GSI Technology (GSIT) 10-Q 5 Feb 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2020	Jan. 31, 2021
Document And Entity Information
Document Type	10-Q
Document Period End Date	Dec. 31, 2020
Entity Registrant Name	GSI TECHNOLOGY INC
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	GSIT
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		23,797,963
Entity Central Index Key	0001126741
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
ASSETS
Cash and cash equivalents	$ 43,064	$ 51,506
Short-term investments	9,196	15,061
Accounts receivable, net	4,012	6,330
Inventories	4,523	4,282
Prepaid expenses and other current assets	1,979	1,934
Total current assets	62,774	79,113
Property and equipment, net	7,444	8,119
Operating lease right-of-use assets	817	617
Long-term investments	10,126	4,117
Goodwill	7,978	7,978
Intangible assets, net	2,314	2,489
Other assets	139	128
Total assets	91,592	102,561
LIABILITIES AND STOCKHOLDERS EQUITY
Accounts payable	2,422	1,184
Lease liabilities, current	457	498
Accrued expenses and other liabilities	5,525	6,578
Total current liabilities	8,404	8,260
Income taxes payable	334	620
Lease liabilities, non-current	403	142
Contingent consideration, non-current	3,972	3,898
Total liabilities	13,113	12,920
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock: $0.001 par value authorized: 5,000,000 shares; issued and outstanding: none
Common Stock: $0.001 par value authorized: 150,000,000 shares; issued and outstanding: 23,795,963 and 23,229,286 shares, respectively	24	23
Additional paid-in capital	45,602	40,176
Accumulated other comprehensive income	5	71
Retained earnings	32,848	49,371
Total stockholders' equity	78,479	89,641
Total liabilities and stockholders' equity	$ 91,592	$ 102,561

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Mar. 31, 2020
Stockholders' Equity
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	23,795,963	23,229,286
Common stock, shares outstanding	23,795,963	23,229,286

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net revenues	$ 6,763	$ 10,049	$ 20,043	$ 34,808
Cost of revenues	3,566	4,000	10,684	13,948
Gross profit	3,197	6,049	9,359	20,860
Operating expenses:
Research and development	5,736	8,208	17,220	19,636
Selling, general and administrative	2,612	2,584	8,138	8,119
Total operating expenses	8,348	10,792	25,358	27,755
Loss from operations	(5,151)	(4,743)	(15,999)	(6,895)
Interest income, net	50	190	244	610
Other income (expense), net	(25)	17	(129)	(46)
Loss before income taxes	(5,126)	(4,536)	(15,884)	(6,331)
Provision for income taxes	90	84	639	182
Net loss	$ (5,216)	$ (4,620)	$ (16,523)	$ (6,513)
Net loss per share:
Basic	$ (0.22)	$ (0.20)	$ (0.70)	$ (0.28)
Diluted	$ (0.22)	$ (0.20)	$ (0.70)	$ (0.28)
Weighted average shares used in per share calculations:
Basic	23,716	23,096	23,592	22,894
Diluted	23,716	23,096	23,592	22,894

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Statement of Income and Comprehensive Income [Abstract]
Net loss	$ (5,216)	$ (4,620)	$ (16,523)	$ (6,513)
Net unrealized gain (loss) on available-for-sale investments	(38)	(11)	(66)	54
Total comprehensive loss	$ (5,254)	$ (4,631)	$ (16,589)	$ (6,459)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total
Beginning Balance - Shares at Mar. 31, 2019	22,320,156
Beginning Balance - Amount at Mar. 31, 2019	$ 22	$ 33,462	$ (37)	$ 59,708	$ 93,155
Issuance of common stock under employee stock option plans, shares	812,842
Issuance of common stock under employee stock option plans, amount	$ 1	3,628			3,629
Stock-based compensation expense		1,922			1,922
Comprehensive loss:
Net loss				(6,513)	(6,513)
Net unrealized gain (loss) on available-for-sale investments			54		54
Ending Balance, Shares at Dec. 31, 2019	23,132,998
Ending Balance, Amount at Dec. 31, 2019	$ 23	39,012	17	53,195	92,247
Beginning Balance - Shares at Sep. 30, 2019	23,052,473
Beginning Balance - Amount at Sep. 30, 2019	$ 23	37,903	28	57,815	95,769
Issuance of common stock under employee stock option plans, shares	80,525
Issuance of common stock under employee stock option plans, amount		480			480
Stock-based compensation expense		629			629
Comprehensive loss:
Net loss				(4,620)	(4,620)
Net unrealized gain (loss) on available-for-sale investments			(11)		(11)
Ending Balance, Shares at Dec. 31, 2019	23,132,998
Ending Balance, Amount at Dec. 31, 2019	$ 23	39,012	17	53,195	92,247
Beginning Balance - Shares at Mar. 31, 2020	23,229,286
Beginning Balance - Amount at Mar. 31, 2020	$ 23	40,176	71	49,371	89,641
Issuance of common stock under employee stock option plans, shares	566,677
Issuance of common stock under employee stock option plans, amount	$ 1	3,325			3,326
Stock-based compensation expense		2,101			2,101
Comprehensive loss:
Net loss				(16,523)	(16,523)
Net unrealized gain (loss) on available-for-sale investments			(66)		(66)
Ending Balance, Shares at Dec. 31, 2020	23,795,963
Ending Balance, Amount at Dec. 31, 2020	$ 24	45,602	5	32,848	78,479
Beginning Balance - Shares at Sep. 30, 2020	23,641,426
Beginning Balance - Amount at Sep. 30, 2020	$ 24	44,092	43	38,064	82,223
Issuance of common stock under employee stock option plans, shares	154,537
Issuance of common stock under employee stock option plans, amount		817			817
Stock-based compensation expense		693			693
Comprehensive loss:
Net loss				(5,216)	(5,216)
Net unrealized gain (loss) on available-for-sale investments			(38)		(38)
Ending Balance, Shares at Dec. 31, 2020	23,795,963
Ending Balance, Amount at Dec. 31, 2020	$ 24	$ 45,602	$ 5	$ 32,848	$ 78,479

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (16,523)	$ (6,513)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for doubtful accounts and other	(25)	(32)
Provision for excess and obsolete inventories	327	260
Non-cash lease expense	458	462
Depreciation and amortization	962	1,079
Stock-based compensation	2,101	1,922
Amortization of premium (discount) on investments	49	(14)
Changes in assets and liabilities:
Accounts receivable	2,343	1,973
Inventory	(568)	904
Prepaid expenses and other assets	(56)	(1,064)
Accounts payable	1,238	(728)
Accrued expenses and other liabilities	(1,693)	531
Net cash used in operating activities	(11,387)	(1,220)
Cash flows from investing activities:
Purchase of investments	(17,509)	(15,866)
Maturities of short-term investments	17,250	18,626
Decrease in MikaMonu escrow deposit		1,000
Purchases of property and equipment	(122)	(265)
Net cash provided by (used in) investing activities	(381)	3,495
Cash flows from financing activities:
Payment of MikaMonu escrow deposit		(428)
Proceeds from issuance of common stock under employee stock plans	3,326	3,629
Net cash provided by financing activities	3,326	3,201
Net increase (decrease) in cash and cash equivalents	(8,442)	5,476
Cash and cash equivalents at beginning of the period	51,506	42,495
Cash and cash equivalents at end of the period	43,064	47,971
Non-cash financing activities:
Purchases of property and equipment through accounts payable and accruals	9	24
Operating lease right-of-use assets exchanged for lease obligations	658	1,228
Supplemental cash flow information:
Net cash paid for income taxes	$ 857	$ 310

1. THE COMPANY AND SUMMARY OF S

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2020
The Company And Summary Of Significant Accounting Policies
NOTE 1-THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1—THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed consolidated financial statements of GSI Technology, Inc. and its subsidiaries (“GSI” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These interim financial statements contain all adjustments (which consist of only normal, recurring adjustments) that are, in the opinion of management, necessary to state fairly the interim financial information included therein. The Company believes that the disclosures are adequate to make the information not misleading. However, these financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020. The consolidated results of operations for the nine months ended December 31, 2020 are not necessarily indicative of the results to be expected for the entire fiscal year. Significant accounting policies Except for the changes in disclosure requirements for recurring and nonrecurring fair value measurements and changes in goodwill impairment testing, which were updated as a result of adopting new accounting standards, there have been no material changes to our significant accounting policies that were disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020. Risk and uncertainties On March 11, 2020, the World Health Organization announced that COVID-19, a respiratory illness caused by a novel coronavirus, is a pandemic. COVID-19 has spread to many of the countries in which the Company, its customers, suppliers and other business partners conduct business. Governments in affected regions have implemented, and may continue to implement, safety precautions which include quarantines, travel restrictions, business closures, cancellations of public gatherings and other measures as they deem necessary. Many organizations and individuals, including the Company and its employees, are taking additional steps to avoid or reduce infection, including limiting travel and working from home. These measures are disrupting normal business operations both in and outside of affected areas and have had significant negative impacts on businesses and financial markets worldwide. The Company continues to monitor its operations and government recommendations and has made modifications to its normal operations because of the COVID-19 global pandemic. The Company has instituted many preventative measures and is regularly evaluating those measures and others as it continues to better understand its current and future operating environment. Except for the Company’s employees located in Taiwan, the majority of its employees are working from home around the world. The Company has maintained a substantial portion of its manufacturing operational capacity at its primary manufacturing support facility located in Hsin Chu, Taiwan where the Company’s suppliers are located and where all of the Company’s products are manufactured. Since the outbreak of COVID-19, aside from the lengthening of lead times for wafers and assembly services, the Company has experienced minimal impact on its manufacturing operations in Taiwan. Final testing of the Company’s products is conducted in house. Shipping and receiving operations are being maintained by a skeleton crew with minimal impact. The Company’s revenues have been and are expected to continue to be impacted by changes in customer buying patterns and communication limitations related to shelter in place restrictions that require a significant number of its customer contacts to work from home. The Company’s results for the three month and nine month periods ended December 31, 2020 demonstrate the challenges that the Company is facing during the COVID-19 global pandemic, which has restricted the activities of the Company’s sales force and distributors, reduced customer demand and caused the postponement of investment in certain customer sectors. These challenges are also impacting the Company as it enters new markets and engages with target customers. Industry conferences and on-site training workshops, which are typically used for building a sales pipeline, are unavailable due to COVID-19 related restrictions. The Company has adapted its sales strategies for the COVID-19 environment, where it cannot do face-to-face meetings and conduct secure meetings with government and defense customers, but the Company is still not operating at an optimal level. The disruption to the marketplace resulting from the COVID-19 global pandemic that the Company continues to experience is unlike anything the Company has ever had to deal with. While the Company continues to monitor the business metrics that it has historically used to predict its financial performance, the Company is uncertain as to whether these metrics will operate consistently with its historical experience. The Company believes that during the next 12 months the COVID-19 pandemic could impact general economic activity and demand in its end markets. Although the Company cannot estimate the length or gravity of the impact of the COVID-19 outbreak at this time, if the pandemic continues, it is expected to have an adverse effect on the Company’s results of operations, financial position, and liquidity during fiscal year 2021 and into fiscal year 2022. This includes results from new information that may emerge concerning COVID-19 and any actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international customers and markets. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods. Accounting pronouncements recently adopted In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” The standard amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and adding certain disclosures. The Company adopted ASU No. 2018-13 in the quarter ended June 30, 2020. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, " Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The standard eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The Company adopted ASU No. 2017-04 in the quarter ended June 30, 2020. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. Accounting pronouncements not yet effective for fiscal 2021 In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” as part of its initiative to reduce complexity in the accounting standards. The standard eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies and simplifies other aspects of the accounting for income taxes. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have upon its financial position and results of operations, if any . In June 2016, the FASB issued ASU No. 2016-13 , “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans, and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted beginning April 1, 2019. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

2. REVENUE RECOGNITION

2. REVENUE RECOGNITION	9 Months Ended
	Dec. 31, 2020
REVENUE RECOGNITION.
Note 2 - REVENUE RECOGNITION	NOTE 2—REVENUE RECOGNITION The Company determines revenue recognition through the following steps: (1) identification of the contract with a customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, we satisfy a performance obligation. The majority of the Company’s customer contracts, which may be in the form of purchase orders, contracts or purchase agreements, contain performance obligations for delivery of agreed upon products. Delivery of all performance obligations contained within a contract with a customer typically occurs at the same time (or within the same accounting period). Transfer of control typically occurs at the time of shipment or at the time the product is pulled from consignment as that is the point at which delivery has occurred, title and the risks and rewards of ownership have passed to the customer, and the Company has a right to payment. Thus, the Company will generally recognize revenue upon shipment of the product. Because all of the Company’s performance obligations relate to contracts with a duration of less than one year, the Company has elected to apply the optional exemption practical expedient provided in ASC 606 and, therefore, is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The Company adjusts the transaction price for variable consideration. Variable consideration is not typically significant and primarily results from stock rotation rights and quick pay discounts provided to certain distributors. As a practical expedient, the Company is recognizing the incremental costs of obtaining a contract, specifically commission expenses that have a period of benefit of less than twelve months, as an expense when incurred. Additionally, the Company has adopted an accounting policy to recognize shipping costs that occur after control transfers to the customer as a fulfillment activity. The Company’s contracts with customers do not typically include extended payment terms. Payment terms vary by contract type and type of customer and generally range from 30 to 60 days from shipment. Additionally, the Company has right to payment upon shipment. The Company records revenue net of sales tax, value added tax, excise tax and other taxes collected concurrent with product sales. The impact of such taxes on products sales is immaterial. The Company has also elected to recognize the cost for freight and shipping when control over the products sold passes to customers and revenue is recognized. The Company warrants its products to be free of defects generally for a period of three years. The Company estimates its warranty costs based on historical warranty claim experience and includes such costs in cost of revenues. Warranty costs and the accrued warranty liability were not material as of December 31, 2020. The majority of the Company’s revenue is derived from sales of SRAM products which represent approximately 98% of total revenues in the nine months ended December 31, 2020. Nokia, the Company’s largest customer, purchases products directly from the Company and through contract manufacturers and distributors. Based on information provided to the Company by its contract manufacturers and distributors, purchases by Nokia represented approximately 40% of the Company’s net revenues in the nine months ended December 31, 2020 and 2019. See “Note 12 — Segment and Geographic Information” for revenue by shipment destination. The following table presents the Company’s revenue disaggregated by customer type. Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 (In thousands) Contract manufacturers $ 3,154 $ 3,022 $ 9,007 $ 11,745 Distribution 3,586 6,603 10,692 21,346 OEMs 23 424 344 1,717 $ 6,763 $ 10,049 $ 20,043 $ 34,808

3. NET LOSS PER COMMON SHARE

3. NET LOSS PER COMMON SHARE	9 Months Ended
	Dec. 31, 2020
NET LOSS PER COMMON SHARE
NOTE 3 - NET LOSS PER COMMON SHARE	NOTE 3—NET LOSS PER COMMON SHARE The Company uses the treasury stock method to calculate the weighted average shares used in computing diluted net loss per share. The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 (In thousands, except per share amounts) Net loss $ (5,216) $ (4,620) $ (16,523) $ (6,513) Denominators: Weighted average shares—Basic 23,716 23,096 23,592 22,894 Dilutive effect of employee stock options — — — — Dilutive effect of employee stock purchase plan options — — — — Weighted average shares—Dilutive 23,716 23,096 23,592 22,894 Net loss per common share—Basic $ (0.22) $ (0.20) $ (0.70) $ (0.28) Net loss per common share—Diluted $ (0.22) $ (0.20) $ (0.70) $ (0.28) The following shares of common stock underlying outstanding stock options, determined on a weighted average basis, were excluded from the computation of diluted net loss per share as they had an anti-dilutive effect: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 (In thousands) Shares underlying options and ESPP shares 5,181 4,048 4,856 3,762

4. BALANCE SHEET DETAIL

4. BALANCE SHEET DETAIL	9 Months Ended
	Dec. 31, 2020
BALANCE SHEET DETAIL
NOTE 4 - BALANCE SHEET DETAIL	NOTE 4—BALANCE SHEET DETAIL December 31, 2020 March 31, 2020 (In thousands) Inventories: Work-in-progress $ 1,924 $ 1,650 Finished goods 2,572 2,612 Inventory at distributors 27 20 $ 4,523 $ 4,282 December 31, 2020 March 31, 2020 (In thousands) Accounts receivable, net: Accounts receivable $ 4,072 $ 6,415 Less: Allowances for doubtful accounts and other (60) (85) $ 4,012 $ 6,330 December 31, 2020 March 31, 2020 (In thousands) Prepaid expenses and other current assets: Prepaid tooling and masks $ 783 $ 707 Prepaid income taxes 45 79 Other receivables 234 211 Other prepaid expenses and other current assets 917 937 $ 1,979 $ 1,934 December 31, 2020 March 31, 2020 (In thousands) Property and equipment, net: Computer and other equipment $ 18,289 $ 18,191 Software 4,097 4,086 Land 3,900 3,900 Building and building improvements 3,735 3,735 Furniture and fixtures 102 102 Leasehold improvements 877 874 31,000 30,888 Less: Accumulated depreciation (23,556) (22,769) $ 7,444 $ 8,119 Depreciation expense was $197,000 and $293,000 for the three months ended December 31, 2020 and 2019, respectively, and $787,000 and $904,000 for the nine months ended December 31, 2020 and 2019, respectively. December 31, 2020 March 31, 2020 (In thousands) Other assets: Deposits $ 139 $ 128 $ 139 $ 128 The following tables summarize the components of intangible assets and related accumulated amortization balances at December 31, 2020 and March 31, 2020 (in thousands): As of December 31, 2020 Gross Accumulated Net Carrying Intangible assets: Product designs $ 590 $ (590) $ — Patents 4,220 (1,906) 2,314 Software 80 (80) — Total $ 4,890 $ (2,576) $ 2,314 As of March 31, 2020 Gross Accumulated Net Carrying Intangible assets: Product designs $ 590 $ (590) $ — Patents 4,220 (1,731) 2,489 Software 80 (80) — Total $ 4,890 $ (2,401) $ 2,489 Amortization of intangible assets included in cost of revenues was $58,000 and $58,000 for the three months ended December 31, 2020 and 2019, respectively, and $175,000 and $175,000 for the nine months ended December 31, 2020 and 2019, respectively. As of December 31, 2020, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands): Fiscal year ending March 31, 2021 (Remaining three months) $ 58 2022 233 2023 233 2024 233 2025 233 Thereafter 1,324 Total $ 2,314 December 31, 2020 March 31, 2020 (In thousands) Accrued expenses and other liabilities: Accrued compensation $ 3,959 $ 3,673 Purchased intellectual property — 1,621 Accrued commissions 223 270 Income taxes payable 211 143 Miscellaneous accrued expenses 1,132 871 $ 5,525 $ 6,578

5. GOODWILL

5. GOODWILL	9 Months Ended
	Dec. 31, 2020
GOODWILL
NOTE 5 - GOODWILL	NOTE 5—GOODWILL Goodwill represents the difference between the purchase price and the estimated fair value of the identifiable assets acquired and liabilities assumed in a business combination. The Company tests for goodwill impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset is more likely than not impaired. The Company has one reporting unit. The Company assesses goodwill for impairment on an annual basis on the last day of February in the fourth quarter of its fiscal year. The Company had a goodwill balance of $8.0 million as of both March 31, 2020 and December 31, 2020. The goodwill resulted from the acquisition of MikaMonu Group Ltd. in fiscal 2016. The Company utilized a two-step quantitative analysis to complete its annual impairment test during the fourth quarter of fiscal 2020 and concluded that there was no impairment, as the fair value of its sole reporting unit exceeded its carrying value. The Company determined that the second step of the impairment test was not necessary. No triggering event took place subsequent to the fiscal 2020 annual assessment that necessitated a quantitative impairment analysis for the Company’s one reporting unit.

6. INCOME TAXES

6. INCOME TAXES	9 Months Ended
	Dec. 31, 2020
INCOME TAXES
NOTE 6 - INCOME TAXES	NOTE 6—INCOME TAXES The current portion of the Company’s unrecognized tax benefits was $0 at both December 31, 2020 and March 31, 2020. The long-term portion at December 31, 2020 and March 31, 2020 was $326,000 and $613,000, respectively, of which the timing of the resolution is uncertain. As of December 31, 2020, $3.0 million of unrecognized tax benefits had been recorded as a reduction to net deferred tax assets. As of December 31, 2020, the Company’s net deferred tax assets of $12.4 million were subject to a valuation allowance of $12.4 million. As of March 31, 2020, the Company’s net deferred tax assets of $9.4 million were subject to a valuation allowance of $9.4 million. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted. The CARES Act is an approximate $2 trillion emergency economic stimulus package passed in response to the COVID-19 global pandemic. The CARES Act contains numerous income tax provisions including changes to the net operating loss rules that the Company believes will not have a significant impact. Management believes that within the next twelve months the Company will not have a significant reduction in uncertain tax benefits, including interest and penalties, related to positions taken with respect to credits and loss carryforwards on previously filed tax returns. The Company’s policy is to include interest and penalties related to unrecognized tax benefits within the provision for income taxes in the Condensed Consolidated Statements of Operations. The Company is subject to taxation in the United States and various state and foreign jurisdictions. Fiscal years 2013 through 2020 remain open to examination by federal tax authorities, and fiscal years 2012 through 2020 remain open to examination by California tax authorities. During the quarter ended June 30, 2020, the Company settled an income tax audit in Israel for fiscal years 2016 through 2019 that resulted in a discrete tax provision of $479,000 and a tax liability of $713,000 as of June 30, 2020 that was paid in the quarter ended September 30, 2020. The Company’s estimated annual effective income tax rate, including discrete items, was approximately (3.4%) and (2.2%) as of December 31, 2020 and 2019, respectively. The annual effective tax rates as of December 31, 2020 and 2019 vary from the United States statutory income tax rate primarily due to valuation allowances in the United States, whereby pre-tax losses do not result in the recognition of corresponding income tax benefits and expenses and the foreign tax differential.

7. FINANCIAL INSTRUMENTS

7. FINANCIAL INSTRUMENTS	9 Months Ended
	Dec. 31, 2020
FINANCIAL INSTRUMENTS
NOTE 7 - FINANCIAL INSTRUMENTS	NOTE 7—FINANCIAL INSTRUMENTS Fair value measurements Authoritative accounting guidance for fair value measurements provides a framework for measuring fair value and related disclosures. The guidance applies to all financial assets and financial liabilities that are measured on a recurring basis. The guidance requires fair value measurement to be classified and disclosed in one of the following three categories: Level 1: Valuations based on quoted prices in active markets for identical assets and liabilities. The fair value of available-for-sale securities included in the Level 1 category is based on quoted prices that are readily and regularly available in an active market. As of December 31, 2020, the Level 1 category included money market funds of $23.2 million, which were included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. Level 2: Valuations based on observable inputs (other than Level 1 prices), such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. The fair value of available-for-sale securities included in the Level 2 category is based on the market values obtained from an independent pricing service that were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes from well-established independent pricing vendors and broker-dealers. As of December 31, 2020, the Level 2 category included short-term investments of $9.2 million and long-term investments of $10.1 million, which were comprised of certificates of deposit, government and agency securities. Level 3: Valuations based on inputs that are unobservable and involve management judgment and the reporting entity’s own assumptions about market participants and pricing. As of December 31, 2020, the Company’s Level 3 financial instruments measured at fair value on the Condensed Consolidated Balance Sheets consisted of the contingent consideration liability related to the acquisition of MikaMonu. The fair value of the contingent consideration liability was initially determined as of the acquisition date using unobservable inputs. These inputs included the estimated amount and timing of future cash flows, the probability of success (achievement of the various contingent events) and a risk-adjusted discount rate of approximately 14.8% used to adjust the probability-weighted cash flows to their present value. Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Generally, changes used in the assumptions for future cash flows and probability of success would be accompanied by a directionally similar change in the fair value measurement and expense. Conversely, changes in the risk-adjusted discount rate would be accompanied by a directionally opposite change in the related fair value measurement and expense. Subsequent to the acquisition date, at each reporting period, the contingent consideration liability is re-measured to fair value with changes recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. During the most recent re-measurement of the contingent consideration liability as of March 31, 2020, the Company used a risk-adjusted discount rate of approximately 14.5% to adjust the probability-weighted cash flows to their present value using probabilities ranging from 0% to 10% for the remaining contingent events. The contingent consideration liability is included in contingent consideration, non-current on the Consolidated Balance Sheet at December 31, 2020 and March 31, 2020 in the amount of $4.0 million and $3.9 million, respectively. The fair value of financial assets measured on a recurring basis is as follows (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs December 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 23,160 $ 23,160 $ — $ — Marketable securities 19,322 — 19,322 — Total $ 42,482 $ 23,160 $ 19,322 $ — Liabilities: Contingent consideration $ 3,972 $ — $ — $ 3,972 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs March 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 14,117 $ 14,117 $ — $ — Marketable securities 19,178 — 19,178 — Total $ 33,295 $ 14,117 $ 19,178 $ — Liabilities: Contingent consideration $ 3,898 $ — $ — $ 3,898 The following table sets forth the changes in fair value of contingent consideration for the nine months ended December 31, 2020 and December 31, 2019: Nine Months Ended December 31, 2020 2019 (In thousands) Contingent consideration, beginning of period $ 3,898 $ 4,206 Change due to accretion 74 87 Payment of contingent consideration — (500) Contingent consideration, end of period $ 3,972 $ 3,793 Short-term and long-term investments All of the Company’s short-term and long-term investments are classified as available-for-sale. Available-for-sale debt securities with maturities greater than twelve months are classified as long-term investments when they are not intended for use in current operations. Investments in available-for-sale securities are reported at fair value with unrecognized gains (losses), net of tax, as a component of accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets. The Company had money market funds of $23.2 million and $14.1 million at December 31, 2020 and March 31, 2020, respectively, included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. The Company monitors its investments for impairment periodically and records appropriate reductions in carrying values when declines are determined to be other-than-temporary. The following table summarizes the Company’s available-for-sale investments: December 31, 2020 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Short-term investments: Certificates of deposit $ 2,495 $ 14 $ — $ 2,509 Supranational obligations 2,765 5 — 2,770 Agency bonds 3,918 — (1) 3,917 Total short-term investments $ 9,178 $ 19 $ (1) $ 9,196 Long-term investments: Certificates of deposit $ 4,000 $ 31 $ — $ 4,031 Supranational obligations 2,047 — (1) 2,046 Agency bonds 4,018 31 — 4,049 Total long-term investments $ 10,065 $ 62 $ (1) $ 10,126 March 31, 2020 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Short-term investments: Certificates of deposit $ 12,000 $ 52 $ (1) $ 12,051 Agency bonds 2,989 21 — 3,010 Total short-term investments $ 14,989 $ 73 $ (1) $ 15,061 Long-term investments: Certificates of deposit $ 745 $ 18 $ — $ 763 Agency bonds 2,029 42 — 2,071 Supranational obligations 1,270 13 — 1,283 Total long-term investments $ 4,044 $ 73 $ — $ 4,117 The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2020 and March 31, 2020, respectively. December 31, 2020 Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss (In thousands) Agency bonds $ 4,918 $ (1) $ — $ — $ 4,918 $ (1) Certificates of deposit 250 (1) — — 250 (1) Supranational obligations 2,523 (1) — — 2,523 (1) $ 7,691 $ (3) $ — $ — $ 7,691 $ (3) March 31, 2020 Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss (In thousands) Certificates of deposit $ 2,498 $ (2) $ - $ - $ 2,498 $ (2) $ 2,498 $ (2) $ - $ - $ 2,498 $ (2) The Company’s investment portfolio consists of both corporate and governmental securities that have a maximum maturity of three years. All unrealized gains and losses are due to changes in interest rates and bond yields. Subject to normal credit risks, the Company has the ability to realize the full value of all these investments upon maturity. The deferred tax liability related to unrecognized gains and losses on short-term and long-term investments was $(22,000) and $(30,000) at December 31, 2020 and March 31, 2020, respectively. As of December 31, 2020, contractual maturities of the Company’s available-for-sale investments were as follows: Fair Cost Value (In thousands) Maturing within one year $ 9,178 $ 9,196 Maturing in one to three years 10,065 10,126 $ 19,243 $ 19,322 The Company classifies its short-term investments as “available-for-sale” as they are intended to be available for use in current operations.

8. LEASES

8. LEASES	9 Months Ended
	Dec. 31, 2020
LEASES
NOTE 8 - LEASES	NOTE 8—LEASES The Company has operating leases for corporate offices, research and development facilities, certain equipment and software. The Company’s leases have remaining lease terms of 2 months to 32 months, some of which include options to extend for up to 5 years. Supplemental balance sheet information related to leases was as follows: As of As of December 31, 2020 March 31, 2020 (In thousands) Operating Leases Operating lease right-of-use assets $ $ Lease liabilities-current $ $ Lease liabilities-non-current Total operating lease liabilities $ $ The following table provides the details of lease costs: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 (In thousands) (In thousands) Operating lease cost $ $ $ $ Short-term lease cost $ $ $ $ The following table provides other information related to leases: Nine Months Ended December 31, 2020 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 175 $ 488 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 658 $ 1,228 Weighted-average remaining lease term (years): Operating leases Weighted-average discount rate: Operating leases The following table provides the maturities of the Company’s operating lease liabilities as of December 31, 2020: Operating Lease Liabilities Fiscal Year (In thousands) 2021 (Remaining three months) $ 154 2022 395 2023 251 2024 102 Total undiscounted future cash flows 902 Less: Imputed interest Present value of undiscounted future cash flows $ 860 Presentation on statement of financial position Current $ 457 Non-current $ 403

9. COMMITMENTS AND CONTINGENCIE

9. COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
NOTE 9 - COMMITMENTS AND CONTINGENCIES	NOTE 9—COMMITMENTS AND CONTINGENCIES Indemnification obligations The Company is a party to a variety of agreements pursuant to which it may be obligated to indemnify the other party with respect to certain matters. Typically, these obligations arise in the context of contracts entered into by the Company, under which the Company agrees to hold the other party harmless against losses arising from a breach of representations and covenants related to such matters as title to assets sold and certain intellectual property rights. In each of these circumstances, payment by the Company is conditioned on the other party making a claim pursuant to the procedures specified in the particular contract, which procedures typically allow the Company to challenge the other party’s claims. Further, the Company’s obligations under these agreements may be limited in terms of time and/or amount, and in some instances, the Company may have recourse against third parties for certain payments made by it under these agreements. It is not possible to predict the maximum potential amount of future payments that may be required under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements have not had a material effect on its business, financial condition, cash flows or results of operations. Product warranties The Company warrants its products to be free of defects generally for a period of three years. The Company estimates its warranty costs based on historical warranty claim experience and includes such costs in cost of revenues. Warranty costs and the accrued warranty liability were not material as of December 31, 2020 and March 31, 2020 and for the three months ended December 31, 2020 or 2019.

10. STOCK-BASED COMPENSATION

10. STOCK-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2020
STOCK-BASED COMPENSATION
NOTE 10 - STOCK-BASED COMPENSATION	NOTE 10—STOCK-BASED COMPENSATION As of December 31, 2020, 1,576,722 shares of common stock were available for grant under the Company’s 2016 Equity Incentive Plan. The following table summarizes the Company’s stock option activities for the nine months ended December 31, 2020: Weighted Number of Shares Average Weighted Shares Underlying Remaining Average Available for Options Contractual Exercise Intrinsic Grant Outstanding Life (Years) Price Value Balance at March 31, 2020 2,522,314 8,135,791 $ 6.17 Granted (989,842) 989,842 $ 6.14 Exercised — (443,190) $ 5.94 $ 583,645 Forfeited 44,250 (161,833) $ 7.01 Balance at December 31, 2020 1,576,722 8,520,610 5.57 $ 6.17 Options vested and exercisable 5,497,662 4.02 $ 5.70 $ 9,735,923 Options vested and expected to vest 8,440,795 5.54 $ 6.16 $ 11,522,386 The weighted average fair value per underlying share of options granted during the three months ended December 31, 2020 and 2019 was $2.51 and $2.66, respectively, and $2.39 and $2.84 for the nine months ended December 31, 2020 and 2019, respectively. Options outstanding by exercise price at December 31, 2020 were as follows: Number of Options Outstanding Options Exercisable Shares Weighted Weighted Average Weighted Underlying Average Remaining Number Average Options Exercise Contractual Vested and Exercise Exercise Price Outstanding Price Life (Years) Exercisable Price $ 3.40 - 4.81 888,007 $ 4.06 3.32 888,007 $ 4.06 $ 4.90 - 4.99 1,255,826 $ 4.97 4.48 1,255,826 $ 4.97 $ 5.13 - 5.59 910,509 $ 5.32 3.68 910,509 $ 5.32 $ 5.69 - 5.83 854,567 $ 5.81 7.36 270,874 $ 5.76 $ 5.91 - 6.45 933,860 $ 6.17 6.18 568,329 $ 6.20 $ 6.54 - 6.70 1,100,140 $ 6.65 5.15 555,193 $ 6.60 $ 6.86 - 7.26 1,042,797 $ 7.08 5.55 563,773 $ 6.95 $ 7.40 - 8.09 812,431 $ 7.79 8.27 330,598 $ 7.79 $ 8.30 613,893 $ 8.30 8.58 45,973 $ 8.30 $ 9.20 108,580 $ 9.20 0.08 108,580 $ 9.20 8,520,610 $ 6.17 5.57 5,497,662 $ 5.70 The following table summarizes stock-based compensation expense by line item in the Condensed Consolidated Statements of Operations, all relating to employee stock plans: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 (In Thousands) Cost of revenues $ 88 $ 77 $ 260 $ 184 Research and development 343 347 1,109 1,143 Selling, general and administrative 262 205 732 595 Total $ 693 $ 629 $ 2,101 $ 1,922 As stock-based compensation expense recognized in the Condensed Consolidated Statement of Operations is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures in accordance with authoritative guidance. The Company estimates forfeitures at the time of grant and revises the original estimates, if necessary, in subsequent periods if actual forfeitures differ from those estimates. No tax benefit related to stock-based compensation was recognized in the nine months ended December 31, 2020 due to a full valuation allowance. There were no windfall tax benefits realized from exercised stock options in either of these periods. Compensation cost capitalized within inventory at December 31, 2020 was immaterial. As of December 31, 2020, the Company’s total unrecognized compensation cost was $5.2 million, which will be recognized over a weighted average period of 2.09 years. The Company calculated the fair value of stock-based awards in the periods presented using the Black-Scholes option pricing model and the following weighted average assumptions: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Stock Option Plans: Risk-free interest rate % % - % - % Expected life (in years) Volatility % % - % - % Dividend yield — % — % — % — % Employee Stock Purchase Plan: Risk-free interest rate % % 0.12 - % - % Expected life (in years) Volatility % % - % - % Dividend yield — % — % — % — %

11. RELATED PARTY TRANSACTION

11. RELATED PARTY TRANSACTION	9 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTION
NOTE 11 - RELATED PARTY TRANSACTION	NOTE 11—RELATED PARTY TRANSACTION The Company incurred non-recurring engineering service expense of approximately $326,000 during the nine months ended December 31, 2020 from Wistron Neweb Corp (“WNC”) in connection with the manufacturing of single-APU PCIe boards, to be used in the Company’s in-place associative computing product. Haydn Hsieh, a member of the Company’s board of directors, is the Chairman and Chief Strategy Officer of WNC. The amount owed to WNC, of $243,000 at December 31, 2020, is included in accounts payable in the Condensed Consolidated Balance Sheets.

12. SEGMENT AND GEOGRAPHIC INFO

12. SEGMENT AND GEOGRAPHIC INFORMATION	9 Months Ended
	Dec. 31, 2020
SEGMENT AND GEOGRAPHIC INFORMATION
NOTE 12 - SEGMENT AND GEOGRAPHIC INFORMATION	NOTE 12—SEGMENT AND GEOGRAPHIC INFORMATION Based on its operating management and financial reporting structure, the Company has determined that it has one reportable business segment: the design, development and sale of integrated circuits. The following is a summary of net revenues by geographic area based on the location to which product is shipped: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 (In thousands) United States $ 3,550 $ 4,408 $ 9,363 $ 12,794 China 760 1,221 1,762 4,590 Singapore 772 766 2,608 5,538 Netherlands 951 417 4,083 5,169 Germany 615 2,958 1,653 5,870 Rest of the world 115 279 574 847 $ 6,763 $ 10,049 $ 20,043 $ 34,808 All sales are denominated in United States dollars.

1. THE COMPANY AND SUMMARY OF_2

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2020
The Company And Summary Of Significant Accounting Policies
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements of GSI Technology, Inc. and its subsidiaries (“GSI” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These interim financial statements contain all adjustments (which consist of only normal, recurring adjustments) that are, in the opinion of management, necessary to state fairly the interim financial information included therein. The Company believes that the disclosures are adequate to make the information not misleading. However, these financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020. The consolidated results of operations for the nine months ended December 31, 2020 are not necessarily indicative of the results to be expected for the entire fiscal year.
Significant accounting policies	Significant accounting policies Except for the changes in disclosure requirements for recurring and nonrecurring fair value measurements and changes in goodwill impairment testing, which were updated as a result of adopting new accounting standards, there have been no material changes to our significant accounting policies that were disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020.
Risk and uncertainties	Risk and uncertainties On March 11, 2020, the World Health Organization announced that COVID-19, a respiratory illness caused by a novel coronavirus, is a pandemic. COVID-19 has spread to many of the countries in which the Company, its customers, suppliers and other business partners conduct business. Governments in affected regions have implemented, and may continue to implement, safety precautions which include quarantines, travel restrictions, business closures, cancellations of public gatherings and other measures as they deem necessary. Many organizations and individuals, including the Company and its employees, are taking additional steps to avoid or reduce infection, including limiting travel and working from home. These measures are disrupting normal business operations both in and outside of affected areas and have had significant negative impacts on businesses and financial markets worldwide. The Company continues to monitor its operations and government recommendations and has made modifications to its normal operations because of the COVID-19 global pandemic. The Company has instituted many preventative measures and is regularly evaluating those measures and others as it continues to better understand its current and future operating environment. Except for the Company’s employees located in Taiwan, the majority of its employees are working from home around the world. The Company has maintained a substantial portion of its manufacturing operational capacity at its primary manufacturing support facility located in Hsin Chu, Taiwan where the Company’s suppliers are located and where all of the Company’s products are manufactured. Since the outbreak of COVID-19, aside from the lengthening of lead times for wafers and assembly services, the Company has experienced minimal impact on its manufacturing operations in Taiwan. Final testing of the Company’s products is conducted in house. Shipping and receiving operations are being maintained by a skeleton crew with minimal impact. The Company’s revenues have been and are expected to continue to be impacted by changes in customer buying patterns and communication limitations related to shelter in place restrictions that require a significant number of its customer contacts to work from home. The Company’s results for the three month and nine month periods ended December 31, 2020 demonstrate the challenges that the Company is facing during the COVID-19 global pandemic, which has restricted the activities of the Company’s sales force and distributors, reduced customer demand and caused the postponement of investment in certain customer sectors. These challenges are also impacting the Company as it enters new markets and engages with target customers. Industry conferences and on-site training workshops, which are typically used for building a sales pipeline, are unavailable due to COVID-19 related restrictions. The Company has adapted its sales strategies for the COVID-19 environment, where it cannot do face-to-face meetings and conduct secure meetings with government and defense customers, but the Company is still not operating at an optimal level. The disruption to the marketplace resulting from the COVID-19 global pandemic that the Company continues to experience is unlike anything the Company has ever had to deal with. While the Company continues to monitor the business metrics that it has historically used to predict its financial performance, the Company is uncertain as to whether these metrics will operate consistently with its historical experience. The Company believes that during the next 12 months the COVID-19 pandemic could impact general economic activity and demand in its end markets. Although the Company cannot estimate the length or gravity of the impact of the COVID-19 outbreak at this time, if the pandemic continues, it is expected to have an adverse effect on the Company’s results of operations, financial position, and liquidity during fiscal year 2021 and into fiscal year 2022. This includes results from new information that may emerge concerning COVID-19 and any actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international customers and markets. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods.
Accounting pronouncements recently adopted or not yet effective	Accounting pronouncements recently adopted In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” The standard amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and adding certain disclosures. The Company adopted ASU No. 2018-13 in the quarter ended June 30, 2020. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, " Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The standard eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The Company adopted ASU No. 2017-04 in the quarter ended June 30, 2020. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. Accounting pronouncements not yet effective for fiscal 2021 In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” as part of its initiative to reduce complexity in the accounting standards. The standard eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies and simplifies other aspects of the accounting for income taxes. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have upon its financial position and results of operations, if any . In June 2016, the FASB issued ASU No. 2016-13 , “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans, and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted beginning April 1, 2019. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

2. REVENUE RECOGNITION (Tables)

2. REVENUE RECOGNITION (Tables)	9 Months Ended
	Dec. 31, 2020
REVENUE RECOGNITION.
Summary of revenue disaggregated by customer type	Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 (In thousands) Contract manufacturers $ 3,154 $ 3,022 $ 9,007 $ 11,745 Distribution 3,586 6,603 10,692 21,346 OEMs 23 424 344 1,717 $ 6,763 $ 10,049 $ 20,043 $ 34,808

3. NET LOSS PER COMMON SHARE (T

3. NET LOSS PER COMMON SHARE (Tables)	9 Months Ended
	Dec. 31, 2020
NET LOSS PER COMMON SHARE
Basic and diluted net loss per share	Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 (In thousands, except per share amounts) Net loss $ (5,216) $ (4,620) $ (16,523) $ (6,513) Denominators: Weighted average shares—Basic 23,716 23,096 23,592 22,894 Dilutive effect of employee stock options — — — — Dilutive effect of employee stock purchase plan options — — — — Weighted average shares—Dilutive 23,716 23,096 23,592 22,894 Net loss per common share—Basic $ (0.22) $ (0.20) $ (0.70) $ (0.28) Net loss per common share—Diluted $ (0.22) $ (0.20) $ (0.70) $ (0.28)
Anti-dilutive shares	Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 (In thousands) Shares underlying options and ESPP shares 5,181 4,048 4,856 3,762

4. BALANCE SHEET DETAIL (Tables

4. BALANCE SHEET DETAIL (Tables)	9 Months Ended
	Dec. 31, 2020
BALANCE SHEET DETAIL
Schedule of inventories	December 31, 2020 March 31, 2020 (In thousands) Inventories: Work-in-progress $ 1,924 $ 1,650 Finished goods 2,572 2,612 Inventory at distributors 27 20 $ 4,523 $ 4,282
Schedule of accounts receivable, net	December 31, 2020 March 31, 2020 (In thousands) Accounts receivable, net: Accounts receivable $ 4,072 $ 6,415 Less: Allowances for doubtful accounts and other (60) (85) $ 4,012 $ 6,330
Schedule of prepaid expenses and other current assets	December 31, 2020 March 31, 2020 (In thousands) Prepaid expenses and other current assets: Prepaid tooling and masks $ 783 $ 707 Prepaid income taxes 45 79 Other receivables 234 211 Other prepaid expenses and other current assets 917 937 $ 1,979 $ 1,934
Schedule of property and equipment, net	December 31, 2020 March 31, 2020 (In thousands) Property and equipment, net: Computer and other equipment $ 18,289 $ 18,191 Software 4,097 4,086 Land 3,900 3,900 Building and building improvements 3,735 3,735 Furniture and fixtures 102 102 Leasehold improvements 877 874 31,000 30,888 Less: Accumulated depreciation (23,556) (22,769) $ 7,444 $ 8,119
Schedule of other assets	December 31, 2020 March 31, 2020 (In thousands) Other assets: Deposits $ 139 $ 128 $ 139 $ 128
Schedule of intangible assets	The following tables summarize the components of intangible assets and related accumulated amortization balances at December 31, 2020 and March 31, 2020 (in thousands): As of December 31, 2020 Gross Accumulated Net Carrying Intangible assets: Product designs $ 590 $ (590) $ — Patents 4,220 (1,906) 2,314 Software 80 (80) — Total $ 4,890 $ (2,576) $ 2,314 As of March 31, 2020 Gross Accumulated Net Carrying Intangible assets: Product designs $ 590 $ (590) $ — Patents 4,220 (1,731) 2,489 Software 80 (80) — Total $ 4,890 $ (2,401) $ 2,489
Estimated future amortization expense of intangible assets	As of December 31, 2020, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands): Fiscal year ending March 31, 2021 (Remaining three months) $ 58 2022 233 2023 233 2024 233 2025 233 Thereafter 1,324 Total $ 2,314
Schedule of accrued expenses and other liabilities	December 31, 2020 March 31, 2020 (In thousands) Accrued expenses and other liabilities: Accrued compensation $ 3,959 $ 3,673 Purchased intellectual property — 1,621 Accrued commissions 223 270 Income taxes payable 211 143 Miscellaneous accrued expenses 1,132 871 $ 5,525 $ 6,578

7. FINANCIAL INSTRUMENTS (Table

7. FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Dec. 31, 2020
FINANCIAL INSTRUMENTS
Schedule of fair value of financial assets measured on a recurring basis	The fair value of financial assets measured on a recurring basis is as follows (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs December 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 23,160 $ 23,160 $ — $ — Marketable securities 19,322 — 19,322 — Total $ 42,482 $ 23,160 $ 19,322 $ — Liabilities: Contingent consideration $ 3,972 $ — $ — $ 3,972 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs March 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 14,117 $ 14,117 $ — $ — Marketable securities 19,178 — 19,178 — Total $ 33,295 $ 14,117 $ 19,178 $ — Liabilities: Contingent consideration $ 3,898 $ — $ — $ 3,898
Schedule of changes in fair value of contingent consideration	Nine Months Ended December 31, 2020 2019 (In thousands) Contingent consideration, beginning of period $ 3,898 $ 4,206 Change due to accretion 74 87 Payment of contingent consideration — (500) Contingent consideration, end of period $ 3,972 $ 3,793
Schedule of available-for-sale investments	December 31, 2020 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Short-term investments: Certificates of deposit $ 2,495 $ 14 $ — $ 2,509 Supranational obligations 2,765 5 — 2,770 Agency bonds 3,918 — (1) 3,917 Total short-term investments $ 9,178 $ 19 $ (1) $ 9,196 Long-term investments: Certificates of deposit $ 4,000 $ 31 $ — $ 4,031 Supranational obligations 2,047 — (1) 2,046 Agency bonds 4,018 31 — 4,049 Total long-term investments $ 10,065 $ 62 $ (1) $ 10,126 March 31, 2020 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Short-term investments: Certificates of deposit $ 12,000 $ 52 $ (1) $ 12,051 Agency bonds 2,989 21 — 3,010 Total short-term investments $ 14,989 $ 73 $ (1) $ 15,061 Long-term investments: Certificates of deposit $ 745 $ 18 $ — $ 763 Agency bonds 2,029 42 — 2,071 Supranational obligations 1,270 13 — 1,283 Total long-term investments $ 4,044 $ 73 $ — $ 4,117
Schedule of unrealized losses and fair value of investments	December 31, 2020 Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss (In thousands) Agency bonds $ 4,918 $ (1) $ — $ — $ 4,918 $ (1) Certificates of deposit 250 (1) — — 250 (1) Supranational obligations 2,523 (1) — — 2,523 (1) $ 7,691 $ (3) $ — $ — $ 7,691 $ (3) March 31, 2020 Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss (In thousands) Certificates of deposit $ 2,498 $ (2) $ - $ - $ 2,498 $ (2) $ 2,498 $ (2) $ - $ - $ 2,498 $ (2)
Schedule of contractual maturities of the available-for-sale investments	Fair Cost Value (In thousands) Maturing within one year $ 9,178 $ 9,196 Maturing in one to three years 10,065 10,126 $ 19,243 $ 19,322

8. LEASES (Tables)

8. LEASES (Tables)	9 Months Ended
	Dec. 31, 2020
LEASES
Summary of balance sheet information related to leases	As of As of December 31, 2020 March 31, 2020 (In thousands) Operating Leases Operating lease right-of-use assets $ $ Lease liabilities-current $ $ Lease liabilities-non-current Total operating lease liabilities $ $
Summary of components of lease costs	Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 (In thousands) (In thousands) Operating lease cost $ $ $ $ Short-term lease cost $ $ $ $
Summary of other information related to leases	Nine Months Ended December 31, 2020 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 175 $ 488 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 658 $ 1,228 Weighted-average remaining lease term (years): Operating leases Weighted-average discount rate: Operating leases
Summary of maturities of the lease liabilities	Operating Lease Liabilities Fiscal Year (In thousands) 2021 (Remaining three months) $ 154 2022 395 2023 251 2024 102 Total undiscounted future cash flows 902 Less: Imputed interest Present value of undiscounted future cash flows $ 860 Presentation on statement of financial position Current $ 457 Non-current $ 403

10. STOCK-BASED COMPENSATION (T

10. STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2020
STOCK-BASED COMPENSATION
Summary of stock option activities	Weighted Number of Shares Average Weighted Shares Underlying Remaining Average Available for Options Contractual Exercise Intrinsic Grant Outstanding Life (Years) Price Value Balance at March 31, 2020 2,522,314 8,135,791 $ 6.17 Granted (989,842) 989,842 $ 6.14 Exercised — (443,190) $ 5.94 $ 583,645 Forfeited 44,250 (161,833) $ 7.01 Balance at December 31, 2020 1,576,722 8,520,610 5.57 $ 6.17 Options vested and exercisable 5,497,662 4.02 $ 5.70 $ 9,735,923 Options vested and expected to vest 8,440,795 5.54 $ 6.16 $ 11,522,386
Schedule of options outstanding by exercise price	Number of Options Outstanding Options Exercisable Shares Weighted Weighted Average Weighted Underlying Average Remaining Number Average Options Exercise Contractual Vested and Exercise Exercise Price Outstanding Price Life (Years) Exercisable Price $ 3.40 - 4.81 888,007 $ 4.06 3.32 888,007 $ 4.06 $ 4.90 - 4.99 1,255,826 $ 4.97 4.48 1,255,826 $ 4.97 $ 5.13 - 5.59 910,509 $ 5.32 3.68 910,509 $ 5.32 $ 5.69 - 5.83 854,567 $ 5.81 7.36 270,874 $ 5.76 $ 5.91 - 6.45 933,860 $ 6.17 6.18 568,329 $ 6.20 $ 6.54 - 6.70 1,100,140 $ 6.65 5.15 555,193 $ 6.60 $ 6.86 - 7.26 1,042,797 $ 7.08 5.55 563,773 $ 6.95 $ 7.40 - 8.09 812,431 $ 7.79 8.27 330,598 $ 7.79 $ 8.30 613,893 $ 8.30 8.58 45,973 $ 8.30 $ 9.20 108,580 $ 9.20 0.08 108,580 $ 9.20 8,520,610 $ 6.17 5.57 5,497,662 $ 5.70
Summary of stock-based compensation expense by line item	Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 (In Thousands) Cost of revenues $ 88 $ 77 $ 260 $ 184 Research and development 343 347 1,109 1,143 Selling, general and administrative 262 205 732 595 Total $ 693 $ 629 $ 2,101 $ 1,922
Schedule of weighted average assumptions	Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Stock Option Plans: Risk-free interest rate % % - % - % Expected life (in years) Volatility % % - % - % Dividend yield — % — % — % — % Employee Stock Purchase Plan: Risk-free interest rate % % 0.12 - % - % Expected life (in years) Volatility % % - % - % Dividend yield — % — % — % — %

12. SEGMENT AND GEOGRAPHIC IN_2

12. SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	9 Months Ended
	Dec. 31, 2020
SEGMENT AND GEOGRAPHIC INFORMATION
Net revenues by geographic area	Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 (In thousands) United States $ 3,550 $ 4,408 $ 9,363 $ 12,794 China 760 1,221 1,762 4,590 Singapore 772 766 2,608 5,538 Netherlands 951 417 4,083 5,169 Germany 615 2,958 1,653 5,870 Rest of the world 115 279 574 847 $ 6,763 $ 10,049 $ 20,043 $ 34,808

1. THE COMPANY AND SUMMARY OF_3

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent accounting pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
The Company And Summary Of Significant Accounting Policies
Operating lease right-of-use assets	$ 817	$ 617
Lease liabilities, operating lease	$ 860	$ 640

2. REVENUE RECOGNITION (Details

2. REVENUE RECOGNITION (Details)	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Practical Expedient, Initial Application and Transition, Nondisclosure of Transaction Price Allocation to Remaining Performance Obligation [true false]	true
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract [true/false]	true
Warranty period	3 years
SRAM products | Customer Concentration Risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage	98.00%
Sales revenue goods | Customer Concentration Risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage	40.00%	40.00%
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	30 days
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	60 days

2. REVENUE RECOGNITION - Revenu

2. REVENUE RECOGNITION - Revenue disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net revenues	$ 6,763	$ 10,049	$ 20,043	$ 34,808
Contract Manufacturers
Disaggregation of Revenue [Line Items]
Net revenues	3,154	3,022	9,007	11,745
Distribution
Disaggregation of Revenue [Line Items]
Net revenues	3,586	6,603	10,692	21,346
OEMs
Disaggregation of Revenue [Line Items]
Net revenues	$ 23	$ 424	$ 344	$ 1,717

3. NET LOSS PER COMMON SHARE (D

3. NET LOSS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
NET LOSS PER COMMON SHARE
Net loss	$ (5,216)	$ (4,620)	$ (16,523)	$ (6,513)
Weighted average shares - Basic	23,716	23,096	23,592	22,894
Weighted average shares - Dilutive	23,716	23,096	23,592	22,894
Net loss per common share - Basic	$ (0.22)	$ (0.20)	$ (0.70)	$ (0.28)
Net loss per common share - Diluted	$ (0.22)	$ (0.20)	$ (0.70)	$ (0.28)

3. NET LOSS PER COMMON SHARE -

3. NET LOSS PER COMMON SHARE - Shares underlying options (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
NET LOSS PER COMMON SHARE
Shares underlying options and ESPP shares	5,181	4,048	4,856	3,762

4. BALANCE SHEET DETAIL - Inven

4. BALANCE SHEET DETAIL - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Inventories:
Work-in-progress	$ 1,924	$ 1,650
Finished goods	2,572	2,612
Inventory at distributors	27	20
Total inventory	$ 4,523	$ 4,282

4. BALANCE SHEET DETAIL - Accou

4. BALANCE SHEET DETAIL - Accounts receivable, net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Accounts receivable, net:
Accounts receivable	$ 4,072	$ 6,415
Less: Allowances for doubtful accounts and other	(60)	(85)
Total accounts receivable, net	$ 4,012	$ 6,330

4. BALANCE SHEET DETAIL - Prepa

4. BALANCE SHEET DETAIL - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Prepaid expenses and other current assets:
Prepaid tooling and masks	$ 783	$ 707
Prepaid income taxes	45	79
Other receivables	234	211
Other prepaid expenses and other current assets	917	937
Total prepaid expenses and other current assets	$ 1,979	$ 1,934

4. BALANCE SHEET DETAIL - Prope

4. BALANCE SHEET DETAIL - Property and equipment, net (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Property and equipment, net:
Property and equipment, gross	$ 31,000,000		$ 31,000,000		$ 30,888,000
Less: Accumulated depreciation	(23,556,000)		(23,556,000)		(22,769,000)
Total property and equipment, net	7,444,000		7,444,000		8,119,000
Depreciation	197,000	$ 293,000	787,000	$ 904,000
Computer and other equipment
Property and equipment, net:
Property and equipment, gross	18,289,000		18,289,000		18,191,000
Software
Property and equipment, net:
Property and equipment, gross	4,097,000		4,097,000		4,086,000
Land
Property and equipment, net:
Property and equipment, gross	3,900,000		3,900,000		3,900,000
Building and building improvements
Property and equipment, net:
Property and equipment, gross	3,735,000		3,735,000		3,735,000
Furniture and fixtures
Property and equipment, net:
Property and equipment, gross	102,000		102,000		102,000
Leasehold improvements
Property and equipment, net:
Property and equipment, gross	$ 877,000		$ 877,000		$ 874,000

4. BALANCE SHEET DETAIL - Other

4. BALANCE SHEET DETAIL - Other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Other assets:
Deposits	$ 139	$ 128
Total other assets	$ 139	$ 128

4. BALANCE SHEET DETAIL - Intan

4. BALANCE SHEET DETAIL - Intangible assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Gross Carrying Amount	$ 4,890,000		$ 4,890,000		$ 4,890,000
Accumulated Amortization	(2,576,000)		(2,576,000)		(2,401,000)
Total	2,314,000		2,314,000		2,489,000
Amortization of intangible assets	58,000	$ 58,000	175,000	$ 175,000
Product designs
Gross Carrying Amount	590,000		590,000		590,000
Accumulated Amortization	(590,000)		(590,000)		(590,000)
Patents
Gross Carrying Amount	4,220,000		4,220,000		4,220,000
Accumulated Amortization	(1,906,000)		(1,906,000)		(1,731,000)
Total	2,314,000		2,314,000		2,489,000
Software.
Gross Carrying Amount	80,000		80,000		80,000
Accumulated Amortization	$ (80,000)		$ (80,000)		$ (80,000)

4. BALANCE SHEET DETAIL - Futur

4. BALANCE SHEET DETAIL - Future amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Fiscal year ending March 31,
2021 (Remaining three months)	$ 58
2022	233
2023	233
2024	233
2025	233
Thereafter	1,324
Total	$ 2,314	$ 2,489

4. BALANCE SHEET DETAIL - Accru

4. BALANCE SHEET DETAIL - Accrued expenses and other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Accrued expenses and other liabilities:
Accrued compensation	$ 3,959	$ 3,673
Purchased intellectual property		1,621
Accrued commissions	223	270
Income taxes payable	211	143
Miscellaneous accrued expenses	1,132	871
Total accrued expenses and other liabilities	$ 5,525	$ 6,578

5. GOODWILL (Details)

5. GOODWILL (Details)	3 Months Ended	9 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)segment
GOODWILL
Number of reporting units | segment		1
Goodwill	$ 7,978,000	$ 7,978,000
Goodwill impairment	$ 0

6. INCOME TAXES - Unrecognized

6. INCOME TAXES - Unrecognized tax benefits (Details) - USD ($)	3 Months Ended			9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020	Mar. 31, 2020
Unrecognized tax benefits, current	$ 0			$ 0			$ 0
Unrecognized tax benefits, noncurrent	326,000			326,000			613,000
Deferred tax assets unrecognized tax benefit	3,000,000			3,000,000
Valuation allowance	(12,400,000)			(12,400,000)			(9,400,000)
Net deferred tax asset	12,400,000			12,400,000			$ 9,400,000
Provision for income taxes	$ 90,000		$ 84,000	$ 639,000	$ 182,000
Effective annual income tax rate (as a percentage)				(3.40%)	(2.20%)
Israel Tax Authority [Member]
Provision for income taxes				$ 479,000
Income tax payment		$ 713,000
Israel Tax Authority [Member] | Accrued expenses and other liabilities
Income taxes, accrued						$ 713,000

7. FINANCIAL INSTRUMENTS (Detai

7. FINANCIAL INSTRUMENTS (Details) $ in Thousands	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)item	Nov. 23, 2015item
Fair value measurements
Short-term investments	$ 9,196	$ 15,061
Long-term investments	10,126	$ 4,117
Measurement input
Fair value measurements
Discount rate | item		0.145	0.148
Minimum
Fair value measurements
Probability rate		0
Maximum
Fair value measurements
Probability rate		0.10
Level 2 | Marketable securities
Fair value measurements
Short-term investments	9,200
Long-term investments	10,100
Other accrued expenses
Fair value measurements
Contingent consideration liability	4,000	$ 3,900
Recurring
Fair value measurements
Assets	42,482	33,295
Liabilities	3,972	3,898
Recurring | Money market funds
Fair value measurements
Money market funds	23,160	14,117
Recurring | Marketable securities
Fair value measurements
Marketable securities	19,322	19,178
Recurring | Level 1
Fair value measurements
Assets	23,160	14,117
Recurring | Level 1 | Money market funds
Fair value measurements
Money market funds	23,160	14,117
Recurring | Level 2
Fair value measurements
Assets	19,322	19,178
Recurring | Level 2 | Marketable securities
Fair value measurements
Marketable securities	19,322	19,178
Recurring | Level 3
Fair value measurements
Liabilities	$ 3,972	$ 3,898

7. FINANCIAL INSTRUMENTS - Chan

7. FINANCIAL INSTRUMENTS - Change in contingent consideration (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in fair value of contingent consideration
Contingent consideration, beginning of period	$ 3,898	$ 4,206
Change due to accretion	74	87
Payment of contingent consideration		(500)
Contingent consideration, end of period	$ 3,972	$ 3,793

7. FINANCIAL INSTRUMENTS - Avai

7. FINANCIAL INSTRUMENTS - Available-for-sale investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Available-for-sale investments
Cost	$ 19,243
Total	19,322
Short-term investments
Available-for-sale investments
Cost	9,178	$ 14,989
Gross Unrealized Gains	19	73
Gross Unrealized Losses	(1)	(1)
Total	9,196	15,061
Short-term investments | Certificates of deposit
Available-for-sale investments
Cost	2,495	12,000
Gross Unrealized Gains	14	52
Gross Unrealized Losses		(1)
Total	2,509	12,051
Short-term investments | Supranational obligations
Available-for-sale investments
Cost	2,765
Gross Unrealized Gains	5
Total	2,770
Short-term investments | Agency bonds
Available-for-sale investments
Cost	3,918	2,989
Gross Unrealized Gains		21
Gross Unrealized Losses	(1)
Total	3,917	3,010
Long-term investment
Available-for-sale investments
Cost	10,065	4,044
Gross Unrealized Gains	62	73
Gross Unrealized Losses	(1)
Total	10,126	4,117
Long-term investment | Certificates of deposit
Available-for-sale investments
Cost	4,000	745
Gross Unrealized Gains	31	18
Total	4,031	763
Long-term investment | Supranational obligations
Available-for-sale investments
Cost	2,047	1,270
Gross Unrealized Gains		13
Gross Unrealized Losses	(1)
Total	2,046	1,283
Long-term investment | Agency bonds
Available-for-sale investments
Cost	4,018	2,029
Gross Unrealized Gains	31	42
Total	$ 4,049	$ 2,071

7. FINANCIAL INSTRUMENTS - Unre

7. FINANCIAL INSTRUMENTS - Unrealized losses and fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Fair Value
Less Than 12 Months, Fair Value	$ 7,691	$ 2,498
Total, Fair Value	7,691	2,498
Unrealized Loss
Less Than 12 Months, Unrealized Loss	3	2
Total, Unrealized Loss	3	2
Certificates of deposit
Fair Value
Less Than 12 Months, Fair Value	250	2,498
Total, Fair Value	250	2,498
Unrealized Loss
Less Than 12 Months, Unrealized Loss	1	2
Total, Unrealized Loss	1	$ 2
Agency bonds
Fair Value
Less Than 12 Months, Fair Value	4,918
Total, Fair Value	4,918
Unrealized Loss
Less Than 12 Months, Unrealized Loss	1
Total, Unrealized Loss	1
Supranational obligations
Fair Value
Less Than 12 Months, Fair Value	2,523
Total, Fair Value	2,523
Unrealized Loss
Less Than 12 Months, Unrealized Loss	1
Total, Unrealized Loss	$ 1

7. FINANCIAL INSTRUMENTS - Othe

7. FINANCIAL INSTRUMENTS - Other information (Details) - USD ($)	9 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Other information
Maximum maturity period of investment portfolio	3 years
Deferred tax liability related to unrecognized gains and losses on short-term and long-term investments	$ 22,000	$ 30,000

7. FINANCIAL INSTRUMENTS - Cont

7. FINANCIAL INSTRUMENTS - Contractual maturities (Details) $ in Thousands	Dec. 31, 2020USD ($)
FINANCIAL INSTRUMENTS
Maturing within one year, Cost	$ 9,178
Maturing in one to three years, Cost	10,065
Total	19,243
Maturing within one year, Fair Value	9,196
Maturing in one to three years, Fair Value	10,126
Total	$ 19,322

8. LEASES - Operating leases (D

8. LEASES - Operating leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Leases
Operating lease, option to extend	true
Operating lease, renewal term	5 years
Operating lease right-of-use assets	$ 817	$ 617
Lease liabilities, current	457	498
Lease liabilities, non-current	403	142
Total operating lease liabilities	$ 860	$ 640
Minimum
Leases
Operating lease, term of lease	2 months
Maximum
Leases
Operating lease, term of lease	32 months

8. LEASES - Lease costs (Detail

8. LEASES - Lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Components of lease costs
Operating lease cost	$ 172	$ 164	$ 504	$ 483
Short-term lease cost	8	7	23	21
Lease costs	$ 180	$ 171	$ 527	$ 504

8. LEASES - Other information (

8. LEASES - Other information (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 175	$ 488
Right-of-use assets obtained in exchange for lease obligations - Operating leases	$ 658	$ 1,228
Weighted-average remaining lease term (years) - Operating leases	2 years 2 months 12 days	1 year 6 months
Weighted-average discount rate - Operating leases	4.86%	6.46%

8. LEASES - Maturity of lease l

8. LEASES - Maturity of lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Maturity of Lease Liabilities
2021 (Remaining three months)	$ 154
2022	395
2023	251
2024	102
Total	902
Less: Imputed interest	(42)
Total operating lease liabilities	860	$ 640
Current	457	498
Non-current	$ 403	$ 142

9. COMMITMENTS AND CONTINGENC_2

9. COMMITMENTS AND CONTINGENCIES - Product warranties (Details)	9 Months Ended
	Dec. 31, 2020
Product warranties
Warranty period	3 years

10. STOCK-BASED COMPENSATION -

10. STOCK-BASED COMPENSATION - Stock option activities (Details)	9 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
STOCK-BASED COMPENSATION
Shares available for grant, Beginning	2,522,314
Granted (in shares)	(989,842)
Forfeited (in shares)	44,250
Shares available for grant, Ending	1,576,722
Number of Shares Underlying Options Outstanding
Balance at the beginning of the period (in shares)	8,135,791
Granted (in shares)	989,842
Exercised (in shares)	(443,190)
Forfeited (in shares)	(161,833)
Balance at the end of the period (in shares)	8,520,610
Options vested and exercisable (in shares)	5,497,662
Options vested and expected to vest (in shares)	8,440,795
Weighted Average Remaining Contractual Life
Options weighted average remaining contractual life	5 years 6 months 26 days
Options vested and exercisable	4 years 7 days
Options vested and expected to vest	5 years 6 months 15 days
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 6.17
Granted (in dollars per share) | $ / shares	6.14
Exercised (in dollars per share) | $ / shares	5.94
Forfeited (in dollars per share) | $ / shares	7.01
Balance at the end of the period (in dollars per share) | $ / shares	6.17
Options vested and exercisable (in dollars per share) | $ / shares	5.70
Options vested and expected to vest (in dollars per share) | $ / shares	$ 6.16
Intrinsic Value
Exercised (in dollars) | $	$ 583,645
Options vested and exercisable (in dollars) | $	9,735,923
Options vested and expected to vest (in dollars) | $	$ 11,522,386

10. STOCK-BASED COMPENSATION _2

10. STOCK-BASED COMPENSATION - Options outstanding by exercise price (Details) - $ / shares	9 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 6.17	$ 6.17
Number of Shares Underlying Options Outstanding (in shares)	8,520,610
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 6.17
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 6 months 26 days
Options Exercisable, Number Vested and Exercisable (in shares)	5,497,662
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.70
$3.40 - $4.81
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	3.40
Exercise Price, high end of range (in dollars per share)	$ 4.81
Number of Shares Underlying Options Outstanding (in shares)	888,007
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 4.06
Options Outstanding, Weighted Average Remaining Contractual Life	3 years 3 months 26 days
Options Exercisable, Number Vested and Exercisable (in shares)	888,007
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 4.06
$4.90 - $4.99
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	4.90
Exercise Price, high end of range (in dollars per share)	$ 4.99
Number of Shares Underlying Options Outstanding (in shares)	1,255,826
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 4.97
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 5 months 23 days
Options Exercisable, Number Vested and Exercisable (in shares)	1,255,826
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 4.97
$5.13 - $5.59
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	5.13
Exercise Price, high end of range (in dollars per share)	$ 5.59
Number of Shares Underlying Options Outstanding (in shares)	910,509
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.32
Options Outstanding, Weighted Average Remaining Contractual Life	3 years 8 months 5 days
Options Exercisable, Number Vested and Exercisable (in shares)	910,509
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.32
$5.69 - $5.83
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	5.69
Exercise Price, high end of range (in dollars per share)	$ 5.83
Number of Shares Underlying Options Outstanding (in shares)	854,567
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.81
Options Outstanding, Weighted Average Remaining Contractual Life	7 years 4 months 10 days
Options Exercisable, Number Vested and Exercisable (in shares)	270,874
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.76
$5.91 - $6.45
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	5.91
Exercise Price, high end of range (in dollars per share)	$ 6.45
Number of Shares Underlying Options Outstanding (in shares)	933,860
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 6.17
Options Outstanding, Weighted Average Remaining Contractual Life	6 years 2 months 5 days
Options Exercisable, Number Vested and Exercisable (in shares)	568,329
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 6.20
$6.54 - $6.70
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	6.54
Exercise Price, high end of range (in dollars per share)	$ 6.70
Number of Shares Underlying Options Outstanding (in shares)	1,100,140
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 6.65
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 1 month 24 days
Options Exercisable, Number Vested and Exercisable (in shares)	555,193
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 6.60
$6.86 - $7.26
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	6.86
Exercise Price, high end of range (in dollars per share)	$ 7.26
Number of Shares Underlying Options Outstanding (in shares)	1,042,797
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 7.08
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 6 months 18 days
Options Exercisable, Number Vested and Exercisable (in shares)	563,773
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 6.95
$7.40 - $8.09
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	7.40
Exercise Price, high end of range (in dollars per share)	$ 8.09
Number of Shares Underlying Options Outstanding (in shares)	812,431
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 7.79
Options Outstanding, Weighted Average Remaining Contractual Life	8 years 3 months 7 days
Options Exercisable, Number Vested and Exercisable (in shares)	330,598
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 7.79
$8.30
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 8.30
Number of Shares Underlying Options Outstanding (in shares)	613,893
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 8.30
Options Outstanding, Weighted Average Remaining Contractual Life	8 years 6 months 29 days
Options Exercisable, Number Vested and Exercisable (in shares)	45,973
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 8.30
$9.20
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 9.20
Number of Shares Underlying Options Outstanding (in shares)	108,580
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 9.20
Options Outstanding, Weighted Average Remaining Contractual Life	29 days
Options Exercisable, Number Vested and Exercisable (in shares)	108,580
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 9.20

10. STOCK-BASED COMPENSATION _3

10. STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation expense by line item
Stock-based compensation expense	$ 693	$ 629	$ 2,101	$ 1,922
Cost of revenues
Stock-based compensation expense by line item
Stock-based compensation expense	88	77	260	184
Research and development
Stock-based compensation expense by line item
Stock-based compensation expense	343	347	1,109	1,143
Selling, general and administrative
Stock-based compensation expense by line item
Stock-based compensation expense	$ 262	$ 205	$ 732	$ 595

10. STOCK-BASED COMPENSATION _4

10. STOCK-BASED COMPENSATION - Weighted average assumptions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Other information
Income tax benefit recognized from allocation of share-based compensation expense			$ 0
Windfall tax benefits realized			0
Unrecognized compensation costs	$ 5,200,000		$ 5,200,000
Weighted average period of recognition of unrecognized compensation costs			2 years 1 month 2 days
Weighted average fair value per underlying share of options granted (in dollars per share)	$ 2.51	$ 2.66	$ 2.39	$ 2.84
Employee stock options
Stock-based compensation
Risk-free interest rate (as a percent)	0.38%	1.66%
Risk-free interest rate, low end of range (as a percent)			0.22%	1.66%
Risk-free interest rate, high end of range (as a percent)			0.38%	2.30%
Expected life	5 years	5 years	5 years	5 years
Volatility (as a percent)	47.10%	36.50%
Volatility, low end of range (as a percent)			41.90%	36.50%
Volatility, high end of range (as a percent)			47.10%	37.30%
Employee stock purchase plan options
Stock-based compensation
Risk-free interest rate (as a percent)	0.12%	1.58%
Risk-free interest rate, low end of range (as a percent)			0.12%	1.58%
Risk-free interest rate, high end of range (as a percent)			0.15%	2.43%
Expected life	6 months	6 months	6 months	6 months
Volatility (as a percent)	68.60%	33.50%
Volatility, low end of range (as a percent)			67.10%	33.50%
Volatility, high end of range (as a percent)			68.60%	43.10%

11. RELATED PARTY TRANSACTION (

11. RELATED PARTY TRANSACTION (Details)	9 Months Ended
	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Amount owed to WNC	$ 243,000
Non-Recurring Engineering Services | Wistron Neweb Corp
Related Party Transaction [Line Items]
Non-recurring engineering service expense	$ 326,000

12. SEGMENT AND GEOGRAPHIC IN_3

12. SEGMENT AND GEOGRAPHIC INFORMATION - Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)
Net revenues by geographic area
Net revenues	$ 6,763	$ 10,049	$ 20,043	$ 34,808
Number of reporting units | segment			1
United States
Net revenues by geographic area
Net revenues	3,550	4,408	$ 9,363	12,794
China
Net revenues by geographic area
Net revenues	760	1,221	1,762	4,590
Singapore
Net revenues by geographic area
Net revenues	772	766	2,608	5,538
Netherlands
Net revenues by geographic area
Net revenues	951	417	4,083	5,169
Germany
Net revenues by geographic area
Net revenues	615	2,958	1,653	5,870
Rest of the world
Net revenues by geographic area
Net revenues	$ 115	$ 279	$ 574	$ 847