GSI Technology (GSIT) 10-Q 8 Nov 23 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		25,216,143
Entity Central Index Key	0001126741
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
ASSETS
Cash and cash equivalents	$ 24,669	$ 27,212
Short-term investments	651	3,363
Accounts receivable, net	3,084	3,471
Inventories	5,577	6,415
Prepaid expenses and other current assets	1,258	1,414
Total current assets	35,239	41,875
Property and equipment, net	7,060	7,423
Operating lease right-of-use assets	1,031	684
Goodwill	7,978	7,978
Intangible assets, net	1,672	1,790
Deposits	120	126
Total assets	53,100	59,876
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable ($0 and $8 to a related party)	864	1,621
Lease liabilities, current	396	413
Accrued expenses and other liabilities	5,142	5,168
Total current liabilities	6,402	7,202
Deferred tax liability	13	12
Lease liabilities, non-current	592	238
Contingent consideration, non-current	728	1,052
Total liabilities	7,735	8,504
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: 25,216,143 and 24,685,059 shares, respectively	25	25
Additional paid-in capital	59,075	55,953
Accumulated other comprehensive loss	(91)	(127)
Retained deficit	(13,644)	(4,479)
Total stockholders' equity	45,365	51,372
Total liabilities and stockholders' equity	$ 53,100	$ 59,876

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Assets Abstract
Accounts payable, related party	$ 0	$ 8,000
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	25,216,143	24,685,059
Common stock, shares outstanding	25,216,143	24,685,059

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net revenues	$ 5,708,000	$ 8,953,000	$ 11,295,000	$ 17,862,000
Cost of revenues ($0, $140, $0 and $197 to a related party)	2,587,000	3,351,000	5,105,000	6,895,000
Gross profit	3,121,000	5,602,000	6,190,000	10,967,000
Operating expenses:
Research and development	4,691,000	6,395,000	9,895,000	13,014,000
Selling, general and administrative	2,523,000	2,412,000	5,527,000	5,100,000
Total operating expenses	7,214,000	8,807,000	15,422,000	18,114,000
Loss from operations	(4,093,000)	(3,205,000)	(9,232,000)	(7,147,000)
Interest income, net	131,000	55,000	274,000	77,000
Other expense, net	(60,000)	(41,000)	(123,000)	(37,000)
Loss before income taxes	(4,022,000)	(3,191,000)	(9,081,000)	(7,107,000)
Provision for income taxes	33,000	37,000	84,000	97,000
Net loss	$ (4,055,000)	$ (3,228,000)	$ (9,165,000)	$ (7,204,000)
Net loss per share:
Basic	$ (0.16)	$ (0.13)	$ (0.37)	$ (0.29)
Diluted	$ (0.16)	$ (0.13)	$ (0.37)	$ (0.29)
Weighted average shares used in per share calculations:
Basic	25,161	24,554	25,014	24,538
Diluted	25,161	24,554	25,014	24,538

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Cost of revenues, related party	$ 0	$ 140	$ 0	$ 197

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Loss [Abstract]
Net loss	$ (4,055)	$ (3,228)	$ (9,165)	$ (7,204)
Net unrealized gain (loss) on available-for-sale investments	9	2	36	(25)
Total comprehensive loss	$ (4,046)	$ (3,226)	$ (9,129)	$ (7,229)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Retained Earnings (Deficit)	Total
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		1,299			1,299
Comprehensive loss:
Net loss				(7,204)	(7,204)
Net unrealized gain (loss) on available-for-sale investments			(25)		(25)
Ending Balance, Shares at Sep. 30, 2022	24,553,753
Ending Balance, Amount at Sep. 30, 2022	$ 25	54,560	(179)	4,294	58,700
Beginning Balance - Shares at Jun. 30, 2022	24,553,753
Beginning Balance - Amount at Jun. 30, 2022	$ 25	53,899	(181)	7,522	61,265
Stock-based compensation expense		661			661
Comprehensive loss:
Net loss				(3,228)	(3,228)
Net unrealized gain (loss) on available-for-sale investments			2		2
Ending Balance, Shares at Sep. 30, 2022	24,553,753
Ending Balance, Amount at Sep. 30, 2022	$ 25	54,560	(179)	4,294	58,700
Beginning Balance - Shares at Mar. 31, 2023	24,685,059
Beginning Balance - Amount at Mar. 31, 2023	$ 25	55,953	(127)	(4,479)	51,372
Issuance of common stock under employee stock option plans, shares	398,084
Issuance of common stock under employee stock option plans, amount		1,473			1,473
Issuance of common stock pursuant to an At-the-Market offering, net of offering costs, shares	133,000
Issuance of common stock pursuant to an At-the-Market offering, net of offering costs, amount		153			153
Stock-based compensation expense		1,496			1,496
Comprehensive loss:
Net loss				(9,165)	(9,165)
Net unrealized gain (loss) on available-for-sale investments			36		36
Ending Balance, Shares at Sep. 30, 2023	25,216,143
Ending Balance, Amount at Sep. 30, 2023	$ 25	59,075	(91)	(13,644)	45,365
Beginning Balance - Shares at Jun. 30, 2023	25,083,143
Beginning Balance - Amount at Jun. 30, 2023	$ 25	58,246	(100)	(9,589)	48,582
Issuance of common stock pursuant to an At-the-Market offering, net of offering costs, shares	133,000
Issuance of common stock pursuant to an At-the-Market offering, net of offering costs, amount		153			153
Stock-based compensation expense		676			676
Comprehensive loss:
Net loss				(4,055)	(4,055)
Net unrealized gain (loss) on available-for-sale investments			9		9
Ending Balance, Shares at Sep. 30, 2023	25,216,143
Ending Balance, Amount at Sep. 30, 2023	$ 25	$ 59,075	$ (91)	$ (13,644)	$ 45,365

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Offering Costs	$ 389	$ 389

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (9,165)	$ (7,204)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for credit losses	(12)	(10)
Provision for excess and obsolete inventories	94	89
Non-cash lease expense	290	281
Change in fair value of contingent consideration	(324)	(830)
Depreciation and amortization	505	510
Stock-based compensation	1,496	1,299
Amortization of premium on investments	(2)	12
Changes in assets and liabilities:
Accounts receivable	399	(291)
Inventories	744	(966)
Prepaid expenses and other assets	164	(81)
Accounts payable	(159)	205
Accrued expenses and other liabilities	(325)	(1,387)
Net cash used in operating activities	(6,295)	(8,373)
Cash flows from investing activities:
Maturities of short-term investments	2,750	4,250
Purchases of property and equipment	(624)	(224)
Net cash provided by investing activities	2,126	4,026
Cash flows from financing activities:
Proceeds from issuance of common stock under At-the-Market offering, net of offering costs of $389	153
Proceeds from issuance of common stock under employee stock plans	1,473	179
Net cash provided by financing activities	1,626	179
Net decrease in cash and cash equivalents	(2,543)	(4,168)
Cash and cash equivalents at beginning of the period	27,212	36,971
Cash and cash equivalents at end of the period	24,669	32,803
Non-cash investing and financing activities:
Operating lease right-of-use assets exchanged for lease obligations	637	376
Supplemental cash flow information:
Net cash paid for income taxes	$ 61	$ 82

CONDENSED CONSOLIDATED STATEM_7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Offering Costs	$ 389	$ 389

1. THE COMPANY AND SUMMARY OF S

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Sep. 30, 2023
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, 2023. ​ The consolidated results of operations for the six months ended September 30, 2023 are not necessarily indicative of the results to be expected for the entire fiscal year. ​ Reclassifications ​ Certain amounts in the fiscal 2022 condensed consolidated financial statements have been reclassified to conform to the fiscal 2023 presentation. ​ 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, 2023. ​ Government Agreements ​ From time to time, the Company may enter into agreements with federal government agencies. GAAP does not have specific accounting standards covering agreements between the government and business entities. The Company applies International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance, by analogy when accounting for agreements entered into with the government. Under IAS 20, government grants or awards are initially recognized when there is reasonable assurance the conditions of the grant or award will be met and the grant or award will be received. After initial recognition, government grants or awards are recognized on a systematic basis in a manner consistent with the manner in which the Company recognizes the underlying costs for which the grant or award is intended to compensate. The Company follows ASC 832, Disclosures by Business Entities about Government Assistance, with respect to the disclosures of government grants or awards. . Credit Losses — Marketable Securities ​ For marketable securities in an unrealized loss position, the Company periodically assesses its portfolio for impairment. The assessment first considers the intent or requirement to sell the marketable security. If either of these criteria are met, the amortized cost basis is written down to fair value through earnings. ​ Beginning April 1, 2023, if the criteria above are not met, the Company evaluates whether the decline resulted from credit losses or other factors by considering the extent to which fair value is less than amortized cost, any changes to the rating of the marketable security by a rating agency, and any adverse conditions specifically related to the marketable security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the marketable security is compared to the amortized cost basis of the marketable security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any other impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive loss. ​ Credit Losses Accounts Receivable ​ Accounts receivable are recorded at the amounts billed less estimated allowances for credit losses for any potential uncollectible amounts. The Company continually monitors customer payments and maintains an allowance for estimated losses resulting from a customer’s inability to make required payments. The Company considers factors such as historical experience, credit quality, age of the accounts receivable balances, and economic conditions that may affect a customer’s ability to pay. Accounts receivable are written-off and charged against an allowance for credit losses when the Company has exhausted collection efforts without success. ​ Risk and uncertainties ​ The decline in the global economic environment due to, among other things, rising interest rates, worldwide inflationary pressures and significant fluctuations in energy prices has affected the business activities of the Company, its customers, suppliers, and other business partners in the fiscal year ended March 31, 2023 and into the six months ended September 30, 2023. ​ Our software development and certain regional sales activities for our APU product offerings occur in Israel. Our Vice President, Associative Computing, along with a team of software development experts are based in our Israel facility. This team is needed for the development of the various levels of software required in the use of our APU product offering. Proof of concept customers for our SAR imagine processing acceleration system are also based in Israel. We are closely monitoring developments in the evolving military conflict with Hamas that began on October 7, 2023 including potential impacts to our business, customers, employees and operations in Israel. At this time, the impact on GSI Technology are uncertain and subject to change given the volatile nature of the situation, but adverse changes in the military conditions in Israel could harm our business and our stock price could decline. The Company believes that during the next 12 months disruptions in the capital markets as a result of rising interest rates, worldwide inflationary pressures, significant fluctuations in energy prices and the decline in the global economic environment could impact general economic activity and demand in the Company’s end markets. Additionally, fluctuations in customer demand due to previous buffer stock purchases during the semiconductor supply shortage may negatively impact near-term revenues. ​ Accounting pronouncements effective for fiscal 2024 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ​

2. REVENUE RECOGNITION

2. REVENUE RECOGNITION	6 Months Ended
	Sep. 30, 2023
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 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 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. The Company recognizes 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 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 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 September 30, 2023 and March 31, 2023. Substantially all of the Company’s revenue is derived from sales of SRAM products, which represent approximately 98% and 96% of total revenues in the six months ended September 30, 2023 and 2022, 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 20% and 14% of the Company’s net revenues in the three months ended September 30, 2023 and 2022, respectively, and 27% and 14% of the Company’s net revenues in the six months ended September 30, 2023 and 2022, 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 September 30, ​ Six Months Ended September 30, ​ ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ (In thousands) ​ (In thousands) ​ Contract manufacturers $ 1,324 $ 1,671 $ 3,274 $ 3,206 ​ Distribution ​ ​ 4,356 ​ ​ 6,813 ​ ​ 7,970 ​ ​ 14,118 ​ OEMs ​ ​ 28 ​ ​ 469 ​ ​ 51 ​ ​ 538 ​ ​ ​ $ 5,708 ​ $ 8,953 ​ $ 11,295 ​ $ 17,862 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

3. NET LOSS PER COMMON SHARE

3. NET LOSS PER COMMON SHARE	6 Months Ended
	Sep. 30, 2023
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 September 30, ​ Six Months Ended September 30, ​ ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ ​ (In thousands, except per share amounts) ​ (In thousands, except per share amounts) ​ Net loss $ (4,055) $ (3,228) $ (9,165) $ (7,204) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominators: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares—Basic ​ 25,161 ​ ​ 24,554 ​ ​ 25,014 ​ ​ 24,538 ​ Dilutive effect of employee stock options ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Dilutive effect of employee stock purchase plan options ​ — ​ ​ — ​ ​ — ​ ​ — ​ Weighted average shares—Dilutive ​ 25,161 ​ 24,554 ​ 25,014 ​ 24,538 ​ Net loss per common share—Basic $ (0.16) $ (0.13) $ (0.37) ​ $ (0.29) ​ Net loss per common share—Diluted $ (0.16) $ (0.13) $ (0.37) ​ $ (0.29) ​ ​ The following shares of common stock underlying outstanding stock options and unissued ESPP shares, 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 September 30, ​ Six Months Ended September 30, ​ ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ (In thousands) ​ (In thousands) ​ Shares underlying options and ESPP shares 7,854 ​ 8,277 ​ 7,862 ​ 8,204 ​ ​

4. BALANCE SHEET DETAIL

4. BALANCE SHEET DETAIL	6 Months Ended
	Sep. 30, 2023
BALANCE SHEET DETAIL
NOTE 4 - BALANCE SHEET DETAIL	​ NOTE 4—BALANCE SHEET DETAIL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ March 31, 2023 ​ ​ (In thousands) ​ Inventories: ​ ​ ​ Work-in-progress $ 3,279 $ 3,629 ​ Finished goods ​ 2,289 ​ 2,767 ​ Inventory at distributors ​ 9 ​ 19 ​ ​ $ 5,577 $ 6,415 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ March 31, 2023 ​ ​ (In thousands) ​ Accounts receivable, net: ​ ​ ​ ​ ​ ​ ​ Accounts receivable $ 3,132 $ 3,531 ​ Less: Allowances for credit losses ​ (48) ​ (60) ​ ​ $ 3,084 $ 3,471 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ March 31, 2023 ​ ​ (In thousands) ​ Prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ ​ Prepaid tooling and masks ​ $ 210 ​ $ 333 ​ Other receivables ​ ​ 168 ​ ​ 156 ​ Other prepaid expenses and other current assets ​ ​ 880 ​ ​ 925 ​ ​ ​ $ 1,258 ​ $ 1,414 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ March 31, 2023 ​ ​ (In thousands) ​ Property and equipment, net: ​ ​ ​ ​ ​ ​ ​ Computer and other equipment ​ $ 18,842 ​ $ 19,188 ​ Software ​ ​ 4,428 ​ ​ 4,428 ​ Land ​ ​ 3,900 ​ ​ 3,900 ​ Building and building improvements ​ ​ 3,741 ​ ​ 3,741 ​ Furniture and fixtures ​ ​ 102 ​ ​ 102 ​ Leasehold improvements ​ ​ 918 ​ ​ 910 ​ ​ ​ ​ 31,931 ​ ​ 32,269 ​ Less: Accumulated depreciation ​ ​ (24,871) ​ ​ (24,846) ​ ​ ​ $ 7,060 ​ $ 7,423 ​ ​ Depreciation expense was $172,000 and $196,000 for the three months ended September 30, 2023 and 2022, respectively, and $388,000 and $393,000 for the six months ended September 30, 2023 and 2022, respectively. ​ ​ The following tables summarize the components of intangible assets and related accumulated amortization balances at September 30, 2023 and March 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ ​ Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: ​ ​ ​ ​ ​ ​ ​ Product designs ​ $ 590 ​ $ (590) ​ $ — ​ Patents ​ ​ 4,220 ​ ​ (2,548) ​ ​ 1,672 ​ Software ​ ​ 80 ​ ​ (80) ​ ​ — ​ Total ​ $ 4,890 ​ $ (3,218) ​ $ 1,672 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ ​ Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product designs ​ $ 590 ​ $ (590) ​ $ — ​ Patents ​ ​ 4,220 ​ ​ (2,430) ​ ​ 1,790 ​ Software ​ ​ 80 ​ ​ (80) ​ ​ — ​ Total ​ $ 4,890 ​ $ (3,100) ​ $ 1,790 ​ ​ Amortization of intangible assets included in cost of revenues was $58,000 and $59,000 for the three months ended September 30, 2023 and 2022, respectively, and $117,000 for each of the six months ended September 30, 2023 and 2022. ​ The Company reviews identifiable amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset and its eventual disposition. Measurement of any impairment loss is based on the excess of the carrying value of the asset over its fair value. The Company identified a potential impairment indicator for the finite lived intangible assets and performed a recoverability test by comparing the sum of the estimated undiscounted future cash flows of the asset group to the carrying amount as of March 31, 2023. The result of the recoverability test indicated that the sum of the expected future cash flows was greater than the carrying amount of the finite lived intangible assets. Based on the uncertainty of forecasts inherent with a new product, events such as the failure to generate forecasted revenue from the APU product could result in a non-cash impairment charge in future periods. ​ As of September 30, 2023, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands): ​ ​ ​ ​ ​ ​ Fiscal year ending March 31, ​ ​ ​ 2024 (remaining six months) ​ $ 117 ​ 2025 ​ ​ 233 ​ 2026 ​ ​ 233 ​ 2027 ​ ​ 233 ​ 2028 ​ ​ 233 ​ Thereafter ​ ​ 623 ​ Total ​ $ 1,672 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ March 31, 2023 ​ ​ (In thousands) ​ Accrued expenses and other liabilities: ​ ​ ​ ​ ​ ​ ​ Accrued compensation ​ $ 3,320 ​ $ 3,441 ​ Accrued commissions ​ ​ 200 ​ ​ 214 ​ Income taxes payable ​ ​ 343 ​ ​ 345 ​ Outsourced design resources ​ ​ 598 ​ ​ 552 ​ Miscellaneous accrued expenses ​ ​ 681 ​ ​ 616 ​ ​ ​ $ 5,142 ​ $ 5,168 ​ ​ On November 30, 2022, the Company announced cost reduction initiatives which included an approximate 15% reduction in the Company’s global workforce. The Company incurred $0.3 million in severance related charges during fiscal 2023 including $0.1 million recorded as cost of revenues and $0.2 million recorded as selling, general and administrative expenses. There were no severance related charges in the three and six months ended September 30, 2023 and 2022.

5. GOODWILL

5. GOODWILL	6 Months Ended
	Sep. 30, 2023
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 assesses goodwill for impairment on an annual basis on the last day of February in the fourth quarter of its fiscal year. The Company has one reporting unit. The Company had a goodwill balance of $8.0 million as of both September 30, 2023 and March 31, 2023. 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 2023 and concluded that there was no impairment, as the fair value of its sole reporting unit exceeded its carrying value. ​

6. INCOME TAXES

6. INCOME TAXES	6 Months Ended
	Sep. 30, 2023
INCOME TAXES
NOTE 6 - INCOME TAXES	NOTE 6—INCOME TAXES ​ The current portion and long-term portion of the Company’s income tax liability related to unrecognized tax benefits was $0 at both September 30, 2023 and March 31, 2023. Due to historical losses in the United States, the Company has a full valuation allowance on its United States 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, 2022 and 2023 are subject to audit by the Israeli tax authorities. ​ For the six months ended September 30, 2023 and September 30, 2022, the Company incurred income tax expense of $84,000 and $97,000 on net losses before income taxes of ($9.1 million) and ($7.1 million), respectively. The provision was calculated using the annualized effective tax rate method. The Company’s estimated annual effective income tax rate, including discrete items, was approximately (1.53%) and (1.69%) as of September 30, 2023 and 2022, respectively. The annual effective tax rates as of September 30, 2023 and 2022 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 or foreign tax differential.

7. FINANCIAL INSTRUMENTS

7. FINANCIAL INSTRUMENTS	6 Months Ended
	Sep. 30, 2023
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 September 30, 2023, 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 September 30, 2023, the Level 2 category included short-term investments of $651,000, which were comprised of government 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 September 30, 2023, 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 achievement of the forecast and a risk-adjusted discount rate of approximately ​ 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 ​ ​ September 30, 2023 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 10,778 ​ $ 10,778 ​ $ — ​ $ — ​ Marketable securities ​ ​ 651 ​ ​ — ​ ​ 651 ​ ​ — ​ Total ​ $ 11,429 ​ $ 10,778 ​ $ 651 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 728 ​ $ — ​ $ — ​ $ 728 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2023 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 7,796 ​ $ 7,796 ​ $ — ​ $ — ​ Marketable securities ​ ​ 3,363 ​ ​ — ​ ​ 3,363 ​ ​ — ​ Total ​ $ 11,159 ​ $ 7,796 ​ $ 3,363 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 1,052 ​ $ — ​ $ — ​ $ 1,052 ​ ​ The following table sets forth the changes in fair value of contingent consideration for the six months ended September 30, 2023 and 2022, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended September 30, ​ ​ 2023 2022 ​ ​ ​ (In thousands) ​ Contingent consideration, beginning of period ​ $ 1,052 ​ $ 2,738 ​ Change due to accretion ​ ​ 70 ​ ​ 102 ​ Re-measurement of contingent consideration ​ ​ (394) ​ ​ (932) ​ Contingent consideration, end of period ​ $ 728 ​ $ 1,908 ​ ​ Short-term investments ​ All of the Company’s short-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 $10.8 million and $7.8 million at September 30, 2023 and March 31, 2023, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ Unrealized ​ Fair ​ ​ Cost Gains Losses Value ​ ​ (In thousands) ​ Short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supranational obligations ​ $ 655 ​ $ — ​ $ (4) ​ $ 651 ​ Total short-term investments ​ $ 655 ​ $ — ​ $ (4) ​ $ 651 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ Unrealized ​ Fair ​ ​ Cost Gains Losses Value ​ ​ (In thousands) ​ Short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificates of deposit ​ $ 1,750 ​ $ — ​ $ (13) ​ $ 1,737 ​ Supranational obligations ​ ​ 654 ​ ​ — ​ ​ (17) ​ ​ 637 ​ Agency bonds ​ ​ 999 ​ ​ — ​ ​ (10) ​ ​ 989 ​ Total short-term investments ​ $ 3,403 ​ $ — ​ $ (40) ​ $ 3,363 ​ ​ The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that do not have an allowance for credit losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of September 30, 2023 and March 31, 2023, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ ​ ​ Less Than 12 Months ​ 12 Months or Greater ​ Total ​ ​ ​ ​ Fair ​ ​ Unrealized ​ ​ Fair ​ ​ Unrealized ​ ​ Fair ​ ​ Unrealized ​ ​ ​ ​ Value ​ ​ Loss ​ ​ Value ​ ​ Loss ​ ​ Value ​ ​ Loss ​ ​ ​ (In thousands) ​ Supranational obligations ​ $ — ​ $ — ​ $ 651 ​ $ (4) ​ $ 651 ​ $ (4) ​ ​ ​ $ — ​ $ — ​ $ 651 ​ $ (4) ​ $ 651 ​ $ (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ 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 ​ $ — ​ $ — ​ $ 1,737 ​ $ (13) ​ $ 1,737 ​ $ (13) ​ Agency bonds ​ ​ — ​ ​ — ​ ​ 990 ​ ​ (10) ​ ​ 990 ​ ​ (10) ​ Supranational obligations ​ ​ — ​ ​ — ​ ​ 636 ​ ​ (17) ​ ​ 636 ​ ​ (17) ​ ​ ​ $ - ​ $ - ​ $ 3,363 ​ $ (40) ​ $ 3,363 ​ $ (40) ​ ​ The Company’s investment portfolio consists of 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. All available-for-sale investment securities are either fully insured or contractual terms of the investment do not permit the issuer to settle the security at a price less than the amortized cost of the investment. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investment before recovery of the amortized cost basis. ​ The deferred tax asset related to unrecognized gains and losses on short-term investments was $1,000 and $10,000 at September 30, 2023 and March 31, 2023, respectively. ​ As of September 30, 2023, contractual maturities of the Company’s available-for-sale investments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair ​ Cost Value ​ ​ (In thousands) Maturing within one year ​ $ 655 ​ $ 651 Maturing in one to three years ​ ​ — ​ ​ — ​ ​ $ 655 ​ $ 651 ​ 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	6 Months Ended
	Sep. 30, 2023
LEASES
NOTE 8 - LEASES	NOTE 8—LEASES ​ The Company has operating leases for corporate offices and research and development facilities. The Company’s leases have remaining lease terms of 5 months to 43 months, some of which include options to extend for up to 5 years. ​ On June 29, 2023, the Company entered into a lease agreement in Taiwan, wherein the lease for the Company’s existing office and warehouse space was extended through August 31, 2026. The lease has been extended for a three-year period under substantially the same terms and conditions of the original lease agreement. The Company identified this extension as a lease modification and reassessed the discount rate at the remeasurement date, at 3.9% based on local rates in Taiwan, and the Company has remeasured its ROU asset and lease liability on the condensed consolidated balance sheet using the discount rate that applies as of the date of the modification. ​ Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ September 30, 2023 ​ March 31, 2023 ​ ​ (In thousands) Operating Leases ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ $ 1,031 ​ $ 684 ​ ​ ​ ​ ​ ​ ​ Lease liabilities-current ​ $ 396 ​ $ 413 Lease liabilities-non-current ​ ​ 592 ​ ​ 238 Total operating lease liabilities ​ $ 988 ​ $ 651 ​ The following table provides the details of lease costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Six Months Ended September 30, ​ ​ 2023 2022 ​ 2023 2022 ​ ​ (In thousands) ​ (In thousands) Operating lease cost ​ $ 141 ​ $ 149 ​ $ 284 ​ $ 299 Short-term lease cost ​ ​ 8 ​ ​ 8 ​ ​ 16 ​ ​ 16 ​ ​ $ 149 ​ $ 157 ​ $ 300 ​ $ 315 ​ The following table provides other information related to leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended September 30, ​ ​ 2023 2022 ​ ​ (In thousands) Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 283 ​ $ 298 ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ ​ ​ Operating leases ​ $ 637 ​ $ 376 ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (years): ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 2.85 ​ ​ 2.57 ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4.11% ​ ​ 4.35% ​ The following table provides the maturities of the Company’s operating lease liabilities as of September 30, 2023: ​ ​ ​ ​ ​ ​ ​ Operating Lease ​ ​ Liabilities Fiscal Year ​ (In thousands) 2024 (remaining six months) ​ $ 251 2025 ​ ​ 303 2026 ​ ​ 305 2027 ​ ​ 180 2028 ​ ​ 7 Total undiscounted future cash flows ​ ​ 1,046 Less: Imputed interest ​ ​ (58) Present value of undiscounted future cash flows ​ $ 988 ​ ​ ​ ​ Presentation on statement of financial position ​ ​ ​ Current ​ $ 396 Non-current ​ $ 592 ​

9. COMMITMENTS AND CONTINGENCIE

9. COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Sep. 30, 2023
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.

10. STOCK-BASED COMPENSATION

10. STOCK-BASED COMPENSATION	6 Months Ended
	Sep. 30, 2023
STOCK-BASED COMPENSATION
NOTE 10 - STOCK-BASED COMPENSATION	​ NOTE 10—STOCK-BASED COMPENSATION ​ As of September 30, 2023, 3,076,860 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 six months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2023 ​ 3,594,851 ​ 8,809,160 ​ ​ ​ $ 5.62 ​ ​ ​ ​ Granted ​ (639,053) ​ 639,053 ​ ​ ​ $ 4.55 ​ ​ ​ ​ Exercised ​ — ​ (235,888) ​ ​ ​ $ 5.13 ​ $ 313,926 ​ Forfeited ​ 121,062 ​ (580,193) ​ ​ ​ $ 6.23 ​ ​ ​ ​ Balance at September 30, 2023 ​ 3,076,860 ​ 8,632,132 ​ 5.77 ​ $ 5.51 ​ ​ ​ ​ Options vested and exercisable ​ ​ ​ 5,495,970 ​ 4.21 ​ $ 6.04 ​ $ 148,839 ​ Options vested and expected to vest ​ ​ ​ 8,531,774 ​ 5.75 ​ $ 5.53 ​ $ 431,582 ​ ​ 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 September 30, ​ Six Months Ended September 30, ​ ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ (In thousands) ​ (In thousands) ​ Cost of revenues ​ $ 57 ​ $ 49 ​ $ 124 ​ $ 109 ​ Research and development ​ ​ 369 ​ ​ 390 ​ ​ 755 ​ ​ 741 ​ Selling, general and administrative ​ ​ 250 ​ ​ 222 ​ ​ 617 ​ ​ 449 ​ Total ​ $ 676 ​ $ 661 ​ $ 1,496 ​ $ 1,299 ​ ​

11. RELATED PARTY TRANSACTION

11. RELATED PARTY TRANSACTION	6 Months Ended
	Sep. 30, 2023
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 $0 and $140,000 during the three months ended September 30, 2023 and 2022, respectively, and $0 and $197,000 during the six months ended September 30, 2023 and 2022, 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 $0 and $8,000 at September 30, 2023 and March 31, 2023, respectively, is included in accounts payable in the Condensed Consolidated Balance Sheets.

12. SEGMENT AND GEOGRAPHIC INFO

12. SEGMENT AND GEOGRAPHIC INFORMATION	6 Months Ended
	Sep. 30, 2023
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 September 30, ​ Six Months Ended September 30, ​ ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ (In thousands) ​ (In thousands) ​ United States $ 2,948 $ 5,034 $ 6,035 $ 8,601 ​ China ​ ​ 312 ​ ​ 310 ​ ​ 481 ​ ​ 1,198 ​ Singapore ​ ​ 459 ​ ​ 1,561 ​ ​ 952 ​ ​ 3,510 ​ Netherlands ​ ​ 939 ​ ​ 785 ​ ​ 1,955 ​ ​ 1,457 ​ Germany ​ ​ 867 ​ ​ 1,015 ​ ​ 1,550 ​ ​ 2,452 ​ Rest of the world ​ ​ 183 ​ ​ 248 ​ ​ 322 ​ ​ 644 ​ ​ ​ $ 5,708 ​ $ 8,953 ​ $ 11,295 ​ $ 17,862 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ All sales are denominated in United States dollars.

13. GOVERNMENT AGREEMENTS

13. GOVERNMENT AGREEMENTS	6 Months Ended
	Sep. 30, 2023
GOVERNMENT AGREEMENTS
NOTE 13 - GOVERNMENT AGREEMENTS	NOTE 13—GOVERNMENT AGREEMENTS ​ In June 2023, the Company entered into a prototype agreement with the Space Development Agency for the development of a Next-Generation Associative Processing Unit-2 for Enhanced Space-Based Capabilities (“Prototype Agreement”). Under the Prototype Agreement, the Company will receive an award funded by the Small Business Innovation Research program. Pursuant to an agreed-upon schedule, the Company will receive milestone payments totaling an estimated $1.25 million upon successful completion of each milestone. The Prototype Agreement is unrelated to the Company’s ordinary business activities. The Company has discretion in managing the activities under the Prototype Agreement and retains all developed intellectual property. The Company applies IAS 20, by analogy, and recognizes the award as a reduction of research and development expenses based on a cost incurred method. ​ During the three and six months ended September 30, 2023, the Company recognized $260,000 as a reduction to research and development expense in the Condensed Consolidated Statements of Operations. As of September 30, 2023, the Company had received total milestone payments of $297,000 under the Prototype Agreement.

1. THE COMPANY AND SUMMARY OF_2

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Sep. 30, 2023
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, 2023. ​ The consolidated results of operations for the six months ended September 30, 2023 are not necessarily indicative of the results to be expected for the entire fiscal year.
Reclassifications	Reclassifications ​ Certain amounts in the fiscal 2022 condensed consolidated financial statements have been reclassified to conform to the fiscal 2023 presentation.
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, 2023. ​
Government Agreements	Government Agreements ​ From time to time, the Company may enter into agreements with federal government agencies. GAAP does not have specific accounting standards covering agreements between the government and business entities. The Company applies International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance, by analogy when accounting for agreements entered into with the government. Under IAS 20, government grants or awards are initially recognized when there is reasonable assurance the conditions of the grant or award will be met and the grant or award will be received. After initial recognition, government grants or awards are recognized on a systematic basis in a manner consistent with the manner in which the Company recognizes the underlying costs for which the grant or award is intended to compensate. The Company follows ASC 832, Disclosures by Business Entities about Government Assistance, with respect to the disclosures of government grants or awards.
Credit Losses-Marketable Securities	Credit Losses — Marketable Securities ​ For marketable securities in an unrealized loss position, the Company periodically assesses its portfolio for impairment. The assessment first considers the intent or requirement to sell the marketable security. If either of these criteria are met, the amortized cost basis is written down to fair value through earnings. ​ Beginning April 1, 2023, if the criteria above are not met, the Company evaluates whether the decline resulted from credit losses or other factors by considering the extent to which fair value is less than amortized cost, any changes to the rating of the marketable security by a rating agency, and any adverse conditions specifically related to the marketable security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the marketable security is compared to the amortized cost basis of the marketable security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any other impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive loss.
Credit Losses-Accounts Receivable	Credit Losses Accounts Receivable ​ Accounts receivable are recorded at the amounts billed less estimated allowances for credit losses for any potential uncollectible amounts. The Company continually monitors customer payments and maintains an allowance for estimated losses resulting from a customer’s inability to make required payments. The Company considers factors such as historical experience, credit quality, age of the accounts receivable balances, and economic conditions that may affect a customer’s ability to pay. Accounts receivable are written-off and charged against an allowance for credit losses when the Company has exhausted collection efforts without success.
Risk and uncertainties	​ Risk and uncertainties ​ The decline in the global economic environment due to, among other things, rising interest rates, worldwide inflationary pressures and significant fluctuations in energy prices has affected the business activities of the Company, its customers, suppliers, and other business partners in the fiscal year ended March 31, 2023 and into the six months ended September 30, 2023. ​ Our software development and certain regional sales activities for our APU product offerings occur in Israel. Our Vice President, Associative Computing, along with a team of software development experts are based in our Israel facility. This team is needed for the development of the various levels of software required in the use of our APU product offering. Proof of concept customers for our SAR imagine processing acceleration system are also based in Israel. We are closely monitoring developments in the evolving military conflict with Hamas that began on October 7, 2023 including potential impacts to our business, customers, employees and operations in Israel. At this time, the impact on GSI Technology are uncertain and subject to change given the volatile nature of the situation, but adverse changes in the military conditions in Israel could harm our business and our stock price could decline. The Company believes that during the next 12 months disruptions in the capital markets as a result of rising interest rates, worldwide inflationary pressures, significant fluctuations in energy prices and the decline in the global economic environment could impact general economic activity and demand in the Company’s end markets. Additionally, fluctuations in customer demand due to previous buffer stock purchases during the semiconductor supply shortage may negatively impact near-term revenues.
Accounting pronouncements effective for fiscal 2024	Accounting pronouncements effective for fiscal 2024 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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)	6 Months Ended
	Sep. 30, 2023
REVENUE RECOGNITION.
Summary of revenue disaggregated by customer type	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Six Months Ended September 30, ​ ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ (In thousands) ​ (In thousands) ​ Contract manufacturers $ 1,324 $ 1,671 $ 3,274 $ 3,206 ​ Distribution ​ ​ 4,356 ​ ​ 6,813 ​ ​ 7,970 ​ ​ 14,118 ​ OEMs ​ ​ 28 ​ ​ 469 ​ ​ 51 ​ ​ 538 ​ ​ ​ $ 5,708 ​ $ 8,953 ​ $ 11,295 ​ $ 17,862 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

3. NET LOSS PER COMMON SHARE (T

3. NET LOSS PER COMMON SHARE (Tables)	6 Months Ended
	Sep. 30, 2023
NET LOSS PER COMMON SHARE
Basic and diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Six Months Ended September 30, ​ ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ ​ (In thousands, except per share amounts) ​ (In thousands, except per share amounts) ​ Net loss $ (4,055) $ (3,228) $ (9,165) $ (7,204) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominators: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares—Basic ​ 25,161 ​ ​ 24,554 ​ ​ 25,014 ​ ​ 24,538 ​ Dilutive effect of employee stock options ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Dilutive effect of employee stock purchase plan options ​ — ​ ​ — ​ ​ — ​ ​ — ​ Weighted average shares—Dilutive ​ 25,161 ​ 24,554 ​ 25,014 ​ 24,538 ​ Net loss per common share—Basic $ (0.16) $ (0.13) $ (0.37) ​ $ (0.29) ​ Net loss per common share—Diluted $ (0.16) $ (0.13) $ (0.37) ​ $ (0.29) ​
Anti-dilutive shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Six Months Ended September 30, ​ ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ (In thousands) ​ (In thousands) ​ Shares underlying options and ESPP shares 7,854 ​ 8,277 ​ 7,862 ​ 8,204 ​ ​

4. BALANCE SHEET DETAIL (Tables

4. BALANCE SHEET DETAIL (Tables)	6 Months Ended
	Sep. 30, 2023
BALANCE SHEET DETAIL
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ March 31, 2023 ​ ​ (In thousands) ​ Inventories: ​ ​ ​ Work-in-progress $ 3,279 $ 3,629 ​ Finished goods ​ 2,289 ​ 2,767 ​ Inventory at distributors ​ 9 ​ 19 ​ ​ $ 5,577 $ 6,415 ​
Schedule of accounts receivable, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ March 31, 2023 ​ ​ (In thousands) ​ Accounts receivable, net: ​ ​ ​ ​ ​ ​ ​ Accounts receivable $ 3,132 $ 3,531 ​ Less: Allowances for credit losses ​ (48) ​ (60) ​ ​ $ 3,084 $ 3,471 ​
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ March 31, 2023 ​ ​ (In thousands) ​ Prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ ​ Prepaid tooling and masks ​ $ 210 ​ $ 333 ​ Other receivables ​ ​ 168 ​ ​ 156 ​ Other prepaid expenses and other current assets ​ ​ 880 ​ ​ 925 ​ ​ ​ $ 1,258 ​ $ 1,414 ​
Schedule of property and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ March 31, 2023 ​ ​ (In thousands) ​ Property and equipment, net: ​ ​ ​ ​ ​ ​ ​ Computer and other equipment ​ $ 18,842 ​ $ 19,188 ​ Software ​ ​ 4,428 ​ ​ 4,428 ​ Land ​ ​ 3,900 ​ ​ 3,900 ​ Building and building improvements ​ ​ 3,741 ​ ​ 3,741 ​ Furniture and fixtures ​ ​ 102 ​ ​ 102 ​ Leasehold improvements ​ ​ 918 ​ ​ 910 ​ ​ ​ ​ 31,931 ​ ​ 32,269 ​ Less: Accumulated depreciation ​ ​ (24,871) ​ ​ (24,846) ​ ​ ​ $ 7,060 ​ $ 7,423 ​
Schedule of intangible assets	The following tables summarize the components of intangible assets and related accumulated amortization balances at September 30, 2023 and March 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ ​ Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: ​ ​ ​ ​ ​ ​ ​ Product designs ​ $ 590 ​ $ (590) ​ $ — ​ Patents ​ ​ 4,220 ​ ​ (2,548) ​ ​ 1,672 ​ Software ​ ​ 80 ​ ​ (80) ​ ​ — ​ Total ​ $ 4,890 ​ $ (3,218) ​ $ 1,672 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ ​ Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product designs ​ $ 590 ​ $ (590) ​ $ — ​ Patents ​ ​ 4,220 ​ ​ (2,430) ​ ​ 1,790 ​ Software ​ ​ 80 ​ ​ (80) ​ ​ — ​ Total ​ $ 4,890 ​ $ (3,100) ​ $ 1,790 ​ ​
Estimated future amortization expense of intangible assets	As of September 30, 2023, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands): ​ ​ ​ ​ ​ ​ Fiscal year ending March 31, ​ ​ ​ 2024 (remaining six months) ​ $ 117 ​ 2025 ​ ​ 233 ​ 2026 ​ ​ 233 ​ 2027 ​ ​ 233 ​ 2028 ​ ​ 233 ​ Thereafter ​ ​ 623 ​ Total ​ $ 1,672 ​
Schedule of accrued expenses and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ March 31, 2023 ​ ​ (In thousands) ​ Accrued expenses and other liabilities: ​ ​ ​ ​ ​ ​ ​ Accrued compensation ​ $ 3,320 ​ $ 3,441 ​ Accrued commissions ​ ​ 200 ​ ​ 214 ​ Income taxes payable ​ ​ 343 ​ ​ 345 ​ Outsourced design resources ​ ​ 598 ​ ​ 552 ​ Miscellaneous accrued expenses ​ ​ 681 ​ ​ 616 ​ ​ ​ $ 5,142 ​ $ 5,168 ​

7. FINANCIAL INSTRUMENTS (Table

7. FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Sep. 30, 2023
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 ​ ​ September 30, 2023 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 10,778 ​ $ 10,778 ​ $ — ​ $ — ​ Marketable securities ​ ​ 651 ​ ​ — ​ ​ 651 ​ ​ — ​ Total ​ $ 11,429 ​ $ 10,778 ​ $ 651 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 728 ​ $ — ​ $ — ​ $ 728 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2023 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 7,796 ​ $ 7,796 ​ $ — ​ $ — ​ Marketable securities ​ ​ 3,363 ​ ​ — ​ ​ 3,363 ​ ​ — ​ Total ​ $ 11,159 ​ $ 7,796 ​ $ 3,363 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 1,052 ​ $ — ​ $ — ​ $ 1,052 ​
Schedule of changes in fair value of contingent consideration	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended September 30, ​ ​ 2023 2022 ​ ​ ​ (In thousands) ​ Contingent consideration, beginning of period ​ $ 1,052 ​ $ 2,738 ​ Change due to accretion ​ ​ 70 ​ ​ 102 ​ Re-measurement of contingent consideration ​ ​ (394) ​ ​ (932) ​ Contingent consideration, end of period ​ $ 728 ​ $ 1,908 ​
Schedule of available-for-sale investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ Unrealized ​ Fair ​ ​ Cost Gains Losses Value ​ ​ (In thousands) ​ Short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supranational obligations ​ $ 655 ​ $ — ​ $ (4) ​ $ 651 ​ Total short-term investments ​ $ 655 ​ $ — ​ $ (4) ​ $ 651 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ Unrealized ​ Fair ​ ​ Cost Gains Losses Value ​ ​ (In thousands) ​ Short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificates of deposit ​ $ 1,750 ​ $ — ​ $ (13) ​ $ 1,737 ​ Supranational obligations ​ ​ 654 ​ ​ — ​ ​ (17) ​ ​ 637 ​ Agency bonds ​ ​ 999 ​ ​ — ​ ​ (10) ​ ​ 989 ​ Total short-term investments ​ $ 3,403 ​ $ — ​ $ (40) ​ $ 3,363 ​
Schedule of unrealized losses and fair value of investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ ​ ​ Less Than 12 Months ​ 12 Months or Greater ​ Total ​ ​ ​ ​ Fair ​ ​ Unrealized ​ ​ Fair ​ ​ Unrealized ​ ​ Fair ​ ​ Unrealized ​ ​ ​ ​ Value ​ ​ Loss ​ ​ Value ​ ​ Loss ​ ​ Value ​ ​ Loss ​ ​ ​ (In thousands) ​ Supranational obligations ​ $ — ​ $ — ​ $ 651 ​ $ (4) ​ $ 651 ​ $ (4) ​ ​ ​ $ — ​ $ — ​ $ 651 ​ $ (4) ​ $ 651 ​ $ (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ 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 ​ $ — ​ $ — ​ $ 1,737 ​ $ (13) ​ $ 1,737 ​ $ (13) ​ Agency bonds ​ ​ — ​ ​ — ​ ​ 990 ​ ​ (10) ​ ​ 990 ​ ​ (10) ​ Supranational obligations ​ ​ — ​ ​ — ​ ​ 636 ​ ​ (17) ​ ​ 636 ​ ​ (17) ​ ​ ​ $ - ​ $ - ​ $ 3,363 ​ $ (40) ​ $ 3,363 ​ $ (40) ​
Schedule of contractual maturities of the available-for-sale investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair ​ Cost Value ​ ​ (In thousands) Maturing within one year ​ $ 655 ​ $ 651 Maturing in one to three years ​ ​ — ​ ​ — ​ ​ $ 655 ​ $ 651

8. LEASES (Tables)

8. LEASES (Tables)	6 Months Ended
	Sep. 30, 2023
LEASES
Summary of balance sheet information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ September 30, 2023 ​ March 31, 2023 ​ ​ (In thousands) Operating Leases ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ $ 1,031 ​ $ 684 ​ ​ ​ ​ ​ ​ ​ Lease liabilities-current ​ $ 396 ​ $ 413 Lease liabilities-non-current ​ ​ 592 ​ ​ 238 Total operating lease liabilities ​ $ 988 ​ $ 651
Summary of components of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Six Months Ended September 30, ​ ​ 2023 2022 ​ 2023 2022 ​ ​ (In thousands) ​ (In thousands) Operating lease cost ​ $ 141 ​ $ 149 ​ $ 284 ​ $ 299 Short-term lease cost ​ ​ 8 ​ ​ 8 ​ ​ 16 ​ ​ 16 ​ ​ $ 149 ​ $ 157 ​ $ 300 ​ $ 315
Summary of other information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended September 30, ​ ​ 2023 2022 ​ ​ (In thousands) Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 283 ​ $ 298 ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ ​ ​ Operating leases ​ $ 637 ​ $ 376 ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (years): ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 2.85 ​ ​ 2.57 ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4.11% ​ ​ 4.35%
Summary of maturities of the lease liabilities	​ ​ ​ ​ ​ ​ ​ Operating Lease ​ ​ Liabilities Fiscal Year ​ (In thousands) 2024 (remaining six months) ​ $ 251 2025 ​ ​ 303 2026 ​ ​ 305 2027 ​ ​ 180 2028 ​ ​ 7 Total undiscounted future cash flows ​ ​ 1,046 Less: Imputed interest ​ ​ (58) Present value of undiscounted future cash flows ​ $ 988 ​ ​ ​ ​ Presentation on statement of financial position ​ ​ ​ Current ​ $ 396 Non-current ​ $ 592 ​

10. STOCK-BASED COMPENSATION (T

10. STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Sep. 30, 2023
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, 2023 ​ 3,594,851 ​ 8,809,160 ​ ​ ​ $ 5.62 ​ ​ ​ ​ Granted ​ (639,053) ​ 639,053 ​ ​ ​ $ 4.55 ​ ​ ​ ​ Exercised ​ — ​ (235,888) ​ ​ ​ $ 5.13 ​ $ 313,926 ​ Forfeited ​ 121,062 ​ (580,193) ​ ​ ​ $ 6.23 ​ ​ ​ ​ Balance at September 30, 2023 ​ 3,076,860 ​ 8,632,132 ​ 5.77 ​ $ 5.51 ​ ​ ​ ​ Options vested and exercisable ​ ​ ​ 5,495,970 ​ 4.21 ​ $ 6.04 ​ $ 148,839 ​ Options vested and expected to vest ​ ​ ​ 8,531,774 ​ 5.75 ​ $ 5.53 ​ $ 431,582 ​
Summary of stock-based compensation expense by line item	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Six Months Ended September 30, ​ ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ (In thousands) ​ (In thousands) ​ Cost of revenues ​ $ 57 ​ $ 49 ​ $ 124 ​ $ 109 ​ Research and development ​ ​ 369 ​ ​ 390 ​ ​ 755 ​ ​ 741 ​ Selling, general and administrative ​ ​ 250 ​ ​ 222 ​ ​ 617 ​ ​ 449 ​ Total ​ $ 676 ​ $ 661 ​ $ 1,496 ​ $ 1,299 ​ ​

12. SEGMENT AND GEOGRAPHIC IN_2

12. SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	6 Months Ended
	Sep. 30, 2023
SEGMENT AND GEOGRAPHIC INFORMATION
Net revenues by geographic area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Six Months Ended September 30, ​ ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ (In thousands) ​ (In thousands) ​ United States $ 2,948 $ 5,034 $ 6,035 $ 8,601 ​ China ​ ​ 312 ​ ​ 310 ​ ​ 481 ​ ​ 1,198 ​ Singapore ​ ​ 459 ​ ​ 1,561 ​ ​ 952 ​ ​ 3,510 ​ Netherlands ​ ​ 939 ​ ​ 785 ​ ​ 1,955 ​ ​ 1,457 ​ Germany ​ ​ 867 ​ ​ 1,015 ​ ​ 1,550 ​ ​ 2,452 ​ Rest of the world ​ ​ 183 ​ ​ 248 ​ ​ 322 ​ ​ 644 ​ ​ ​ $ 5,708 ​ $ 8,953 ​ $ 11,295 ​ $ 17,862 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

2. REVENUE RECOGNITION (Details

2. REVENUE RECOGNITION (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
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	20%	14%	27%	14%
SRAM Products | Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage			98%	96%
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		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net revenues	$ 5,708	$ 8,953	$ 11,295	$ 17,862
Contract Manufacturers
Disaggregation of Revenue [Line Items]
Net revenues	1,324	1,671	3,274	3,206
Distribution
Disaggregation of Revenue [Line Items]
Net revenues	4,356	6,813	7,970	14,118
OEMs
Disaggregation of Revenue [Line Items]
Net revenues	$ 28	$ 469	$ 51	$ 538

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		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
NET LOSS PER COMMON SHARE
Net loss	$ (4,055)	$ (3,228)	$ (9,165)	$ (7,204)
Weighted average shares - Basic	25,161	24,554	25,014	24,538
Weighted average shares - Dilutive	25,161	24,554	25,014	24,538
Net loss per common share - Basic	$ (0.16)	$ (0.13)	$ (0.37)	$ (0.29)
Net loss per common share - Diluted	$ (0.16)	$ (0.13)	$ (0.37)	$ (0.29)

3. NET LOSS PER COMMON SHARE -

3. NET LOSS PER COMMON SHARE - Shares underlying options (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
NET LOSS PER COMMON SHARE
Shares underlying options and ESPP shares	7,854	8,277	7,862	8,204

4. BALANCE SHEET DETAIL - Inven

4. BALANCE SHEET DETAIL - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Inventories:
Work-in-progress	$ 3,279	$ 3,629
Finished goods	2,289	2,767
Inventory at distributors	9	19
Total inventory	$ 5,577	$ 6,415

4. BALANCE SHEET DETAIL - Accou

4. BALANCE SHEET DETAIL - Accounts receivable, net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Accounts receivable, net:
Accounts receivable	$ 3,132	$ 3,531
Less: Allowances for credit losses	(48)	(60)
Total accounts receivable, net	$ 3,084	$ 3,471

4. BALANCE SHEET DETAIL - Prepa

4. BALANCE SHEET DETAIL - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Prepaid expenses and other current assets:
Prepaid tooling and masks	$ 210	$ 333
Other receivables	168	156
Other prepaid expenses and other current assets	880	925
Total prepaid expenses and other current assets	$ 1,258	$ 1,414

4. BALANCE SHEET DETAIL - Prope

4. BALANCE SHEET DETAIL - Property and equipment, net (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Property and equipment, net:
Property and equipment, gross	$ 31,931,000		$ 31,931,000		$ 32,269,000
Less: Accumulated depreciation	(24,871,000)		(24,871,000)		(24,846,000)
Total property and equipment, net	7,060,000		7,060,000		7,423,000
Depreciation	172,000	$ 196,000	388,000	$ 393,000
Computer and other equipment
Property and equipment, net:
Property and equipment, gross	18,842,000		18,842,000		19,188,000
Software
Property and equipment, net:
Property and equipment, gross	4,428,000		4,428,000		4,428,000
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	3,741,000		3,741,000		3,741,000
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	$ 918,000		$ 918,000		$ 910,000

4. BALANCE SHEET DETAIL - Intan

4. BALANCE SHEET DETAIL - Intangible assets (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Gross Carrying Amount	$ 4,890,000		$ 4,890,000		$ 4,890,000
Accumulated Amortization	(3,218,000)		(3,218,000)		(3,100,000)
Total	1,672,000		1,672,000		1,790,000
Amortization of intangible assets	58,000	$ 59,000	117,000	$ 117,000
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	(2,548,000)		(2,548,000)		(2,430,000)
Total	1,672,000		1,672,000		1,790,000
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	Sep. 30, 2023	Mar. 31, 2023
Fiscal year ending March 31,
2024 (remaining six months)	$ 117
2025	233
2026	233
2027	233
2028	233
Thereafter	623
Total	$ 1,672	$ 1,790

4. BALANCE SHEET DETAIL - Accru

4. BALANCE SHEET DETAIL - Accrued expenses and other liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Accrued expenses and other liabilities:
Accrued compensation	$ 3,320	$ 3,441
Accrued commissions	200	214
Income taxes payable	343	345
Outsourced design resources	598	552
Miscellaneous accrued expenses	681	616
Total accrued expenses and other liabilities	$ 5,142	$ 5,168

4. BALANCE SHEET DETAIL - Addit

4. BALANCE SHEET DETAIL - Additional information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Percentage of reduction in global work force	15%
Severance related charges		$ 0	$ 0	$ 0	$ 0	$ 300
Cost of revenues
Severance related charges						100
Selling, General and Administrative Expenses
Severance related charges						$ 200

5. GOODWILL (Details)

5. GOODWILL (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) segment	Mar. 31, 2023 USD ($)
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		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
INCOME TAXES
Unrecognized tax benefits, current	$ 0		$ 0		$ 0
Provision for income taxes	33,000	$ 37,000	84,000	$ 97,000
Income (loss) before income taxes	$ (4,022,000)	$ (3,191,000)	$ (9,081,000)	$ (7,107,000)
Effective annual income tax rate (as a percentage)			(1.53%)	(1.69%)

7. FINANCIAL INSTRUMENTS (Detai

7. FINANCIAL INSTRUMENTS (Details)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Nov. 23, 2015
Fair value measurements
Discount rate	15.9		14.8
Short-term investments	$ 651,000	$ 3,363,000
Minimum
Fair value measurements
Probability rate	0.25
Maximum
Fair value measurements
Probability rate	0.70
Fair Value, Inputs, Level 2 | Available-for-sale Securities
Fair value measurements
Short-term investments	$ 651,000
Other accrued expenses
Fair value measurements
Contingent consideration liability	728,000	1,100,000
Fair Value, Measurements, Recurring
Fair value measurements
Assets	11,429,000	11,159,000
Liabilities	728,000	1,052,000
Fair Value, Measurements, Recurring | Money Market Funds
Fair value measurements
Money market funds	10,778,000	7,796,000
Fair Value, Measurements, Recurring | Available-for-sale Securities
Fair value measurements
Marketable securities	651,000	3,363,000
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1
Fair value measurements
Assets	10,778,000	7,796,000
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Money Market Funds
Fair value measurements
Money market funds	10,778,000	7,796,000
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Fair value measurements
Assets	651,000	3,363,000
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Available-for-sale Securities
Fair value measurements
Marketable securities	651,000	3,363,000
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3
Fair value measurements
Liabilities	$ 728,000	$ 1,052,000

7. FINANCIAL INSTRUMENTS - Chan

7. FINANCIAL INSTRUMENTS - Change in contingent consideration (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Changes in fair value of contingent consideration
Contingent consideration, beginning of period	$ 1,052	$ 2,738
Change due to accretion	70	102
Re-measurement of contingent consideration	(394)	(932)
Contingent consideration, end of period	$ 728	$ 1,908

7. FINANCIAL INSTRUMENTS - Avai

7. FINANCIAL INSTRUMENTS - Available-for-sale investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Available-for-sale investments
Cost	$ 655
Total	651
Short-term Investments
Available-for-sale investments
Cost	655	$ 3,403
Gross Unrealized Losses	(4)	(40)
Total	651	3,363
Short-term investments, Certificates of deposit
Available-for-sale investments
Cost		1,750
Gross Unrealized Losses		(13)
Total		1,737
Short-term investments, Supranational obligations
Available-for-sale investments
Cost	655	654
Gross Unrealized Losses	(4)	(17)
Total	$ 651	637
Short-term investments, Agency bonds
Available-for-sale investments
Cost		999
Gross Unrealized Losses		(10)
Total		$ 989

7. FINANCIAL INSTRUMENTS - Unre

7. FINANCIAL INSTRUMENTS - Unrealized losses and fair value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Fair Value
12 Months or Greater, Fair Value	$ 651	$ 3,363
Total, Fair Value	651	3,363
Unrealized Loss
12 Months or Greater, Unrealized Loss	(4)	(40)
Total, Unrealized Loss	(4)	(40)
Certificates of deposit
Fair Value
12 Months or Greater, Fair Value		1,737
Total, Fair Value		1,737
Unrealized Loss
12 Months or Greater, Unrealized Loss		(13)
Total, Unrealized Loss		(13)
Agency bonds
Fair Value
12 Months or Greater, Fair Value		990
Total, Fair Value		990
Unrealized Loss
12 Months or Greater, Unrealized Loss		(10)
Total, Unrealized Loss		(10)
Supranational obligations
Fair Value
12 Months or Greater, Fair Value	651	636
Total, Fair Value	651	636
Unrealized Loss
12 Months or Greater, Unrealized Loss	(4)	(17)
Total, Unrealized Loss	$ (4)	$ (17)

7. FINANCIAL INSTRUMENTS - Othe

7. FINANCIAL INSTRUMENTS - Other information (Details) - USD ($)	6 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
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	$ 1,000	$ 10,000

7. FINANCIAL INSTRUMENTS - Cont

7. FINANCIAL INSTRUMENTS - Contractual maturities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
FINANCIAL INSTRUMENTS
Maturing within one year, Cost	$ 655
Total	655
Maturing within one year, Fair Value	651
Total	$ 651

8. LEASES - Operating leases (D

8. LEASES - Operating leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Jun. 29, 2023	Mar. 31, 2023
Leases
Operating lease, option to extend	true
Operating lease, renewal term	5 years	3 years
Operating lease, discount rate		3.90%
Operating lease right-of-use assets	$ 1,031		$ 684
Lease liabilities, current	396		413
Lease liabilities, non-current	592		238
Total operating lease liabilities	$ 988		$ 651
Minimum
Leases
Operating lease, term of lease	5 months
Maximum
Leases
Operating lease, term of lease	43 months

8. LEASES - Lease costs (Detail

8. LEASES - Lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Components of lease costs
Operating lease cost	$ 141	$ 149	$ 284	$ 299
Short-term lease cost	8	8	16	16
Lease costs	$ 149	$ 157	$ 300	$ 315

8. LEASES - Other information (

8. LEASES - Other information (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 283	$ 298
Right-of-use assets obtained in exchange for lease obligations - Operating leases	$ 637	$ 376
Weighted-average remaining lease term (years) - Operating leases	2 years 10 months 6 days	2 years 6 months 25 days
Weighted-average discount rate - Operating leases	4.11%	4.35%

8. LEASES - Maturity of lease l

8. LEASES - Maturity of lease liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Maturity of Lease Liabilities
2024 (remaining six months)	$ 251
2025	303
2026	305
2027	180
2028	7
Total undiscounted future cash flows	1,046
Less: Imputed interest	(58)
Total operating lease liabilities	988	$ 651
Current	396	413
Non-current	$ 592	$ 238

10. STOCK-BASED COMPENSATION -

10. STOCK-BASED COMPENSATION - Stock option activities (Details)	6 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
STOCK-BASED COMPENSATION
Shares available for grant, Beginning	3,594,851
Granted (in shares)	(639,053)
Forfeited (in shares)	121,062
Shares available for grant, Ending	3,076,860
Number of Shares Underlying Options Outstanding
Balance at the beginning of the period (in shares)	8,809,160
Granted (in shares)	639,053
Exercised (in shares)	(235,888)
Forfeited (in shares)	(580,193)
Balance at the end of the period (in shares)	8,632,132
Options vested and exercisable (in shares)	5,495,970
Options vested and expected to vest (in shares)	8,531,774
Weighted Average Remaining Contractual Life
Options weighted average remaining contractual life	5 years 9 months 7 days
Options vested and exercisable	4 years 2 months 15 days
Options vested and expected to vest	5 years 9 months
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 5.62
Granted (in dollars per share) | $ / shares	4.55
Exercised (in dollars per share) | $ / shares	5.13
Forfeited (in dollars per share) | $ / shares	6.23
Balance at the end of the period (in dollars per share) | $ / shares	5.51
Options vested and exercisable (in dollars per share) | $ / shares	6.04
Options vested and expected to vest (in dollars per share) | $ / shares	$ 5.53
Intrinsic Value
Exercised (in dollars) | $	$ 313,926
Options vested and exercisable (in dollars) | $	148,839
Options vested and expected to vest (in dollars) | $	$ 431,582

10. STOCK-BASED COMPENSATION _2

10. STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-based compensation expense by line item
Stock-based compensation expense	$ 676	$ 661	$ 1,496	$ 1,299
Cost of Revenues
Stock-based compensation expense by line item
Stock-based compensation expense	57	49	124	109
Research and Development Expense
Stock-based compensation expense by line item
Stock-based compensation expense	369	390	755	741
Selling, General and Administrative Expenses
Stock-based compensation expense by line item
Stock-based compensation expense	$ 250	$ 222	$ 617	$ 449

11. RELATED PARTY TRANSACTION (

11. RELATED PARTY TRANSACTION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Related Party Transaction [Line Items]
Amount owed to WNC	$ 0		$ 0		$ 8,000
Non-Recurring Engineering Services | Wistron Neweb Corp
Related Party Transaction [Line Items]
Non-recurring engineering service expense	$ 0	$ 140,000	$ 0	$ 197,000

12. SEGMENT AND GEOGRAPHIC IN_3

12. SEGMENT AND GEOGRAPHIC INFORMATION - Revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Net revenues by geographic area
Net revenues	$ 5,708	$ 8,953	$ 11,295	$ 17,862
Number of reporting units | segment			1
United States
Net revenues by geographic area
Net revenues	2,948	5,034	$ 6,035	8,601
China
Net revenues by geographic area
Net revenues	312	310	481	1,198
Singapore
Net revenues by geographic area
Net revenues	459	1,561	952	3,510
Netherlands
Net revenues by geographic area
Net revenues	939	785	1,955	1,457
Germany
Net revenues by geographic area
Net revenues	867	1,015	1,550	2,452
Rest of the world
Net revenues by geographic area
Net revenues	$ 183	$ 248	$ 322	$ 644

13. GOVERNMENT AGREEMENTS (Deta

13. GOVERNMENT AGREEMENTS (Details) - Small Business Innovation Research program - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Jun. 30, 2023
Government Assistance [Line Items]
Milestone payments receivable			$ 1,250,000
Amount recognized	$ 260,000	$ 260,000
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration]	Research and Development Expense	Research and Development Expense
Total milestone payments received	$ 297,000	$ 297,000