. Uncertain Tax Positions In accordance with the Company's accounting policy, interest related to unrecognized tax benefits is included in the income tax expense line of the condensed consolidated statements of operations. As of both October 31, 2024 and July 31, 2024, the total amount of the liability for uncertain tax positions, including interest, related to federal, state and foreign taxes was approximately $0.1 million. The Company expects $0.1 million of unrecognized tax benefits and related interest to reverse in the next twelve months. The Company is subject to U.S. federal income tax and various state, local and international income taxes in numerous jurisdictions. The federal and state tax returns are generally subject to tax examinations for the tax years ended July 31, 2021 through July 31, 2024. To the extent the Company has tax attribute carryforwards, the tax year in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service or state tax authorities to the extent utilized in a future period. In addition, a number of tax years remain subject to examination by the appropriate government agencies for certain countries in the Europe and Asia regions. In Europe, the Company's 2019 through 2024 tax years remain subject to examination in most locations, while the Company's 2018 through 2024 tax years remain subject to examination in most Asia locations.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

COMPREHENSIVE (LOSS) INCOME - Accumulated Other Comprehensive Income, Net of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 154,181	$ 68,624
Foreign currency translation adjustment	383	(996)
Other comprehensive income (loss)	383	(996)
Ending balance	156,573	71,665
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,507)	(587)
Ending balance	(1,124)	(1,583)
Foreign Currency Items
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,099)	(623)
Foreign currency translation adjustment	383	(996)
Other comprehensive income (loss)	383	(996)
Ending balance	(716)	(1,619)
Pension Items
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(408)	36
Foreign currency translation adjustment	0	0
Other comprehensive income (loss)	0	0
Ending balance	$ (408)	$ 36

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Goodwill [Line Items]
Amortization of finite-lived intangible assets	$ 893	$ 875
Customer relationships
Goodwill [Line Items]
Useful life	7 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

REVENUE RECOGNITION - Schedule of Disaggregated Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Disaggregation of Revenue [Line Items]
Net revenue	$ 50,487	$ 41,341
Supply chain management services
Disaggregation of Revenue [Line Items]
Net revenue	50,061	41,005
Other
Disaggregation of Revenue [Line Items]
Net revenue	426	336
Services transferred over time \| Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	$ 50,487	$ 41,341

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Oct. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On November 27, 2024, the Audit Committee of the Board approved a short-form merger (the “Short-Form Merger”) with Steel Holdings in accordance with the terms of the Stockholders’ Agreement. No approval is required by the Board or the Company's minority stockholders. Steel Holdings has no obligation to consummate the Short-Form Merger. If Steel Holdings determined to proceed with the Short-Form Merger, Steel Holdings, which, together with its affiliates, owns greater than 90% of the outstanding common stock of Steel Connect, intends to acquire the remaining shares of Common Stock that it does not currently own for $11.45 per share in cash. In addition, if, prior to the effective time of the Short-Form Merger, Steel Connect has not distributed to stockholders proceeds, if any, from the Settlement of the Reith litigation, holders of Common Stock (other than shares held by officers and directors of Steel Connect and certain shares held by Steel Holdings and its affiliates) will receive a contingent value right to receive their pro rata share of the net settlement proceeds, if any, as described in a contingent value right agreement. If the Short-Form Merger is consummated, the Common Stock will cease to be quoted on the NASDAQ Stock Market and will be eligible for deregistration under the Exchange Act.

REVENUE RECOGNITION - Schedule of Changes in Deferred Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Change in Deferred Revenue
Balance at beginning of period	$ 2,325	$ 2,718
Deferral of revenue	208	301
Recognition of deferred amounts upon satisfaction of performance obligation	(458)	(371)
Balance at end of period	$ 2,075	$ 2,648

REVENUE RECOGNITION - Performance Obligations Narrative (Details) $ in Millions	Oct. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-11-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-11-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 2.0
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Oct. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 2,679
2026	3,571
2027	3,571
2028	3,571
2029	3,571
Thereafter	$ 2,680

INVESTMENTS (Tables)

3 Months Ended

Oct. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment

The following table summarizes the Company's investments as of October 31, 2024 and July 31, 2024.


	October 31, 2024		July 31, 2024
	(In thousands)
Convertible loan note investment(a)	$	—	$	—
Investments in equity securities(b)	48,693		41,376
Total	$	48,693	$	41,376

(a) The balance consists of the Company's investment in a convertible loan note, which matures on March 31, 2025. The Company paid 1.0 million GBP (approximately $1.2 million) to subscribe for an amount of £1.0 million (the "loan principal") of 11.0% 2025 unsecured convertible loan notes issued by the investee (the "CLN Instrument Agreement"). Contemporaneous with the execution of the CLN Instrument Agreement, the Company executed the Equity Warrant Instrument Agreement (“Warrant Agreement”), which provides the Company with the option to convert the outstanding balance into equity shares of the investee at any time before repayment of the outstanding loan principal balance. The Company elected the fair value option to account for this investment. In April 2024, the Company became aware that the investee had halted its operations while it undergoes a restructuring process. As a result, the Company determined that the fair value of the investment was zero. The Company recorded a loss of $1.2 million to Other (losses) gains, net on the condensed consolidated statements of operations during the third quarter of fiscal year 2024, which was the fair value of the investment as of January 31, 2024. As of October 31, 2024, there was no new information available that would indicate that the fair value of the convertible loan note investment had changed.

(b) The balance consists of multiple common stock investments in public companies which are measured at fair value.

Schedule of Unrealized Gain (Loss) on Investments

The amounts of net unrealized losses for the three months ended October 31, 2024 and 2023 that relate to equity securities still held as of October 31, 2024 and 2023, respectively, are as follows:


	Three months ended October 31,
	2024		2023


	(In thousands)
Unrealized losses recognized during the period on equity securities still held at the end of the period	$	(5,480)	$	(447)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 2,365	$ 4,436
Other comprehensive income (loss):
Foreign currency translation adjustment	383	(996)
Other comprehensive income (loss)	383	(996)
Comprehensive income	$ 2,748	$ 3,440

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

3 Months Ended

Oct. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule of Supplemental Cash Flow Information

A summary of supplemental cash flow information for the three months ended October 31, 2024 and 2023 is presented in the following table:


	Three Months Ended October 31,
	2024		2023
	(in thousands)
Cash paid during the period for:
Interest	$	496	$	519
Income taxes	$	185	$	327

REVENUE RECOGNITION - Schedule of Contract Balances (Detail) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024	Oct. 31, 2023	Jul. 31, 2023
Disaggregation of Revenue [Line Items]
Contract assets	$ 360	$ 275
Deferred revenue - current	2,027	2,271
Deferred revenue - long-term	48	54
Total deferred revenue	2,075	2,325	$ 2,648	$ 2,718
Trade Accounts Receivable
Disaggregation of Revenue [Line Items]
Accounts receivable, trade, net	$ 34,543	$ 33,443

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Oct. 31, 2024

Schedule of Management Service Agreement Expense


	Three Months Ended October 31,
	2024		2023
	(In thousands)
Management services agreement expenses	$	656	$	617

LEASES (Tables)

3 Months Ended

Oct. 31, 2024

Leases [Abstract]

Schedule of Lease Cost

The table below presents the components of the Company's lease expense:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Operating lease cost	$	2,688	$	2,546
Short-term lease expense	380		451



Sublease income	(10)		(167)
Total lease expense	$	3,058	$	2,830

Supplemental cash flow information related to the Company's leases was as follows:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	2,690	$	2,292

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Goodwill [Line Items]
Intangible assets, gross (excluding goodwill)	$ 35,500	$ 35,500
Accumulated Amortization	5,357	4,464
Total	30,143	31,036
Trade name
Goodwill [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	10,500	10,500
Customer relationships
Goodwill [Line Items]
Finite-lived intangible assets, gross	25,000	25,000
Accumulated Amortization	5,357	4,464
Net	$ 19,643	$ 20,536

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
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+ Details

ACCRUED EXPENSES AND OTHER LIABILITIES - Schedule of Components of Accrued Expenses (Detail) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Payables and Accruals [Abstract]
Accrued compensation	$ 6,926	$ 6,504
Accrued audit, tax and legal	4,073	3,909
Accrued price concessions	3,531	2,312
Accrued taxes	1,970	1,863
Accrued occupancy costs	1,830	1,803
Accrued other	3,870	5,268
Total accrued expenses	$ 22,200	$ 21,659

INVESTMENTS

3 Months Ended

Oct. 31, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

The following table summarizes the Company's investments as of October 31, 2024 and July 31, 2024.


	October 31, 2024		July 31, 2024
	(In thousands)
Convertible loan note investment(a)	$	—	$	—
Investments in equity securities(b)	48,693		41,376
Total	$	48,693	$	41,376

(b) The balance consists of multiple common stock investments in public companies which are measured at fair value.

The amounts of net unrealized losses for the three months ended October 31, 2024 and 2023 that relate to equity securities still held as of October 31, 2024 and 2023, respectively, are as follows:


	Three months ended October 31,
	2024		2023


	(In thousands)
Unrealized losses recognized during the period on equity securities still held at the end of the period	$	(5,480)	$	(447)

Unrealized losses are recorded in Other (losses) gains, net on the condensed consolidated statements of operations.

EARNINGS PER SHARE - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred dividends	$ 537	$ 536
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1.9	2.5
Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense excluded from computation of earnings, amount		$ 200

DEBT

3 Months Ended

Oct. 31, 2024

Debt Disclosure [Abstract]

DEBT

The components of debt are presented in the table below:



	October 31, 2024		July 31, 2024
	(In thousands)
Unsecured
7.50% Convertible Senior Note due September 1, 2024	$	—	$	12,903
Credit Facilities
Umpqua Revolver	—		—
Total debt, net	$	—	$	12,903

7.50% Convertible Senior Note

On February 28, 2019, the Company entered into a 7.50% Convertible Senior Note Due 2024 Purchase Agreement (the "SPHG Note Purchase Agreement") with SPH Group Holdings LLC ("SPHG Holdings"), whereby SPHG Holdings agreed to loan the Company $14.9 million in exchange for a 7.50% Convertible Senior Note due 2024 (the "SPHG Note"). The SPHG Note was amended on March 9, 2023 (the "Amendment Date"), to extend the maturity date to September 1, 2024. In addition, the Company repaid $2.0 million in principal amount of the SPHG Note during fiscal year 2023.

The SPHG Note matured on September 1, 2024 and the Company paid off the outstanding principal balance of $12.9 million plus accrued interest of $0.5 million for the SPHG Note upon its maturity. As such, the balance of the SPHG Note was zero as of October 31, 2024. As of July 31, 2024, the principal amount of the note was $12.9 million, and the fair value of the note was $12.9 million. As of May 1, 2023, or the date of the Exchange Transaction, the Company accounted for the SPHG Note under the fair value option in order to conform with Steel Holdings' basis of accounting, with changes in fair value recognized in earnings until the note matured. Refer to Note 17 - "Fair Value Measurements" for further information.

Below is a reconciliation of interest expense related to the SPHG Note to total interest expense:



	Three Months Ended October 31,
	2024		2023
	(In thousands)
Interest expense related to contractual interest coupon on the SPHG Note	$	111	$	247



Total interest expense	$	111	$	247

Umpqua Revolver

ModusLink, as borrower, is party to a revolving credit agreement with Umpqua Bank as lender and as agent, which provides for a maximum credit commitment of $12.5 million and a sublimit of $5.0 million for letters of credit (collectively, the "Umpqua Revolver"). On May 1, 2024, ModusLink, entered into a Second Amendment to the Umpqua Revolver (the “Second Amendment”). Among other things, the Second Amendment (i) extended the maturity date with respect to revolving loans from March 31, 2025 to March 31, 2026, (ii) removed certain adjustments in the definition of “Adjusted EBITDA” as set forth in the Umpqua Revolver, (iii) increased the minimum Adjusted Tangible Net Worth (as defined in the credit agreement) and (iv) removed certain caps and conditions on ModusLink’s ability to pay dividends.

As of October 31, 2024, ModusLink was in compliance with the Umpqua Revolver's covenants, and believes it will remain in compliance with the Umpqua Revolver’s covenants for the next twelve months from the filing of this Form 10-Q. As of October 31, 2024, ModusLink had available borrowing capacity of $11.9 million and there was $0.6 million outstanding letters of credit.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

3 Months Ended

Oct. 31, 2024

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

The following tables reflect the components of "Accrued expenses" and "Other current liabilities".



	October 31, 2024		July 31, 2024
Accrued Expenses	(In thousands)
Accrued compensation	$	6,926	$	6,504
Accrued audit, tax and legal	4,073		3,909
Accrued price concessions	3,531		2,312
Accrued taxes	1,970		1,863
Accrued occupancy costs	1,830		1,803



Accrued other	3,870		5,268
Total accrued expenses	$	22,200	$	21,659



	October 31, 2024		July 31, 2024
Other Current Liabilities	(In thousands)
Deferred revenue - current	2,027		2,271

Other	2,831		2,152
Total other current liabilities	$	4,858	$	4,423

EARNINGS PER SHARE (Tables)

3 Months Ended

Oct. 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Net Income (Loss) Per Share

The following table reconciles net earnings per share for the three months ended October 31, 2024 and 2023:



	Three Months Ended October 31,
	2024		2023
	(In thousands, except per share data)
Reconciliation of net income to net income attributable to common stockholders after assumed conversions:
Net income	$	2,365	$	4,436
Less: Preferred dividends on Series C redeemable preferred stock	(537)		(536)
Net income available to common stockholders	1,828		3,900
Less: Undistributed earnings allocated to participating securities	(1,389)		(2,970)
Net income attributable to common stockholders	$	439	$	930

Effect of dilutive securities:


Undistributed earnings allocated to Series E preferred stock	1,389		2,970
Net income attributable to common stockholders - assuming dilution	$	1,828	$	3,900

Net income per common share - basic	$	0.07	$	0.15

Net income per common share - diluted	$	0.07	$	0.15

Weighted average common shares outstanding - basic	6,256		6,199
Effect of dilutive securities:
Common stock equivalents - Restricted stock and restricted stock shares	38		57


Common stock equivalents - Series E Preferred stock	19,810		19,810
Weighted average common shares outstanding - diluted	26,104		26,066

NATURE OF OPERATIONS (Details) - shares	Oct. 31, 2024	Jul. 31, 2024	Apr. 30, 2023
Nature Of Operations [Line Items]
Preferred stock, shares issued (in shares)	0	0
Steel Connect, Inc. \| Steel Connect, Inc. \| SPHG Holdings
Nature Of Operations [Line Items]
Equity method investment, ownership percentage	91.00%
Exchange Transaction Agreement \| Steel Partners Group \| Series E Preferred Stock
Nature Of Operations [Line Items]
Preferred stock, shares issued (in shares)			3,500,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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+ Details

FAIR VALUE MEASUREMENTS

3 Months Ended

Oct. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following tables present the Company's financial assets and liability measured at fair value on a recurring basis as of October 31, 2024 and July 31, 2024, classified by fair value hierarchy:


			Fair Value Measurements at Reporting Date Using
	October 31, 2024		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Money market funds	$	215,990	$	215,990	$	—	$	—
Convertible loan note investment	—		—		—		—
Investments in equity securities	48,693		48,693		—		—


			Fair Value Measurements at Reporting Date Using
	July 31, 2024		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Money market funds	$	235,221	$	235,221	$	—	$	—
Convertible loan note investment	—		—		—		—
Investments in equity securities	41,376		41,376		—		—

Liabilities:
SPHG Note	$	12,903	$	—	$	—	$	12,903

There were no transfers between Levels 1, 2 or 3 during any of the periods presented.

ASC 820, Fair Value Measurement, provides that fair value is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based on the highest and best use of the asset or liability. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. ASC 820 requires the Company to use valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized as follows:

Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets

Level 2: Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market-corroborated inputs

Level 3: Unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants would price the assets or liabilities

When available, quoted prices are used to determine fair value. When quoted prices in active markets are available, investments are classified within Level 1 of the fair value hierarchy. When quoted prices in active markets are not available, fair values are determined using pricing models, and the inputs to those pricing models are based on observable market inputs. The inputs to the pricing models are typically benchmark yields, reported trades, broker-dealer quotes, issuer spreads and benchmark securities, among others.

Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis

The Company's assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets and goodwill and other intangible assets. The Company reviews the carrying amounts of these assets whenever certain events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment loss is recognized when the carrying amount of the asset group or reporting unit is not recoverable and exceeds its fair value. The Company estimates the fair values of assets subject to impairment based on the Company's own judgments about the assumptions that market participants would use in pricing the assets and on observable market data, when available.

Fair Value of Financial Instruments

The Company's financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable, customer deposits, accounts payable, and restricted cash, and are reflected in the consolidated financial statements at carrying value. Carrying value approximates fair value for these items due to their short-term maturities or expected settlement dates of these instruments.

Following is a summary of changes in financial assets and liabilities measured using Level 3 inputs:


(In thousands)	SPHG Note		Convertible Loan Note Investment
Balance as of July 31, 2024	$	12,903	$	—
Purchases	—		—
Change in fair value(a)	—		—
Paydown of SPHG Note at maturity	(12,903)		—
Balance as of October 31, 2024	$	—	$	—

Balance as of July 31, 2023	$	12,461	$	—
Purchases	—		1,227
Change in fair value(a)	(134)		—
Balance as of October 31, 2023	$	12,327	$	1,227

(a) Unrealized gains and losses as a result of changes in fair value are recorded in Other (losses) gains, net within the condensed consolidated statements of operations.

Valuation Techniques

Included in cash and cash equivalents in the accompanying consolidated balance sheets are money market funds. These are valued at quoted market prices in active markets.

The Company uses quoted market prices to determine the fair value of investments in equity securities with readily determinable fair value.

In conjunction with the application of pushdown accounting, the Company began measuring the fair value of the SPHG Note on a recurring basis. Refer to Note 9 - "Debt" for further details. Prior to maturity, the Company estimated the fair value of the SPHG Note using a Binomial Lattice Model. The Company recognized $0.1 million in unrealized gains in Other gains, net within the condensed consolidated statements of operations for the three months ended October 31, 2023 as a result of the fair value measurement performed. As discussed previously, the SPHG Note matured on September 1, 2024, and the Company paid off the outstanding principal and accrued interest for the SPHG Note upon its maturity. As such, the balance of the SPHG Note as of October 31, 2024 is zero, and there were no unrealized gains or losses recorded to the condensed consolidated statement of operations for the three months ended October 31, 2024.

As discussed in Note 6 - "Investments", the Company elected the fair value option to account for their convertible loan note investment. In April 2024, the Company determined that the fair value of the investment is zero. As such, the Company recorded a loss of $1.2 million to the condensed consolidated statement of operations during the third quarter of fiscal year 2024. As of October 31, 2024, there was no new information available that would indicate that the fair value of the convertible loan note investment had changed. The Company believed the cost basis of the investment purchased in October 2023 approximated its fair value as of October 31, 2023. As such, there were no unrealized gains or losses recorded to the consolidated statement of operations for the three months ended October 31, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Interest	$ 496	$ 519
Income taxes	$ 185	$ 327

INCOME TAXES - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024
Income Tax Disclosure [Abstract]
Income tax provisions	$ 817	$ 671
Unrecognized tax benefits related to federal, state and foreign taxes	100		$ 100
Liabilities for interest expense related to uncertain tax positions	100		$ 100
Expected unrecognized tax benefits to reverse in the next twelve months	$ 100

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

NATURE OF OPERATIONS	3 Months Ended
NATURE OF OPERATIONS	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS Steel Connect, Inc. (the "Company" or "Steel Company"), is a holding company which operates through its wholly-owned subsidiary ModusLink Corporation ("ModusLink" or "Supply Chain"). ModusLink is a supply chain business process management company serving clients in markets such as consumer electronics, telecommunications, computing and storage, software and content, consumer packaged goods, health and personal care products, retail and luxury, and connected devices. ModusLink designs and executes elements in its clients' global supply chains to improve speed to market, product customization, flexibility, cost, quality and service. The Company also produces and licenses an entitlement management solution for activation, provisioning, entitlement subscription and data collection from physical goods (connected products) and digital products. Steel Partners and Steel Connect Exchange Transaction On April 30, 2023, Steel Partners Holdings L.P., (“Steel Holdings”) and the Company executed a series of agreements in which Steel Holdings and certain of its affiliates (the “Steel Partners Group”) agreed to transfer certain marketable securities held by the Steel Partners Group to the Company in exchange for 3.5 million shares of Series E Convertible Preferred Stock of the Company (the “Series E Convertible Preferred Stock”, and, such transfer and related transactions, the “Exchange Transaction”). The Exchange Transaction closed on May 1, 2023, which is the date that the consideration was exchanged between Steel Holdings and the Company. As of October 31, 2024, the Steel Partners Group beneficially owned approximately 91.0% of our outstanding capital stock, including the if-converted shares of Series C Convertible Preferred Stock and Series E Convertible Preferred Stock that vote on an as-converted basis together with our common stock.