PetMed Express (PETS) 10-Q 7 Nov 24 2025 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-28827
Entity Registrant Name	PETMED EXPRESS, INC.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	65-0680967
Entity Address, Address Line One	420 South Congress Avenue
Entity Address, City or Town	Delray Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33445
City Area Code	561
Local Phone Number	526-4444
Title of 12(b) Security	Common Stock, par value $.001 per share
Trading Symbol	PETS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,663,218
Entity Central Index Key	0001040130
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 52,045	$ 55,296
Accounts receivable, less allowance for credit losses of $27 and $273, respectively	1,620	3,283
Inventories, net	13,092	28,556
Prepaid expenses and other current assets	3,655	6,325
Prepaid income taxes	367	188
Total current assets	70,779	93,648
Noncurrent assets:
Property and equipment, net	26,204	26,657
Intangible and other assets, net	15,524	16,503
Goodwill	26,658	26,658
Operating lease right-of-use assets	1,188	1,432
Deferred tax assets, net	5,681	4,986
Total noncurrent assets	75,255	76,236
Total assets	146,034	169,884
Current liabilities:
Accounts payable	16,951	37,024
Sales tax payable	24,373	25,012
Accrued expenses and other current liabilities	5,412	7,060
Current operating lease liabilities	446	459
Deferred revenue	1,650	2,603
Total current liabilities	48,832	72,158
Operating lease liabilities, net of current lease liabilities	768	995
Total liabilities	49,600	73,153
Commitments and contingencies (Note 7)
Shareholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized; 2,500 convertible shares issued and outstanding with a liquidation preference of $4 per share	9	9
Common stock, $.001 par value, 40,000,000 shares authorized; 20,663,218 and 21,148,692 shares issued and outstanding, respectively	21	21
Additional paid-in capital	17,515	25,146
Retained earnings	78,889	71,555
Total shareholders' equity	96,434	96,731
Total liabilities and shareholders' equity	$ 146,034	$ 169,884

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Current assets:
Allowance for credit losses	$ 27	$ 273
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	2,500	2,500
Preferred stock, shares outstanding (in shares)	2,500	2,500
Preferred stock, liquidation preference (in dollars per share)	$ 4	$ 4
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	20,663,218	21,148,692
Common stock, shares outstanding (in shares)	20,663,218	21,148,692

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 59,570	$ 70,999	$ 127,522	$ 149,243
Cost of sales	42,259	50,937	92,240	106,655
Gross profit	17,311	20,062	35,282	42,588
Operating expenses:
General and administrative	10,493	11,962	15,367	27,673
Advertising	4,606	5,512	11,596	12,777
Depreciation and amortization	1,658	1,713	3,379	3,391
Total operating expenses	16,757	19,187	30,342	43,841
Income (loss) from operations	554	875	4,940	(1,253)
Other income:
Interest income, net	185	151	280	345
Other, net	186	254	417	760
Total other income	371	405	697	1,105
Income (loss) before (benefit) provision for income taxes	925	1,280	5,637	(148)
(Benefit) provision for income taxes	(1,401)	565	(443)	273
Net income (loss)	$ 2,326	$ 715	$ 6,080	$ (421)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.11	$ 0.04	$ 0.30	$ (0.02)
Diluted (in dollars per share)	$ 0.11	$ 0.03	$ 0.29	$ (0.02)
Weighted average number of common shares outstanding:
Basic (in shares)	20,597,807	20,382,979	20,555,544	20,357,752
Diluted (in shares)	20,938,817	20,780,455	20,940,161	20,357,752
Cash dividends declared per common share (in dollars per share)	$ 0	$ 0.30	$ 0	$ 0.60

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 6,080	$ (421)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	3,379	3,391
Share based compensation	(7,631)	3,489
Deferred income taxes	(696)	(146)
Bad debt expense	176	36
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Accounts receivable	1,488	(345)
Inventories, net	15,464	3,237
Prepaid income taxes	(179)	426
Prepaid expenses and other current assets	2,670	(3,516)
Operating lease right-of-use assets, net	245	394
Accounts payable	(20,071)	(5,542)
Sales tax payable	(639)	(1,278)
Accrued expenses and other current liabilities	(221)	(136)
Lease liabilities	(240)	(383)
Deferred revenue	(953)	579
Net cash (used in) provided by operating activities	(1,128)	(215)
Cash flows from investing activities:
Acquisition of PetCareRx, net of cash acquired	0	(35,859)
Purchases of property and equipment	(1,948)	(2,137)
Net cash used in investing activities	(1,948)	(37,996)
Cash flows from financing activities:
Dividends paid	(175)	(12,404)
Net cash used in financing activities	(175)	(12,404)
Net decrease in cash and cash equivalents	(3,251)	(50,615)
Cash and cash equivalents, at beginning of period	55,296	104,086
Cash and cash equivalents, at end of period	52,045	53,471
Supplemental disclosure of cash flow information:
Cash paid for income taxes	466	0
Dividends payable in accrued expenses and other current liabilities	$ 39	$ 1,513

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization PetMed Express, Inc. and subsidiaries, d/b/a PetMeds® (collectively, the “Company”), is a leading nationwide direct-to-consumer pet pharmacy and online provider of prescription and non-prescription medications, food, supplements, supplies and vet services for dogs, cats, and horses. The Company markets and sells directly to consumers through its websites, toll-free numbers, and mobile application. The Company offers consumers an attractive alternative for obtaining pet medications, foods, and supplies in terms of convenience, price, speed of delivery, and valued customer service. Founded in 1996, the Company’s executive headquarters offices are currently located in Delray Beach, Florida. The Company’s fiscal year end is March 31, and references herein to fiscal 2025 or fiscal 2024 refer to the Company's fiscal years ending March 31, 2025 and 2024, respectively. Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all of the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company at September 30, 2024, the Statements of Operations for the three and six months ended September 30, 2024 and 2023, and Cash Flows for the six months ended September 30, 2024 and 2023. The results of operations for the three and six months ended September 30, 2024 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2025. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in our 2024 Form 10-K. The unaudited condensed consolidated financial statements include the accounts of PetMed Express, Inc. and its direct and indirect wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Fair Value of Financial Instruments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments. Deferred Revenue Deferred revenue is recorded when payments are received or due in advance of performing our service obligations and revenue is recognized over the service period. Deferred revenue represents prepayments of PetPlus memberships with PetCareRx, Inc. (“PetCareRx”). The total deferred revenue as of September 30, 2024 and March 31, 2024 for these memberships was Long-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the asset to the undiscounted cash flows expected to be generated from the asset. Management determined that no impairment of long-lived assets existed as of September 30, 2024. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company is required to assess goodwill and other indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. The Company performs its annual impairment assessment in the fourth quarter of each year. The Company has concluded that it has one reporting unit and has assigned the entire balance of goodwill to this reporting unit. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Company performed a goodwill impairment test as of September 30, 2024 initially using a qualitative ass essment. The Company considered its share price decreases as well as the decrease in its quarterly sales from the three months ended June 30, 2024 to be indicative of a risk that the carrying amount of goodwill may not be recoverable. Based on these and other qualitative factors, the Company determined a triggering event occurred that required an interim goodwill impairment test. The Company performed a quantitative impairment test and valuation to identify the fair value of its reporting unit. Based on the quantitative assessment, the Company concluded that goodwill was not impaired because the estimated fair value of the reporting unit exceeded its carrying value by approximately $44.8 million. The Company estimated the fair value of its reporting unit using a combination of a discounted cash flow and public company market approach with a 70% and 30% weighting, respectively. A key assumption under the cash flow approach was a 30% weighted average cost of capital. A key assumption under the public company market approach was a 10% control premium. The Company’s other indefinite-lived intangible assets are primarily made up of a trade name which was evaluated for impairment using a qualitative assessment and concluded it was not more likely than not that the other indefinite-lived assets were impaired as of September 30, 2024. Recent Accounting Pronouncements

Revenue Recognition

Revenue Recognition	6 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition In accordance with ASC Topic 606 ("Revenue from Contracts with Customers") , the Company generates revenue by selling prescription and non-prescription pet medication products, pet food, supplements, supplies, membership fees, and veterinary services. Certain pet supplies offered on the Company’s websites are drop shipped to customers. The Company considers itself the principal in the arrangement because the Company controls the specified good before it is transferred to the customer. Revenue contracts contain one performance obligation, which is delivery of the product. Customer care and support is deemed not to be a material right to the contract. The transaction price is adjusted at the date of sale for any applicable sales discounts and an estimate of product returns, which are based on historical patterns, however this is not considered a key judgment. Revenue is recognized when control transfers to the customer at the point in time at which the shipment of the product occurs. This key judgment is determined as the shipping point, which represents the point in time when the Company has a present right to payment, title has transferred to the customer, and the customer has assumed the risks and rewards of ownership. Virtually all the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two three Outbound shipping and handling fees are an accounting policy election and are included in sales as the Company considers itself the principal in the arrangement given its responsibility for supplier selection and discretion over pricing. Shipping costs associated with outbound freight after control over a product has transferred to a customer are an accounting policy election and are accounted for as fulfillment costs and are included in cost of sales. Membership fees represent the amounts recognized from two membership models. The first is the PetPlus membership for PetCareRx customers, the second is a partner membership, which allows employees in-network to join PetPlus membership program through their employers. These memberships provide discounted pricing, free standard shipping, veterinary telehealth services and local Caremark Pharmacy prescription pickup which represent a single stand-ready performance obligation to provide these benefits. The PetPlus membership fee is an upfront annual charge and automatically renews one year from the initial enrollment date. The Company recognizes the revenue ratably over the term of the PetPlus membership which is generally one year. As shown in the following table, under the PetPlus program, the Company recognized $1.2 million and $2.7 million of previously deferred annual membership fees in the three and six months ended September 30, 2024, and had $1.6 million of deferred revenue as of the quarter ended September 30, 2024. (amounts in millions) Deferred revenue, March 31, 2024 $ 2.6 Deferred memberships fees and others received 1.1 Deferred membership fee revenue and others recognized (1.5) Deferred revenue, June 30, 2024 2.1 Deferred memberships fees and others received 0.7 Deferred membership fee revenue and others recognized (1.2) Deferred revenue, September 30, 2024 $ 1.6 In addition to annual membership fees earned under the PetPlus program, the Company also earns membership fees on a month-to-month basis under its PetCareRx partner membership program. For the three and six months ended September 30, 2024, membership fees earned under the partner program were $0.9 million and $1.8 million, respectively. For the three and six months ended September 30, 2023, membership fees earned under the partner program were $0.7 million and $1.3 million, respectively. The Company has no material contract asset or liability balances at September 30, 2024 and March 31, 2024, respectively. The Company disaggregates sales in the following categories: reorder sales vs new order sales vs membership fees. The following table illustrates sales in those categories: Three Months Ended September 30, Increase (Decrease) Revenue (in thousands) 2024 % 2023 % $ % Reorder sales $ 50,052 84.0 % $ 58,017 81.7 % $ (7,965) (13.7) % New order sales 7,449 12.5 % 10,558 14.9 % (3,109) (29.4) % Membership fees 2,069 3.5 % 2,424 3.4 % (355) (14.6) % Total net sales $ 59,570 100.0 % $ 70,999 100.0 % $ (11,429) (16.1) % Six Months Ended September 30, Increase (Decrease) Revenue (in thousands) 2024 % 2023 % $ % Reorder sales $ 104,291 81.8 % $ 120,182 80.6 % $ (15,891) (13.2) % New order sales 18,838 14.8 % 24,251 16.2 % (5,413) (22.3) % Membership fees 4,393 3.4 % 4,810 3.2 % (417) (8.7) % Total net sales $ 127,522 100.0 % $ 149,243 100.0 % $ (21,721) (14.6) % The Company changed the definition of a new order sale on July 1, 2024, to include sales from customers who have not previously ordered from the Company over the past twelve months compared to the prior definition which was thirty-six months. The reorder and new order sales amounts for the three and six months ended September 30, 2024, and the reorder and new order sales amounts for the three and six months ended September 30, 2023 reflect this new customer definition change.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share In accordance with the provisions of ASC Topic 260 (“ Earnings Per Share ”) basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share includes the dilutive effect of potential restricted and performance stock and the effects of the potential conversion of preferred shares, calculated using the treasury stock method. Unvested restricted stock and convertible preferred shares issued by the Company represent the only dilutive effect reflected in the diluted weighted average shares outstanding. The following is a reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations for the periods presented (in thousands, except for share and per share amounts): Three Months Ended September 30, Six Months Ended 2024 2023 2024 2023 Net income (loss) (numerator): Net income (loss) $ 2,326 $ 715 $ 6,080 $ (421) Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,597,807 20,382,979 20,555,544 20,357,752 Common shares issuable upon vesting of restricted stock 330,885 387,351 374,492 — Common shares issuable upon conversion of preferred shares 10,125 10,125 10,125 — Shares used in diluted computation 20,938,817 20,780,455 20,940,161 20,357,752 Net income (loss) per common share: Basic $ 0.11 $ 0.04 $ 0.30 $ (0.02) Diluted $ 0.11 $ 0.03 $ 0.29 $ (0.02) For the three months ended September 30, 2024 and 2023, 661,440 and 435,558 shares issuable upon vesting of restricted stock and zero and zero shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net income (loss) per common share, as their inclusion would have had an anti-dilutive effect on diluted net income (loss) per common share. For the six months ended September 30, 2024 and 2023, 504,930 and 842,714 shares issuable upon vesting of restricted stock and zero and 10,125 shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net income (loss) per common share, as their inclusion would have had an anti-dilutive effect on diluted net income (loss) per common share.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“ Compensation - Stock Compensation ”). The Company had 426,380 common shares issued under the 2016 Employee Equity Compensation Restricted Stock Plan (the “2016 Employee Plan”) (which 2016 Employee Plan was succeeded by the 2022 Employee Plan in April 2023, and no further awards will be granted under the 2016 Employee Plan), 59,074 common shares issued under the 2022 Employee Equity Compensation Plan (as amended) (the “2022 Employee Plan”), and 257,567 common shares issued under the 2015 Outside Director Equity Compensation Plan (as amended) (the “2015 Director Plan”). At September 30, 2024, all shares were issued with service-based vesting conditions with the exception of 2,000 performance stock units which vested on July 1, 2024. The Company records stock-based compensation expense for these awards on a straight-line basis over the requisite service period. The Company reverses stock-based compensation expense previously recorded upon forfeiture of unvested awards except for the performance restricted shares with a market condition issued to the former Chief Executive Officer (“CEO”) and performance stock units (“PSUs”) with a market condition issued to the former Chief Financial Officer (“CFO”) as described in the following paragraphs. For the three months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense related to restricted stock awards of $0.6 million and $1.7 million, respectively. For the six months ended September 30, 2024 and 2023, the Company recorded a (reversal) and stock-based compensation expense related to restricted stock awards of $(7.6) million and $3.5 million, respectively. In June 2023, the Board of Directors amended and restated the 2015 Director Plan and the 2022 Employee Plan (collectively, the "Plans") to include the ability to grant restricted stock units ("RSUs") and performance stock units ("PSUs") under the Plans. The amendments and restatement of the Plans did not increase the maximum number of shares of common stock that could be awarded under the Plans. At September 30, 2024 , the Company had 43,000 RSUs outstanding under the 2024 Omnibus Incentive Plan (the “2024 Omnibus Plan”), 290,000 RSUs outstanding under the 2024 Inducement Incentive Plan (the “2024 Inducement Plan”), 608,219 RSUs outstanding under the 2022 Employee Plan and 22,316 RSUs outstanding under the 2015 Director Plan. In August 2021, the Company issued 90,000 shares of restricted stock and 510,000 performance restricted shares with a market condition to the Company’s former CEO, in accordance with the former CEO’s employment agreement, under the 2016 Employee Plan. In April 2024, the Company and former CEO entered into a Transition and Separation Agreement pursuant to which the Company cancelled the 510,000 performance restricted shares and accelerated vesting on 30,000 remaining unvested restricted shares which otherwise would not have vested. Cancellation of the 510,000 shares resulted in an $8.8 million reversal of compensation expense, partially offset by $0.1 million of compensation expense from the accelerated vesting of the 30,000 shares in the six months ended September 30, 2024. On April 29, 2024, the Company appointed a new CEO, and in conjunction with her new employment agreement, she received a grant of 483,092 RSUs under the Company’s 2022 Employee Equity Compensation Plan for a number of RSUs equal to $2.0 million divided by the closing price of the Company’s common stock on the Nasdaq Stock Market on the date of grant, subject to a $4.00 minimum stock price. Such RSUs will vest in one-third increments on each of the first three In August 2022, the Company issued 13,000 restricted shares and 3,000 performance restricted shares to the Company's former CFO, in accordance with the CFO's employment agreement, under the 2016 Employee Plan. One-third of the restricted shares were scheduled to vest on each of the first three In June 2023, the Company granted the Company's former CFO 11,750 RSUs under the 2022 Employee Plan, of which 3,750 RSUs were awarded in recognition of the CFO’s contributions during fiscal year 2023 and the remaining 8,000 awarded as a part of the equity award cycle for fiscal year 2024. One-third of the RSUs were scheduled to vest on each of the first three Also in June 2023, the former CFO was awarded 8,000 PSUs with a market condition. On May 16, 2024, the Company granted the former CFO 74,850 RSUs of which 14,970 would vest on June 30, 2024, 22,455 would vest August 31, 2024 and 37,425 would vest on August 31, 2025. On May 31, 2024, the Company and CFO entered into a Transition and Separation Agreement pursuant to which the former CFO agreed to leave the Company following a transition period. Upon the completion of the transition period and contingent on the former CFO’s complying with the terms of the Agreement, the Company accelerated the vesting of all unvested restricted shares and RSUs that were originally scheduled to vest on or before August 3, 2025. Under the Agreement, PSUs with a market condition were cancelled. Acceleration and cancellation of the former CFO’s restricted shares, RSUs and PSUs resulted in net additional compensation expense of $0.2 million in the three months ended June 30, 2024. On August 8, 2024, the Company adopted the 2024 Omnibus Plan pursuant to which the Company reserved 850,000 shares of common stock, par value $.001 per share, of the Company’s common stock for the issuance of equity awards granted. On September 27, 2024, the Company adopted the 2024 Inducement Plan pursuant to which the Company reserved 350,000 shares of common stock, par value $.001 per share, of the Company’s common stock (subject to the adjustment provisions of the Inducement Plan) for the issuance of equity awards granted under the Inducement Plan. On September 27, 2024, the new CFO received a grant of 250,000 RSUs under the Company’s 2024 Inducement Plan for a number of RSUs equal to $1.0 million divided by the closing price of the Company’s common stock on the Nasdaq Stock Market on the date of grant, subject to a $4.00 minimum stock price. Such RSUs will vest in one-third increments on each of the first three All stock-based compensation expense is recognized as a payroll-related expense and it is included within the general and administrative expenses line item within the Company’s unaudited Condensed Consolidated Statements of Operations, and the offset is included in the additional paid-in capital line item of the Company’s unaudited Condensed Consolidated Balance Sheets. Restricted Stock Awards The fair value assigned to restricted stock awards (“RSAs”) is the market price of the Company’s stock at the grant date. The vesting period ranges from one 2015 Director Plan 2016 Employee Plan 2022 Employee Plan Total Weighted-Average Grant Date Fair Value Non-vested restricted stock outstanding at March 31, 2024 23,707 605,343 74,076 703,126 $ 19.39 Granted and issued – – – – $ – Vested (13,666) (59,256) (46,742) (119,664) $ 22.08 Forfeited – (530,880) (23,334) (554,214) $ 18.72 Balance at September 30, 2024 10,041 15,207 4,000 29,248 $ 21.05 At September 30, 2024 and 2023, there were 29,248 and 725,529 RSAs subject to restriction and forfeiture outstanding, respectively. For the three months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense related to RSAs of $0.2 million and $1.6 million, respectively. For the six months ended September 30, 2024 and 2023, the Company recorded a (reversal) stock-based compensation expense related to RSAs of $(8.3) million and $3.4 million, respectively. Restricted Stock Units The Company first granted RSUs in the year ended March 31, 2024. The fair value assigned to RSUs is the market price of the Company’s stock on the grant date. The vesting period for employees and members of the Board of Directors generally ranges from one RSUs Weighted-Average Balance at March 31, 2024 85,080 $ 12.75 Granted 995,258 $ 4.01 Vested and issued (66,739) $ 8.38 Forfeited (50,064) $ 6.50 Balance at September 30, 2024 963,535 $ 4.35 The total grant-date fair value of RSUs granted during the three months ended September 30, 2024 and 2023 was $1.2 million and $0.9 million, respectively. The total grant-date fair value of RSUs granted during the six months ended September 30, 2024 and 2023 was $4.0 million and $1.1 million, respectively. For the three months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense related to RSUs of $0.4 million and $0.1 million, respectively. For the six months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense related to RSUs of $0.7 million and $0.1 million, respectively. Performance Stock Units The fair value assigned to PSUs is determined using the market price of the Company’s stock on the grant date for awards with a performance condition, and by using a Monte Carlo simulation for awards with a market condition. PSUs with a performance condition generally vest over one year. PSUs with a market condition generally vest over three years. Stock-based compensation expense associated with PSUs with a performance condition are re-assessed each reporting period based upon the estimated performance attainment on the reporting date until the performance conditions are met. The ultimate number of shares of common stock that are issued to an employee is the result of the actual performance of the Company or individual at the end of the performance period compared to the performance targets. PSU activity under the Plans was as follows: PSUs Weighted-Average Balance at March 31, 2024 12,000 $ 10.48 Granted – $ – Vested and issued (2,000) $ 13.95 Forfeited (10,000) $ 9.79 Performance adjustment – $ – Balance at September 30, 2024 – $ – In the six months ended September 30, 2024, 10,000 PSUs were forfeited. The total grant-date fair value of PSUs granted during the six months ended September 30, 2024 and 2023 was zero and $0.1 million, respectively. There were no PSU’s granted in the three months ended September 30, 2024 and 2023. For the three months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense, net of forfeitures, related to PSUs of zero and $20 thousand , respectively. For the six months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense, net of forfeitures, related to PSUs of $(36) thousand and $24 thousand ,

Fair Value

Fair Value	6 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The Company carries cash and cash equivalents at fair value in the unaudited Condensed Consolidated Balance Sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. 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 a liability. ASC Topic 820 (“ Fair Value Measurement ”) establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. At September 30, 2024 and March 31, 2024, the Company had invested the majority of its

Intangible and Other Assets, Ne

Intangible and Other Assets, Net	6 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible and Other Assets, Net	Intangible and Other Assets, Net Intangible assets and other assets, net consisted of the following (in thousands): Useful Life Gross Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life (Years) September 30, 2024 Intangible Assets Toll-free telephone number Indefinite $ 375 $ – $ 375 Indefinite Internet domain names Indefinite 485 – 485 Indefinite Trade Names - PetCareRx Indefinite 2,600 – 2,600 Indefinite Customer Relationships -PetCareRx 7 years 6,700 (1,436) 5,264 5.5 years Developed Technology - PetCareRx 3 years 3,000 (1,500) 1,500 1.5 years $ 13,160 $ (2,936) $ 10,224 Other Assets Initial minority interest investment in Vetster N/A 5,300 – 5,300 N/A Balance September 30, 2024 $ 18,460 $ (2,936) $ 15,524 March 31, 2024 Intangible Assets Toll-free telephone number Indefinite $ 375 $ – $ 375 Indefinite Internet domain names Indefinite 485 – 485 Indefinite Trade Names - PetCareRx Indefinite 2,600 2,600 Indefinite Customer Relationships -PetCareRx 7 years 6,700 (957) $ 5,743 6 years Developed Technology - PetCareRx 3 years 3,000 (1,000) $ 2,000 2 years $ 13,160 $ (1,957) $ 11,203 Other Assets Initial minority interest investment in Vetster N/A 5,300 – 5,300 N/A Balance March 31, 2024 $ 18,460 $ (1,957) $ 16,503 Amortization expense for intangible assets was $0.5 million and $0.5 million for the three months ended September 30, 2024 and 2023, respectively. Amortization expense for intangible assets was $1.0 million and $1.0 million for the six months ended September 30, 2024 and 2023, respectively. The indefinite life intangibles are not being amortized and are subject to an annual review for impairment in accordance with the ASC Topic 350 (“ Goodwill and Other Intangible Assets ”). On April 19, 2022, the Company engaged in a three-year partnership agreement with Vetster Inc. (“Vetster”), a Canadian veterinary telehealth company. The Company also purchased a 5% minority interest in Vetster in the amount of $5.0 million and received warrants for additional equity in Vetster, which are tied to future performance milestones. Under the terms of the agreement, Vetster became the exclusive provider of telehealth and telemedicine services to the Company. The minority interest investment is being valued on the cost basis and the investment will be evaluated periodically for any impairment. On October 3, 2023, the Company purchased additional shares in Vetster in the amount of $0.3 million. This increases the minority interest investment to $5.3 million. Following this round, the Company’s minority ownership changed to approximately 4.8% of Vetster’s outstanding shares.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters and Routine Proceedings On April 18, 2024, Plaintiff Timothy Fitchett (“Plaintiff”) filed an action against the Company in the Court of Common Pleas of Allegheny County, Pennsylvania, on behalf of himself and purportedly on behalf of a class of others similarly situated. Plaintiff alleges that the Company violated Pennsylvania’s Unfair Trade Practices and Consumer Protection Law by representing “reg.” prices for products which the Company allegedly never charged for those products. On May 13, 2024, the Company removed the matter to the U.S. District Court for the Western District of Pennsylvania in Pittsburgh. The company successfully opposed the Plaintiff's motion to remand the case back to the Court of Common Pleas. On the face of the Complaint, Plaintiff is seeking damages for himself in the amount of the allegedly illusory discounts he allegedly believed he was receiving when purchasing products from the Company or, in the alternative, a complete refund of amounts he paid to the Company, and he is also seeking a liability determination for members of the proposed class. The Company denies liability in this matter and intends to defend the action accordingly, and the Company cannot determine materiality or estimate a range of potential liability, if any, at this time if the Company were determined to be liable. The Company may from time to time be involved in various other claims and lawsuits in the ordinary course of business, including claims related to products, product warranties, contracts, employment, intellectual property, consumer protection, pharmacy and other regulatory matters. The Company has settled complaints that had been filed with various states’ pharmacy boards in the past. There can be no assurances made that other states will not attempt to take similar actions against the Company in the future. The Company also intends to vigorously defend its trade or service marks. There can be no assurance that the Company will be successful in protecting its trade or service marks. Legal costs related to the above matters are expensed as incurred. From time to time, the Company may be involved in and subject to disputes and legal proceedings, as well as demands, claims and threatened litigation that arise in the ordinary course of its business. These proceedings may include allegations involving business practices, infringement of intellectual property, employment or other matters. The ultimate outcome of any legal proceeding is often uncertain, there can be no assurance that the Company will be successful in any legal proceeding, and unfavorable outcomes could have a negative impact on our results of operations and financial condition. In accordance with ASC Topic 450-20 (" Loss Contingencies "), the Company records a liability in its financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews the status of each significant matter each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the financial statements not misleading. If the loss is not probable and cannot be reasonably estimated, a liability is not recorded in the Company’s financial statements. Gain contingencies are not recorded until they are realized. Legal costs related to any legal matters are expensed as incurred.

Changes in Shareholders_ Equity

Changes in Shareholders’ Equity	6 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Changes in Shareholders’ Equity	Changes in Shareholders ’ Equity: Changes in Shareholders’ Equity for the three and six months ended September 30, 2024 is summarized below (in thousands): Common Stock Additional Retained Beginning balance at March 31, 2024: $ 21 $ 25,146 $ 71,555 Stock based compensation (reversal) — (8,204) — Dividends forfeited — — 1,250 Net income — — 3,754 Ending balance at June 30, 2024: $ 21 $ 16,942 $ 76,559 Stock based compensation expense — 573 — Dividends forfeited — — 4 Net income — — 2,326 Ending balance at September 30, 2024: $ 21 $ 17,515 $ 78,889 Changes in Shareholders’ Equity for the three and six months ended ended September 30, 2023 is summarized below (in thousands): Common Stock Additional Retained Beginning balance at March 31, 2023: $ 21 $ 18,277 $ 91,659 Stock based compensation expense — 1,760 — Dividends declared — — (6,346) Net loss — — (1,136) Ending balance at June 30, 2023: $ 21 $ 20,037 $ 84,177 Stock based compensation expense — 1,728 — Dividends declared — — (6,308) Net income — — 715 Ending balance at September 30, 2023: $ 21 $ 21,765 $ 78,584

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended September 30, 2024 and 2023, the Company recorded an income tax benefit of approximately $1.4 million and an income tax provision of approximately $0.6 million, respectively, and for the six months ended September 30, 2024 and 2023, the Company recorded an income tax benefit of $0.4 million and an income tax provision of $0.3 million, respectively. The decrease in the income tax provision for the three and six months ended September 30, 2024 is related to the cancellation of the former CEO’s performance stock units resulting in additional $8.7 million of increased income during the year. The effective tax rate for the three months ended September 30, 2024 was approximately (151.5)%, compared to approximately 44.1% for the three months ended September 30, 2023, and the effective tax rate for the six months ended September 30, 2024 was approximately (7.9)%, compared to approximately (184.5)% for the six months ended September 30, 2023 . The projected full-year effective tax rate used for purposes of the income tax provision for the three and six months ended September 30, 2024 reflects the $1.8 million impact of a favorable permanent difference associated with the cancellation of the former CEO’s performance restricted shares. No tax benefit was recorded for the original compensation expense due to expected limitation under Internal Revenue Code Section 162 (m) and therefore, there is no tax benefit to reverse upon cancellation of the stock. The impact of this favorable permanent difference is partially offset by the impacts of stock compensation recognized for book and tax purposes. Under Internal Revenue Code Section 382, if a corporation undergoes an “ownership change”, the corporation’s ability to use its pre-change net operating loss and tax credit carryforwards to offset its post-change income and tax liabilities may be limited. Generally, an ownership change occurs when the equity ownership of one or more stockholders or groups of stockholders who owns at least 5% of a corporation’s stock increases its ownership by more than 50 percentage points over their lowest ownership percentage in a testing period (typically three years). On April 3, 2023, 100% of the issued and outstanding stock of PetCareRx was acquired by the Company. The merger triggered an ownership change of PetCareRx within the meaning of Section 382. As a result of the acquisition, the Company performed a Section 382 analysis to determine if the net operating losses carried forward would have a utilization limitation. Any limitation could result in the expiration of a portion of the federal net operating loss carryforward before utilization, which would reduce the Company's gross deferred tax assets. As of April 3, 2023, and prior to the acquisition, PetCareRx had approximately $96.0 million of net operating losses and $1.9 million of disallowed interest expense. The results of the Section 382 analysis determined the net operating losses and disallowed interest expense in total, would be limited and reduced to approximately $14.5 million.

Related Party Transaction

Related Party Transaction	6 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transaction	Related Party Transaction On September 29, 2024 the Company entered into a master services agreement with Fabric, Inc ( “Fabric”), a privately-held company. Under this agreement, Fabric will provide services to the Company with a one-year term with auto-renewal unless either party provides notice at least 90 days in advance. Per the terms of the agreement, the Company will pay Fabric, $115,000 the first year and $100,000 for each potential year thereafter with potential changes in the

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 2,326	$ 715	$ 6,080	$ (421)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all of the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company at September 30, 2024, the Statements of Operations for the three and six months ended September 30, 2024 and 2023, and Cash Flows for the six months ended September 30, 2024 and 2023. The results of operations for the three and six months ended September 30, 2024 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2025. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in our 2024 Form 10-K. The unaudited condensed consolidated financial statements include the accounts of PetMed Express, Inc. and its direct and indirect wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation.
Use of Estimates	The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Fair Value of Financial Instruments	The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments.
Deferred Revenue	Deferred revenue is recorded when payments are received or due in advance of performing our service obligations and revenue is recognized over the service period. Deferred revenue represents prepayments of PetPlus memberships with PetCareRx, Inc. (“PetCareRx”). The total deferred revenue as of September 30, 2024 and March 31, 2024 for these memberships was
Long-lived Asset	Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the asset to the undiscounted cash flows expected to be generated from the asset.
Goodwill	Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company is required to assess goodwill and other indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. The Company performs its annual impairment assessment in the fourth quarter of each year. The Company has concluded that it has one reporting unit and has assigned the entire balance of goodwill to this reporting unit. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.
Intangible Assets	The Company’s other indefinite-lived intangible assets are primarily made up of a trade name which was evaluated for impairment using a qualitative assessment and concluded it was not more likely than not that the other indefinite-lived assets were impaired as of September 30, 2024.
Recent Accounting Pronouncements	The Company does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company's consolidated financial position, results of operations, or cash flows. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Update 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". This Update applies to all public entities that are required to report segment information in accordance with Topic 280. The amendments in this Update revise reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this Update do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The Update effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Update should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this Update. In December 2023, the FASB issued Update 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This Update applies to all entities that are subject to Topic 740. The amendments in this Update revise income tax disclosures primarily related to the rate reconciliation and income taxes paid information as well as the effectiveness of certain other income tax disclosures. The Update is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Update should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact of adopting this Update.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Deferred Revenue	As shown in the following table, under the PetPlus program, the Company recognized $1.2 million and $2.7 million of previously deferred annual membership fees in the three and six months ended September 30, 2024, and had $1.6 million of deferred revenue as of the quarter ended September 30, 2024. (amounts in millions) Deferred revenue, March 31, 2024 $ 2.6 Deferred memberships fees and others received 1.1 Deferred membership fee revenue and others recognized (1.5) Deferred revenue, June 30, 2024 2.1 Deferred memberships fees and others received 0.7 Deferred membership fee revenue and others recognized (1.2) Deferred revenue, September 30, 2024 $ 1.6
Schedule of Disaggregation of Revenue	The following table illustrates sales in those categories: Three Months Ended September 30, Increase (Decrease) Revenue (in thousands) 2024 % 2023 % $ % Reorder sales $ 50,052 84.0 % $ 58,017 81.7 % $ (7,965) (13.7) % New order sales 7,449 12.5 % 10,558 14.9 % (3,109) (29.4) % Membership fees 2,069 3.5 % 2,424 3.4 % (355) (14.6) % Total net sales $ 59,570 100.0 % $ 70,999 100.0 % $ (11,429) (16.1) % Six Months Ended September 30, Increase (Decrease) Revenue (in thousands) 2024 % 2023 % $ % Reorder sales $ 104,291 81.8 % $ 120,182 80.6 % $ (15,891) (13.2) % New order sales 18,838 14.8 % 24,251 16.2 % (5,413) (22.3) % Membership fees 4,393 3.4 % 4,810 3.2 % (417) (8.7) % Total net sales $ 127,522 100.0 % $ 149,243 100.0 % $ (21,721) (14.6) %

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following is a reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations for the periods presented (in thousands, except for share and per share amounts): Three Months Ended September 30, Six Months Ended 2024 2023 2024 2023 Net income (loss) (numerator): Net income (loss) $ 2,326 $ 715 $ 6,080 $ (421) Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,597,807 20,382,979 20,555,544 20,357,752 Common shares issuable upon vesting of restricted stock 330,885 387,351 374,492 — Common shares issuable upon conversion of preferred shares 10,125 10,125 10,125 — Shares used in diluted computation 20,938,817 20,780,455 20,940,161 20,357,752 Net income (loss) per common share: Basic $ 0.11 $ 0.04 $ 0.30 $ (0.02) Diluted $ 0.11 $ 0.03 $ 0.29 $ (0.02)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards	Restricted stock award activity under the 2016 Employee Plan, 2022 Employee Plan, and 2015 Director Plan was as follows: 2015 Director Plan 2016 Employee Plan 2022 Employee Plan Total Weighted-Average Grant Date Fair Value Non-vested restricted stock outstanding at March 31, 2024 23,707 605,343 74,076 703,126 $ 19.39 Granted and issued – – – – $ – Vested (13,666) (59,256) (46,742) (119,664) $ 22.08 Forfeited – (530,880) (23,334) (554,214) $ 18.72 Balance at September 30, 2024 10,041 15,207 4,000 29,248 $ 21.05
Schedule of RSU Activity	For the six months ended September 30, 2024, RSU activity under the Plans was as follows: RSUs Weighted-Average Balance at March 31, 2024 85,080 $ 12.75 Granted 995,258 $ 4.01 Vested and issued (66,739) $ 8.38 Forfeited (50,064) $ 6.50 Balance at September 30, 2024 963,535 $ 4.35
Schedule of PSU Activity	PSU activity under the Plans was as follows: PSUs Weighted-Average Balance at March 31, 2024 12,000 $ 10.48 Granted – $ – Vested and issued (2,000) $ 13.95 Forfeited (10,000) $ 9.79 Performance adjustment – $ – Balance at September 30, 2024 – $ –

Intangible and Other Assets, _2

Intangible and Other Assets, Net (Tables)	6 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Other Assets	Intangible assets and other assets, net consisted of the following (in thousands): Useful Life Gross Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life (Years) September 30, 2024 Intangible Assets Toll-free telephone number Indefinite $ 375 $ – $ 375 Indefinite Internet domain names Indefinite 485 – 485 Indefinite Trade Names - PetCareRx Indefinite 2,600 – 2,600 Indefinite Customer Relationships -PetCareRx 7 years 6,700 (1,436) 5,264 5.5 years Developed Technology - PetCareRx 3 years 3,000 (1,500) 1,500 1.5 years $ 13,160 $ (2,936) $ 10,224 Other Assets Initial minority interest investment in Vetster N/A 5,300 – 5,300 N/A Balance September 30, 2024 $ 18,460 $ (2,936) $ 15,524 March 31, 2024 Intangible Assets Toll-free telephone number Indefinite $ 375 $ – $ 375 Indefinite Internet domain names Indefinite 485 – 485 Indefinite Trade Names - PetCareRx Indefinite 2,600 2,600 Indefinite Customer Relationships -PetCareRx 7 years 6,700 (957) $ 5,743 6 years Developed Technology - PetCareRx 3 years 3,000 (1,000) $ 2,000 2 years $ 13,160 $ (1,957) $ 11,203 Other Assets Initial minority interest investment in Vetster N/A 5,300 – 5,300 N/A Balance March 31, 2024 $ 18,460 $ (1,957) $ 16,503

Changes in Shareholders_ Equi_2

Changes in Shareholders’ Equity (Tables)	6 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Changes in Shareholders' Equity	Changes in Shareholders’ Equity for the three and six months ended September 30, 2024 is summarized below (in thousands): Common Stock Additional Retained Beginning balance at March 31, 2024: $ 21 $ 25,146 $ 71,555 Stock based compensation (reversal) — (8,204) — Dividends forfeited — — 1,250 Net income — — 3,754 Ending balance at June 30, 2024: $ 21 $ 16,942 $ 76,559 Stock based compensation expense — 573 — Dividends forfeited — — 4 Net income — — 2,326 Ending balance at September 30, 2024: $ 21 $ 17,515 $ 78,889 Changes in Shareholders’ Equity for the three and six months ended ended September 30, 2023 is summarized below (in thousands): Common Stock Additional Retained Beginning balance at March 31, 2023: $ 21 $ 18,277 $ 91,659 Stock based compensation expense — 1,760 — Dividends declared — — (6,346) Net loss — — (1,136) Ending balance at June 30, 2023: $ 21 $ 20,037 $ 84,177 Stock based compensation expense — 1,728 — Dividends declared — — (6,308) Net income — — 715 Ending balance at September 30, 2023: $ 21 $ 21,765 $ 78,584

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Sep. 30, 2024 USD ($) reportingUnit	Mar. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Deferred revenue	$ 1,650,000	$ 2,603,000
Impairment of long lived assets	$ 0
Number of reporting units | reportingUnit	1
Goodwill impairment	$ 0
Fair value in excess of carrying amount	$ 44,800,000
Valuation Technique, Discounted Cash Flow
Finite-Lived Intangible Assets [Line Items]
Reporting unit, weighted percentage of valuation technique	70%
Valuation Technique, Discounted Cash Flow | Measurement Input Weighted Average Cost Of Capital Member
Finite-Lived Intangible Assets [Line Items]
Reporting unit, weighted percentage of valuation technique	30%
Valuation, Market Approach
Finite-Lived Intangible Assets [Line Items]
Reporting unit, weighted percentage of valuation technique	30%
Valuation, Market Approach | Measurement Input, Control Premium
Finite-Lived Intangible Assets [Line Items]
Reporting unit, weighted percentage of valuation technique	10%

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024 USD ($) performanceObligation model	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) performanceObligation model	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Number of performance obligations | performanceObligation	1		1
Revenue recognition period membership | model	2		2
Deferred revenue	$ 1,650		$ 1,650			$ 2,603
Membership fees earned	$ 59,570	$ 70,999	$ 127,522	$ 149,243
Minimum
Disaggregation of Revenue [Line Items]
Cash settlement period			2 days
Maximum
Disaggregation of Revenue [Line Items]
Cash settlement period			3 days
Membership Customers
Disaggregation of Revenue [Line Items]
Annual membership fees renewal period	1 year		1 year
Revenue recognition period	1 year		1 year
Deferred memberships fees revenue and others recognized	$ 1,200		$ 2,700
Deferred revenue	1,600		1,600		$ 2,100	$ 2,600
Membership Customers | Partner Program
Disaggregation of Revenue [Line Items]
Membership fees earned	900	700	1,800	1,300
Membership fees
Disaggregation of Revenue [Line Items]
Membership fees earned	2,069	2,424	4,393	4,810
Reorder sales
Disaggregation of Revenue [Line Items]
Membership fees earned	50,052	58,017	104,291	120,182
Reorder sales | Previously Reported [Member]
Disaggregation of Revenue [Line Items]
Membership fees earned		62,400		130,400
New order sales
Disaggregation of Revenue [Line Items]
Membership fees earned	$ 7,449	10,558	$ 18,838	24,251
New order sales | Previously Reported [Member]
Disaggregation of Revenue [Line Items]
Membership fees earned		$ 6,200		$ 14,000

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Contract With Customer, Liability, Current [Roll Forward]
Deferred revenue, beginning balance		$ 2,603
Deferred revenue, ending balance	$ 1,650
Membership Customers
Contract With Customer, Liability, Current [Roll Forward]
Deferred revenue, beginning balance	2,100	2,600
Deferred memberships fees and others received	700	1,100
Deferred membership fee revenue and others recognized	(1,200)	(1,500)
Deferred revenue, ending balance	$ 1,600	$ 2,100

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 59,570	$ 70,999	$ 127,522	$ 149,243
Sales, percentage	100%	100%	100%	100%
Sales, variance	$ (11,429)		$ (21,721)
Sales, variance, percentage	(16.10%)		(14.60%)
Reorder sales
Disaggregation of Revenue [Line Items]
Net sales	$ 50,052	$ 58,017	$ 104,291	$ 120,182
Sales, percentage	84%	81.70%	81.80%	80.60%
Sales, variance	$ (7,965)		$ (15,891)
Sales, variance, percentage	(13.70%)		(13.20%)
New order sales
Disaggregation of Revenue [Line Items]
Net sales	$ 7,449	$ 10,558	$ 18,838	$ 24,251
Sales, percentage	12.50%	14.90%	14.80%	16.20%
Sales, variance	$ (3,109)		$ (5,413)
Sales, variance, percentage	(29.40%)		(22.30%)
Membership fees
Disaggregation of Revenue [Line Items]
Net sales	$ 2,069	$ 2,424	$ 4,393	$ 4,810
Sales, percentage	3.50%	3.40%	3.40%	3.20%
Sales, variance	$ (355)		$ (417)
Sales, variance, percentage	(14.60%)		(8.70%)

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss) (numerator):
Net income	$ 2,326	$ 715	$ 6,080	$ (421)
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation (in shares)	20,597,807	20,382,979	20,555,544	20,357,752
Common shares issuable upon vesting of restricted stock (in shares)	330,885	387,351	374,492	0
Common shares issuable upon conversion of preferred shares (in shares)	10,125	10,125	10,125	0
Shares used in diluted computation (in shares)	20,938,817	20,780,455	20,940,161	20,357,752
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.11	$ 0.04	$ 0.30	$ (0.02)
Diluted (in dollars per share)	$ 0.11	$ 0.03	$ 0.29	$ (0.02)

Net Income (Loss) Per Share - N

Net Income (Loss) Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Shares Issuable Upon Vesting of Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	661,440	435,558	504,930	842,714
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	0	0	10,125

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

Aug. 31, 2025

Sep. 27, 2024

Aug. 31, 2024

Jun. 30, 2024

May 16, 2024

Apr. 29, 2024

Apr. 30, 2024

Jun. 30, 2023

Aug. 31, 2022

Aug. 31, 2021

Sep. 30, 2024

Jun. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Aug. 08, 2024

Mar. 31, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Share based compensation

$ (7,631,000)

$ 3,489,000

Common stock, par value (in dollars per share)

$ 0.001

$ 0.001

$ 0.001

The 2022 Employee Equity Compensation Restricted Stock Plan | Minimum

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Minimum stock price (in dollars per share)

$ 4

2024 Omnibus Incentive Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common stock, capital shares reserved for future issuance

850,000

2024 Inducement Incentive Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common stock, capital shares reserved for future issuance

350,000

2016 Employee Plan and 2015 Director Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Share based compensation

$ 600,000

$ 1,700,000

$ (7,600,000)

3,500,000

Restricted Stock

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Forfeited (in shares)

554,214

Vested (in shares)

119,664

Non-vested restricted shares issued and outstanding (in shares)

29,248

29,248

703,126

Compensation expense

$ 200,000

$ 1,600,000

$ (8,300,000)

$ 3,400,000

Restricted Stock | Maximum

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period

3 years

Restricted Stock | Minimum

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period

1 year

Restricted Stock | 2016 Employee Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Shares issued under stock compensation plan

426,380

Forfeited (in shares)

530,880

Vested (in shares)

59,256

Non-vested restricted shares issued and outstanding (in shares)

15,207

15,207

605,343

Restricted Stock | 2016 Employee Plan | Chief Executive Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

90,000

Vested (in shares)

30,000

Restricted Stock | 2016 Employee Plan | Former Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

13,000

Vesting period

3 years

Restricted Stock | 2022 Employee Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Shares issued under stock compensation plan

59,074

Forfeited (in shares)

23,334

Vested (in shares)

46,742

Non-vested restricted shares issued and outstanding (in shares)

4,000

4,000

74,076

Restricted Stock | 2015 Director Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Shares issued under stock compensation plan

257,567

Forfeited (in shares)

0

Vested (in shares)

13,666

Non-vested restricted shares issued and outstanding (in shares)

10,041

10,041

23,707

Restricted Stock | The 2022 Employee Equity Compensation Restricted Stock Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

483,092

Grant issued amount

$ 2,000,000

Restricted Stock | 2024 Incentive Plan | Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

250,000

Grant issued amount

$ 1,000,000

Vesting period

3 years

Restricted Stock | 2024 Incentive Plan | Minimum | Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Minimum stock price (in dollars per share)

$ 4,000

Restricted Stock | 2016 Employee Plan and 2015 Director Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Non-vested restricted shares issued and outstanding (in shares)

29,248

725,529

29,248

725,529

PSUs

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

0

Forfeited (in shares)

10,000

Compensation expense

$ 0

$ 20,000

$ (36,000)

$ 24,000

Total grant-date fair value

0

0

0

100,000

PSUs | Chief Executive Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Share based compensation

(8,700,000)

$ (8,700,000)

PSUs | Share-Based Payment Arrangement, Tranche One

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period

1 year

PSUs | Share-Based Payment Arrangement, Tranche Two

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period

3 years

PSUs | 2016 Employee Plan | Chief Executive Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Forfeited (in shares)

510,000

PSUs | 2022 Employee Plan | Former Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

8,000

PSUs | 2015 Director Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Shares issued under stock compensation plan

2,000

RSUs

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

995,258

Forfeited (in shares)

50,064

Compensation expense

400,000

100,000

$ 700,000

100,000

Total grant-date fair value

$ 1,200,000

$ 900,000

$ 4,000,000

$ 1,100,000

RSUs | Former Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Share based compensation

$ 200,000

Issued shares (in shares)

74,850

RSUs | Maximum

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period

3 years

RSUs | Minimum

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period

1 year

RSUs | Share-Based Payment Arrangement, Tranche One

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vested (in shares)

14,970

RSUs | Share-Based Payment Arrangement, Tranche Two

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vested (in shares)

22,455

RSUs | Share-Based Payment Arrangement, Tranche Three | Forecast

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vested (in shares)

37,425

RSUs | 2016 Employee Plan | Chief Executive Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Share based compensation

$ 100,000

Reversal of stock based compensation

$ 8,800,000

Vested (in shares)

30,000

RSUs | 2016 Employee Plan | Share-Based Payment Arrangement, Tranche One | Former Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Initial grant percentage based on performance targets

33.33%

RSUs | 2016 Employee Plan | Share-Based Payment Arrangement, Tranche Two | Former Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Initial grant percentage based on performance targets

33.33%

RSUs | 2016 Employee Plan | Share-Based Payment Arrangement, Tranche Three | Former Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Initial grant percentage based on performance targets

33.33%

RSUs | 2022 Employee Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

608,219

RSUs | 2022 Employee Plan | Former Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

11,750

Vesting period

3 years

RSUs | 2022 Employee Plan | Share-Based Payment Arrangement, Tranche One | Former Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Initial grant percentage based on performance targets

33.33%

RSUs | 2022 Employee Plan | Share-Based Payment Arrangement, Tranche One | Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Initial grant percentage based on performance targets

33.33%

RSUs | 2022 Employee Plan | Share-Based Payment Arrangement, Tranche Two | Former Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Initial grant percentage based on performance targets

33.33%

RSUs | 2022 Employee Plan | Share-Based Payment Arrangement, Tranche Two | Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Initial grant percentage based on performance targets

33.33%

RSUs | 2022 Employee Plan | Share-Based Payment Arrangement, Tranche Three | Former Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Initial grant percentage based on performance targets

33.33%

RSUs | 2022 Employee Plan | Share-Based Payment Arrangement, Tranche Three | Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Initial grant percentage based on performance targets

33.33%

RSUs | 2022 Employee Plan | Fiscal Year 2023 | Former Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

3,750

RSUs | 2022 Employee Plan | Fiscal Year 2024 | Former Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

8,000

RSUs | 2015 Director Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

22,316

RSUs | 2024 Omnibus Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

43,000

RSUs | 2024 Inducement Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

290,000

RSUs | 2024 Incentive Plan | Share-Based Payment Arrangement, Tranche One | Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Initial grant percentage based on performance targets

33.33%

RSUs | 2024 Incentive Plan | Share-Based Payment Arrangement, Tranche Two | Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Initial grant percentage based on performance targets

33.33%

RSUs | 2024 Incentive Plan | Share-Based Payment Arrangement, Tranche Three | Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Initial grant percentage based on performance targets

33.33%

Performance Restricted Stock | 2016 Employee Plan | Chief Executive Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

510,000

Forfeited (in shares)

510,000

Performance Restricted Stock | 2016 Employee Plan | Former Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issued shares (in shares)

3,000

Stock-Based Compensation - Roll

Stock-Based Compensation - Rollforward of Restricted Stock Awards (Details) - Restricted Stock	6 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested beginning balance (in shares)	703,126
Granted and issued (in shares)	0
Vested (in shares)	(119,664)
Forfeited (in shares)	(554,214)
Non-vested ending balance (in shares)	29,248
Weighted-Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share) | $ / shares	$ 19.39
Granted and issued (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	22.08
Forfeited (in dollars per share) | $ / shares	18.72
Non-vested ending balance (in dollars per share) | $ / shares	$ 21.05
2015 Director Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested beginning balance (in shares)	23,707
Granted and issued (in shares)	0
Vested (in shares)	(13,666)
Forfeited (in shares)	0
Non-vested ending balance (in shares)	10,041
2016 Employee Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested beginning balance (in shares)	605,343
Granted and issued (in shares)	0
Vested (in shares)	(59,256)
Forfeited (in shares)	(530,880)
Non-vested ending balance (in shares)	15,207
2022 Employee Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested beginning balance (in shares)	74,076
Granted and issued (in shares)	0
Vested (in shares)	(46,742)
Forfeited (in shares)	(23,334)
Non-vested ending balance (in shares)	4,000

Stock-Based Compensation - Ro_2

Stock-Based Compensation - Rollforward of RSU and PSU Activity (Details) - $ / shares	6 Months Ended
	Sep. 30, 2024	Mar. 31, 2024
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	963,535	85,080
Granted (in shares)	995,258
Vested and issued (in shares)	(66,739)
Forfeited (in shares)	(50,064)
Ending balance (in shares)	963,535
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance (in dollars per share)	$ 12.75
Granted (in dollars per share)	4.01
Vested and issued (in dollars per share)	8.38
Forfeited (in dollars per share)	6.50
Ending Balance (in dollars per share)	$ 4.35
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	0	12,000
Granted (in shares)	0
Vested and issued (in shares)	(2,000)
Forfeited (in shares)	(10,000)
Performance adjustment (in shares)	0
Ending balance (in shares)	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance (in dollars per share)	$ 10.48
Granted (in dollars per share)	0
Vested and issued (in dollars per share)	13.95
Forfeited (in dollars per share)	9.79
Performance adjustment (in dollars per share)	0
Ending Balance (in dollars per share)	$ 0

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Cash and cash equivalents	$ 52,045	$ 55,296

Intangible and Other Assets, _3

Intangible and Other Assets, Net - Schedule of Intangible Assets and Other Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Oct. 03, 2023
Gross Value
Intangibles	$ 13,160	$ 13,160
Accumulated Amortization	(2,936)	(1,957)
Net Carrying Value
Intangibles	10,224	11,203
Other Assets
Initial minority interest investment in Vetster			$ 5,300
Intangibles and Other Assets
Intangible, Gross Value	18,460	18,460
Accumulated Amortization	(2,936)	(1,957)
Intangible, Net Carrying Value	15,524	16,503
Partnership Agreement with Vetster
Other Assets
Initial minority interest investment in Vetster	5,300	5,300
Initial minority interest investment in Vetster	$ 5,300	$ 5,300
Customer Relationships -PetCareRx
Finite-Lived Intangible Assets [Line Items]
Useful Life	7 years	7 years
Gross Value
Finite-lived intangibles	$ 6,700	$ 6,700
Accumulated Amortization	(1,436)	(957)
Net Carrying Value
Finite-lived intangibles	$ 5,264	$ 5,743
Weighted Average Remaining Useful Life (Years)	5 years 6 months	6 years
Developed Technology - PetCareRx
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years	3 years
Gross Value
Finite-lived intangibles	$ 3,000	$ 3,000
Accumulated Amortization	(1,500)	(1,000)
Net Carrying Value
Finite-lived intangibles	$ 1,500	$ 2,000
Weighted Average Remaining Useful Life (Years)	1 year 6 months	2 years
Toll-free telephone number
Gross Value
Indefinite-lived intangibles	$ 375	$ 375
Net Carrying Value
Indefinite-lived intangibles	375	375
Internet domain names
Gross Value
Indefinite-lived intangibles	485	485
Net Carrying Value
Indefinite-lived intangibles	485	485
Trade Names - PetCareRx
Gross Value
Indefinite-lived intangibles	2,600	2,600
Net Carrying Value
Indefinite-lived intangibles	$ 2,600	$ 2,600

Intangible and Other Assets, _4

Intangible and Other Assets, Net- Narrative (Details) - USD ($) $ in Millions			3 Months Ended		6 Months Ended
	Oct. 03, 2023	Apr. 19, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense			$ 0.5	$ 0.5	$ 1	$ 1
Term of agreement		3 years
Payments to acquire equity method investments	$ 0.3	$ 5
Initial minority interest investment in Vetster	$ 5.3
Vetster Inc
Acquired Finite-Lived Intangible Assets [Line Items]
Equity method investment, ownership percentage	4.80%	5%

Changes in Shareholders_ Equi_3

Changes in Shareholders’ Equity - Schedule of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		$ 96,731			$ 96,731
Net income	$ 2,326		$ 715		6,080	$ (421)
Ending balance	96,434				96,434
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	21	21	21	$ 21	21	21
Ending balance	21	21	21	21	21	21
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	16,942	25,146	20,037	18,277	25,146	18,277
Stock based compensation (reversal) expenses	573	(8,204)	1,728	1,760
Ending balance	17,515	16,942	21,765	20,037	17,515	21,765
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	76,559	71,555	84,177	91,659	71,555	91,659
Dividends forfeited	4	1,250
Dividends declared			(6,308)	(6,346)
Net income	2,326	3,754	715	(1,136)
Ending balance	$ 78,889	$ 76,559	$ 78,584	$ 84,177	$ 78,889	$ 78,584

Changes in Shareholders_ Equi_4

Changes in Shareholders’ Equity - Narrative (Details) - shares	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Shares repurchased and retired (in shares)	0	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 03, 2023
Income Tax Contingency [Line Items]
(Benefit) provision for income taxes	$ (1,401)	$ 565	$ (443)	$ 273
Share based compensation			$ 7,631	$ (3,489)
Effective income tax rate, percent	(151.50%)	44.10%	(7.90%)	(184.50%)
Effective income tax rate reconciliation, nondeductible expense, share-based payment arrangement, amount	$ 1,800		$ 1,800
PetCareRx
Income Tax Contingency [Line Items]
Net operating loss carryforward					$ 96,000
Disallowed interest expense					1,900
Total operating loss carryforward and disallowed interest expense					$ 14,500
PetCareRx
Income Tax Contingency [Line Items]
Percentage of equity interests acquired					100%
Chief Executive Officer | PSUs
Income Tax Contingency [Line Items]
Share based compensation	$ 8,700		$ 8,700

Related Party Transaction (Deta

Related Party Transaction (Details) - USD ($)	Sep. 29, 2024	Sep. 30, 2024	Mar. 31, 2024
Related Party Transaction [Line Items]
Related party transaction, service period	1 year
Related party transaction, number of notice period in advance	90 days
Related party, first year transaction amount	$ 115,000
Related party, after year one annual transaction amount	$ 100,000
Related party amount owed		$ 16,951,000	$ 37,024,000
Related Party
Related Party Transaction [Line Items]
Related party amount owed		$ 0