Transphorm (TGAN) 10-Q 14 Aug 23 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2023	Aug. 09, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-41295
Entity Registrant Name	Transphorm, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1858829
Entity Address, Address Line One	75 Castilian Drive
Entity Address, City or Town	Goleta,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93117
City Area Code	805
Local Phone Number	456-1300
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	TGAN
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	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		61,997,965
Entity Central Index Key	0001715768
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,311	$ 15,527
Restricted cash	0	500
Accounts receivable, net, including related parties (Note 11)	6,915	4,396
Inventory	8,885	8,406
Prepaid expenses and other current assets	1,184	1,859
Total current assets	20,295	30,688
Property and equipment, net	7,957	7,890
Operating lease right-of-use assets	2,863	3,033
Goodwill	994	1,079
Intangible assets, net	247	321
Investment in joint venture	662	715
Other assets	697	726
Total assets	33,715	44,452
Current liabilities:
Accounts payable and accrued expenses, including related parties (Note 11)	6,517	7,895
Accrued interest	0	180
Accrued payroll and benefits	1,228	1,458
Operating lease liabilities	526	404
Revolving credit facility	0	12,000
Total current liabilities	8,271	21,937
Operating Lease, Liability, Noncurrent	2,390	2,670
Other liabilities	230	230
Total liabilities	10,891	24,837
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized and none issued and outstanding as of June 30, 2023 and March 31, 2023	0	0
Common stock, $0.0001 par value; 750,000,000 shares authorized as of June 30, 2023 and March 31, 2023, and 59,374,057 and 57,047,013 shares issued and outstanding as of June 30, 2023 and March 31, 2023, respectively	6	6
Additional paid-in capital	247,027	230,272
Accumulated deficit	(222,295)	(209,236)
Accumulated other comprehensive loss	(1,914)	(1,427)
Total stockholders’ equity	22,824	19,615
Total liabilities and stockholders’ equity	$ 33,715	$ 44,452

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Par value per share (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	59,374,057	57,047,013
Common stock, shares outstanding (in shares)	59,374,057	57,047,013

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue, net, including related parties (Note 11)	$ 5,883	$ 5,156
Cost of goods sold	3,795	4,050
Gross profit	2,088	1,106
Operating expenses:
Research and development	2,869	1,740
Sales and marketing	1,482	1,083
General and administrative	4,516	3,317
Total operating expenses	8,867	6,140
Loss from operations	(6,779)	(5,034)
Interest expense	8	182
Loss in joint venture	860	582
Other income, net	(200)	(445)
Loss before tax expense	(7,447)	(5,353)
Tax expense	0	0
Net loss	(7,447)	(5,353)
Deemed dividend related to warrant modification and issuance of Inducement warrants (Note 8)	5,612	0
Net loss attributable to common stockholders	(13,059)	(5,353)
Net loss attributable to common stockholders	$ (13,059)	$ (5,353)
Net loss per share - basic (in usd per share)	$ (0.22)	$ (0.10)
Net loss per share - diluted (in usd per share)	$ (0.22)	$ (0.10)
Weighted average common shares outstanding - basic (in shares)	59,264,378	54,404,830
Weighted average common shares outstanding - diluted (in shares)	59,264,378	54,404,830

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (7,447)	$ (5,353)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(487)	(393)
Other comprehensive loss, net of tax	(487)	(393)
Comprehensive loss	$ (7,934)	$ (5,746)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Mar. 31, 2022		53,379,307
Beginning balance at Mar. 31, 2022	$ 31,361	$ 5	$ 211,190	$ (178,638)	$ (1,196)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)		4,361
Stock options exercised	20		20
Restricted stock units vested (in shares)		4,375
Issuance of common stock (in shares)		3,199,999
Issuance of common stock	15,720	$ 1	15,719
Stock-based compensation	583		583
Other comprehensive loss	(393)				(393)
Net loss	(5,353)			(5,353)
Ending balance (in shares) at Jun. 30, 2022		56,588,042
Ending balance at Jun. 30, 2022	41,938	$ 6	227,512	(183,991)	(1,589)
Beginning balance (in shares) at Mar. 31, 2022		53,379,307
Beginning balance at Mar. 31, 2022	31,361	$ 5	211,190	(178,638)	(1,196)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (30,600)
Ending balance (in shares) at Mar. 31, 2023	57,047,013	57,047,013
Ending balance at Mar. 31, 2023	$ 19,615	$ 6	230,272	(209,236)	(1,427)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock units vested (in shares)		11,445
Restricted stock units surrendered due to net share settlement to satisfy employee tax liability (in shares)		(249)
Restricted stock units surrendered due to net share settlement to satisfy employee tax liability	(1)		(1)
Stock warrant exercise and deemed dividend related to warrant modification (in shares)		1,815,848
Stock warrant exercise and deemed dividend related to warrant modification	7,167		7,921	(754)
Deemed dividend related to issuance of Inducement Warrants	0		4,858	(4,858)
Issuance of common stock (in shares)		500,000
Issuance of common stock	1,974		1,974
Stock-based compensation	2,003		2,003
Other comprehensive loss	(487)				(487)
Net loss	$ (7,447)			(7,447)
Ending balance (in shares) at Jun. 30, 2023	59,374,057	59,374,057
Ending balance at Jun. 30, 2023	$ 22,824	$ 6	$ 247,027	$ (222,295)	$ (1,914)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (7,447)	$ (5,353)	$ (30,600)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for inventory	2	37
Depreciation and amortization	270	226
Amortization of operating lease right-of-use assets	131	150
Stock-based compensation	2,003	583
Interest cost	0	2
Gain on sale of equipment	(48)	(100)
Loss in joint venture	860	582
Changes in fair value of derivative instruments	124	0
Changes in operating assets and liabilities:
Accounts receivable	(2,519)	(645)
Inventory	(481)	(670)
Prepaid expenses and other current assets	670	(604)
Other assets	29	(28)
Accounts payable, accrued expenses, and other liabilities	(2,017)	1,086
Deferred revenue	0	8
Accrued payroll and benefits	(230)	(51)
Operating lease liabilities	(120)	(136)
Net cash used in operating activities	(8,773)	(4,913)
Cash flows from investing activities:
Advances and purchases of property and equipment	0	(723)
Proceeds from sale of equipment	48	100
Investment in joint venture	(807)	(778)
Net cash used in investing activities	(759)	(1,401)
Cash flows from financing activities:
Proceeds from stock option exercise	0	20
Proceeds from issuance of common stock	2,000	16,000
Cost associated with issuance of common stock and warrants	(122)	(280)
Payment for taxes related to net share settlement of restricted stock units	(1)	0
Proceeds from exercise of stock warrants	7,263	0
Loan repayment	(12,000)	0
Net cash (used in) provided by financing activities	(2,860)	15,740
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(324)	(248)
Net (decrease) increase in cash, cash equivalents and restricted cash	(12,716)	9,178
Cash, cash equivalents and restricted cash at beginning of period	16,027	33,435	33,435
Cash and cash equivalents at end of period	3,311	42,613	15,527
Restricted cash at end of period	0	500
Cash, cash equivalents and restricted cash at end of period	3,311	43,113	$ 16,027
Supplemental disclosures of cash flow information:
Interest expense paid	188	180
Supplemental non-cash investing activity:
Property and equipment in accounts payable and accrued expenses	342	0
Supplemental non-cash financing activity:
Stock warrant exercise and deemed dividend related to warrant modification	753	0
Deemed dividend related to issuance of Inducement Warrants	4,858	0
Operating lease right-of-use asset obtained in exchange for operating lease liabilities	$ 0	$ 3,598

Business and Basis of Presentat

Business and Basis of Presentation	3 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Transphorm Technology, Inc. (“Transphorm Technology”), a wholly owned subsidiary of Transphorm, Inc., was founded in 2007 to develop gallium nitride (“GaN”) semiconductor components used in power conversion. Throughout these notes, “the Company,” “Transphorm,” “we,” “us” and “our” refer to Transphorm, Inc. and its direct and indirect wholly-owned subsidiaries. Transphorm Technology and its subsidiaries hold all material assets and conduct all business activities and operations of the Company. Transphorm Technology’s activities to date have been primarily performing research and development, establishing manufacturing infrastructure, market sampling, product launch, hiring personnel, and raising capital to support and expand these activities. Transphorm Japan, Inc. (“TPJ”) was established in Japan in February 2014 to secure the Company’s production capacity and establish a direct presence in Asian markets. Transphorm Aizu, Inc. (“Transphorm Aizu”) was established in Japan to manage the financial transactions around Aizu Fujitsu Semiconductor Wafer Solution Limited (“AFSW”), the wafer fabrication facility located in Aizu Wakamatsu, Japan that is owned by GaNovation, the joint venture company in which the Company has a non-controlling interest. Transphorm Japan Epi, Inc. (“TJE”) was established in Japan in 2019 to enable the operational capacity of the MOCVD reactors held in Aizu. Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. However, considering the Company’s working capital (including restricted cash) of $12.0 million as of June 30, 2023, historical losses (during the year ended March 31, 2023 and three months ended June 30, 2023, the Company’s net loss was $30.6 million and $7.4 million, respectively), and future expected losses, there is substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the issuance of these financial statements. Although the Company completed a rights offering of common stock in August 2023, the $7.9 million in gross proceeds that the Company received from such offering did not alleviate the substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the issuance of these financial statements. In response to the factors noted above, management intends to raise additional working capital to fund operations through the issuance of stock to investors, debt financing (including asset-based debt financing), and/or license of intellectual property. However, there is no assurance that the Company will be successful in raising additional capital. If the Company is unable to secure additional funding, the Company believes that its existing cash and cash equivalents and forecasted revenue will be sufficient to fund its operations into the first half of January 2024. If the Company does not obtain any other financing, the Company would need to cease operations, liquidate its assets, and may seek the protection of applicable bankruptcy laws. The Company’s ability to sustain operations is dependent on its ability to successfully market and sell its products and its ability to raise capital through additional financings until it is able to achieve profitability with positive cash flows. To the extent sufficient financing is not available, the Company may not be able to, or may be delayed in, developing its offerings and meeting its obligations. The Company will continue to evaluate its projected expenditures relative to its available cash and evaluate financing alternatives in order to satisfy its working capital and other cash requirements. The accompanying unaudited condensed consolidated financial statements do not reflect any adjustments that might result from the outcome of these uncertainties. Basis of Presentation The accompanying unaudited condensed consolidated financial statements reflect all adjustments of a normal and recurring nature that are necessary for a fair presentation of the results for the interim period ended June 30, 2023, but are not necessarily indicative of the results that will be reported for the entire fiscal year or any other interim period. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) have been condensed or omitted. The aforementioned unaudited condensed consolidated financial statements are prepared in conformity with GAAP and in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. The interim information should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023. The consolidated balance sheet as of March 31, 2023 is derived from those audited financial statements. Significant Accounting Policies Descriptions of the Company’s significant accounting policies are included in Note 2 - Summary of Significant Accounting Policies in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023. Accounting Standard Adopted Financial Instruments - In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The standard changed the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. ASU 2016-13 is effective for the Company’s 2024 fiscal year. The Company adopted this standard effective April 1, 2023 and the adoption did not have a material effect on the condensed consolidated financial statements. Recently Issued Accounting Standards under Evaluation Debt - In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , to address the complexity in accounting for certain financial instruments with characteristics of liabilities and equity. Among other provisions, the amendments in this ASU significantly change the guidance on the issuer’s accounting for convertible instruments and the guidance on the derivative scope exception for contracts in an entity’s own equity such that fewer conversion features will require separate recognition, and fewer freestanding instruments, like warrants, will require liability treatment. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, excluding entities eligible to be smaller reporting companies as defined by the SEC. As the Company is a smaller reporting company, the ASU is effective for fiscal years beginning after December 15, 2023. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and the adoption is not expected to have a significant impact on the consolidated financial statements. Loss Per Share Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Net loss applicable to common shareholders is calculated as follows for each interim period as follows: Three Months Ended June 30, 2023 2022 Net loss available to common shareholders $ (7,447) $ (5,353) Deemed dividend related to warrant modification (Note 8) (753) — Deemed dividend related to Inducement Warrants (Note 8) (4,859) — Net loss attributable to common stockholders (13,059) (5,353) Weighted average common shares outstanding - basic and diluted 59,264,378 54,404,830 Net loss per share $ (0.22) $ (0.10) Diluted earnings per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Potentially dilutive shares are excluded from the computation of diluted loss per share during periods in which losses are reported since the result would be antidilutive. Excluded from diluted loss per share for the three months ended June 30, 2023 and 2022 are 7,948,906 shares and 7,127,861 shares, respectively, because their inclusion would have been antidilutive.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Revenue, net including related parties, disaggregated by contract type is as follows (in thousands) : Three Months Ended June 30, 2023 2022 Commercial product and service $ 3,003 $ 4,434 Government 2,880 722 Revenue, net $ 5,883 $ 5,156 Revenues from related parties were $1.6 million and $1.7 million for the three months ended June 30, 2023 and 2022, respectively, and were included in Commercial product and service revenue.

Concentration of Credit Risk an

Concentration of Credit Risk and Significant Customers	3 Months Ended
	Jun. 30, 2023
Risks and Uncertainties [Abstract]
Concentration of Credit Risk and Significant Customers	Concentration of Credit Risk and Significant CustomersThe Company manages its credit risk associated with exposure to distributors and direct customers on outstanding accounts receivable through the application of credit approvals and other monitoring procedures. Credit sales, which are mainly on credit terms of 30 to 60 days, are only made to customers who meet the Company's credit standards, while sales to new customers or customers with low credit ratings are usually made on an advance payment basis. The Company closely monitors the aging of accounts receivable from its distributors and direct customers, and regularly reviews their financial positions, where available. Significant customers are those that represent 10% or more of revenue or accounts receivable. Total revenues, by percentage, from individual customers representing 10% or more of total revenues in the respective periods were as follows: Three Months Ended June 30, 2023 2022 Customer A 18.5% 14.8% Customer B * 13.9% Customer C * 34.4% Customer D * 10.6% Customer E * 10.4% Customer F * * Customer G 48.9% * * Less than 10% of total Accounts receivable, by percentage, from individual customers representing 10% or more of accounts receivable are set forth in the following table: As of June 30, 2023 March 31, 2023 Customer A 22.0% 26.2% Customer B * * Customer C 12.2% 12.8% Customer D * * Customer E * 10.6% Customer F 11.8% 38.2% Customer G 41.6% * * Less than 10% of total Customers A, D, and F are related parties and Customer B is a government agency. JCP Capital Management, LLC Limited (“JCP Capital”) is a majority stockholder of Customer C. See Note 5 - Investment in Joint Venture and Note 11 - Related Party Transactions.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Balance Sheet Components Inventory Inventory consists of the following as of the dates presented (in thousands) : June 30, 2023 March 31, 2023 Raw materials $ 4,785 $ 5,167 Work in process 2,078 1,719 Sub-assembly 1,145 809 Finished goods 877 711 Total $ 8,885 $ 8,406 The Company recorded inventory write-offs of $2 thousand and $0.04 million for the three months ended June 30, 2023 and 2022, respectively. Property and equipment Property and equipment, net consist of the following as of the dates presented ( in thousands ): June 30, 2023 March 31, 2023 Machinery and equipment $ 13,529 $ 11,124 Computer equipment and software 884 887 Furniture and fixtures 71 75 Leasehold improvements 5,098 5,069 Construction in progress 3,902 6,446 Property and equipment, gross 23,484 23,601 Less: accumulated depreciation (15,527) (15,711) Property and equipment, net $ 7,957 $ 7,890 The Company recorded depreciation and amortization expense related to property and equipment, net of $0.2 million for each of the three months ended June 30, 2023 and 2022. Intangible assets The carrying values of intangible assets as of the dates presented, respectively, consist of the following ( in thousands except years): June 30, 2023 Gross Accumulated Amortization Foreign Exchange Rate Changes Net Estimated Useful Life (in years) Patents $ 2,963 $ (2,716) $ — $ 247 10 Developed Technology - 150 V 560 (517) (43) — 6 Developed Technology - 600 V 1,701 (1,570) (131) — 6 Total $ 5,224 $ (4,803) $ (174) $ 247 March 31, 2023 Gross Accumulated Amortization Foreign Exchange Rate Changes Net Estimated Useful Life (in years) Patents $ 2,963 $ (2,642) $ — $ 321 10 Developed Technology - 150 V 560 (517) (43) — 6 Developed Technology - 600 V 1,701 (1,570) (131) — 6 Total $ 5,224 $ (4,729) $ (174) $ 321 The Company recorded amortization expenses related to intangible assets of $0.1 million for each of the three months ended June 30, 2023 and 2022. Estimated future amortization expenses related to intangible assets as of June 30, 2023 were as follows ( in thousands ): Year Ending March 31, 2024 $ 222 2025 25 Total $ 247 Goodwill Changes in the carrying amount of goodwill were as follows ( in thousands ): Balance as of March 31, 2022 $ 1,180 Foreign currency translation adjustments (101) Balance as of March 31, 2023 $ 1,079 Foreign currency translation adjustments (85) Balance as of June 30, 2023 $ 994 There have been no impairment losses recorded to date. Accounts payable and accrued expenses Accounts payable and accrued expenses consist of the following as of the dates presented ( in thousands ): June 30, 2023 March 31, 2023 Accounts payable $ 3,801 $ 2,781 Manufacturing production costs $ 561 506 Legal fees 702 596 Audit fees 525 318 Consulting fees 326 256 Insurance 63 — Deposit liability — 2,950 Other 539 488 Accrued expenses $ 2,716 $ 5,114 Total Accounts payable and accrued expenses $ 6,517 $ 7,895

Investment in Joint Venture

Investment in Joint Venture	3 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment in Joint Venture	Investment in Joint Venture From April 1, 2022 through April 10, 2023, JCP Capital and Transphorm were responsible for 75% and 25%, respectively, of the funding obligations and losses of AFSW (through GaNovation). Beginning April 10, 2023, JCP Capital and Transphorm are responsible for 67.5% and 32.5%, respectively, of the funding obligations and losses of AFSW (through GaNovation). Notwithstanding this allocation of funding responsibilities, JCP Capital’s total funding obligations or investment shall not exceed $35 million and Transphorm’s total funding obligations or investment shall not exceed $12 million for the three-year period beginning August 1, 2021. As of June 30, 2023, the Company had provided $6.1 million of the Company’s $12.0 million commitment to GaNovation. The Company’s investment activities in GaNovation for the periods presented are summarized below (in thousands) : Three Months Ended June 30, 2023 2022 Beginning Balance $ 715 $ 143 Investment 807 778 Loss (860) (582) Ending Balance $ 662 $ 339 Summarized financial information of GaNovation for the periods indicated are as follows (in thousands) : Three Months Ended June 30, 2023 2022 Sales $ 2,984 $ 2,821 Gross loss (2,351) (2,037) Net loss (2,647) (2,451)

Debts

Debts	3 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debts	Debts Revolving Credit Facility The Company entered into a Loan and Security Agreement (“LSA”) with Nexperia on April 4, 2018 which provided a $10.0 million revolving loan (Tranche C Loan) that was scheduled to mature at the earlier of (i) April 3, 2021, and (ii) the date a Change of Control (as defined in the LSA) of the Company occurs. Interest payable by the Company accrues on the outstanding principal amount of the loans during such period at a rate of 6% per annum. The credit facility was secured against certain of the Company’s U.S. patents not relating to Metal Organic Chemical Vapor Disposition (“MOCVD”) or epiwafer technology. On March 1, 2021, the maturity of the Tranche C Loan of $10.0 million was extended to May 18, 2021. On May 18, 2021, the maturity of the Tranche C Loan was extended to the earlier of April 4, 2023 or the occurrence of specified change of control events, and the $2.0 million Tranche B-1 Loan was converted into a Tranche C-1 Loan (the “Tranche C Loans” together with the Tranche C Loan) with the same terms and conditions as the existing Tranche C Loan.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Cooperation Agreement On December 30, 2022, and effective as of December 18, 2022, the Company entered into a cooperation agreement (the “Cooperation Agreement”) with GaNext (Zhuhai) Technology Co., Ltd (“GaNext”). Among other things, the Cooperation Agreement calls for certain royalties including a royalty due to the Company in the event that GaNext utilizes epiwafers not provided by the Company (such royalties are based on time and volume with a minimum floor), and a royalty payable by the Company in the event the Company utilizes certain future platform that may be developed independently by GaNext (such royalties are based on time and volume, and half the amount per wafer of the royalties GaNext would pay the Company when utilizing epiwafers not provided by the Company). As of June 30, 2023, no amounts have been earned by or due to either party and, thus, no amounts have been recorded in the condensed consolidated financial statements. Contingencies During the ordinary course of business, the Company may become a party to legal proceedings incidental to its business. The Company accrues contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Legal cost is expensed as incurred. On April 5, 2022, Joel Newman, an alleged holder of the Company’s common stock, filed a complaint in the Delaware Court of Chancery derivatively against the Company’s directors and KKR Phorm Investors L.P. (“Phorm”). On July 11, 2022, the plaintiff filed an amended complaint. Among other things, the complaint alleges that the directors and Phorm (as an alleged controlling stockholder) breached their fiduciary duties, and that Phorm was unjustly enriched, because the terms of the November 5, 2021 private placement in which Phorm participated were allegedly unfairly favorable to Phorm. The directors have the right to advancement from the Company of expenses incurred defending the claims. The defendants moved to dismiss the complaint, and a hearing on the motion occurred on May 9, 2023. The Company is unable to estimate the potential loss or range of loss, if any, associated with this lawsuit. The Company is not aware of any material legal claims or assessments other than disclosed above. Although the results of litigation and claims are inherently unpredictable, management believes (in consultation with legal counsel) there was not at least a reasonable possibility that the Company had incurred a material loss with respect to any loss contingencies as of June 30, 2023 and through the issuance of these financial statements. Indemnification The Company from time to time enters into types of contracts that contingently require the Company to indemnify parties against third-party claims. These contracts primarily relate to: (1) real estate leases, under which the Company may be required to indemnify property owners for environmental and other liabilities and for other claims arising from the Company’s use of the applicable premises; (2) agreements with the Company’s officers, directors, and employees, under which the Company may be required to indemnify such persons from liabilities arising out of their relationship; (3) indemnifying customers in the event of product failure; and (4) agreements with outside parties that use the Company’s intellectual property, under which the Company may indemnify for copyright or patent infringement related specifically to the use of such intellectual property. Historically, the Company has not been required to make payments under these obligations, and no liabilities have been recorded for these obligations in the Company’s condensed consolidated financial statements.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity As of June 30, 2023, 750,000,000 shares of common stock are authorized, of which 59,374,057 shares of common stock were issued and outstanding, and 5,000,000 shares of preferred stock are authorized, none of which were issued and outstanding. The Company’s Board of Directors has the ability to designate the rights, preferences and privileges for the preferred stock. Common Stock Common stockholders are entitled to dividends, as and when declared by the Company’s Board of Directors, subject to the priority dividend rights of the holders of any then-outstanding preferred stock. There have been no dividends declared to date. The holder of each share of common stock is entitled to one vote. The Company has reserved shares of common stock for future issuance as of the date presented as follows: June 30, 2023 Equity incentive plans 9,548,749 Common stock warrants 4,027,929 Total 13,576,678 Warrant Repricing and Issuance On April 3, 2023, the Company entered into warrant exercise inducement offer letters (“Inducement Letters”) with certain holders of outstanding warrants to purchase shares of the Company’s common stock (such holders, the “Exercising Holders,” and such warrants, the “Existing Warrants”), pursuant to which the Exercising Holders agreed to exercise, for cash, Existing Warrants to purchase, in the aggregate, 1,815,848 shares of the Company’s common stock (the “Existing Warrant Shares”), in exchange for the Company’s agreement to (i) lower the exercise price of the Existing Warrants to $4.00 per share and (ii) issue new warrants (the “Inducement Warrants”) to the Exercising Holders to purchase, in the aggregate, up to 2,269,810 shares of the Company’s common stock. The Inducement Warrants have an exercise price of $5.00 per share, provide for a cashless exercise feature, and are exercisable until April 3, 2026. Certain Exercising Holders have contractually agreed to restrict their ability to exercise the Inducement Warrants issued to them if the holder (together with such holder’s affiliates, and any persons acting as a group together with such holder or any of such holder’s affiliates) would beneficially own a number of shares in excess of 9.99% of the shares of the Company’s common stock then outstanding. At the holder’s option, upon notice to the Company, the holder may increase or decrease this beneficial ownership limitation not to exceed 19.99% of the shares of common stock then outstanding, with any such increase becoming effective upon 61 days’ prior notice to the Company. The Company determined that the modification was not executed in contemplation of an imminent equity offering, financing transaction nor represented compensation for goods and services and is not within the scope of another ASC Topic. As such, the Company concluded that the $0.8 million incremental fair value of the modified warrants and the $4.9 million fair value of the Inducement Warrants should be treated as deemed dividends to the warrant holder in accordance with ASC Subtopic 815-40 – Derivatives and Hedging – Contracts in Entity’s Own Equity . Private Placement of Common Stock and Warrants On April 3, 2023, the Company entered into securities purchase agreements (each, a “Purchase Agreement”) with two accredited investors that are affiliated with each other (the “Purchasers”) pursuant to which the Company agreed to sell to the Purchasers in a private placement (the “Private Placement”) for an aggregate purchase price of $2.0 million (i) an aggregate of 500,000 shares (the “Shares”) of the Company’s common stock at a purchase price of $4.00 per share and (ii) warrants to purchase an aggregate of 250,001 shares of the Company’s common stock (the “Warrants”). The Warrants have an exercise price of $5.00 per share, provide for a cashless exercise feature, and are exercisable until April 3, 2026. On April 3, 2023, the Company entered into a registration rights agreement (the “Registration Rights Agreement”) with the Purchasers, pursuant to which the Company agreed to register the Shares and the shares of Common Stock issuable upon exercise of the Warrants (collectively, the “Registrable Securities”) for resale. Under the terms of the Registration Rights Agreement, the Company is obligated, subject to certain exceptions, to (i) no later than 30 days after the closing of the Private Placement, file a registration statement with the Securities and Exchange Commission (the “SEC”) covering the resale or other disposition of the Registrable Securities, (ii) use its commercially reasonable efforts to cause such registration statement to become effective no later than 60 days after such registration statement is first filed with the SEC, and (iii) use its commercially reasonable efforts to keep such registration statement effective for up to three years after the date on which such registration statement is declared effective by the SEC. The registration statement was filed and declared effective within the time period required by the Registration Rights Agreement. The Company received $7.3 million from the exercise of the Existing Warrants by the Existing Holders and $2.0 million from the Purchasers in the Private Placement, for total aggregate gross proceeds of approximately $9.3 million (before deducting legal costs of $0.1 million). The following warrants to purchase common stock were outstanding as of June 30, 2023: Number of Shares Exercise Price Expiration Date 650,000 $ 6.00 October 4, 2024 360,938 $ 6.00 November 5, 2024 67,568 $ 9.25 December 7, 2024 281,081 $ 9.25 December 10, 2024 10,116 $ 8.48 December 10, 2025 45,000 $ 3.30 December 23, 2025 84,000 $ 4.00 April 3, 2026 2,519,811 $ 5.00 April 3, 2026 6,046 $ 34.74 5 years after an initial public offering of the Company 3,369 $ 54.41 5 years after an initial public offering of the Company 4,027,929

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Out-of-Period Adjustment For the three months ended June 30, 2023, the Company recorded a $0.4 million out-of-period adjustment to stock-based compensation expense and additional paid-in-capital related to prior periods. The adjustment was a correction of an error to properly reflect i) the grant date fair value of awards and ii) the straight-lining of stock-based compensation expense for graded-vested awards under ASC 718, Compensation – Stock Compensation and in accordance with the Company’s stock-based compensation expense recognition policy election. The Company assessed that this error was not material to the historical financial statements in any individual period or in the aggregate, the current interim period and our forecasted results for the full 2024 fiscal year and did not result in the previously issued financial statements being materially misstated. Option Modification

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements FASB ASC 820, Fair Value Measurements and Disclosures , establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: • Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities. • Level 2 - Inputs (other than quoted prices included within Level 1) that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data of substantially the full term of the related assets or liabilities. • Level 3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Inputs are unobservable for the asset or liability. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Foreign Currency Forward and Option Contracts In December 2022, the Company entered into four quarterly tiered collar contracts consisting of foreign currency forward and option contracts to manage the foreign exchange risk associated with certain foreign currency-denominated assets and liabilities, specifically those associated with its Japanese operations. The contracts have quarterly maturities ending January 2024. As a result of foreign currency fluctuations, the U.S. dollar equivalent values of the Company’s foreign currency-denominated assets and liabilities change. The Company has not elected to account for these contracts as hedge instruments and as such, gains and losses on these contracts are included in other income (expense), net in the Company's condensed consolidated statements of operations, along with foreign currency gains and losses of the related foreign currency-denominated assets and liabilities associated with these foreign currency forward and option contracts. During the three months ended June 30, 2023, the Company recognized net losses of $0.1 million associated with these contracts. As the forward contract and option model employs market observable inputs such as spot currency rates and forward points, the Company has determined that the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. As of June 30, 2023, the fair value of the Company’s derivative liability was $0.1 million and there were no derivative assets. The Company had no derivative assets or liabilities as of June 30, 2022. The following table presents the fair value of derivative instruments recognized in the Company's condensed consolidated balance sheets as of June 30, 2023 (in thousands): Derivative Not Designated as Hedging Instruments Gross Amounts of Recognized Assets and Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Assets and Liabilities Presented in the Balance Sheet Accounts payable and accrued expenses $ 124 $ 124 $ — $ 124 Net $ 124 $ 124 $ — $ 124

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company entered into the following related party transactions for the periods indicated ( in thousands ): Three Months Ended June 30, 2023 2022 Joint Venture-GaNovation: Product sale $ 266 $ 378 Service fees 67 — Inventory purchase 13 426 Cost of goods sold 1,258 841 Research and development expense 32 99 Consumption tax 60 142 Employee and related benefits 32 46 Yaskawa: Revenue per a cooperation and development agreement 221 547 Nexperia: Product sale 1,088 779 License and service fee income — 32 Reimbursements in license maintenance fee 25 38 Interest expense 8 182 As of June 30, 2023, total due to and from related parties were as follows ( in thousands ): June 30, 2023 March 31, 2023 Due from (included in Accounts receivable, net): Joint venture $ 814 $ 1,713 Stockholder and noteholder 1,519 1,152 Total due from related parties $ 2,333 $ 2,865 Due to (included in Accounts payable and accrued expenses): Joint venture $ 1,672 $ 968 Stockholder and noteholder — 93 Total due to related parties $ 1,672 $ 1,061

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Rights Offering On July 5, 2023, the Company distributed to all holders of record of its common stock as of 5:00 p.m., Eastern Daylight Time, on June 26, 2023, for each share of common stock held as of June 26, 2023, one non-transferable subscription right. Each subscription right carried with it (i) a basic subscription right, which entitled the holder to purchase 0.07655623 of a share of common stock and (ii) an over-subscription privilege, which entitled a holder that had exercised its basic subscription right in full to subscribe for additional shares of common stock that were offered in the rights offering, to the extent other holders did not exercise their basic subscription rights in full. The subscription price was $3.30 per whole share of common stock. The Company completed the rights offering in

Business and Basis of Present_2

Business and Basis of Presentation (Policies)	3 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements reflect all adjustments of a normal and recurring nature that are necessary for a fair presentation of the results for the interim period ended June 30, 2023, but are not necessarily indicative of the results that will be reported for the entire fiscal year or any other interim period. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) have been condensed or omitted. The aforementioned unaudited condensed consolidated financial statements are prepared in conformity with GAAP and in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. The interim information should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023. The consolidated balance sheet as of March 31, 2023 is derived from those audited financial statements.
Accounting Standard Adopted and Recently Issued Accounting Standards under Evaluation	Accounting Standard Adopted Financial Instruments - In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The standard changed the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. ASU 2016-13 is effective for the Company’s 2024 fiscal year. The Company adopted this standard effective April 1, 2023 and the adoption did not have a material effect on the condensed consolidated financial statements. Recently Issued Accounting Standards under Evaluation Debt - In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , to address the complexity in accounting for certain financial instruments with characteristics of liabilities and equity. Among other provisions, the amendments in this ASU significantly change the guidance on the issuer’s accounting for convertible instruments and the guidance on the derivative scope exception for contracts in an entity’s own equity such that fewer conversion features will require separate recognition, and fewer freestanding instruments, like warrants, will require liability treatment. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, excluding entities eligible to be smaller reporting companies as defined by the SEC. As the Company is a smaller reporting company, the ASU is effective for fiscal years beginning after December 15, 2023. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and the adoption is not expected to have a significant impact on the consolidated financial statements.
Loss Per Share	Loss Per ShareBasic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period.

Business and Basis of Present_3

Business and Basis of Presentation (Tables)	3 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Loss Per Share	Net loss applicable to common shareholders is calculated as follows for each interim period as follows: Three Months Ended June 30, 2023 2022 Net loss available to common shareholders $ (7,447) $ (5,353) Deemed dividend related to warrant modification (Note 8) (753) — Deemed dividend related to Inducement Warrants (Note 8) (4,859) — Net loss attributable to common stockholders (13,059) (5,353) Weighted average common shares outstanding - basic and diluted 59,264,378 54,404,830 Net loss per share $ (0.22) $ (0.10)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenue, net including related parties, disaggregated by contract type is as follows (in thousands) : Three Months Ended June 30, 2023 2022 Commercial product and service $ 3,003 $ 4,434 Government 2,880 722 Revenue, net $ 5,883 $ 5,156

Concentration of Credit Risk _2

Concentration of Credit Risk and Significant Customers (Tables)	3 Months Ended
	Jun. 30, 2023
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	Total revenues, by percentage, from individual customers representing 10% or more of total revenues in the respective periods were as follows: Three Months Ended June 30, 2023 2022 Customer A 18.5% 14.8% Customer B * 13.9% Customer C * 34.4% Customer D * 10.6% Customer E * 10.4% Customer F * * Customer G 48.9% * * Less than 10% of total Accounts receivable, by percentage, from individual customers representing 10% or more of accounts receivable are set forth in the following table: As of June 30, 2023 March 31, 2023 Customer A 22.0% 26.2% Customer B * * Customer C 12.2% 12.8% Customer D * * Customer E * 10.6% Customer F 11.8% 38.2% Customer G 41.6% * * Less than 10% of total

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventory	Inventory consists of the following as of the dates presented (in thousands) : June 30, 2023 March 31, 2023 Raw materials $ 4,785 $ 5,167 Work in process 2,078 1,719 Sub-assembly 1,145 809 Finished goods 877 711 Total $ 8,885 $ 8,406
Schedule of Property and Equipment, Net	Property and equipment, net consist of the following as of the dates presented ( in thousands ): June 30, 2023 March 31, 2023 Machinery and equipment $ 13,529 $ 11,124 Computer equipment and software 884 887 Furniture and fixtures 71 75 Leasehold improvements 5,098 5,069 Construction in progress 3,902 6,446 Property and equipment, gross 23,484 23,601 Less: accumulated depreciation (15,527) (15,711) Property and equipment, net $ 7,957 $ 7,890
Schedule of Carrying Value of Intangible Assets	The carrying values of intangible assets as of the dates presented, respectively, consist of the following ( in thousands except years): June 30, 2023 Gross Accumulated Amortization Foreign Exchange Rate Changes Net Estimated Useful Life (in years) Patents $ 2,963 $ (2,716) $ — $ 247 10 Developed Technology - 150 V 560 (517) (43) — 6 Developed Technology - 600 V 1,701 (1,570) (131) — 6 Total $ 5,224 $ (4,803) $ (174) $ 247 March 31, 2023 Gross Accumulated Amortization Foreign Exchange Rate Changes Net Estimated Useful Life (in years) Patents $ 2,963 $ (2,642) $ — $ 321 10 Developed Technology - 150 V 560 (517) (43) — 6 Developed Technology - 600 V 1,701 (1,570) (131) — 6 Total $ 5,224 $ (4,729) $ (174) $ 321
Schedule of Estimated Future Amortization Expenses Related to Intangible Assets	Estimated future amortization expenses related to intangible assets as of June 30, 2023 were as follows ( in thousands ): Year Ending March 31, 2024 $ 222 2025 25 Total $ 247
Schedule of Goodwill	Changes in the carrying amount of goodwill were as follows ( in thousands ): Balance as of March 31, 2022 $ 1,180 Foreign currency translation adjustments (101) Balance as of March 31, 2023 $ 1,079 Foreign currency translation adjustments (85) Balance as of June 30, 2023 $ 994
Schedule of Accrued Expenses	Accounts payable and accrued expenses consist of the following as of the dates presented ( in thousands ): June 30, 2023 March 31, 2023 Accounts payable $ 3,801 $ 2,781 Manufacturing production costs $ 561 506 Legal fees 702 596 Audit fees 525 318 Consulting fees 326 256 Insurance 63 — Deposit liability — 2,950 Other 539 488 Accrued expenses $ 2,716 $ 5,114 Total Accounts payable and accrued expenses $ 6,517 $ 7,895

Investment in Joint Venture (Ta

Investment in Joint Venture (Tables)	3 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Investment Activities in AFSW	The Company’s investment activities in GaNovation for the periods presented are summarized below (in thousands) : Three Months Ended June 30, 2023 2022 Beginning Balance $ 715 $ 143 Investment 807 778 Loss (860) (582) Ending Balance $ 662 $ 339 Summarized financial information of GaNovation for the periods indicated are as follows (in thousands) : Three Months Ended June 30, 2023 2022 Sales $ 2,984 $ 2,821 Gross loss (2,351) (2,037) Net loss (2,647) (2,451)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Convertible Preferred Stock by Class	The Company has reserved shares of common stock for future issuance as of the date presented as follows: June 30, 2023 Equity incentive plans 9,548,749 Common stock warrants 4,027,929 Total 13,576,678
Schedule of Stockholders' Equity Note, Warrants or Rights	The following warrants to purchase common stock were outstanding as of June 30, 2023: Number of Shares Exercise Price Expiration Date 650,000 $ 6.00 October 4, 2024 360,938 $ 6.00 November 5, 2024 67,568 $ 9.25 December 7, 2024 281,081 $ 9.25 December 10, 2024 10,116 $ 8.48 December 10, 2025 45,000 $ 3.30 December 23, 2025 84,000 $ 4.00 April 3, 2026 2,519,811 $ 5.00 April 3, 2026 6,046 $ 34.74 5 years after an initial public offering of the Company 3,369 $ 54.41 5 years after an initial public offering of the Company 4,027,929 The following table summarizes stock warrant activity for the periods presented: Number of warrants Outstanding at March 31, 2023 3,323,966 Stock warrants issued 2,519,811 Stock warrants exercised (1,815,848) Outstanding and exercisable at June 30, 2023 4,027,929

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Derivative Instruments in Consolidated Balance Sheets, Fair Value	The following table presents the fair value of derivative instruments recognized in the Company's condensed consolidated balance sheets as of June 30, 2023 (in thousands): Derivative Not Designated as Hedging Instruments Gross Amounts of Recognized Assets and Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Assets and Liabilities Presented in the Balance Sheet Accounts payable and accrued expenses $ 124 $ 124 $ — $ 124 Net $ 124 $ 124 $ — $ 124

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The Company entered into the following related party transactions for the periods indicated ( in thousands ): Three Months Ended June 30, 2023 2022 Joint Venture-GaNovation: Product sale $ 266 $ 378 Service fees 67 — Inventory purchase 13 426 Cost of goods sold 1,258 841 Research and development expense 32 99 Consumption tax 60 142 Employee and related benefits 32 46 Yaskawa: Revenue per a cooperation and development agreement 221 547 Nexperia: Product sale 1,088 779 License and service fee income — 32 Reimbursements in license maintenance fee 25 38 Interest expense 8 182 As of June 30, 2023, total due to and from related parties were as follows ( in thousands ): June 30, 2023 March 31, 2023 Due from (included in Accounts receivable, net): Joint venture $ 814 $ 1,713 Stockholder and noteholder 1,519 1,152 Total due from related parties $ 2,333 $ 2,865 Due to (included in Accounts payable and accrued expenses): Joint venture $ 1,672 $ 968 Stockholder and noteholder — 93 Total due to related parties $ 1,672 $ 1,061

Business and Basis of Present_4

Business and Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Aug. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Working capital		$ 12,000
Net cash used in operating activities		(8,773)	$ (4,913)
Proceeds from issuance of common stock		2,000	16,000
Net loss		$ (7,447)	$ (5,353)	$ (30,600)
Number of anti-dilutive shares (in shares)		7,948,906	7,127,861
Forecast | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Proceeds from issuance of common stock	$ 7,900

Business and Basis of Present_5

Business and Basis of Presentation - Schedule of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Apr. 03, 2023	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss		$ (7,447)	$ (5,353)	$ (30,600)
Deemed dividend related to warrant modification and issuance of Inducement warrants (Note 8)		(5,612)	0
Net loss attributable to common stockholders		(13,059)	(5,353)
Net loss attributable to common stockholders		$ (13,059)	$ (5,353)
Weighted average common shares outstanding - basic (in shares)		59,264,378	54,404,830
Weighted average common shares outstanding - diluted (in shares)		59,264,378	54,404,830
Net loss per share - basic (in usd per share)		$ (0.22)	$ (0.10)
Net loss per share - diluted (in usd per share)		$ (0.22)	$ (0.10)
Inducement Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Deemed dividend related to warrant modification and issuance of Inducement warrants (Note 8)	$ (4,900)	$ (4,859)	$ 0
Modified Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Deemed dividend related to warrant modification and issuance of Inducement warrants (Note 8)	$ (800)	$ (753)	$ 0

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue, net	$ 5,883	$ 5,156
Commercial product and service
Disaggregation of Revenue [Line Items]
Revenue, net	3,003	4,434
Government
Disaggregation of Revenue [Line Items]
Revenue, net	$ 2,880	$ 722

Revenue Recognition- Narrative

Revenue Recognition- Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2023	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue, net		$ 5,883	$ 5,156
NSTXL
Disaggregation of Revenue [Line Items]
Government contract, amount awarded	$ 15,200
Government contract, total amount funded		7,500
Related Party
Disaggregation of Revenue [Line Items]
Revenue, net		$ 1,600	$ 1,700

Concentration of Credit Risk _3

Concentration of Credit Risk and Significant Customers (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Customer A | Revenue
Concentration Risk [Line Items]
Percentage of revenue or accounts receivable (as a percent)	18.50%	14.80%
Customer A | Accounts Receivable
Concentration Risk [Line Items]
Percentage of revenue or accounts receivable (as a percent)	22%		26.20%
Customer B | Revenue
Concentration Risk [Line Items]
Percentage of revenue or accounts receivable (as a percent)		13.90%
Customer C | Revenue
Concentration Risk [Line Items]
Percentage of revenue or accounts receivable (as a percent)		34.40%
Customer C | Accounts Receivable
Concentration Risk [Line Items]
Percentage of revenue or accounts receivable (as a percent)	12.20%		12.80%
Customer D | Revenue
Concentration Risk [Line Items]
Percentage of revenue or accounts receivable (as a percent)		10.60%
Customer E | Revenue
Concentration Risk [Line Items]
Percentage of revenue or accounts receivable (as a percent)		10.40%
Customer E | Accounts Receivable
Concentration Risk [Line Items]
Percentage of revenue or accounts receivable (as a percent)			10.60%
Customer F | Accounts Receivable
Concentration Risk [Line Items]
Percentage of revenue or accounts receivable (as a percent)	11.80%		38.20%
Customer G | Revenue
Concentration Risk [Line Items]
Percentage of revenue or accounts receivable (as a percent)	48.90%
Customer G | Accounts Receivable
Concentration Risk [Line Items]
Percentage of revenue or accounts receivable (as a percent)	41.60%

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 4,785		$ 5,167
Work in process	2,078		1,719
Sub-assembly	1,145		809
Finished goods	877		711
Total	8,885		$ 8,406
Inventory write-off	$ 2	$ 37

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 23,484		$ 23,601
Less: accumulated depreciation	(15,527)		(15,711)
Property and equipment, net	7,957		7,890
Depreciation	200	$ 200
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,529		11,124
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	884		887
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	71		75
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,098		5,069
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,902		$ 6,446

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 5,224		$ 5,224
Accumulated Amortization	(4,803)		(4,729)
Foreign Exchange Rate Changes	(174)		(174)
Net	247		321
Amortization expense	100	$ 100
Patents
Finite-Lived Intangible Assets [Line Items]
Gross	2,963		2,963
Accumulated Amortization	(2,716)		(2,642)
Foreign Exchange Rate Changes	0		0
Net	$ 247		$ 321
Estimated Useful Life (in years)	10 years		10 years
Developed Technology - 150 V
Finite-Lived Intangible Assets [Line Items]
Gross	$ 560		$ 560
Accumulated Amortization	(517)		(517)
Foreign Exchange Rate Changes	(43)		(43)
Net	$ 0		$ 0
Estimated Useful Life (in years)	6 years		6 years
Developed Technology - 600 V
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,701		$ 1,701
Accumulated Amortization	(1,570)		(1,570)
Foreign Exchange Rate Changes	(131)		(131)
Net	$ 0		$ 0
Estimated Useful Life (in years)	6 years		6 years

Balance Sheet Components - Sc_4

Balance Sheet Components - Schedule of Estimated Future Amortization Expenses Related to Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2024	$ 222
2025	25
Net	$ 247	$ 321

Balance Sheet Components - Good

Balance Sheet Components - Goodwill Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Goodwill [Roll Forward]
Balance as of beginning of period	$ 1,079	$ 1,180
Foreign currency translation adjustments	(85)	(101)
Balance as of end of period	994	$ 1,079
Goodwill impairment charges	$ 0

Balance Sheet Components - Sc_5

Balance Sheet Components - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 3,801	$ 2,781
Manufacturing production costs	561	506
Legal fees	702	596
Audit fees	525	318
Consulting fees	326	256
Insurance	63	0
Deposit liability	0	2,950
Other	539	488
Accrued expenses	2,716	5,114
Total Accounts payable and accrued expenses	$ 6,517	$ 7,895

Investment in Joint Venture - N

Investment in Joint Venture - Narrative (Details) - USD ($)	Aug. 01, 2021	Jun. 30, 2023
Variable Interest Entity [Line Items]
Term of maximum funding obligations or investment (in years)	3 years
GaNovation
Variable Interest Entity [Line Items]
Variable interest entity, amount provided		$ 6,100,000
JCP Capital Management
Variable Interest Entity [Line Items]
Term of maximum funding obligations or investment (in years)	3 years
Variable Interest Entity, Primary Beneficiary | JCP Capital Management
Variable Interest Entity [Line Items]
Maximum funding obligation or investments of primary beneficiary	$ 35,000,000
Variable Interest Entity, Primary Beneficiary | April 1, 2022 through March 31, 2023 | JCP Capital Management
Variable Interest Entity [Line Items]
Percentage of funding obligations and losses (as a percent)	75%
Variable Interest Entity, Primary Beneficiary | April 1, 2023 through March 31, 2024 | JCP Capital Management
Variable Interest Entity [Line Items]
Percentage of funding obligations and losses (as a percent)	67.50%
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum funding obligation or investments of reporting entity	$ 12,000,000	$ 12,000,000
Variable Interest Entity, Not Primary Beneficiary | April 1, 2022 through March 31, 2023
Variable Interest Entity [Line Items]
Percentage of funding obligations and losses (as a percent)	25%
Variable Interest Entity, Not Primary Beneficiary | April 1, 2023 through March 31, 2024
Variable Interest Entity [Line Items]
Percentage of funding obligations and losses (as a percent)	32.50%

Investment in Joint Venture - S

Investment in Joint Venture - Schedule of Investment Activities (Details) - Variable Interest Entity, Not Primary Beneficiary - GaNovation - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Summary of Variable Interest Entities [Roll Forward]
Beginning Balance	$ 715	$ 143
Investment	807	778
Loss	(860)	(582)
Ending Balance	$ 662	$ 339

Investment in Joint Venture -_2

Investment in Joint Venture - Schedule of Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Variable Interest Entity [Line Items]
Gross loss	$ 2,088	$ 1,106
Variable Interest Entity, Not Primary Beneficiary | GaNovation
Variable Interest Entity [Line Items]
Sales	2,984	2,821
Gross loss	(2,351)	(2,037)
Net loss	$ (2,647)	$ (2,451)

Debts (Details)

Debts (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	May 18, 2021	Apr. 04, 2018
Debt Instrument [Line Items]
Interest expense	$ 8,000	$ 200,000
Tranche B-1 Loan
Debt Instrument [Line Items]
Amount of debt converted			$ 2,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding balance	$ 0
Revolving Credit Facility | Tranche C Loan
Debt Instrument [Line Items]
Revolving loan				$ 10,000,000
Interest rate per annum (as a percent)				6%

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 03, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) vote shares	Jun. 30, 2022 USD ($)	Mar. 31, 2023 shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares		750,000,000		750,000,000
Common stock, shares outstanding (in shares) | shares		59,374,057		57,047,013
Common stock, shares issued (in shares) | shares		59,374,057		57,047,013
Preferred stock, shares authorized (in shares) | shares		5,000,000		5,000,000
Preferred stock, shares issued (in shares) | shares		0		0
Preferred stock, shares outstanding (in shares) | shares		0		0
Number of votes, common stock | vote		1
Beneficial ownership percentage	9.99%
Increase in beneficial ownership, effectivity, prior notice period	61 days
Registration rights agreement, filing period	30 days
Proceeds from exercise of warrants | $		$ 7,263	$ 0
Placement agent fees and closing expenses | $		122	280
Deemed dividend related to warrant modification and issuance of Inducement warrants (Note 8) | $		5,612	0
Maximum
Class of Stock [Line Items]
Beneficial ownership percentage	19.99%
Private Placement
Class of Stock [Line Items]
Number of common stock issuable from warrants (in shares) | shares	250,001
Aggregate gross proceeds from closing of offering | $	$ 2,000
Number of shares sold in private placement offering (in shares) | shares	500,000
Price per share (in usd per share) | $ / shares	$ 4
Existing Warrants
Class of Stock [Line Items]
Number of common stock issuable from warrants (in shares) | shares	1,815,848
Exercise price (in usd per share) | $ / shares	$ 4
Existing Warrants | Private Placement
Class of Stock [Line Items]
Proceeds from exercise of warrants | $	$ 9,300
Legal costs | $	100
Existing Warrants | Private Placement By Existing Holders
Class of Stock [Line Items]
Proceeds from exercise of warrants | $	7,300
Existing Warrants | Private Placement From Purchasers
Class of Stock [Line Items]
Proceeds from exercise of warrants | $	$ 2,000
Inducement Warrants
Class of Stock [Line Items]
Number of common stock issuable from warrants (in shares) | shares	2,269,810
Exercise price (in usd per share) | $ / shares	$ 5
Deemed dividend related to warrant modification and issuance of Inducement warrants (Note 8) | $	$ 4,900	4,859	0
Modified Warrant
Class of Stock [Line Items]
Deemed dividend related to warrant modification and issuance of Inducement warrants (Note 8) | $	$ 800	$ 753	$ 0
Private Placement
Class of Stock [Line Items]
Exercise price (in usd per share) | $ / shares	$ 5

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Reserved Common Stock (Details)	Jun. 30, 2023 shares
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	13,576,678
Warrant
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	4,027,929
Employee Stock Option
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	9,548,749

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Warrants (Details) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Class of Stock [Line Items]
Number of Shares	4,027,929	3,323,966
October 4, 2024
Class of Stock [Line Items]
Number of Shares	650,000
Exercise Price (in usd per share)	$ 6
November 5, 2024
Class of Stock [Line Items]
Number of Shares	360,938
Exercise Price (in usd per share)	$ 6
December 7, 2024
Class of Stock [Line Items]
Number of Shares	67,568
Exercise Price (in usd per share)	$ 9.25
December 10, 2024
Class of Stock [Line Items]
Number of Shares	281,081
Exercise Price (in usd per share)	$ 9.25
December 10, 2025
Class of Stock [Line Items]
Number of Shares	10,116
Exercise Price (in usd per share)	$ 8.48
December 23, 2025
Class of Stock [Line Items]
Number of Shares	45,000
Exercise Price (in usd per share)	$ 3.30
April 3, 2026
Class of Stock [Line Items]
Number of Shares	84,000
Exercise Price (in usd per share)	$ 4
April 3, 2026
Class of Stock [Line Items]
Number of Shares	2,519,811
Exercise Price (in usd per share)	$ 5
5 years after an initial public offering of the Company
Class of Stock [Line Items]
Number of Shares	6,046
Exercise Price (in usd per share)	$ 34.74
Expiration period (in years)	5 years
5 years after an initial public offering of the Company
Class of Stock [Line Items]
Number of Shares	3,369
Exercise Price (in usd per share)	$ 54.41
Expiration period (in years)	5 years

Stockholders' Equity - Stock Wa

Stockholders' Equity - Stock Warrant Activity (Details)	3 Months Ended
	Jun. 30, 2023 shares
Class Of Warrant Or Right [Roll Forward]
Outstanding and exercisable at beginning of period	3,323,966
Stock warrants issued	2,519,811
Stock warrants exercised	(1,815,848)
Outstanding and exercisable at end of period	4,027,929

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Incremental compensation cost	$ 0.5
Correction of Error oo Properly Reflect the Grant Date Fair Value of Awards and Straight-lining for Graded-Vested Awards Under ASC 718
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stock based compensation expense	0.4
Adjustment to additional paid-in-capital	$ 0.4

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Derivative net losses	$ (100)
Derivative liabilities	124	$ 0
Derivative asset	$ 0	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Derivative Not Designated as Hedging Instruments	$ 124
Gross Amounts of Recognized Assets and Liabilities	124
Gross Amounts Offset in the Balance Sheet	0
Net Amounts of Assets and Liabilities Presented in the Balance Sheet	$ 124	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued expenses, including related parties (Note 11)

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Revenue, net	$ 5,883	$ 5,156
Cost of goods sold	3,795	4,050
Research and development expense	2,869	1,740
General and administrative	4,516	3,317
Interest expense	8	182
Related Party
Related Party Transaction [Line Items]
Revenue, net	1,600	1,700
Related Party | GaNovation
Related Party Transaction [Line Items]
Research and development expense	32	99
Related Party | GaNovation | Product sale
Related Party Transaction [Line Items]
Revenue, net	266	378
Related Party | GaNovation | Service fees
Related Party Transaction [Line Items]
Revenue, net	67	0
Related Party | GaNovation | Inventory purchase
Related Party Transaction [Line Items]
Cost of goods sold	13	426
Related Party | GaNovation | Cost of goods sold
Related Party Transaction [Line Items]
Cost of goods sold	1,258	841
Related Party | GaNovation | Consumption tax
Related Party Transaction [Line Items]
General and administrative	60	142
Related Party | GaNovation | Employee and related benefits
Related Party Transaction [Line Items]
General and administrative	32	46
Related Party | Yaskawa
Related Party Transaction [Line Items]
Revenue, net	221	547
Related Party | Nexperia
Related Party Transaction [Line Items]
Interest expense	8	182
Related Party | Nexperia | Product sale
Related Party Transaction [Line Items]
Revenue, net	1,088	779
Related Party | Nexperia | License and service fee income
Related Party Transaction [Line Items]
Revenue, net	0	32
Related Party | Nexperia | Reimbursements in license maintenance fee
Related Party Transaction [Line Items]
Revenue, net	$ 25	$ 38

Related Party Transactions- Sch

Related Party Transactions- Schedule of Total Due to and From Related Parties (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Related Party Transaction [Line Items]
Accounts receivable, net	$ 6,915	$ 4,396
Accounts payable and accrued expenses	6,517	7,895
Related Party
Related Party Transaction [Line Items]
Accounts receivable, net	2,333	2,865
Accounts payable and accrued expenses	1,672	1,061
Joint venture
Related Party Transaction [Line Items]
Accounts receivable, net	814	1,713
Accounts payable and accrued expenses	1,672	968
Stockholder and noteholder
Related Party Transaction [Line Items]
Accounts receivable, net	1,519	1,152
Accounts payable and accrued expenses	$ 0	$ 93

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Aug. 14, 2023 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jul. 05, 2023 segment $ / shares shares
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 2,000	$ 16,000
Subsequent Event
Subsequent Event [Line Items]
Number of non-transferable subscription right | segment				1
Subsequent Event | Rights Offering
Subsequent Event [Line Items]
Subscription right, number of shares that can be purchased | shares				0.07655623
Price per share (in usd per share) | $ / shares				$ 3.30
Number of shares sold in private placement offering (in shares) | shares	2,404,758
Aggregate gross proceeds from closing of offering	$ 7,900
Proceeds from issuance of common stock	$ 7,600