GSI Technology (GSIT) 10-Q5 Aug 222023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Jul. 31, 2022
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-33387
Entity Registrant Name	GSI TECHNOLOGY INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0398779
Entity Address, Address Line One	1213 Elko Drive
Entity Address, City or Town	Sunnyvale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94089
City Area Code	408
Local Phone Number	331-8800
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		24,553,753
Entity Central Index Key	0001126741
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
ASSETS
Cash and cash equivalents	$ 33,533	$ 36,971
Short-term investments	7,928	6,992
Accounts receivable, net	4,309	4,518
Inventories	4,780	4,655
Prepaid expenses and other current assets	1,809	1,555
Total current assets	52,359	54,691
Property and equipment, net	7,234	7,359
Operating lease right-of-use assets	1,129	889
Long-term investments	875	3,345
Goodwill	7,978	7,978
Intangible assets, net	1,964	2,023
Deposits	130	137
Total assets	71,669	76,422
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable ($30 and $32 to a related party)	1,403	1,474
Lease liabilities, current	580	537
Accrued expenses and other liabilities	5,586	6,850
Total current liabilities	7,569	8,861
Deferred tax liability	11	11
Lease liabilities, non-current	503	361
Contingent consideration, non-current	2,321	2,738
Total liabilities	10,404	11,971
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: 24,553,753 and 24,486,239 shares, respectively	25	24
Additional paid-in capital	53,899	53,083
Accumulated other comprehensive loss	(181)	(154)
Retained earnings	7,522	11,498
Total stockholders' equity	61,265	64,451
Total liabilities and stockholders' equity	$ 71,669	$ 76,422

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Assets Abstract
Accounts payable, related party	$ 30,000	$ 32,000
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	24,553,753	24,486,239
Common stock, shares outstanding	24,553,753	24,486,239

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net revenues	$ 8,909,000	$ 8,791,000
Cost of revenues ($57 and $13 to a related party)	3,544,000	4,009,000
Gross profit	5,365,000	4,782,000
Operating expenses:
Research and development	6,619,000	6,103,000
Selling, general and administrative	2,688,000	3,040,000
Total operating expenses	9,307,000	9,143,000
Loss from operations	(3,942,000)	(4,361,000)
Interest income, net	22,000	23,000
Other income (expense), net	4,000	(43,000)
Loss before income taxes	(3,916,000)	(4,381,000)
Provision (benefit) for income taxes	60,000	(172,000)
Net loss	$ (3,976,000)	$ (4,209,000)
Net loss per share:
Basic	$ (0.16)	$ (0.17)
Diluted	$ (0.16)	$ (0.17)
Weighted average shares used in per share calculations:
Basic	24,523	24,095
Diluted	24,523	24,095

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Cost of revenues, related party	$ 57	$ 13

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Loss [Abstract]
Net loss	$ (3,976)	$ (4,209)
Net unrealized loss on available-for-sale investments	(27)	(15)
Total comprehensive loss	$ (4,003)	$ (4,224)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Total
Beginning Balance - Shares at Mar. 31, 2021	24,020,276
Beginning Balance - Amount at Mar. 31, 2021	$ 24	$ 47,722	$ (20)	$ 27,866	$ 75,592
Issuance of common stock under employee stock option plans, shares	145,786
Issuance of common stock under employee stock option plans, amount		783			783
Stock-based compensation expense		823			823
Comprehensive loss:
Net loss				(4,209)	(4,209)
Net unrealized loss on available-for-sale investments			(15)		(15)
Ending Balance, Shares at Jun. 30, 2021	24,166,062
Ending Balance, Amount at Jun. 30, 2021	$ 24	49,328	(35)	23,657	72,974
Beginning Balance - Shares at Mar. 31, 2022	24,486,239
Beginning Balance - Amount at Mar. 31, 2022	$ 24	53,083	(154)	11,498	64,451
Issuance of common stock under employee stock option plans, shares	67,514
Issuance of common stock under employee stock option plans, amount	$ 1	178			179
Stock-based compensation expense		638			638
Comprehensive loss:
Net loss				(3,976)	(3,976)
Net unrealized loss on available-for-sale investments			(27)		(27)
Ending Balance, Shares at Jun. 30, 2022	24,553,753
Ending Balance, Amount at Jun. 30, 2022	$ 25	$ 53,899	$ (181)	$ 7,522	$ 61,265

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (3,976)	$ (4,209)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for doubtful accounts and other	(26)	(69)
Provision for excess and obsolete inventories	43	160
Non-cash lease expense	136	113
Depreciation and amortization	256	246
Stock-based compensation	638	823
Amortization of premium on investments	7	32
Changes in assets and liabilities:
Accounts receivable	235	(885)
Inventories	(168)	252
Prepaid expenses and other assets	(247)	(315)
Accounts payable	(37)	44
Accrued expenses and other liabilities	(1,872)	(813)
Net cash used in operating activities	(5,011)	(4,621)
Cash flows from investing activities:
Maturities of short-term investments	1,500	4,133
Purchases of property and equipment	(106)	(39)
Net cash provided by investing activities	1,394	4,094
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock plans	179	783
Net cash provided by financing activities	179	783
Net increase (decrease) in cash and cash equivalents	(3,438)	256
Cash and cash equivalents at beginning of the period	36,971	44,234
Cash and cash equivalents at end of the period	33,533	44,490
Non-cash investing and financing activities:
Purchases of property and equipment through accounts payable and accruals		314
Operating lease right-of-use assets exchanged for lease obligations	376
Supplemental cash flow information:
Net cash paid for income taxes	$ 30	$ 38

1. THE COMPANY AND SUMMARY OF S

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2022
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, 2022. The consolidated results of operations for the three months ended June 30, 2022 are not necessarily indicative of the results to be expected for the entire fiscal year. Significant accounting policies 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, 2022. Risk and uncertainties The COVID-19 pandemic has affected the business activities of the Company, its customers, suppliers and other business partners. Governments in affected regions have implemented, and may continue to implement, safety precautions including 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 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. From March 2020 through April 2022, except for the Company’s employees located in Taiwan, the majority of its employees worked from home around the world. In May 2021, due to a surge in COVID-19 infections in Taiwan, the Company’s Taiwan employees worked from home under alternating schedules, and returned to their offices in July 2021. The Company 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 supply chain shortages from the lengthening of lead times for wafers and assembly services and the impact of ongoing and expected price increases, including a 20% increase in the cost of wafers received in early calendar 2022, the Company has experienced minimal impact, and continues to experience minimal impact, on its manufacturing operations in Taiwan. Final testing of the Company’s products is conducted in house in both the US and Taiwan. Shipping and receiving operations were maintained by a skeleton crew with minimal impact. The Company’s revenues were impacted by changes in customer buying patterns and communication limitations related to COVID-19 restrictions that required a significant number of its customer contacts to work from home. The Company’s results for the fiscal years ended March 31, 2022 and 2021 demonstrate the challenges that the Company has faced 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 have also impacted the Company as it entered new markets and engaged with target customers to sell its new APU product. Industry conferences and on-site training workshops, which are typically used for building a sales pipeline, were limited, and continue to be limited due to COVID-19 related restrictions. The Company adapted its sales strategies for the COVID-19 environment, where it could not do face-to-face meetings and conduct secure meetings with government and defense customers. In addition to the continuing COVID-19 global pandemic, the recent military conflict in Ukraine, the rapid rise in energy prices, worldwide inflationary pressures and rising interest rates may have an adverse impact on the Company’s business and financial condition. 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, if the pandemic continues, it will have an adverse effect on the Company’s results of operations, financial position, including potential impairments, and liquidity in fiscal year 2023. This expectation includes results from new information that may emerge concerning COVID-19, the effectiveness of vaccines 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 condensed consolidated financial statements and there may be changes to those estimates in future periods that could be material. Accounting pronouncements not yet effective for fiscal 2023 In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”

2. REVENUE RECOGNITION

2. REVENUE RECOGNITION	3 Months Ended
2. REVENUE RECOGNITION	Jun. 30, 2022
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 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. For all transactions apart from consignment sales, the Company will generally recognize revenue upon shipment of the product. For consignment sales, revenue is recognized at the time that the product is pulled from consignment warehouses. 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 June 30, 2022. The majority of the Company’s revenue is derived from sales of SRAM products which represent approximately 97% and 99% of total revenues in the three months ended June 30, 2022 and 2021, respectively. 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 15% and 43% of the Company’s net revenues in the three months ended June 30, 2022 and 2021, respectively. 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 June 30, 2022 2021 (In thousands) Contract manufacturers $ 1,535 $ 3,863 Distribution 7,305 4,710 OEMs 69 218 $ 8,909 $ 8,791

3. NET LOSS PER COMMON SHARE

3. NET LOSS PER COMMON SHARE	3 Months Ended
3. NET LOSS PER COMMON SHARE	Jun. 30, 2022
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 June 30, 2022 2021 (In thousands, except per share amounts) Net loss $ (3,976) $ (4,209) Denominators: Weighted average shares—Basic 24,523 24,095 Dilutive effect of employee stock options — — Dilutive effect of employee stock purchase plan options — — Weighted average shares—Dilutive 24,523 24,095 Net loss per common share—Basic $ (0.16) $ (0.17) Net loss per common share—Diluted $ (0.16) $ (0.17) 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 June 30, 2022 2021 (In thousands) Shares underlying options and ESPP shares 8,113 5,648

4. BALANCE SHEET DETAIL

4. BALANCE SHEET DETAIL	3 Months Ended
4. BALANCE SHEET DETAIL	Jun. 30, 2022
BALANCE SHEET DETAIL
NOTE 4 - BALANCE SHEET DETAIL	NOTE 4—BALANCE SHEET DETAIL June 30, 2022 March 31, 2022 (In thousands) Inventories: Work-in-progress $ 3,134 $ 3,085 Finished goods 1,637 1,555 Inventory at distributors 9 15 $ 4,780 $ 4,655 June 30, 2022 March 31, 2022 (In thousands) Accounts receivable, net: Accounts receivable $ 4,364 $ 4,599 Less: Allowances for doubtful accounts and other (55) (81) $ 4,309 $ 4,518 June 30, 2022 March 31, 2022 (In thousands) Prepaid expenses and other current assets: Prepaid tooling and masks $ 537 $ 68 Other receivables 182 226 Other prepaid expenses and other current assets 1,090 1,261 $ 1,809 $ 1,555 June 30, 2022 March 31, 2022 (In thousands) Property and equipment, net: Computer and other equipment $ 18,484 $ 18,415 Software 4,428 4,425 Land 3,900 3,900 Building and building improvements 3,735 3,735 Furniture and fixtures 102 102 Leasehold improvements 878 878 31,527 31,455 Less: Accumulated depreciation (24,293) (24,096) $ 7,234 $ 7,359 Depreciation expense was $197,000 and $187,000 for the three months ended June 30, 2022 and 2021, respectively. The following tables summarize the components of intangible assets and related accumulated amortization balances at June 30, 2022 and March 31, 2022 (in thousands): As of June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: Product designs $ 590 $ (590) $ — Patents 4,220 (2,256) 1,964 Software 80 (80) — Total $ 4,890 $ (2,926) $ 1,964 As of March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: Product designs $ 590 $ (590) $ — Patents 4,220 (2,197) 2,023 Software 80 (80) — Total $ 4,890 $ (2,867) $ 2,023 Amortization of intangible assets included in cost of revenues was $59,000 and $59,000 for the three months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands): Fiscal year ending March 31, 2023 (remaining nine months) $ 175 2024 233 2025 233 2026 233 2027 233 Thereafter 857 Total $ 1,964 June 30, 2022 March 31, 2022 (In thousands) Accrued expenses and other liabilities: Accrued compensation $ 3,915 $ 5,524 Accrued commissions 247 232 Income taxes payable 149 127 Miscellaneous accrued expenses 1,275 967 $ 5,586 $ 6,850

5. GOODWILL

5. GOODWILL	3 Months Ended
5. GOODWILL	Jun. 30, 2022
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, 2022 and June 30, 2022. The goodwill resulted from the acquisition of MikaMonu Group Ltd. in fiscal 2016. The Company completed its annual impairment test during the fourth quarter of fiscal 2022 and concluded that there was no impairment, as the fair value of its sole reporting unit exceeded its carrying value. The Company believes that no triggering event has taken place subsequent to the fiscal 2022 annual assessment.

6. INCOME TAXES

6. INCOME TAXES	3 Months Ended
6. INCOME TAXES	Jun. 30, 2022
INCOME TAXES
NOTE 6 - INCOME TAXES	NOTE 6—INCOME TAXES The current portion and long-term portion of the Company’s unrecognized tax benefits was $0 at both June 30, 2022 and March 31, 2022. As of June 30, 2022, $3.6 million of unrecognized tax benefits had been recorded as a reduction to net deferred tax assets. Due to historical losses in the U.S., the Company has a full valuation allowance on its U.S. federal and state deferred tax assets. Management continues to evaluate the realizability of deferred tax assets and the related valuation allowance. 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 2022 remain open to examination by federal tax authorities, and fiscal years 2012 through 2022 remain open to examination by California tax authorities. Fiscal years 2020, 2021 and 2022 are subject to audit by the Israeli tax authorities. For the three months ended June 30, 2022 and June 30, 2021, the Company incurred income tax expense (benefit) of $60,000 and ($172,000) on net losses before income taxes of ($3.9 million) and ($4.4 million), respectively. The provision (benefit) was calculated using the annualized effective tax rate method. The Company’s estimated annual effective income tax rate, including discrete items, was approximately (1.49%) and 0.05% as of June 30, 2022 and 2021, respectively. The annual effective tax rates as of June 30, 2022 and 2021 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	3 Months Ended
7. FINANCIAL INSTRUMENTS	Jun. 30, 2022
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 June 30, 2022, the Level 1 category included money market funds of 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 June 30, 2022, the Level 2 category included short-term investments of $7.9 million and long-term investments of $875,000, 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 June 30, 2022, 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) to the estimated amount and timing of future cash flows or the probability of success would result in a significantly higher (lower) fair value measurement. Conversely, a significant increase or (decrease) in the risk-adjusted discount rate would result in a significantly (lower) higher 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 June 30, 2022, the Company used a risk-adjusted discount rate of approximately 15.9% to adjust the probability-weighted cash flows to their present value using probabilities ranging from 0% to 15% for the remaining contingent events. The contingent consideration liability is included in contingent consideration, non-current on the Consolidated Balance Sheet at June 30, 2022 and March 31, 2022 in the amount of $2.3 million and $2.7 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 June 30, 2022 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 13,673 $ 13,673 $ — $ — Marketable securities 8,803 — 8,803 — Total $ 22,476 $ 13,673 $ 8,803 $ — Liabilities: Contingent consideration $ 2,321 $ — $ — $ 2,321 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, 2022 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 16,142 $ 16,142 $ — $ — Marketable securities 10,337 — 10,337 — Total $ 26,479 $ 16,142 $ 10,337 $ — Liabilities: Contingent consideration $ 2,738 $ — $ — $ 2,738 The following table sets forth the changes in fair value of contingent consideration for the three months ended June 30, 2022 and 2021, respectively: Three Months Ended June 30, 2022 2021 (In thousands) Contingent consideration, beginning of period $ 2,738 $ 4,225 Change due to accretion 33 22 Re-measurement of contingent consideration (450) — Contingent consideration, end of period $ 2,321 $ 4,247 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 $13.7 million and $16.1 million at June 30, 2022 and March 31, 2022, 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: June 30, 2022 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Short-term investments: Certificates of deposit $ 5,000 $ — $ (43) $ 4,957 Supranational obligations 1,003 — (4) 999 Agency bonds 2,005 — (33) 1,972 Total short-term investments $ 8,008 $ — $ (80) $ 7,928 Long-term investments: Certificates of deposit $ 250 $ — $ (7) $ 243 Supranational obligations 652 — (20) 632 Total long-term investments $ 902 $ — $ (27) $ 875 March 31, 2022 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Short-term investments: Certificates of deposit $ 4,000 $ — $ (11) $ 3,989 Supranational obligations 1,007 — (7) 1,000 Agency bonds 2,011 — (8) 2,003 Total short-term investments $ 7,018 $ — $ (26) $ 6,992 Long-term investments: Certificates of deposit $ 1,750 $ — $ (18) $ 1,732 Supranational obligations 651 — (17) 634 Agency bonds 997 — (18) 979 Total long-term investments $ 3,398 $ — $ (53) $ 3,345 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 June 30, 2022 and March 31, 2022, respectively. June 30, 2022 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 $ 3,715 $ (35) $ 1,485 $ (15) $ 5,200 $ (50) Agency bonds 1,971 (33) — — 1,971 (33) Supranational obligations 1,632 (24) — — 1,632 (24) $ 7,318 $ (92) $ 1,485 $ (15) $ 8,803 $ (107) March 31, 2022 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 $ 4,974 $ (26) $ 246 $ (3) $ 5,220 $ (29) Agency bonds 2,982 (26) — — 2,982 (26) Supranational obligations 1,634 (24) — — 1,634 (24) $ 9,590 $ (76) $ 246 $ (3) $ 9,836 $ (79) 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 asset related to unrecognized gains and losses on short-term and long-term investments was $29,000 and $22,000 at June 30, 2022 and March 31, 2022, respectively. As of June 30, 2022, contractual maturities of the Company’s available-for-sale investments were as follows: Fair Cost Value (In thousands) Maturing within one year $ 8,008 $ 7,928 Maturing in one to three years 902 875 $ 8,910 $ 8,803 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	3 Months Ended
8. LEASES	Jun. 30, 2022
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 14 months to 58 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 June 30, 2022 March 31, 2022 (In thousands) Operating Leases Operating lease right-of-use assets $ 1,129 $ 889 Lease liabilities-current $ 580 $ 537 Lease liabilities-non-current 503 361 Total operating lease liabilities $ 1,083 $ 898 The following table provides the details of lease costs: Three Months Ended June 30, 2022 2021 (In thousands) Operating lease cost $ 151 $ 125 Short-term lease cost 8 31 $ 159 $ 156 The following table provides other information related to leases: Three Months Ended June 30, 2022 2021 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 151 $ 127 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 376 $ — Weighted-average remaining lease term (years): Operating leases 2.68 1.97 Weighted-average discount rate: Operating leases 4.34% 4.56% The following table provides the maturities of the Company’s operating lease liabilities as of June 30, 2022: Operating Lease Liabilities Fiscal Year (In thousands) 2023 (Remaining nine months) $ 443 2024 436 2025 84 2026 86 2027 89 Thereafter 8 Total undiscounted future cash flows 1,146 Less: Imputed interest (63) Present value of undiscounted future cash flows $ 1,083 Presentation on statement of financial position Current $ 580 Non-current $ 503

9. COMMITMENTS AND CONTINGENCIE

9. COMMITMENTS AND CONTINGENCIES	3 Months Ended
9. COMMITMENTS AND CONTINGENCIES	Jun. 30, 2022
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 June 30, 2022 and March 31, 2022 and for the three months ended June 30, 2022 or 2021.

10. STOCK-BASED COMPENSATION

10. STOCK-BASED COMPENSATION	3 Months Ended
10. STOCK-BASED COMPENSATION	Jun. 30, 2022
STOCK-BASED COMPENSATION
NOTE 10 - STOCK-BASED COMPENSATION	NOTE 10—STOCK-BASED COMPENSATION As of June 30, 2022, 4,629,553 shares of common stock were available for grant under the Company’s Amended and Restated 2016 Equity Incentive Plan. The following table summarizes the Company’s stock option activities for the three months ended June 30, 2022: 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, 2022 4,535,663 8,590,675 $ 6.07 Granted (107,210) 107,210 $ 3.61 Exercised — — $ — $ — Forfeited 201,100 (491,604) $ 5.58 Balance at June 30, 2022 4,629,553 8,206,281 5.40 $ 6.07 Options vested and exercisable 5,654,013 4.04 $ 5.98 $ 13,946 Options vested and expected to vest 8,125,428 5.36 $ 6.07 $ 20,316 The weighted average fair value per underlying share of options granted during the three months ended June 30, 2022 and 2021 was $1.67 and $2.41, respectively. Options outstanding by exercise price at June 30, 2022 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 $ 3.38 - 4.81 907,941 $ 4.02 4.79 622,971 $ 4.00 $ 4.98 - 4.99 1,024,621 $ 4.99 3.66 1,024,621 $ 4.99 $ 5.13 - 5.58 1,377,156 $ 5.43 6.24 658,938 $ 5.27 $ 5.59 - 5.83 1,157,552 $ 5.76 5.29 566,596 $ 5.71 $ 5.91 - 6.70 1,336,144 $ 6.42 5.46 1,178,813 $ 6.46 $ 6.86 - 7.26 937,148 $ 7.08 3.92 937,148 $ 7.08 $ 7.40 - 7.88 667,706 $ 7.62 7.32 384,743 $ 7.64 $ 8.06 157,210 $ 8.06 7.60 78,604 $ 8.06 $ 8.09 82,160 $ 8.09 5.58 82,160 $ 8.09 $ 8.30 558,643 $ 8.30 7.06 119,419 $ 8.30 8,206,281 $ 6.07 5.40 5,654,013 $ 5.98 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 June 30, 2022 2021 (In Thousands) Cost of revenues $ 60 $ 70 Research and development 351 470 Selling, general and administrative 227 283 Total $ 638 $ 823 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 three months ended June 30, 2022 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 June 30, 2022 was immaterial. As of June 30, 2022, the Company’s total unrecognized compensation cost was $4.7 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 June 30, 2022 2021 Stock Option Plans: Risk-free interest rate 2.95 % 0.80 % Expected life (in years) 5.00 5.00 Volatility 49.2 % 47.7 % Dividend yield — % — % Employee Stock Purchase Plan: Risk-free interest rate 1.54 % 0.04 % Expected life (in years) 0.50 0.50 Volatility 49.3 % 57.4 % Dividend yield — % — %

11. RELATED PARTY TRANSACTION

11. RELATED PARTY TRANSACTION	3 Months Ended
11. RELATED PARTY TRANSACTION	Jun. 30, 2022
RELATED PARTY TRANSACTION
NOTE 11 - RELATED PARTY TRANSACTION	NOTE 11—RELATED PARTY TRANSACTION The Company incurred non-recurring engineering service expense and production charges of approximately $57,000 and $13,000 during the three months ended June 30, 2022 and 2021, respectively, 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 $30,000 and $32,000 at June 30, 2022 and March 31, 2022, respectively, is included in accounts payable in the Condensed Consolidated Balance Sheets.

12. SEGMENT AND GEOGRAPHIC INFO

12. SEGMENT AND GEOGRAPHIC INFORMATION	3 Months Ended
12. SEGMENT AND GEOGRAPHIC INFORMATION	Jun. 30, 2022
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 June 30, 2022 2021 (In thousands) United States $ 3,568 $ 4,534 China 887 321 Singapore 1,949 1,585 Netherlands 673 1,368 Germany 1,436 577 Rest of the world 396 406 $ 8,909 $ 8,791 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)	3 Months Ended
	Jun. 30, 2022
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, 2022. The consolidated results of operations for the three months ended June 30, 2022 are not necessarily indicative of the results to be expected for the entire fiscal year.
Significant accounting policies	Significant accounting policies 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, 2022.
Risk and uncertainties	Risk and uncertainties The COVID-19 pandemic has affected the business activities of the Company, its customers, suppliers and other business partners. Governments in affected regions have implemented, and may continue to implement, safety precautions including 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 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. From March 2020 through April 2022, except for the Company’s employees located in Taiwan, the majority of its employees worked from home around the world. In May 2021, due to a surge in COVID-19 infections in Taiwan, the Company’s Taiwan employees worked from home under alternating schedules, and returned to their offices in July 2021. The Company 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 supply chain shortages from the lengthening of lead times for wafers and assembly services and the impact of ongoing and expected price increases, including a 20% increase in the cost of wafers received in early calendar 2022, the Company has experienced minimal impact, and continues to experience minimal impact, on its manufacturing operations in Taiwan. Final testing of the Company’s products is conducted in house in both the US and Taiwan. Shipping and receiving operations were maintained by a skeleton crew with minimal impact. The Company’s revenues were impacted by changes in customer buying patterns and communication limitations related to COVID-19 restrictions that required a significant number of its customer contacts to work from home. The Company’s results for the fiscal years ended March 31, 2022 and 2021 demonstrate the challenges that the Company has faced 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 have also impacted the Company as it entered new markets and engaged with target customers to sell its new APU product. Industry conferences and on-site training workshops, which are typically used for building a sales pipeline, were limited, and continue to be limited due to COVID-19 related restrictions. The Company adapted its sales strategies for the COVID-19 environment, where it could not do face-to-face meetings and conduct secure meetings with government and defense customers. In addition to the continuing COVID-19 global pandemic, the recent military conflict in Ukraine, the rapid rise in energy prices, worldwide inflationary pressures and rising interest rates may have an adverse impact on the Company’s business and financial condition. 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, if the pandemic continues, it will have an adverse effect on the Company’s results of operations, financial position, including potential impairments, and liquidity in fiscal year 2023. This expectation includes results from new information that may emerge concerning COVID-19, the effectiveness of vaccines 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 condensed consolidated financial statements and there may be changes to those estimates in future periods that could be material.
Accounting pronouncements recently adopted or not yet effective	Accounting pronouncements not yet effective for fiscal 2023 In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”

2. REVENUE RECOGNITION (Tables)

2. REVENUE RECOGNITION (Tables)	3 Months Ended
2. REVENUE RECOGNITION (Tables)	Jun. 30, 2022
REVENUE RECOGNITION.
Summary of revenue disaggregated by customer type	Three Months Ended June 30, 2022 2021 (In thousands) Contract manufacturers $ 1,535 $ 3,863 Distribution 7,305 4,710 OEMs 69 218 $ 8,909 $ 8,791

3. NET LOSS PER COMMON SHARE (T

3. NET LOSS PER COMMON SHARE (Tables)	3 Months Ended
3. NET LOSS PER COMMON SHARE (Tables)	Jun. 30, 2022
NET LOSS PER COMMON SHARE
Basic and diluted net loss per share	Three Months Ended June 30, 2022 2021 (In thousands, except per share amounts) Net loss $ (3,976) $ (4,209) Denominators: Weighted average shares—Basic 24,523 24,095 Dilutive effect of employee stock options — — Dilutive effect of employee stock purchase plan options — — Weighted average shares—Dilutive 24,523 24,095 Net loss per common share—Basic $ (0.16) $ (0.17) Net loss per common share—Diluted $ (0.16) $ (0.17)
Anti-dilutive shares	Three Months Ended June 30, 2022 2021 (In thousands) Shares underlying options and ESPP shares 8,113 5,648

4. BALANCE SHEET DETAIL (Tables

4. BALANCE SHEET DETAIL (Tables)	3 Months Ended
4. BALANCE SHEET DETAIL (Tables)	Jun. 30, 2022
BALANCE SHEET DETAIL
Schedule of inventories	June 30, 2022 March 31, 2022 (In thousands) Inventories: Work-in-progress $ 3,134 $ 3,085 Finished goods 1,637 1,555 Inventory at distributors 9 15 $ 4,780 $ 4,655
Schedule of accounts receivable, net	June 30, 2022 March 31, 2022 (In thousands) Accounts receivable, net: Accounts receivable $ 4,364 $ 4,599 Less: Allowances for doubtful accounts and other (55) (81) $ 4,309 $ 4,518
Schedule of prepaid expenses and other current assets	June 30, 2022 March 31, 2022 (In thousands) Prepaid expenses and other current assets: Prepaid tooling and masks $ 537 $ 68 Other receivables 182 226 Other prepaid expenses and other current assets 1,090 1,261 $ 1,809 $ 1,555
Schedule of property and equipment, net	June 30, 2022 March 31, 2022 (In thousands) Property and equipment, net: Computer and other equipment $ 18,484 $ 18,415 Software 4,428 4,425 Land 3,900 3,900 Building and building improvements 3,735 3,735 Furniture and fixtures 102 102 Leasehold improvements 878 878 31,527 31,455 Less: Accumulated depreciation (24,293) (24,096) $ 7,234 $ 7,359
Schedule of intangible assets	The following tables summarize the components of intangible assets and related accumulated amortization balances at June 30, 2022 and March 31, 2022 (in thousands): As of June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: Product designs $ 590 $ (590) $ — Patents 4,220 (2,256) 1,964 Software 80 (80) — Total $ 4,890 $ (2,926) $ 1,964 As of March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: Product designs $ 590 $ (590) $ — Patents 4,220 (2,197) 2,023 Software 80 (80) — Total $ 4,890 $ (2,867) $ 2,023
Estimated future amortization expense of intangible assets	As of June 30, 2022, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands): Fiscal year ending March 31, 2023 (remaining nine months) $ 175 2024 233 2025 233 2026 233 2027 233 Thereafter 857 Total $ 1,964
Schedule of accrued expenses and other liabilities	June 30, 2022 March 31, 2022 (In thousands) Accrued expenses and other liabilities: Accrued compensation $ 3,915 $ 5,524 Accrued commissions 247 232 Income taxes payable 149 127 Miscellaneous accrued expenses 1,275 967 $ 5,586 $ 6,850

7. FINANCIAL INSTRUMENTS (Table

7. FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
7. FINANCIAL INSTRUMENTS (Tables)	Jun. 30, 2022
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 June 30, 2022 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 13,673 $ 13,673 $ — $ — Marketable securities 8,803 — 8,803 — Total $ 22,476 $ 13,673 $ 8,803 $ — Liabilities: Contingent consideration $ 2,321 $ — $ — $ 2,321 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, 2022 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 16,142 $ 16,142 $ — $ — Marketable securities 10,337 — 10,337 — Total $ 26,479 $ 16,142 $ 10,337 $ — Liabilities: Contingent consideration $ 2,738 $ — $ — $ 2,738
Schedule of changes in fair value of contingent consideration	Three Months Ended June 30, 2022 2021 (In thousands) Contingent consideration, beginning of period $ 2,738 $ 4,225 Change due to accretion 33 22 Re-measurement of contingent consideration (450) — Contingent consideration, end of period $ 2,321 $ 4,247
Schedule of available-for-sale investments	June 30, 2022 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Short-term investments: Certificates of deposit $ 5,000 $ — $ (43) $ 4,957 Supranational obligations 1,003 — (4) 999 Agency bonds 2,005 — (33) 1,972 Total short-term investments $ 8,008 $ — $ (80) $ 7,928 Long-term investments: Certificates of deposit $ 250 $ — $ (7) $ 243 Supranational obligations 652 — (20) 632 Total long-term investments $ 902 $ — $ (27) $ 875 March 31, 2022 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Short-term investments: Certificates of deposit $ 4,000 $ — $ (11) $ 3,989 Supranational obligations 1,007 — (7) 1,000 Agency bonds 2,011 — (8) 2,003 Total short-term investments $ 7,018 $ — $ (26) $ 6,992 Long-term investments: Certificates of deposit $ 1,750 $ — $ (18) $ 1,732 Supranational obligations 651 — (17) 634 Agency bonds 997 — (18) 979 Total long-term investments $ 3,398 $ — $ (53) $ 3,345
Schedule of unrealized losses and fair value of investments	June 30, 2022 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 $ 3,715 $ (35) $ 1,485 $ (15) $ 5,200 $ (50) Agency bonds 1,971 (33) — — 1,971 (33) Supranational obligations 1,632 (24) — — 1,632 (24) $ 7,318 $ (92) $ 1,485 $ (15) $ 8,803 $ (107) March 31, 2022 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 $ 4,974 $ (26) $ 246 $ (3) $ 5,220 $ (29) Agency bonds 2,982 (26) — — 2,982 (26) Supranational obligations 1,634 (24) — — 1,634 (24) $ 9,590 $ (76) $ 246 $ (3) $ 9,836 $ (79)
Schedule of contractual maturities of the available-for-sale investments	Fair Cost Value (In thousands) Maturing within one year $ 8,008 $ 7,928 Maturing in one to three years 902 875 $ 8,910 $ 8,803

8. LEASES (Tables)

8. LEASES (Tables)	3 Months Ended
8. LEASES (Tables)	Jun. 30, 2022
LEASES
Summary of balance sheet information related to leases	As of As of June 30, 2022 March 31, 2022 (In thousands) Operating Leases Operating lease right-of-use assets $ 1,129 $ 889 Lease liabilities-current $ 580 $ 537 Lease liabilities-non-current 503 361 Total operating lease liabilities $ 1,083 $ 898
Summary of components of lease costs	Three Months Ended June 30, 2022 2021 (In thousands) Operating lease cost $ 151 $ 125 Short-term lease cost 8 31 $ 159 $ 156
Summary of other information related to leases	Three Months Ended June 30, 2022 2021 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 151 $ 127 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 376 $ — Weighted-average remaining lease term (years): Operating leases 2.68 1.97 Weighted-average discount rate: Operating leases 4.34% 4.56%
Summary of maturities of the lease liabilities	Operating Lease Liabilities Fiscal Year (In thousands) 2023 (Remaining nine months) $ 443 2024 436 2025 84 2026 86 2027 89 Thereafter 8 Total undiscounted future cash flows 1,146 Less: Imputed interest (63) Present value of undiscounted future cash flows $ 1,083 Presentation on statement of financial position Current $ 580 Non-current $ 503

10. STOCK-BASED COMPENSATION (T

10. STOCK-BASED COMPENSATION (Tables)	3 Months Ended
10. STOCK-BASED COMPENSATION (Tables)	Jun. 30, 2022
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, 2022 4,535,663 8,590,675 $ 6.07 Granted (107,210) 107,210 $ 3.61 Exercised — — $ — $ — Forfeited 201,100 (491,604) $ 5.58 Balance at June 30, 2022 4,629,553 8,206,281 5.40 $ 6.07 Options vested and exercisable 5,654,013 4.04 $ 5.98 $ 13,946 Options vested and expected to vest 8,125,428 5.36 $ 6.07 $ 20,316
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 $ 3.38 - 4.81 907,941 $ 4.02 4.79 622,971 $ 4.00 $ 4.98 - 4.99 1,024,621 $ 4.99 3.66 1,024,621 $ 4.99 $ 5.13 - 5.58 1,377,156 $ 5.43 6.24 658,938 $ 5.27 $ 5.59 - 5.83 1,157,552 $ 5.76 5.29 566,596 $ 5.71 $ 5.91 - 6.70 1,336,144 $ 6.42 5.46 1,178,813 $ 6.46 $ 6.86 - 7.26 937,148 $ 7.08 3.92 937,148 $ 7.08 $ 7.40 - 7.88 667,706 $ 7.62 7.32 384,743 $ 7.64 $ 8.06 157,210 $ 8.06 7.60 78,604 $ 8.06 $ 8.09 82,160 $ 8.09 5.58 82,160 $ 8.09 $ 8.30 558,643 $ 8.30 7.06 119,419 $ 8.30 8,206,281 $ 6.07 5.40 5,654,013 $ 5.98
Summary of stock-based compensation expense by line item	Three Months Ended June 30, 2022 2021 (In Thousands) Cost of revenues $ 60 $ 70 Research and development 351 470 Selling, general and administrative 227 283 Total $ 638 $ 823
Schedule of weighted average assumptions	Three Months Ended June 30, 2022 2021 Stock Option Plans: Risk-free interest rate 2.95 % 0.80 % Expected life (in years) 5.00 5.00 Volatility 49.2 % 47.7 % Dividend yield — % — % Employee Stock Purchase Plan: Risk-free interest rate 1.54 % 0.04 % Expected life (in years) 0.50 0.50 Volatility 49.3 % 57.4 % Dividend yield — % — %

12. SEGMENT AND GEOGRAPHIC IN_2

12. SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	3 Months Ended
12. SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	Jun. 30, 2022
SEGMENT AND GEOGRAPHIC INFORMATION
Net revenues by geographic area	Three Months Ended June 30, 2022 2021 (In thousands) United States $ 3,568 $ 4,534 China 887 321 Singapore 1,949 1,585 Netherlands 673 1,368 Germany 1,436 577 Rest of the world 396 406 $ 8,909 $ 8,791

1. THE COMPANY AND SUMMARY OF_3

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Jun. 30, 2022
COVID-19
Concentration of credit risk
Percentage of increase in the cost of wafers	20%

2. REVENUE RECOGNITION (Details

2. REVENUE RECOGNITION (Details)	3 Months Ended
2. REVENUE RECOGNITION (Details)	Jun. 30, 2022	Jun. 30, 2021
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
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage	15%	43%
SRAM Products \| Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage	97%	99%
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
	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Net revenues	$ 8,909	$ 8,791
Contract Manufacturers
Disaggregation of Revenue [Line Items]
Net revenues	1,535	3,863
Distribution
Disaggregation of Revenue [Line Items]
Net revenues	7,305	4,710
OEMs
Disaggregation of Revenue [Line Items]
Net revenues	$ 69	$ 218

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
	Jun. 30, 2022	Jun. 30, 2021
NET LOSS PER COMMON SHARE
Net loss	$ (3,976)	$ (4,209)
Weighted average shares - Basic	24,523	24,095
Weighted average shares - Dilutive	24,523	24,095
Net loss per common share - Basic	$ (0.16)	$ (0.17)
Net loss per common share - Diluted	$ (0.16)	$ (0.17)

3. NET LOSS PER COMMON SHARE -

3. NET LOSS PER COMMON SHARE - Shares underlying options (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
NET LOSS PER COMMON SHARE
Shares underlying options and ESPP shares	8,113	5,648

4. BALANCE SHEET DETAIL - Inven

4. BALANCE SHEET DETAIL - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Inventories:
Work-in-progress	$ 3,134	$ 3,085
Finished goods	1,637	1,555
Inventory at distributors	9	15
Total inventory	$ 4,780	$ 4,655

4. BALANCE SHEET DETAIL - Accou

4. BALANCE SHEET DETAIL - Accounts receivable, net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Accounts receivable, net:
Accounts receivable	$ 4,364	$ 4,599
Less: Allowances for doubtful accounts and other	(55)	(81)
Total accounts receivable, net	$ 4,309	$ 4,518

4. BALANCE SHEET DETAIL - Prepa

4. BALANCE SHEET DETAIL - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Prepaid expenses and other current assets:
Prepaid tooling and masks	$ 537	$ 68
Other receivables	182	226
Other prepaid expenses and other current assets	1,090	1,261
Total prepaid expenses and other current assets	$ 1,809	$ 1,555

4. BALANCE SHEET DETAIL - Prope

4. BALANCE SHEET DETAIL - Property and equipment, net (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Property and equipment, net:
Property and equipment, gross	$ 31,527,000		$ 31,455,000
Less: Accumulated depreciation	(24,293,000)		(24,096,000)
Total property and equipment, net	7,234,000		7,359,000
Depreciation	197,000	$ 187,000
Computer and other equipment
Property and equipment, net:
Property and equipment, gross	18,484,000		18,415,000
Software
Property and equipment, net:
Property and equipment, gross	4,428,000		4,425,000
Land
Property and equipment, net:
Property and equipment, gross	3,900,000		3,900,000
Building and building improvements
Property and equipment, net:
Property and equipment, gross	3,735,000		3,735,000
Furniture and fixtures
Property and equipment, net:
Property and equipment, gross	102,000		102,000
Leasehold improvements
Property and equipment, net:
Property and equipment, gross	$ 878,000		$ 878,000

4. BALANCE SHEET DETAIL - Intan

4. BALANCE SHEET DETAIL - Intangible assets (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Gross Carrying Amount	$ 4,890,000		$ 4,890,000
Accumulated Amortization	(2,926,000)		(2,867,000)
Total	1,964,000		2,023,000
Amortization of intangible assets	59,000	$ 59,000
Product Designs
Gross Carrying Amount	590,000		590,000
Accumulated Amortization	(590,000)		(590,000)
Patents
Gross Carrying Amount	4,220,000		4,220,000
Accumulated Amortization	(2,256,000)		(2,197,000)
Total	1,964,000		2,023,000
Software.
Gross Carrying Amount	80,000		80,000
Accumulated Amortization	$ (80,000)		$ (80,000)

4. BALANCE SHEET DETAIL - Futur

4. BALANCE SHEET DETAIL - Future amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Fiscal year ending March 31,
2023 (remaining nine months)	$ 175
2024	233
2025	233
2026	233
2027	233
Thereafter	857
Total	$ 1,964	$ 2,023

4. BALANCE SHEET DETAIL - Accru

4. BALANCE SHEET DETAIL - Accrued expenses and other liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Accrued expenses and other liabilities:
Accrued compensation	$ 3,915	$ 5,524
Accrued commissions	247	232
Income taxes payable	149	127
Miscellaneous accrued expenses	1,275	967
Total accrued expenses and other liabilities	$ 5,586	$ 6,850

5. GOODWILL (Details)

5. GOODWILL (Details) $ in Thousands	3 Months Ended
5. GOODWILL (Details) $ in Thousands	Jun. 30, 2022 USD ($) segment	Mar. 31, 2022 USD ($)
GOODWILL
Number of reporting units \| segment	1
Goodwill	$ 7,978	$ 7,978
Goodwill impairment		$ 0

6. INCOME TAXES - Unrecognized

6. INCOME TAXES - Unrecognized tax benefits (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
INCOME TAXES
Unrecognized tax benefits, current	$ 0		$ 0
Deferred tax assets unrecognized tax benefit	3,600,000
Provision (benefit) for income taxes	60,000	$ (172,000)
Income (loss) before income taxes	$ (3,916,000)	$ (4,381,000)
Effective annual income tax rate (as a percentage)	(1.49%)	0.05%

7. FINANCIAL INSTRUMENTS (Detai

7. FINANCIAL INSTRUMENTS (Details)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Nov. 23, 2015
Fair value measurements
Discount rate	15.9		14.8
Short-term investments	$ 7,928,000	$ 6,992,000
Long-term investments	$ 875,000	3,345,000
Minimum
Fair value measurements
Probability rate	0
Maximum
Fair value measurements
Probability rate	0.15
Fair Value, Inputs, Level 2 \| Available-for-sale Securities
Fair value measurements
Short-term investments	$ 7,900,000
Long-term investments	875,000
Other accrued expenses
Fair value measurements
Contingent consideration liability	2,300,000	2,700,000
Fair Value, Measurements, Recurring
Fair value measurements
Assets	22,476,000	26,479,000
Liabilities	2,321,000	2,738,000
Fair Value, Measurements, Recurring \| Money Market Funds
Fair value measurements
Money market funds	13,673,000	16,142,000
Fair Value, Measurements, Recurring \| Available-for-sale Securities
Fair value measurements
Marketable securities	8,803,000	10,337,000
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Fair value measurements
Assets	13,673,000	16,142,000
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| Money Market Funds
Fair value measurements
Money market funds	13,673,000	16,142,000
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Fair value measurements
Assets	8,803,000	10,337,000
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2 \| Available-for-sale Securities
Fair value measurements
Marketable securities	8,803,000	10,337,000
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3
Fair value measurements
Liabilities	$ 2,321,000	$ 2,738,000

7. FINANCIAL INSTRUMENTS - Chan

7. FINANCIAL INSTRUMENTS - Change in contingent consideration (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Changes in fair value of contingent consideration
Contingent consideration, beginning of period	$ 2,738	$ 4,225
Change due to accretion	33	22
Re-measurement of contingent consideration	(450)
Contingent consideration, end of period	$ 2,321	$ 4,247

7. FINANCIAL INSTRUMENTS - Avai

7. FINANCIAL INSTRUMENTS - Available-for-sale investments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Available-for-sale investments
Cost	$ 8,910
Total	8,803
Short-term Investments
Available-for-sale investments
Cost	8,008	$ 7,018
Gross Unrealized Losses	(80)	(26)
Total	7,928	6,992
Short-term investments, Certificates of deposit
Available-for-sale investments
Cost	5,000	4,000
Gross Unrealized Losses	(43)	(11)
Total	4,957	3,989
Short-term investments, Supranational obligations
Available-for-sale investments
Cost	1,003	1,007
Gross Unrealized Losses	(4)	(7)
Total	999	1,000
Short-term investments, Agency bonds
Available-for-sale investments
Cost	2,005	2,011
Gross Unrealized Losses	(33)	(8)
Total	1,972	2,003
Other Long-term Investments
Available-for-sale investments
Cost	902	3,398
Gross Unrealized Losses	(27)	(53)
Total	875	3,345
Long-term investments, Certificates of deposit
Available-for-sale investments
Cost	250	1,750
Gross Unrealized Losses	(7)	(18)
Total	243	1,732
Long-term investments, Supranational obligations
Available-for-sale investments
Cost	652	651
Gross Unrealized Losses	(20)	(17)
Total	$ 632	634
Long-term investments, Agency bonds
Available-for-sale investments
Cost		997
Gross Unrealized Losses		(18)
Total		$ 979

7. FINANCIAL INSTRUMENTS - Unre

7. FINANCIAL INSTRUMENTS - Unrealized losses and fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Fair Value
Less Than 12 Months, Fair Value	$ 7,318	$ 9,590
12 Months or Greater, Fair Value	1,485	246
Total, Fair Value	8,803	9,836
Unrealized Loss
Less Than 12 Months, Unrealized Loss	(92)	(76)
12 Months or Greater, Unrealized Loss	(15)	(3)
Total, Unrealized Loss	(107)	(79)
Certificates of Deposit
Fair Value
Less Than 12 Months, Fair Value	3,715	4,974
12 Months or Greater, Fair Value	1,485	246
Total, Fair Value	5,200	5,220
Unrealized Loss
Less Than 12 Months, Unrealized Loss	(35)	(26)
12 Months or Greater, Unrealized Loss	(15)	(3)
Total, Unrealized Loss	(50)	(29)
Bonds
Fair Value
Less Than 12 Months, Fair Value	1,971	2,982
Total, Fair Value	1,971	2,982
Unrealized Loss
Less Than 12 Months, Unrealized Loss	(33)	(26)
Total, Unrealized Loss	(33)	(26)
Supranational obligations
Fair Value
Less Than 12 Months, Fair Value	1,632	1,634
Total, Fair Value	1,632	1,634
Unrealized Loss
Less Than 12 Months, Unrealized Loss	(24)	(24)
Total, Unrealized Loss	$ (24)	$ (24)

7. FINANCIAL INSTRUMENTS - Othe

7. FINANCIAL INSTRUMENTS - Other information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Other information
Maximum maturity period of investment portfolio	3 years
Deferred tax asset related to unrecognized gains and losses on short-term and long-term investments	$ 29,000	$ 22,000

7. FINANCIAL INSTRUMENTS - Cont

7. FINANCIAL INSTRUMENTS - Contractual maturities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
FINANCIAL INSTRUMENTS
Maturing within one year, Cost	$ 8,008
Maturing in one to three years, Cost	902
Total	8,910
Maturing within one year, Fair Value	7,928
Maturing in one to three years, Fair Value	875
Total	$ 8,803

8. LEASES - Operating leases (D

8. LEASES - Operating leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Leases
Operating lease, option to extend	true
Operating lease, renewal term	5 years
Operating lease right-of-use assets	$ 1,129	$ 889
Lease liabilities, current	580	537
Lease liabilities, non-current	503	361
Total operating lease liabilities	$ 1,083	$ 898
Minimum
Leases
Operating lease, term of lease	14 months
Maximum
Leases
Operating lease, term of lease	58 months

8. LEASES - Lease costs (Detail

8. LEASES - Lease costs (Details) - USD ($) $ in Thousands	3 Months Ended
8. LEASES - Lease costs (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Components of lease costs
Operating lease cost	$ 151	$ 125
Short-term lease cost	8	31
Lease costs	$ 159	$ 156

8. LEASES - Other information (

8. LEASES - Other information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 151	$ 127
Right-of-use assets obtained in exchange for lease obligations - Operating leases	$ 376
Weighted-average remaining lease term (years) - Operating leases	2 years 8 months 4 days	1 year 11 months 19 days
Weighted-average discount rate - Operating leases	4.34%	4.56%

8. LEASES - Maturity of lease l

8. LEASES - Maturity of lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Maturity of Lease Liabilities
2023 (Remaining nine months)	$ 443
2024	436
2025	84
2026	86
2027	89
Thereafter	8
Total	1,146
Less: Imputed interest	(63)
Total operating lease liabilities	1,083	$ 898
Current	580	537
Non-current	$ 503	$ 361

9. COMMITMENTS AND CONTINGENC_2

9. COMMITMENTS AND CONTINGENCIES - Product warranties (Details)	3 Months Ended
	Jun. 30, 2022
Product warranties
Warranty period	3 years

10. STOCK-BASED COMPENSATION -

10. STOCK-BASED COMPENSATION - Stock option activities (Details)	3 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
STOCK-BASED COMPENSATION
Shares available for grant, Beginning	4,535,663
Granted (in shares)	(107,210)
Forfeited (in shares)	201,100
Shares available for grant, Ending	4,629,553
Number of Shares Underlying Options Outstanding
Balance at the beginning of the period (in shares)	8,590,675
Granted (in shares)	107,210
Forfeited (in shares)	(491,604)
Balance at the end of the period (in shares)	8,206,281
Options vested and exercisable (in shares)	5,654,013
Options vested and expected to vest (in shares)	8,125,428
Weighted Average Remaining Contractual Life
Options weighted average remaining contractual life	5 years 4 months 24 days
Options vested and expected to vest	5 years 4 months 9 days
Options vested and exercisable	4 years 14 days
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 6.07
Granted (in dollars per share) \| $ / shares	3.61
Forfeited (in dollars per share) \| $ / shares	5.58
Balance at the end of the period (in dollars per share) \| $ / shares	6.07
Options vested and exercisable (in dollars per share) \| $ / shares	5.98
Options vested and expected to vest (in dollars per share) \| $ / shares	$ 6.07
Intrinsic Value
Options vested and exercisable (in dollars) \| $	$ 13,946
Options vested and expected to vest (in dollars) \| $	$ 20,316

10. STOCK-BASED COMPENSATION _2

10. STOCK-BASED COMPENSATION - Options outstanding by exercise price (Details) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 6.07	$ 6.07
Number of Shares Underlying Options Outstanding (in shares)	8,206,281
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 6.07
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 4 months 24 days
Options Exercisable, Number Vested and Exercisable (in shares)	5,654,013
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.98
$3.38 - $4.81
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	3.38
Exercise Price, high end of range (in dollars per share)	$ 4.81
Number of Shares Underlying Options Outstanding (in shares)	907,941
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 4.02
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 9 months 14 days
Options Exercisable, Number Vested and Exercisable (in shares)	622,971
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 4
$4.98 - $4.99
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	4.98
Exercise Price, high end of range (in dollars per share)	$ 4.99
Number of Shares Underlying Options Outstanding (in shares)	1,024,621
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 4.99
Options Outstanding, Weighted Average Remaining Contractual Life	3 years 7 months 28 days
Options Exercisable, Number Vested and Exercisable (in shares)	1,024,621
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 4.99
$5.13 - $5.58
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)	$ 5.58
Number of Shares Underlying Options Outstanding (in shares)	1,377,156
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.43
Options Outstanding, Weighted Average Remaining Contractual Life	6 years 2 months 26 days
Options Exercisable, Number Vested and Exercisable (in shares)	658,938
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.27
$5.59 - $5.83
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	5.59
Exercise Price, high end of range (in dollars per share)	$ 5.83
Number of Shares Underlying Options Outstanding (in shares)	1,157,552
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.76
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 3 months 14 days
Options Exercisable, Number Vested and Exercisable (in shares)	566,596
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.71
$5.91 - $6.70
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)	$ 6.70
Number of Shares Underlying Options Outstanding (in shares)	1,336,144
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 6.42
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 5 months 15 days
Options Exercisable, Number Vested and Exercisable (in shares)	1,178,813
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 6.46
$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)	937,148
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 7.08
Options Outstanding, Weighted Average Remaining Contractual Life	3 years 11 months 1 day
Options Exercisable, Number Vested and Exercisable (in shares)	937,148
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 7.08
$7.40 - $7.88
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)	$ 7.88
Number of Shares Underlying Options Outstanding (in shares)	667,706
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 7.62
Options Outstanding, Weighted Average Remaining Contractual Life	7 years 3 months 25 days
Options Exercisable, Number Vested and Exercisable (in shares)	384,743
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 7.64
$8.06
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 8.06
Number of Shares Underlying Options Outstanding (in shares)	157,210
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 8.06
Options Outstanding, Weighted Average Remaining Contractual Life	7 years 7 months 6 days
Options Exercisable, Number Vested and Exercisable (in shares)	78,604
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 8.06
$8.09
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 8.09
Number of Shares Underlying Options Outstanding (in shares)	82,160
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 8.09
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 6 months 29 days
Options Exercisable, Number Vested and Exercisable (in shares)	82,160
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 8.09
$8.30
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 8.30
Number of Shares Underlying Options Outstanding (in shares)	558,643
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 8.30
Options Outstanding, Weighted Average Remaining Contractual Life	7 years 21 days
Options Exercisable, Number Vested and Exercisable (in shares)	119,419
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 8.30

10. STOCK-BASED COMPENSATION _3

10. STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stock-based compensation expense by line item
Stock-based compensation expense	$ 638	$ 823
Cost of Sales [Member]
Stock-based compensation expense by line item
Stock-based compensation expense	60	70
Research and Development Expense [Member]
Stock-based compensation expense by line item
Stock-based compensation expense	351	470
Selling, General and Administrative Expenses [Member]
Stock-based compensation expense by line item
Stock-based compensation expense	$ 227	$ 283

10. STOCK-BASED COMPENSATION _4

10. STOCK-BASED COMPENSATION - Weighted average assumptions (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Other information
Income tax benefit recognized from allocation of share-based compensation expense	$ 0
Windfall tax benefits realized	0
Unrecognized compensation costs	$ 4,700,000
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)	$ 1.67	$ 2.41
Employee stock options
Stock-based compensation
Risk-free interest rate, high end of range (as a percent)	2.95%	0.80%
Expected life	5 years	5 years
Volatility, high end of range (as a percent)	49.20%	47.70%
Employee stock purchase plan options
Stock-based compensation
Risk-free interest rate, high end of range (as a percent)	1.54%	0.04%
Expected life	6 months	6 months
Volatility, high end of range (as a percent)	49.30%	57.40%

11. RELATED PARTY TRANSACTION (

11. RELATED PARTY TRANSACTION (Details) - USD ($)	3 Months Ended
11. RELATED PARTY TRANSACTION (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Related Party Transaction [Line Items]
Amount owed to WNC	$ 30,000		$ 32,000
Non-Recurring Engineering Services \| Wistron Neweb Corp
Related Party Transaction [Line Items]
Non-recurring engineering service expense	$ 57,000	$ 13,000

12. SEGMENT AND GEOGRAPHIC IN_3

12. SEGMENT AND GEOGRAPHIC INFORMATION - Revenue (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Net revenues by geographic area
Net revenues	$ 8,909	$ 8,791
Number of reporting units \| segment	1
UNITED STATES
Net revenues by geographic area
Net revenues	$ 3,568	4,534
CHINA
Net revenues by geographic area
Net revenues	887	321
SINGAPORE
Net revenues by geographic area
Net revenues	1,949	1,585
NETHERLANDS
Net revenues by geographic area
Net revenues	673	1,368
GERMANY
Net revenues by geographic area
Net revenues	1,436	577
Rest of the world
Net revenues by geographic area
Net revenues	$ 396	$ 406