Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2024 | Nov. 08, 2024 | |
Entity Addresses [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 001-41250 | |
Entity Registrant Name | DIH HOLDING US, INC. | |
Entity Central Index Key | 0001883788 | |
Entity Tax Identification Number | 98-1624542 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 77 Accord Park Drive | |
Entity Address, Address Line Two | Suite D-1 | |
Entity Address, City or Town | Norwell | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02061 | |
City Area Code | 877 | |
Local Phone Number | 944-2200 | |
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 | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | false | |
Entity Common Stock, Shares Outstanding | 40,544,935 | |
Common Class A [Member] | ||
Entity Addresses [Line Items] | ||
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | DHAI | |
Security Exchange Name | NASDAQ | |
Warrant [Member] | ||
Entity Addresses [Line Items] | ||
Title of 12(b) Security | Warrants | |
Trading Symbol | DHAIW | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2024 | Mar. 31, 2024 |
Current assets: | ||
Cash and cash equivalents | $ 1,759 | $ 3,225 |
Restricted cash | 300 | |
Accounts receivable, net of allowances of $233 and $667, respectively | 6,383 | 5,197 |
Inventories, net | 9,591 | 7,830 |
Due from related party | 6,133 | 5,688 |
Other current assets | 5,608 | 5,116 |
Total current assets | 29,774 | 27,056 |
Property, and equipment, net | 790 | 530 |
Capitalized software, net | 1,992 | 2,131 |
Other intangible assets, net | 380 | 380 |
Operating lease, right-of-use assets, net | 4,182 | 4,466 |
Other tax assets | 128 | 267 |
Other assets | 948 | 905 |
Total assets | 38,194 | 35,735 |
Current liabilities: | ||
Accounts payable | 5,231 | 4,305 |
Employee compensation | 3,813 | 2,664 |
Due to related party | 10,322 | 10,192 |
Current portion of deferred revenue | 5,900 | 5,211 |
Manufacturing warranty obligation | 621 | 513 |
Current portion of long-term operating lease | 1,494 | 1,572 |
Current maturities of convertible debt, at fair value | 1,991 | |
Advance payments from customers | 8,945 | 10,562 |
Accrued expenses and other current liabilities ($480 measured at fair value) | 11,046 | 9,935 |
Total current liabilities | 49,363 | 44,954 |
Convertible debt, net of current maturities, at fair value | 928 | |
Non-current deferred revenues | 4,943 | 4,670 |
Long-term operating lease | 2,731 | 2,917 |
Deferred tax liabilities | 86 | 112 |
Other non-current liabilities | 5,134 | 4,171 |
Total liabilities | 72,589 | 68,281 |
Commitments and contingencies (Note 16) | ||
Deficit: | ||
Preferred stock, $0.00001 par value; 10,000,000 shares authorized; no shares issued and outstanding at September 30, 2024 and March 31, 2024 | 0 | 0 |
Common stock, $0.0001 par value; 100,000,000 shares authorized; 34,544,935 shares issued and outstanding at September 30, 2024 and March 31, 2024 | 3 | 3 |
Additional paid-in capital | 3,323 | 2,613 |
Accumulated deficit | (35,756) | (35,212) |
Accumulated other comprehensive income (loss) | (1,965) | 50 |
Total deficit | (34,395) | (32,546) |
Total liabilities and (deficit) | 38,194 | 35,735 |
Related Party [Member] | ||
Current liabilities: | ||
Notes payable - related party | $ 9,404 | $ 11,457 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2024 | Mar. 31, 2024 |
Allowance for accounts receivable | $ 233 | $ 667 |
Accrued expenses and other current liabilities, measured at fair value | $ 480 | |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares, issued | 34,544,935 | 34,544,935 |
Common stock, shares, outstanding | 34,544,935 | 34,544,935 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenue | $ 18,162 | $ 13,060 | $ 35,122 | $ 26,105 |
Cost of sales | 8,605 | 7,652 | 16,110 | 15,300 |
Gross profit | 9,557 | 5,408 | 19,012 | 10,805 |
Operating expenses: | ||||
Selling, general, and administrative expense | 5,758 | 6,372 | 14,368 | 12,209 |
Research and development | 1,911 | 1,584 | 3,555 | 3,022 |
Total operating expenses | 7,669 | 7,956 | 17,923 | 15,231 |
Operating income (loss) | 1,888 | (2,548) | 1,089 | (4,426) |
Other income (expense): | ||||
Interest expense | (26) | (155) | (161) | (275) |
Other income (expense), net | (1,761) | 271 | (414) | (418) |
Total other income (expense) | (1,787) | 116 | (575) | (693) |
Income (loss) before income taxes | 101 | (2,432) | 514 | (5,119) |
Income tax expense | 335 | 52 | 1,058 | 278 |
Net loss | $ (234) | $ (2,484) | $ (544) | $ (5,397) |
Net loss per share - basic | $ (0.01) | $ (0.1) | $ (0.02) | $ (0.22) |
Net loss per share - diluted | $ (0.01) | $ (0.1) | $ (0.02) | $ (0.22) |
Weighted-average shares outstanding - basic | 34,544,935 | 25,000,000 | 34,544,935 | 25,000,000 |
Weighted-average shares outstanding - diluted | 34,544,935 | 25,000,000 | 34,544,935 | 25,000,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Income Statement [Abstract] | ||||
Net loss | $ (234) | $ (2,484) | $ (544) | $ (5,397) |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments | 454 | (601) | (934) | 240 |
Pension liability adjustments | (562) | 60 | (1,081) | (360) |
Other comprehensive (loss) income | (108) | (541) | (2,015) | (120) |
Comprehensive loss | $ (342) | $ (3,025) | $ (2,559) | $ (5,517) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) (Unaudited) $ in Thousands | 3 Months Ended |
Sep. 30, 2024 USD ($) | |
Income Statement [Abstract] | |
Foreign currency translation adjustments, net of tax | $ 0 |
Pension liability adjustments, net of tax | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |
Balance, value at Mar. 31, 2023 | $ (28,954) | $ 2 | $ (1,898) | $ (26,769) | $ (289) | |
Balance, shares at Mar. 31, 2023 | [1] | 25,000,000 | ||||
Net loss | (5,397) | (5,397) | ||||
Other comprehensive loss, net of tax | (120) | (120) | ||||
Balance, value at Sep. 30, 2023 | (34,471) | $ 2 | (1,898) | (32,166) | (409) | |
Balance, shares at Sep. 30, 2023 | [1] | 25,000,000 | ||||
Balance, value at Jun. 30, 2023 | (31,446) | $ 2 | (1,898) | (29,682) | 132 | |
Balance, shares at Jun. 30, 2023 | [1] | 25,000,000 | ||||
Net loss | (2,484) | (2,484) | ||||
Other comprehensive loss, net of tax | (541) | (541) | ||||
Balance, value at Sep. 30, 2023 | (34,471) | $ 2 | (1,898) | (32,166) | (409) | |
Balance, shares at Sep. 30, 2023 | [1] | 25,000,000 | ||||
Balance, value at Mar. 31, 2024 | (32,546) | $ 3 | 2,613 | (35,212) | 50 | |
Balance, shares at Mar. 31, 2024 | [1] | 34,544,935 | ||||
Net loss | (544) | (544) | ||||
Out of period adjustment related to reverse recapitalization (Note 2), shares | ||||||
Out of period adjustment related to reverse recapitalization (Note 2) | 710 | 710 | ||||
Other comprehensive loss, net of tax | (2,015) | (2,015) | ||||
Balance, value at Sep. 30, 2024 | (34,395) | $ 3 | 3,323 | (35,756) | (1,965) | |
Balance, shares at Sep. 30, 2024 | [1] | 34,544,935 | ||||
Balance, value at Jun. 30, 2024 | (34,053) | $ 3 | 3,323 | (35,522) | (1,857) | |
Balance, shares at Jun. 30, 2024 | [1] | 34,544,935 | ||||
Net loss | (234) | (234) | ||||
Other comprehensive loss, net of tax | (108) | (108) | ||||
Balance, value at Sep. 30, 2024 | $ (34,395) | $ 3 | $ 3,323 | $ (35,756) | $ (1,965) | |
Balance, shares at Sep. 30, 2024 | [1] | 34,544,935 | ||||
[1] All outstanding share and per-share amounts have been restated to reflect the reverse recapitalization as established in the Business Combination Agreement as described in Note 1. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2024 | Sep. 30, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (544) | $ (5,397) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 351 | 147 |
Provision for credit losses | (434) | (869) |
Allowance for inventory obsolescence | (108) | 739 |
Pension contributions | (309) | (309) |
Pension expense | 155 | 136 |
Change in fair value of convertible debt and warrant liability | 400 | 0 |
Foreign exchange (gain) loss | (38) | 418 |
Noncash lease expense | 828 | 770 |
Noncash interest expense | 0 | 14 |
Deferred and other noncash income tax (income) expense | 112 | 12 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (694) | 2,149 |
Inventories | (1,527) | (1,528) |
Due from related parties | (548) | 343 |
Due to related parties | (98) | 988 |
Other assets | (481) | (1,350) |
Operating lease liabilities | (820) | (957) |
Accounts payable | 813 | 1,764 |
Employee compensation | 1,070 | (59) |
Other liabilities | (247) | 197 |
Deferred revenue | 846 | 1,265 |
Manufacturing warranty obligation | 100 | 180 |
Advance payments from customers | (1,737) | 2,591 |
Accrued expense and other current liabilities ($480 measured at fair value) | 1,376 | 519 |
Net cash provided by (used in) operating activities | (1,534) | 1,763 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (423) | (73) |
Net cash used in investing activities | (423) | (73) |
Cash flows from financing activities: | ||
Proceeds from issuance of convertible debt, net of issuance costs | 2,809 | |
Payments on related party notes payable | (2,053) | (3,744) |
Net cash provided by (used in) financing activities | 756 | (3,744) |
Effect of currency translation on cash and cash equivalents | 35 | 15 |
Net decrease in cash, and cash equivalents, and restricted cash | (1,166) | (2,039) |
Cash, cash equivalents and restricted cash - beginning of period | 3,225 | 3,175 |
Cash, cash equivalents and restricted cash- end of period | 2,059 | 1,136 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 1,759 | 1,136 |
Restricted cash | 300 | 0 |
Total cash, cash equivalents and restricted cash | 2,059 | 1,136 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 162 | 262 |
Income tax paid | 15 | |
Supplemental disclosure of non-cash investing and financing activity: | ||
Out of period adjustment related to reverse recapitalization (Note 2) | $ 710 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (234) | $ (2,484) | $ (544) | $ (5,397) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business and Organization
Business and Organization | 6 Months Ended |
Sep. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Business and Organization Description of Business DIH Holding US, Inc., a Delaware corporation and its consolidated subsidiaries are referred to in this Form 10-Q as "we," “our,” “us,” the “Company,” or “DIH.” DIH is a global provider of advanced robotic devices used in physical rehabilitation, which incorporate visual stimulation in an interactive manner to enable clinical research and intensive functional rehabilitation and training in patients with walking impairments, reduced balance and/or impaired arm and hand functions. The Company’s fiscal year ends on March 31. Merger/Business Combination with Aurora Technology Acquisition Corp. On February 7, 2024 (the "Closing Date"), ATAK, Aurora Technology Merger Sub (“Merger Sub”) and DIH Holding US, Inc., a Nevada corporation (“Legacy DIH” or "DIH Nevada") consummated a previously announced business combination pursuant to a business agreement dated as of February 26, 2023 (as amended, supplemented or otherwise modified from time to time, the “Business Combination Agreement,” and the transactions contemplated thereby, the “Business Combination”) following the receipt of the required approval by ATAK’s and DIH Nevada’s shareholders and the fulfillment or waiver of other customary closing conditions. Legacy DIH historically existed and functioned as part of the business of DIH Technology Ltd. (“DIH Cayman”). Upon the closing of the Business Combination, the Company owns 100 % of DIH Nevada, which owns 100 % of DIH US Corp. DIH US Corp owns five commercial entities located in the USA, Chile, Slovenia, Germany, and Singapore. Additionally, the Company owns 100 % of Hocoma Medical GmbH, which contains the net operating assets used in the manufacturing process of the company's products. These assets were transferred from Hocoma AG, as of July 1, 2021. The intellectual property ("IP") of Hocoma AG was transferred to the commercial entity located in the USA. The legal entities of Hocoma AG and Motekforce Link BV and its subsidiaries ("Motek Group") remained with DIH Cayman and were excluded from the condensed Consolidated Financial Statements. The Company agreed to use its best efforts to complete the reorganization as defined in the Business Combination Agreement as soon as possible thereafter. The reorganization has not been completed as of the date these financial statements were issued. On February 8, 2024, the Company entered into a subscription agreement with OrbiMed, an existing shareholder of DIH Cayman. Pursuant to the agreement, the Company will issue 150,000 shares of Common Stock at a purchase price of $ 10.00 per share for aggregate purchase price of $ 1.5 million together with warrants to purchase an additional 300,000 shares of DIH Common Stock with an exercise price of $ 10.00 . The transaction has not closed as of the date the financial statements were issued. Liquidity and Going Concern Under Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company is required each reporting period, to evaluate whether there is substantial doubt regarding its ability to continue as a going concern. The accompanying condensed consolidated financial statements are prepared in accordance with U.S. GAAP applicable to a going concern. This presentation contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and does not include any adjustments that might be necessary if it is unable to continue as a going concern. As of September 30, 2024, the Company had $ 1.8 million in cash and cash equivalents and $ 0.3 million restricted cash. The Company’s net losses began in 2020 and continued through the six months ended September 30, 2024. The Company’s historical operating losses resulted in an accumulated deficit of $ 35.8 million as of September 30, 2024. Operating losses were mainly driven by decreased sales during the COVID-19 pandemic due to social distancing measures that affected demand for rehabilitation services, increased expenditures in connection with its implementation of a new financial system (Oracle) and increased compliance costs associated with the European Union Medical Device Regulation (EU MDR). Additionally, DIH had elevated costs related to efforts of adopting to public company standards. During the six months ended September 30, 2024, the Company had negative cash flows from operating activities, negative operating results and negative working capital. On June 6, 2024, the Company issued $ 3.3 million in principal amount of convertible debt that matures on December 7, 2025 . Beginning on the November 1, 2024, the Company will be required to redeem a portion of the total amount in cash or in shares of Common Stock with the election to extend the maturity date by six months as further discussed in Note 12 to the Condensed Consolidated Financial Statements. The first redemption payment was made in cash on November 1, 2024. The Company has three notes payable to a related party which are included in "Notes payable - related party". Each note is due on June 30, 2026 with an interest rate of 1.25 % as further discussed in Note 13 to the Condensed Consolidated Financial Statements. The Company has made periodic payments on the principal and interests on the notes payable historically. The above conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date of this filing. The Company’s revenue has increased by 34.5 % to $ 35,122 from $ 26,105 for the six months ended September 30, 2024 and 2023, respectively. Historically, the Company’s sources of liquidity have been predominantly from proceeds received from product sales and services provided. The Company anticipates sources of liquidity to include cash on hand and cash flow from operations. The Company continues to explore financing alternatives in debt or equity to fund its ongoing operations and to fulfill current obligations. The Company continues to take steps to streamline its organization and cost structure as well as improve future revenue growth. The Company’s future liquidity needs may vary materially from those currently planned and will depend on many factors, including the more aggressive and expansive growth plan, or for any unforeseen reductions in demand, and the availability of debt or equity funding upon terms and conditions acceptable to the Company . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation On February 7, 2024, the Company consummated the Business Combination and became a publicly-traded company and its financial statements are now presented on a consolidated basis. Prior to the Business Combination, the Company's historical financial statements were prepared on a combined basis derived from DIH Cayman. In connection with the Closing of the Business Combination and in accordance with the terms of the Business Combination Agreement, ATAK agreed to waive the closing condition that the reorganization be completed prior to Closing. The Company has recast historical financial statements filed in the registration statements to exclude assets, liabilities and results of operations of entities that are not controlled by the Company as of September 30, 2024. Control exists when the Company has the power, directly and indirectly, to govern the financial and operating policies of an entity and be exposed to the variable returns from its activities. The financial statements for all periods presented, including historical periods prior to February 7, 2024, are now referred to as “Consolidated financial statements" and have been prepared in conformity with U.S. GAAP. During the three months ended June 30, 2024, the Company recorded an out of period adjustment to reduce accounts payable and increase additional paid in capital related to payments made as part of the reverse recapitalization that were not previously recorded. While the Company’s businesses have historically functioned together with the other businesses controlled by DIH Cayman, the Company’s businesses are largely isolated and not dependent on corporate or other support functions. DIH Cayman did not have significant corporate or operational activity and does not have shared services that it provides to its subsidiaries. The Company considered allocations from the DIH Cayman and its subsidiaries but they are insignificant because of the organizational structure such that the Company has been operating on a standalone basis historically. As of September 30, 2024 and March 31, 2024 , DIH Cayman remains the largest shareholder of the Company and continues to own 100 % interest in DIH International (“DIH Hong Kong”). In the three and six months ended September 30, 2023, legacy DIH and DIH Hong Kong were wholly owned subsidiaries of DIH Cayman. Transactions with DIH Cayman, DIH Hong Kong and its subsidiaries are disclosed as related party transactions in Note 13. The condensed consolidated financial statements (the “financial statements”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement of the Company’s financial position and operating results have been included. All intercompany balances and transactions within the Company have been eliminated in the financial statements. Operating results for the three and six months ended September 30, 2024 and 2023 are not necessarily indicative of the results that may be expected for the fiscal year as a whole. The March 31, 2024 period presented on the Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The following tables and footnotes are presented in thousands of U.S. dollars unless otherwise stated. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended March 31, 2024 . Foreign Currency Reporting The functional currency for the Company’s non-U.S. subsidiaries is their local currency. The assets and liabilities of foreign subsidiaries are translated into U.S. dollars using the exchange rate in effect as of the balance sheet date. Revenues and expenses are translated at the average exchange rates for each respective reporting period. Adjustments resulting from translating local currency financial statements into U.S. dollars are reflected in accumulated other comprehensive income (loss). Transactions denominated in currencies other than the functional currency are remeasured based on the exchange rates at the time of the transaction. Foreign currency gains and losses arising primarily from changes in exchange rates on foreign currency denominated intercompany transactions and balances between foreign locations are recorded in the condensed consolidated statements of operations. Realized and unrealized gains (losses) resulting from transactions conducted in foreign currencies for the three months ended September 30, 2024 and 2023 were $( 1,415 ) and $ 271 , respectively, and $ 38 and $( 418 ) for the six months ended September 30, 2024 and 2023 , respectively. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management in connection with the preparation of the accompanying condensed consolidated financial statements include the useful lives of long-lived assets, inventory valuations, the allocation of transaction price among various performance obligations, valuation of securities, the allowance for credit losses, the fair value of financial assets, liabilities, actuarial valuation of pensions and realizability of deferred income tax asset or liabilities. Actual results could differ from those estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consists of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with highly-rated financial institutions and limits the amount of credit exposure to any one entity. We believe we do not have any significant credit risk on our cash and cash equivalents. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers which is limited to the amounts recorded on the condensed consolidated balance sheets. The risk associated with this concentration is mitigated by prepayment arrangements and our ongoing credit-review procedures and letters of credit or payment prior to shipment. M ajor customers are defined as those individually comprising more than 10 % of our trade accounts receivable or revenues. As of September 30, 2024 and March 31, 2024 , no customer comprised more than 10 % of total trade accounts receivables. For the three and six months ended September 30, 2024, no custome r comprised more than 10 % of total revenue. For the three and six months ended September 30, 2023, one customer comprised 15.9 % and 16.6 % of total revenue, respectively. Accounting Pronouncements Recently Adopted In August 2020, the FASB issued ASU No. 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 (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP and simplifies the diluted earnings per share (“EPS”) calculation in certain areas. Under the new guidance there will be no separate accounting for embedded conversion features. It removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. The amendments in this update are effective for the Company on April 1, 2024. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Update No. 2023-07 requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the Chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss in addition to disclosure of amounts for other segment items and a description of its composition. Update No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The provisions of ASU 2023-09 are effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-09. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures of certain categories of expenses such as employee compensation, depreciation, and intangible asset amortization that are components of existing expense captions presented on the face of the income statement. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. Companies have the option to apply the guidance either on a retrospective or prospective basis, and early adoption is permitted. The Company is currently evaluating the impact this standard will have on its financial statement presentation and disclosures. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Sep. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition The Company's revenues are derived from the sales of medical rehabilitation devices and technology services. The Company's primary customers include healthcare systems, clinics, third-party healthcare providers, distributors, and other institutions, including governmental healthcare programs and group purchasing organizations. Disaggregation of Revenue The Company disaggregates its revenue with customers by category and by geographic region based on customer location, see Note 4 for further information. The following represents the revenue for the three and six months ended September 30, 2024 and 2023, based on revenue category: For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Devices $ 15,045 $ 10,112 $ 28,573 $ 20,555 Services 2,695 2,710 5,995 5,085 Other 422 238 554 465 Total revenue, net $ 18,162 $ 13,060 $ 35,122 $ 26,105 The revenue that is recognized at a point in time was related to the revenues from devices and from service on demand. The revenue that is recognized over time was related to revenue from service contracts. Other revenue primarily relates to freight and packaging on devices and recognized at a point in time. The following represents the revenue for the three and six months ended September 30, 2024 and 2023, based on timing of recognition: For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Point in time $ 16,175 $ 11,386 $ 31,170 $ 22,892 Over time 1,987 1,674 3,952 3,213 Total revenue $ 18,162 $ 13,060 $ 35,122 $ 26,105 Deferred Revenue and Remaining Performance Obligations Deferred revenue as of September 30, 2024 and March 31, 2024 was $ 10,843 and $ 9,881 , respectively. Deferred revenue as of September 30, 2023 and March 31, 2023 was $ 11,300 and $ 9,996 , respectively. The Company recognized revenue of $ 2,147 and $ 4,033 , respectively during the three and six months ended September 30, 2024 that was included in deferred revenue as of March 31, 2024, and $ 2,013 and $ 4,953 respectively, during the three and six months ended September 30, 2023, that was included in deferred revenue as of March 31, 2023. Remaining performance obligations include goods and services that have not yet been delivered or provided under existing, noncancelable contracts. As of September 30, 2024 and March 31, 2024, the aggregate amount of the contracted revenue allocated to unsatisfied performance obligations with an original duration of one year or more was approximately $ 4,943 and $ 4,670 , respectively. As of September 30, 2024, the Company expects to recognize revenue on the majority of these remaining performance obligations over the next 2 years . Advance Payments From Customers The Company receives advance payments related to customers from their orders to support the operation of the company in the production of the goods. The Company recognizes these prepayments as a liability under “Advance payments from customers” on the condensed consolidated balance sheets when they are received. Balances associated with the advance payments are reclassed to deferred revenue upon invoicing and revenue is recognized when performance obligations are fulfilled. Advance payments from customers was $ 8.9 million and $ 10.6 million as of September 30, 2024 and March 31, 2024, respectively. Advance payments from customers as of September 30, 2023 and March 31, 2023 was $ 8,865 and $ 6,225 , respectively. |
Geographical Information
Geographical Information | 6 Months Ended |
Sep. 30, 2024 | |
Segment Reporting [Abstract] | |
Geographical Information | 4. Geographical Information The following represents revenue attributed to geographic regions based on customer location: For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Europe, Middle East and Africa (“EMEA”) $ 10,696 $ 6,234 $ 21,748 $ 12,867 Americas 4,601 3,835 9,139 6,819 Asia Pacific (“APAC”) 2,865 2,991 4,235 6,419 Total revenue $ 18,162 $ 13,060 $ 35,122 $ 26,105 For the three months ended September 30, 2024 and 2023 , the United States represented 23 % and 20 % of total revenue, respectively. Russia represented 20 % of total revenue for the three months ended September 30, 2023. For the six months ended September 30, 2024 and 2023 , the United States represented 19 % and 20 % of total revenue, respectively. Russia represented 20 % of total revenue for the six months ended September 30, 2023. No other countries represented greater than 10 % of revenue during the three and six months ended September 30, 2024 and 2023. Long-lived assets shown below include property and equipment, net. The following represents long-lived assets where they are physically located: As of September 30, 2024 As of March 31, 2024 EMEA $ 495 $ 276 Americas 240 206 APAC 55 48 Total property and equipment, net $ 790 $ 530 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Sep. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 5. Net Loss Per Share Basic loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed based on the sum of the weighted average number of common shares and dilutive common shares outstanding during the period. In connection with the Business Combination as described in Note 1 - Business and Organization, the Company issued earnout shares which are held in escrow until they are earned. The targets for the release of earnout shares are based on the volume weighted average trading prices (“VWAP”) of common shares during the earnout period. The earnout shares are excluded from the calculation of basic and diluted weighted-average number of common shares outstanding until vested. For periods prior to the Business Combination, basic and diluted loss per share was calculated based on the 25.0 million shares issued to Legacy DIH shareholders at the Closing Date. Potential shares of common stock are excluded from the computation of diluted net loss per share if their effect would have been anti-dilutive for the periods presented or if the issuance of shares is contingent upon events that did not occur by the end of the period. Diluted loss per share for the public warrants, private placement warrants and warrants issued in connection with the convertible debt is calculated under the treasury method. Diluted loss per share for the convertible debt and earn-out shares is calculated under the if-converted method. As of September 30, 2024 , there were 34,544,935 shares of Common Stock issued and outstanding, excluding earnout shares. Computation of basic and diluted net loss per share for the three and six months ended September 30, 2024 and 2023, is as follows (in thousands, except share and per share amounts): For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Net loss $ ( 234 ) $ ( 2,484 ) $ ( 544 ) $ ( 5,397 ) Weighted-average shares outstanding - basic and diluted 34,544,935 25,000,000 34,544,935 25,000,000 Net loss per share – basic and diluted $ ( 0.01 ) $ ( 0.10 ) $ ( 0.02 ) $ ( 0.22 ) The following table outlines dilutive common share equivalents outstanding, which were excluded in the above diluted net loss per share calculation because they are anti-dilutive. Beginning on the November 1, 2024, the Company will be required to redeem each month at an amount of $ 235.7 thousand in cash or in shares of Common Stock at the lower of (i) $ 5.00 per share or (ii) 90 % of the average of the five lowest VWAPs for the 10 consecutive Trading Days ending on the trading day immediately prior to redemption date. The table below assumes the conversion and redemption price of $ 5.00 per share. See Note 12 for details. September 30, 2024 2023 Earnout shares 6,000,000 — Common Stock underlying Public Warrants 10,100,000 — Common Stock underlying Private Placement Warrants 3,235,000 — Convertible debt (see Note 12) 660,000 — Warrants issued with convertible debt (see Note 12) 330,000 — Total 20,325,000 — |
Inventories, Net
Inventories, Net | 6 Months Ended |
Sep. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 6. Inventories, Net As of September 30, 2024 and March 31, 2024, inventories, net, consisted of the following: As of September 30, 2024 As of March 31, 2024 Raw materials and spare parts $ 4,346 $ 3,882 Work in process 4,661 4,769 Finished goods 2,580 1,283 Less: reserves ( 1,996 ) ( 2,104 ) Total inventories, net $ 9,591 $ 7,830 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Sep. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 7. Property and Equipment, Net Property and equipment, net as of September 30, 2024 and March 31, 2024 consisted of the following: As of September 30, 2024 As of March 31, 2024 Computer software and hardware $ 915 $ 849 Machinery and equipment 832 807 Leasehold improvements 1,406 1,357 Furniture and fixtures 888 871 Vehicles 71 70 Demonstration units 370 222 Property and equipment 4,482 4,176 Less: accumulated depreciation ( 3,692 ) ( 3,646 ) Property and equipment, net $ 790 $ 530 Depreciation expense totaled $ 79 and $ 68 for the three months ended September 30, 2024 and 2023, respectively, and $ 170 and $ 147 for the six months ended September 30, 2024 and 2023 , respectively. |
Capitalized Software, Net and O
Capitalized Software, Net and Other Intangible Assets, Net | 6 Months Ended |
Sep. 30, 2024 | |
Disclosure Capitalized Software Net And Other Intangible Assets Net Abstract | |
Capitalized Software, Net and Other Intangible Assets, Net | 8. Capitalized software, net and other intangible assets, net Capitalized software, net and other intangible assets, net as of September 30, 2024 and March 31, 2024 consisted of the following: As of September 30, 2024 As of March 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Capitalized software $ 2,173 $ ( 181 ) $ 1,992 $ 2,131 $ — $ 2,131 Other intangible assets $ 380 $ — $ 380 $ 380 $ — $ 380 Other intangible assets include patent and technology related intangible assets of $ 380 acquired from the SafeGait asset acquisition. The weighted-average useful lives of these intangible assets are 10 years. For the three and six months ended September 30, 2024 and 2023, other intangible assets were no t amortized because they were not ready for intended use. Capitalized software, net and other intangible assets, net are subject to amortization when they are available for their intended use. Amortization expense totaled $ 181 and $ 181 for the three and six months ended September 30, 2024, respectively because it was ready for intended use. For the three and six months ended September 30, 2023 , the Capitalized software, net were no t amortized. T he weighted-average useful life of capitalized software is 5 years. Estimated annual amortization for intangible assets over the next five years are as follows: 2025 2026 2027 2028 2029 Estimated annual amortization $ 236 $ 473 $ 473 $ 473 $ 473 |
Other Current Assets
Other Current Assets | 6 Months Ended |
Sep. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | 9. Other current assets Other current assets as of September 30, 2024 and March 31, 2024 consisted of the following: As of September 30, 2024 As of March 31, 2024 Deferred cost of sales $ 3,783 $ 3,754 Value added tax (“VAT”) receivable 873 635 Advance payments 696 414 Other current assets 256 313 Total other current assets $ 5,608 $ 5,116 Deferred cost of sales represents products in transit or delivered to customers prior to the Company recognizing the associated revenue and deferred extended warranty contract costs in connection with the products the Company purchases from Motek Group , where Motek provides the warranty service and the associated revenue has not yet been recognized. As of September 30, 2024, deferred product cost and deferred warranty cost was $ 1,915 and $ 1,868 respectively. As of March 31, 2024, deferred product cost and deferred warranty cost was $ 2,172 and $ 1,582 , respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Sep. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 10. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of September 30, 2024 and March 31, 2024 consisted of the following: As of September 30, 2024 As of March 31, 2024 Taxes payable $ 3,309 $ 2,554 Other payables and current liabilities 7,737 7,381 Total accrued expenses and other current liabilities $ 11,046 $ 9,935 |
Other Non-Current Liabilities
Other Non-Current Liabilities | 6 Months Ended |
Sep. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other Non-Current Liabilities | 11. Other Non-Current Liabilities Other non-current liabilities as of September 30, 2024 and March 31, 2024 consisted of the following: As of September 30, 2024 As of March 31, 2024 Provisions $ 1,909 $ 1,977 Pension liabilities 3,225 2,194 Total other non-current liabilities $ 5,134 $ 4,171 The company has recorded non-current liabilities related to tax positions in certain jurisdictions in which, upon examination, may require additional tax payments to be made. In addition, the company has recorded potential interest and penalties related to these uncertain tax positions. |
Convertible Debt and Warrant
Convertible Debt and Warrant | 6 Months Ended |
Sep. 30, 2024 | |
Debt Disclosure [Abstract] | |
Convertible Debt and Warrant | 12. Convertible Debt and Warrant On June 6, 2024, the Company entered into a Securities Purchase Agreement (the “ Purchase Agreement ”) with the purchasers named therein (the “ Purchasers ”) , pursuant to which the Company issued $ 3.3 million in principal amount of 8 % Original Issue Discount Senior Secured Convertible Debentures (the “Debentures” or “Convertible Debt”). The Debentures were issued with an original issue discount of $ 0.3 million, resulting in gross proceeds of $ 3 million and net proceeds of approximately $ 2.8 million including $ 0.3 million deposited into a bank account as additional security for the Debentures after deducting offering expenses. At election of the holder, the Debentures are convertible into an aggregate of 660,000 shares of the Company’s Common Stock at a conversion price of $ 5.00 per share, subject to adjustment in whole or in part from the issuance date. The Debentures mature on December 7, 2025 (the “ Maturity Date ”) , and bear interest at a rate of 8 % per annum, payable monthly beginning one year from the issuance date. The Company may provide an irrevocable election to redeem some or all of the then outstanding principal amount of the Debenture (in minimum increments of $ 0.3 million unless the outstanding principal amount is less than $ 0.3 million) for cash. Beginning on the November 1, 2024, the Company will be required to redeem an amount of the Debentures equal to $ 235.7 thousand, together with all other amounts owed to the Purchaser. Such amount shall be payable in cash or in shares of Common Stock based on a conversion price equal to the lesser of (i) the then Conversion Price and (ii) 90 % of the average of the five lowest VWAPs for the 10 consecutive Trading Days ending on the trading day immediately prior to redemption date. Provided that no event of default has occurred or is continuing, and at least 33 % of the principal amount of the Debentures has either previously been repaid or converted in accordance with the terms of the Debenture, the Company may elect, by notice to the holder of the Debentures, to extend the Maturity Date by six months upon the payment of six months’ interest on the then-outstanding principal amount. The monthly redemption amount is then adjusted to correspond to the extended maturity date. The Debentures are secured by substantially all of the assets of the Company and its domestic subsidiaries, excluding certain specified assets. Additionally, the Company’s domestic subsidiaries have provided an unconditional guarantee of the Debentures. In connection with the issuance of the Debentures, the Company also issued warrants to purchase an aggregate of 330,000 shares of common stock at an exercise price of $ 5.00 per share, with a five-year term. Upon adoption of ASU 2020-06, the Company accounted for the convertible debt along with the associated conversion feature as a single liability measured at fair value to simplify the accounting for the convertible instrument. The fair value of the convertible debt was measured using a Monte Carlo simulation model. The change in fair value is presented in other comprehensive income to the extent that it is attributable to credit risk. The remaining portion of the change in fair value is recognized in other income (expense), net in the condensed consolidated results of operations. The Company evaluated the freestanding warrants issued in connection with issuance of the convertible debt under ASC 815 and determined that they were classified as liability on the condensed consolidated balance sheets. The fair value of the warrant on the issuance date calculated using a Monte Carlo simulation model. The proceeds from the issuance of the convertible debt were allocated to the warrants and convertible note under the relative fair value method. The Monte Carl o simulation model required certain assumptions, including a risk-free rate of 3.78 %, a credit spread of 27.4 % and an estimated volatility of 62.5 %, respectivel y as of September 30, 2024. The risk-free interest rate assumption was based on U.S. treasury constant maturity yields on the issuance date with a term corresponding to the expected length of the remaining term. The credit spread was derived based on the terms and economics of the instruments and to reconcile the model values of the basket (consisting of convertible notes and warrants) with the proceeds generated from the issuance and sale of the basket in an arm’s-length transaction on the inception date. Due to the Company's limited trading history, the estimated volatility assumption was based upon the observed historical volatilities of the designated peer group and consideration of volatility haircut concepts, typical in practice in the valuation of convertible instruments. There was no dividend yield utilized in the Monte Carlo simulation model as the Company has not paid any cash dividends. Such assumptions were applied to both the convertible debt and warrant liability as unobservable inputs. The convertible debt and warrant were considered Level 3 in the fair value hierarchy. The Company assesses the credit spread at each reporting date in valuation to determine the amount that should be recorded to other comprehensive income. As of the issuance date, the debenture was measured at $ 2,638 and the warrant was measured at $ 362 . A total of $ 191 debt issuance costs was recorded in "Selling, general, and administrative expense" in the condensed consolidated statements of operations. As of September 30, 2024 , the fair value of the debenture was measured at $ 2,920 recorded to " Current maturities of convertible debt" and "Convertible debt, net of current maturities" in the condensed consolidated balance sheets . The warrant was measured at $ 480 recorded to " Accrued expenses and other current liabilities" in the condensed consolidated balance sheets . The Company recorded $ 295 and $ 400 change in the fair value of the debenture and the warrant to the " Other income (expense), net" in the condensed consolidated statements of o perations for the three and six months ended September 30, 2024. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Sep. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions Parties are considered related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. Reorganization and Transaction with DIH Cayman and DIH Hong Kong The Company’s businesses have historically functioned together with the other businesses controlled by DIH Cayman. DIH Cayman remains the largest shareholder of the Company and continues to own 100 % interest in DIH International (“DIH Hong Kong”) as of September 30, 2024. Subsequent to the year ended March 31, 2022, the Company did not incur significant transactions with DIH Cayman or DIH Hong Kong. The balances recorded under "Due from related party" and "Due to related party" are derived from historical transactions. The table below summarizes related party balances with DIH Hong Kong excluding Hocoma AG and Motek as of September 30, 2024 and March 31, 2024 September 30, 2024 March 31, 2024 Due from related party $ 2,641 $ 2,586 Due to related party $ 1,504 $ 1,470 Hocoma AG and share transfers On July 1, 2021 , Hocoma AG entered into a series of agreements with the Company and its subsidiaries to transfer all business aspects of development and production of mechanical and electronic devices in the fields of medical technology and biotechnology to Hocoma Medical GmbH as disclosed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2024. In connection with the transactions, the Company incurred three related party notes payable to Hocoma AG amounting to $ 10.47 million, $ 7.80 million and $ 1.57 million, respectively. The three related party notes payable are referred to as "Related Party Notes". Each of the Related Party Notes Payable is due on June 30, 2026 with interest rate of 1.25 %. The Company has made periodic payments on Related Party Notes payable with proceeds from its operations. As of September 30, 2024 and March 31, 2024, the balances of Related Party Notes were $ 9.4 million and $ 11.5 million , respectively included in "Note payable - related party". The decrease resulted from the Company's payments of principal on Related Party Notes owed to Hocoma AG. In addition to the Related Party Notes, as of September 30, 2024 and March 31, 2024, the Company recorded a related party balance of $ 321 and $( 267 ) , respectively, representing cash balances owed by and owed to Hocoma AG. As part of the transfer discussed above, the Company also recorded a long-term related party receivable for $ 324 as of September 30, 2024 and March 31, 2024, included in "Other assets". Motek Group The Company has entered into a distribution agreement with the Motek Group. The agreement, which has been historically in place, appoints the Company as the exclusive distributor of Motek's advanced human movement research and rehabilitation products and services designed to support efficient functional movement therapy within specified territories. Under the distribution agreement, Motek supplies the products and services to the Company at the prices detailed in the agreement. Motek provides ongoing support and assistance, including training, marketing materials, and technical documentation to the Company. In connection with the products the Company purchased from Motek Group, the Company purchased warranty associated with the products. Upon distribution of Motek products, the cost of warranty are recorded to deferred cost of sales in "Other current assets" prior to the Company recognizing warranty revenue. For the three months ended September 30, 2024 and 2023, the Company made purchases amounting to $ 1,978 and $ 3,189 , respectively, from the Motek Group. For the six months ended September 30, 2024 and 2023, the Company made purchases amounting to $ 4,973 and $ 5,958, respectively, from the Motek Group. As part of these transactions, the Company made advance payments to Motek, included in "Due from related party," and also had trade payables, included in "Due to related party." The balances as of September 30, 2024 and March 31, 2024 are as follows: September 30, 2024 March 31, 2024 Due from related party $ 3,169 $ 3,367 Due to related party $ 8,762 $ 8,667 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Sep. 30, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 14. Employee Benefit Plans Defined Contribution Plans The Company sponsors a defined contribution plan in the United States. The Company’s obligation is limited to its contributions made in accordance with each plan document. Employer contributions to defined contribution plans are recognized as expense recorded in the "Selling, general, and administrative expense". Expenses related to the Company’s plans were $ 26 and $ 46 for the three months ended September 30, 2024 and 2023, respectively, and $ 66 and $ 78 for the six months ended September 30, 2024 and 2023, respectively. Defined Benefit Plans The Company has a Swiss defined benefit plans (the “Pension Plan”) covering substantially all the employees of Hocoma Medical GmbH in Switzerland. The Pension Plan meets the benefit requirements under Swiss pension law. The Swiss plans offer retirement, disability and survivor benefits and is governed by a Pension Foundation Board. The responsibilities of this board are defined by Swiss pension law and the plan rules. Expenses from defined benefit plan are allocated to Cost of Sales, Selling, general, and administrative expense and Research and development. Amounts recognized in the condensed consolidated statements of operations for the three and six months ended September 30, 2024 and 2023, in respect of the Pension Plan were as follows: For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Current service cost $ 180 $ 171 $ 353 $ 330 Interest cost 50 52 101 102 Expected return on plan assets ( 97 ) ( 73 ) ( 195 ) ( 142 ) Actuarial loss / (gain) recognized ( 14 ) ( 42 ) ( 27 ) ( 81 ) Actuarial loss / (gain) recognized because of settlement ( 4 ) - ( 4 ) - Amortization of prior service credit ( 37 ) ( 38 ) ( 73 ) ( 73 ) Net charge to statement of operations $ 78 $ 70 $ 155 $ 136 |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Income tax expense/(benefit) $ 335 $ 52 $ 1,058 $ 278 Effective tax rate 332 % ( 2 )% 206 % ( 5 )% The effective rate for the three and six month period ended September 30, 2024 is higher than the statutory rate due to losses in certain jurisdictions that did not create a benefit, combined with income in others creating tax expense. The effective tax rate for the three month and six month period ended September 30, 2024 isn’t comparable to the three month and six month period ended September 30, 2023 due to the pre-tax book income for three month and six month period ended September 30 2024 being close to break even. The Company prepares its financial statements on a consolidated basis. Income tax expense is calculated in accordance with the local tax laws of each entity in its relevant jurisdiction on a separate company basis. As of September 30, 2024 and September 30, 2023, the Company had unrecognized tax benefits of $ 4,250 and $ 0 , respectively, which related to tax positions that, if recognized, would affect the annual effective tax rate. The company recognized accrued interest and penalties in income tax expense. As of September 30, 2024 and September 30, 2023 accrued interest and penalties totaling to $ 76 and $ 0 respectively is included in long-term liabilities. The Company has identified potential penalty exposure in relation to specific information reporting requirements in the United States. Although the Company is trying to address these issues and pursue penalty abatement, it has recorded a long-term payable for the penalties, until potential relief is granted. As of September 30, 2024 and September 30, 2023, the recorded accrual balances stand at $ 1,200 and $ 1,200 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies From time to time, the Company may be involved in lawsuits, claims, investigations, and proceedings, consisting of intellectual property, commercial, employment, and other matters, which arise in the ordinary course of business. In accordance with ASC 450, Contingencies , the Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company is not presently a party to any litigation the outcome of which, it believes, if determined adversely to the Company, would individually or taken together, have a material adverse effect on the Company’s business, operating results, cash flows or financial condition. The Company has determined that the existence of a material loss is neither probable nor reasonably possi |
Leases
Leases | 6 Months Ended |
Sep. 30, 2024 | |
Leases [Abstract] | |
Leases | 17. Leases The Company leases office space (real estate), vehicles and office equipment under operating leases. The Company did not have any finance leases as of September 30, 2024 and March 31, 2024. Right-of-use lease assets and lease liabilities that are reported in the Company’s condensed consolidated balance sheet as of September 30, 2024 and March 31, 2024 are as follows: As of September 30, 2024 As of March 31, 2024 Operating lease, right-of-use assets, net $ 4,182 $ 4,466 Current portion of long-term operating lease 1,494 1,572 Long-term operating lease 2,731 2,917 Total operating lease liabilities $ 4,225 $ 4,489 Lease expense for lease payments is recognized on a straight-line basis over the lease term. The expense is presented within Selling, general, and administrative expense. The components of lease expense related to the Company’s lease for the three and six months ended September 30, 2024 and 2023 were: For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Fixed operating lease costs $ 449 $ 436 $ 950 $ 861 Short-term lease costs 11 14 24 27 Total lease cost $ 460 $ 450 $ 974 $ 888 Supplemental cash flow information related to leases was as follows: For the Six Months Ended September 30, 2024 2023 Operating cash flows included in the measurement of lease liabilities $ ( 967 ) $ ( 874 ) Non-cash lease activity related to right-of-use assets obtained in exchange for new operating lease liabilities 123 169 Other non-cash changes to ROU assets due to reassessment of the lease term ( 130 ) 2,305 The weighted average remaining lease term and discount rate for the Company’s operating leases as of September 30, 2024 and March 31, 2024 were: As of September 30, 2024 As of March 31, 2024 Weighted-average remaining lease term (in years) 2.37 2.63 Weighted-average discount rate 4.00 % 4.00 % Lease duration was determined utilizing renewal options that the Company is reasonably certain to execute. As of September 30, 2024, maturities of operating lease liabilities for each of the following five years ending March 31 and a total thereafter were as follows: Operating Leases 2025 $ 894 2026 1,276 2027 1,049 2028 1,045 2029 223 2030 22 Thereafter — Total lease payments 4,509 Less: imputed interest ( 284 ) Total lease liability $ 4,225 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Sep. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | 18. Accumulated Other Comprehensive Income The changes in accumulated other comprehensive income (loss) by component are summarized below: For the Three Months Ended September 30, Foreign Currency Translation Defined Benefit Plan Items Total Accumulated Other Comprehensive (Loss) Income Balance, June 30, 2024 $ ( 3,808 ) $ 1,951 $ ( 1,857 ) Other comprehensive income (loss) before reclassifications 454 ( 362 ) 92 Reclassifications to statements of earnings — ( 200 ) ( 200 ) Total other comprehensive loss 454 ( 562 ) ( 108 ) Balance, September 30, 2024 ( 3,354 ) 1,389 ( 1,965 ) Balance, June 30, 2023 $ ( 3,034 ) $ 3,166 $ 132 Other comprehensive income (loss) before reclassifications ( 601 ) 139 ( 462 ) Reclassifications to statements of earnings — ( 79 ) ( 79 ) Total other comprehensive loss ( 601 ) 60 ( 541 ) Balance, September 30, 2023 $ ( 3,635 ) $ 3,226 $ ( 409 ) For the Six Months Ended September 30, Foreign Currency Translation Defined Benefit Plan Items Total Accumulated Other Comprehensive (Loss) Income Balance, March 31, 2024 $ ( 2,420 ) $ 2,470 $ 50 Transfer of defined benefit plan — ( 228 ) ( 228 ) Other comprehensive income (loss) before reclassifications ( 934 ) ( 604 ) ( 1,538 ) Reclassifications to statements of earnings — ( 249 ) ( 249 ) Total other comprehensive loss ( 934 ) ( 1,081 ) ( 2,015 ) Balance, September 30, 2024 ( 3,354 ) 1,389 ( 1,965 ) Balance, March 31, 2023 $ ( 3,875 ) $ 3,586 $ ( 289 ) Other comprehensive income (loss) before reclassifications 240 ( 205 ) 35 Reclassifications to statements of earnings — ( 155 ) ( 155 ) Total other comprehensive loss 240 ( 360 ) ( 120 ) Balance, September 30, 2023 $ ( 3,635 ) $ 3,226 $ ( 409 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation On February 7, 2024, the Company consummated the Business Combination and became a publicly-traded company and its financial statements are now presented on a consolidated basis. Prior to the Business Combination, the Company's historical financial statements were prepared on a combined basis derived from DIH Cayman. In connection with the Closing of the Business Combination and in accordance with the terms of the Business Combination Agreement, ATAK agreed to waive the closing condition that the reorganization be completed prior to Closing. The Company has recast historical financial statements filed in the registration statements to exclude assets, liabilities and results of operations of entities that are not controlled by the Company as of September 30, 2024. Control exists when the Company has the power, directly and indirectly, to govern the financial and operating policies of an entity and be exposed to the variable returns from its activities. The financial statements for all periods presented, including historical periods prior to February 7, 2024, are now referred to as “Consolidated financial statements" and have been prepared in conformity with U.S. GAAP. During the three months ended June 30, 2024, the Company recorded an out of period adjustment to reduce accounts payable and increase additional paid in capital related to payments made as part of the reverse recapitalization that were not previously recorded. While the Company’s businesses have historically functioned together with the other businesses controlled by DIH Cayman, the Company’s businesses are largely isolated and not dependent on corporate or other support functions. DIH Cayman did not have significant corporate or operational activity and does not have shared services that it provides to its subsidiaries. The Company considered allocations from the DIH Cayman and its subsidiaries but they are insignificant because of the organizational structure such that the Company has been operating on a standalone basis historically. As of September 30, 2024 and March 31, 2024 , DIH Cayman remains the largest shareholder of the Company and continues to own 100 % interest in DIH International (“DIH Hong Kong”). In the three and six months ended September 30, 2023, legacy DIH and DIH Hong Kong were wholly owned subsidiaries of DIH Cayman. Transactions with DIH Cayman, DIH Hong Kong and its subsidiaries are disclosed as related party transactions in Note 13. The condensed consolidated financial statements (the “financial statements”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement of the Company’s financial position and operating results have been included. All intercompany balances and transactions within the Company have been eliminated in the financial statements. Operating results for the three and six months ended September 30, 2024 and 2023 are not necessarily indicative of the results that may be expected for the fiscal year as a whole. The March 31, 2024 period presented on the Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The following tables and footnotes are presented in thousands of U.S. dollars unless otherwise stated. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended March 31, 2024 . |
Foreign Currency Reporting | Foreign Currency Reporting The functional currency for the Company’s non-U.S. subsidiaries is their local currency. The assets and liabilities of foreign subsidiaries are translated into U.S. dollars using the exchange rate in effect as of the balance sheet date. Revenues and expenses are translated at the average exchange rates for each respective reporting period. Adjustments resulting from translating local currency financial statements into U.S. dollars are reflected in accumulated other comprehensive income (loss). Transactions denominated in currencies other than the functional currency are remeasured based on the exchange rates at the time of the transaction. Foreign currency gains and losses arising primarily from changes in exchange rates on foreign currency denominated intercompany transactions and balances between foreign locations are recorded in the condensed consolidated statements of operations. Realized and unrealized gains (losses) resulting from transactions conducted in foreign currencies for the three months ended September 30, 2024 and 2023 were $( 1,415 ) and $ 271 , respectively, and $ 38 and $( 418 ) for the six months ended September 30, 2024 and 2023 , respectively. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management in connection with the preparation of the accompanying condensed consolidated financial statements include the useful lives of long-lived assets, inventory valuations, the allocation of transaction price among various performance obligations, valuation of securities, the allowance for credit losses, the fair value of financial assets, liabilities, actuarial valuation of pensions and realizability of deferred income tax asset or liabilities. Actual results could differ from those estimates. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consists of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with highly-rated financial institutions and limits the amount of credit exposure to any one entity. We believe we do not have any significant credit risk on our cash and cash equivalents. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers which is limited to the amounts recorded on the condensed consolidated balance sheets. The risk associated with this concentration is mitigated by prepayment arrangements and our ongoing credit-review procedures and letters of credit or payment prior to shipment. M ajor customers are defined as those individually comprising more than 10 % of our trade accounts receivable or revenues. As of September 30, 2024 and March 31, 2024 , no customer comprised more than 10 % of total trade accounts receivables. For the three and six months ended September 30, 2024, no custome r comprised more than 10 % of total revenue. For the three and six months ended September 30, 2023, one customer comprised 15.9 % and 16.6 % of total revenue, respectively. |
Accounting Pronouncements Recently Adopted and Recent Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Recently Adopted In August 2020, the FASB issued ASU No. 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 (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP and simplifies the diluted earnings per share (“EPS”) calculation in certain areas. Under the new guidance there will be no separate accounting for embedded conversion features. It removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. The amendments in this update are effective for the Company on April 1, 2024. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Update No. 2023-07 requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the Chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss in addition to disclosure of amounts for other segment items and a description of its composition. Update No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The provisions of ASU 2023-09 are effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-09. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures of certain categories of expenses such as employee compensation, depreciation, and intangible asset amortization that are components of existing expense captions presented on the face of the income statement. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. Companies have the option to apply the guidance either on a retrospective or prospective basis, and early adoption is permitted. The Company is currently evaluating the impact this standard will have on its financial statement presentation and disclosures. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Sep. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Disaggregation of Revenue The Company disaggregates its revenue with customers by category and by geographic region based on customer location, see Note 4 for further information. The following represents the revenue for the three and six months ended September 30, 2024 and 2023, based on revenue category: For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Devices $ 15,045 $ 10,112 $ 28,573 $ 20,555 Services 2,695 2,710 5,995 5,085 Other 422 238 554 465 Total revenue, net $ 18,162 $ 13,060 $ 35,122 $ 26,105 The following represents the revenue for the three and six months ended September 30, 2024 and 2023, based on timing of recognition: For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Point in time $ 16,175 $ 11,386 $ 31,170 $ 22,892 Over time 1,987 1,674 3,952 3,213 Total revenue $ 18,162 $ 13,060 $ 35,122 $ 26,105 |
Geographical Information (Table
Geographical Information (Tables) | 6 Months Ended |
Sep. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Revenue Attributed to Geographic Regions Based on Customer Location | The following represents revenue attributed to geographic regions based on customer location: For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Europe, Middle East and Africa (“EMEA”) $ 10,696 $ 6,234 $ 21,748 $ 12,867 Americas 4,601 3,835 9,139 6,819 Asia Pacific (“APAC”) 2,865 2,991 4,235 6,419 Total revenue $ 18,162 $ 13,060 $ 35,122 $ 26,105 |
Schedule of Long-lived Assets | Long-lived assets shown below include property and equipment, net. The following represents long-lived assets where they are physically located: As of September 30, 2024 As of March 31, 2024 EMEA $ 495 $ 276 Americas 240 206 APAC 55 48 Total property and equipment, net $ 790 $ 530 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Sep. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share | Computation of basic and diluted net loss per share for the three and six months ended September 30, 2024 and 2023, is as follows (in thousands, except share and per share amounts): For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Net loss $ ( 234 ) $ ( 2,484 ) $ ( 544 ) $ ( 5,397 ) Weighted-average shares outstanding - basic and diluted 34,544,935 25,000,000 34,544,935 25,000,000 Net loss per share – basic and diluted $ ( 0.01 ) $ ( 0.10 ) $ ( 0.02 ) $ ( 0.22 ) |
Schedule of Antidilutive Securities Excluded From Computation of Net Earnings (Loss) Per Share | The following table outlines dilutive common share equivalents outstanding, which were excluded in the above diluted net loss per share calculation because they are anti-dilutive. Beginning on the November 1, 2024, the Company will be required to redeem each month at an amount of $ 235.7 thousand in cash or in shares of Common Stock at the lower of (i) $ 5.00 per share or (ii) 90 % of the average of the five lowest VWAPs for the 10 consecutive Trading Days ending on the trading day immediately prior to redemption date. The table below assumes the conversion and redemption price of $ 5.00 per share. See Note 12 for details. September 30, 2024 2023 Earnout shares 6,000,000 — Common Stock underlying Public Warrants 10,100,000 — Common Stock underlying Private Placement Warrants 3,235,000 — Convertible debt (see Note 12) 660,000 — Warrants issued with convertible debt (see Note 12) 330,000 — Total 20,325,000 — |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Sep. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net | As of September 30, 2024 and March 31, 2024, inventories, net, consisted of the following: As of September 30, 2024 As of March 31, 2024 Raw materials and spare parts $ 4,346 $ 3,882 Work in process 4,661 4,769 Finished goods 2,580 1,283 Less: reserves ( 1,996 ) ( 2,104 ) Total inventories, net $ 9,591 $ 7,830 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Sep. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net as of September 30, 2024 and March 31, 2024 consisted of the following: As of September 30, 2024 As of March 31, 2024 Computer software and hardware $ 915 $ 849 Machinery and equipment 832 807 Leasehold improvements 1,406 1,357 Furniture and fixtures 888 871 Vehicles 71 70 Demonstration units 370 222 Property and equipment 4,482 4,176 Less: accumulated depreciation ( 3,692 ) ( 3,646 ) Property and equipment, net $ 790 $ 530 |
Capitalized Software, Net and_2
Capitalized Software, Net and Other Intangible Assets, Net (Tables) | 6 Months Ended |
Sep. 30, 2024 | |
Disclosure Capitalized Software Net And Other Intangible Assets Net Abstract | |
Schedule of Capitalized Software and Other Intangible Assets | Capitalized software, net and other intangible assets, net as of September 30, 2024 and March 31, 2024 consisted of the following: As of September 30, 2024 As of March 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Capitalized software $ 2,173 $ ( 181 ) $ 1,992 $ 2,131 $ — $ 2,131 Other intangible assets $ 380 $ — $ 380 $ 380 $ — $ 380 |
Schedule of Estimated Annual Amortization for Intangible Assets | Estimated annual amortization for intangible assets over the next five years are as follows: 2025 2026 2027 2028 2029 Estimated annual amortization $ 236 $ 473 $ 473 $ 473 $ 473 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Sep. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets as of September 30, 2024 and March 31, 2024 consisted of the following: As of September 30, 2024 As of March 31, 2024 Deferred cost of sales $ 3,783 $ 3,754 Value added tax (“VAT”) receivable 873 635 Advance payments 696 414 Other current assets 256 313 Total other current assets $ 5,608 $ 5,116 Deferred cost of sales represents products in transit or delivered to customers prior to the Company recognizing the associated revenue and deferred extended warranty contract costs in connection with the products the Company purchases from Motek Group , where Motek provides the warranty service and the associated revenue has not yet been recognized. As of September 30, 2024, deferred product cost and deferred warranty cost was $ 1,915 and $ 1,868 respectively. As of March 31, 2024, deferred product cost and deferred warranty cost was $ 2,172 and $ 1,582 , respectively. |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities as of September 30, 2024 and March 31, 2024 consisted of the following: As of September 30, 2024 As of March 31, 2024 Taxes payable $ 3,309 $ 2,554 Other payables and current liabilities 7,737 7,381 Total accrued expenses and other current liabilities $ 11,046 $ 9,935 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Non-Current Liabilities | Other non-current liabilities as of September 30, 2024 and March 31, 2024 consisted of the following: As of September 30, 2024 As of March 31, 2024 Provisions $ 1,909 $ 1,977 Pension liabilities 3,225 2,194 Total other non-current liabilities $ 5,134 $ 4,171 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Sep. 30, 2024 | |
DIH Cayman and DIH Hong Kong [Member] | |
Related Party Transaction [Line Items] | |
Summary of Related Party Balances with Related Party | The table below summarizes related party balances with DIH Hong Kong excluding Hocoma AG and Motek as of September 30, 2024 and March 31, 2024 September 30, 2024 March 31, 2024 Due from related party $ 2,641 $ 2,586 Due to related party $ 1,504 $ 1,470 |
Mokek Group [Member] | |
Related Party Transaction [Line Items] | |
Summary of Related Party Balances with Related Party | As part of these transactions, the Company made advance payments to Motek, included in "Due from related party," and also had trade payables, included in "Due to related party." The balances as of September 30, 2024 and March 31, 2024 are as follows: September 30, 2024 March 31, 2024 Due from related party $ 3,169 $ 3,367 Due to related party $ 8,762 $ 8,667 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Sep. 30, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Pension Plans | Amounts recognized in the condensed consolidated statements of operations for the three and six months ended September 30, 2024 and 2023, in respect of the Pension Plan were as follows: For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Current service cost $ 180 $ 171 $ 353 $ 330 Interest cost 50 52 101 102 Expected return on plan assets ( 97 ) ( 73 ) ( 195 ) ( 142 ) Actuarial loss / (gain) recognized ( 14 ) ( 42 ) ( 27 ) ( 81 ) Actuarial loss / (gain) recognized because of settlement ( 4 ) - ( 4 ) - Amortization of prior service credit ( 37 ) ( 38 ) ( 73 ) ( 73 ) Net charge to statement of operations $ 78 $ 70 $ 155 $ 136 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Sep. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Summary of Reconciliation of Income Tax Expense Computed at Statutory Corporate Income Tax Rate to Effective Income Tax Rate | For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Income tax expense/(benefit) $ 335 $ 52 $ 1,058 $ 278 Effective tax rate 332 % ( 2 )% 206 % ( 5 )% |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Sep. 30, 2024 | |
Leases [Abstract] | |
Schedule of Right-of-use Lease Assets and Lease Liabilities | Right-of-use lease assets and lease liabilities that are reported in the Company’s condensed consolidated balance sheet as of September 30, 2024 and March 31, 2024 are as follows: As of September 30, 2024 As of March 31, 2024 Operating lease, right-of-use assets, net $ 4,182 $ 4,466 Current portion of long-term operating lease 1,494 1,572 Long-term operating lease 2,731 2,917 Total operating lease liabilities $ 4,225 $ 4,489 |
Schedule of Lease Expense | Lease expense for lease payments is recognized on a straight-line basis over the lease term. The expense is presented within Selling, general, and administrative expense. The components of lease expense related to the Company’s lease for the three and six months ended September 30, 2024 and 2023 were: For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Fixed operating lease costs $ 449 $ 436 $ 950 $ 861 Short-term lease costs 11 14 24 27 Total lease cost $ 460 $ 450 $ 974 $ 888 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: For the Six Months Ended September 30, 2024 2023 Operating cash flows included in the measurement of lease liabilities $ ( 967 ) $ ( 874 ) Non-cash lease activity related to right-of-use assets obtained in exchange for new operating lease liabilities 123 169 Other non-cash changes to ROU assets due to reassessment of the lease term ( 130 ) 2,305 |
Schedule of Weighted Average Remaining Lease Term and Discount Rate | The weighted average remaining lease term and discount rate for the Company’s operating leases as of September 30, 2024 and March 31, 2024 were: As of September 30, 2024 As of March 31, 2024 Weighted-average remaining lease term (in years) 2.37 2.63 Weighted-average discount rate 4.00 % 4.00 % |
Schedule of Maturities of Operating Lease Liabilities | As of September 30, 2024, maturities of operating lease liabilities for each of the following five years ending March 31 and a total thereafter were as follows: Operating Leases 2025 $ 894 2026 1,276 2027 1,049 2028 1,045 2029 223 2030 22 Thereafter — Total lease payments 4,509 Less: imputed interest ( 284 ) Total lease liability $ 4,225 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Sep. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) by component are summarized below: For the Three Months Ended September 30, Foreign Currency Translation Defined Benefit Plan Items Total Accumulated Other Comprehensive (Loss) Income Balance, June 30, 2024 $ ( 3,808 ) $ 1,951 $ ( 1,857 ) Other comprehensive income (loss) before reclassifications 454 ( 362 ) 92 Reclassifications to statements of earnings — ( 200 ) ( 200 ) Total other comprehensive loss 454 ( 562 ) ( 108 ) Balance, September 30, 2024 ( 3,354 ) 1,389 ( 1,965 ) Balance, June 30, 2023 $ ( 3,034 ) $ 3,166 $ 132 Other comprehensive income (loss) before reclassifications ( 601 ) 139 ( 462 ) Reclassifications to statements of earnings — ( 79 ) ( 79 ) Total other comprehensive loss ( 601 ) 60 ( 541 ) Balance, September 30, 2023 $ ( 3,635 ) $ 3,226 $ ( 409 ) For the Six Months Ended September 30, Foreign Currency Translation Defined Benefit Plan Items Total Accumulated Other Comprehensive (Loss) Income Balance, March 31, 2024 $ ( 2,420 ) $ 2,470 $ 50 Transfer of defined benefit plan — ( 228 ) ( 228 ) Other comprehensive income (loss) before reclassifications ( 934 ) ( 604 ) ( 1,538 ) Reclassifications to statements of earnings — ( 249 ) ( 249 ) Total other comprehensive loss ( 934 ) ( 1,081 ) ( 2,015 ) Balance, September 30, 2024 ( 3,354 ) 1,389 ( 1,965 ) Balance, March 31, 2023 $ ( 3,875 ) $ 3,586 $ ( 289 ) Other comprehensive income (loss) before reclassifications 240 ( 205 ) 35 Reclassifications to statements of earnings — ( 155 ) ( 155 ) Total other comprehensive loss 240 ( 360 ) ( 120 ) Balance, September 30, 2023 $ ( 3,635 ) $ 3,226 $ ( 409 ) |
Business and Organization (Deta
Business and Organization (Details Narrative) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 06, 2024 USD ($) $ / shares shares | Feb. 08, 2024 USD ($) $ / shares shares | Sep. 30, 2024 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2024 USD ($) NotePayable | Sep. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) | Feb. 07, 2024 shares | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Net Income (Loss) | $ (234) | $ (2,484) | $ (544) | $ (5,397) | ||||
Cash and cash equivalents | 1,759 | $ 1,136 | 1,759 | 1,136 | $ 3,225 | |||
Restricted cash | 300 | 300 | ||||||
Operating losses resulted in accumulated deficit | $ (35,756) | $ (35,756) | $ (35,212) | |||||
Number of notes payable to related party | NotePayable | 3 | |||||||
Note due date | Jun. 30, 2026 | |||||||
Interest rate | 1.25% | 1.25% | ||||||
DIH Holding US, Inc. [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Cash and cash equivalents | $ 1,800 | $ 1,800 | ||||||
Restricted cash | 300 | 300 | ||||||
Operating losses resulted in accumulated deficit | $ (35,800) | $ (35,800) | ||||||
Revenue increased percentage | 34.50% | 34.50% | ||||||
Revenue | $ 35,122 | $ 26,105 | ||||||
DIH Nevada [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Percentage of Interest own by wholly owned subsidiaries | 100% | |||||||
DIH US Corporation [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Percentage of Interest own by wholly owned subsidiaries | 100% | |||||||
Hocoma Medical GmbH [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Percentage of Interest own by wholly owned subsidiaries | 100% | |||||||
Subscription Agreement [Member] | DIH Holding US, Inc. [Member] | OrbiMed [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Number of warrants or rights converted into shares | shares | 300,000 | |||||||
Number of warrant or right, exercise price | $ / shares | $ 10 | |||||||
Securities Purchase Agreement [Member] | Original Issue Discount Senior Secured Convertible Debentures [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Number of warrants or rights converted into shares | shares | 330,000 | |||||||
Number of warrant or right, exercise price | $ / shares | $ 5 | |||||||
Aggregate principal amount | $ 3,300 | |||||||
Note due date | Dec. 07, 2025 | |||||||
Interest rate | 8% | |||||||
Common Class A [Member] | Subscription Agreement [Member] | DIH Holding US, Inc. [Member] | OrbiMed [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Shares issued | shares | 150,000 | |||||||
Shares Price | $ / shares | $ 10 | |||||||
Aggregate purchase price | $ 1,500 | |||||||
Legacy DIH [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Shares issued | shares | 25,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | Mar. 31, 2024 | |
Product Information [Line Items] | |||||
Foreign exchange (gain) loss | $ (1,415) | $ 271 | $ 38 | $ (418) | |
DIH Hong Kong [Member] | |||||
Product Information [Line Items] | |||||
Percentage of Interest own by wholly owned subsidiaries | 100% | 100% | 100% | ||
Revenues [Member] | Major Customers [Member] | Customer Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percent | 10% | ||||
Revenues [Member] | One Customers [Member] | Customer Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percent | 15.90% | 16.60% | |||
Revenues [Member] | No Customers [Member] | Customer Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percent | 10% | 10% | |||
Trade And Accounts Receivable [Member] | Major Customers [Member] | Customer Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percent | 10% | ||||
Trade And Accounts Receivable [Member] | No Customers [Member] | Customer Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percent | 10% | 10% |
Schedule of Disaggregation of R
Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue, net | $ 18,162 | $ 13,060 | $ 35,122 | $ 26,105 |
Devices [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, net | 15,045 | 10,112 | 28,573 | 20,555 |
Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, net | 2,695 | 2,710 | 5,995 | 5,085 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, net | $ 422 | $ 238 | $ 554 | $ 465 |
Schedule of Disaggregation of_2
Schedule of Disaggregation of Revenue Based on Timing of Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue, net | $ 18,162 | $ 13,060 | $ 35,122 | $ 26,105 |
Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, net | 16,175 | 11,386 | 31,170 | 22,892 |
Over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, net | $ 1,987 | $ 1,674 | $ 3,952 | $ 3,213 |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Advance payments from customers | $ 8,945 | $ 8,945 | $ 10,562 | |||
DIH Holding US, Inc. [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Deferred revenue | 10,843 | $ 11,300 | 10,843 | $ 11,300 | 9,881 | $ 9,996 |
Deferred revenue, revenue recognized | 2,147 | 2,013 | 4,033 | 4,953 | ||
Revenue, remaining performance obligation, amount | 4,943 | $ 4,943 | 4,670 | |||
Deferred revenue recognized | 2 years | |||||
Advance payments from customers | $ 8,900 | $ 8,865 | $ 8,900 | $ 8,865 | $ 10,600 | $ 6,225 |
Schedule of Revenue Attributed
Schedule of Revenue Attributed to Geographic Regions Based on Customer Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue, net | $ 18,162 | $ 13,060 | $ 35,122 | $ 26,105 |
Europe, Middle East and Africa ("EMEA") [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue, net | 10,696 | 6,234 | 21,748 | 12,867 |
Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue, net | 4,601 | 3,835 | 9,139 | 6,819 |
Asia Pacific ("APAC") [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue, net | $ 2,865 | $ 2,991 | $ 4,235 | $ 6,419 |
Geographical Information (Detai
Geographical Information (Details Narrative) - Revenues [Member] - Geographic Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
United States [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk percent | 23% | 20% | 19% | 20% |
Russia [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk percent | 20% | 20% | ||
Other Countries [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk percent | 10% | 10% | 10% | 10% |
Schedule of Long-lived Assets (
Schedule of Long-lived Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Mar. 31, 2024 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | $ 790 | $ 530 |
EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | 495 | 276 |
Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | 240 | 206 |
APAC [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | $ 55 | $ 48 |
Net Loss Per Share (Details Nar
Net Loss Per Share (Details Narrative) - USD ($) | Jun. 06, 2024 | Sep. 30, 2024 | Mar. 31, 2024 | Feb. 07, 2024 |
Common stock, shares, issued | 34,544,935 | 34,544,935 | ||
Common stock shares outstanding | 34,544,935 | 34,544,935 | ||
Convertible Debt [Member] | ||||
Redeemable convertible debt | $ 235,700 | |||
Debt instrument redemption, threshold percentage of VWAP | 90% | |||
Number of consecutive trading days | 10 days | |||
Debt instrument convertible price | $ 5 | $ 5 | ||
Legacy DIH [Member] | ||||
Shares issued | 25,000,000 |
Schedule of Computation of Basi
Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Earnings Per Share, Basic [Abstract] | ||||
Net loss | $ (234) | $ (2,484) | $ (544) | $ (5,397) |
Weighted-average shares outstanding - basic | 34,544,935 | 25,000,000 | 34,544,935 | 25,000,000 |
Weighted-average shares outstanding - diluted | 34,544,935 | 25,000,000 | 34,544,935 | 25,000,000 |
Net loss per share - basic | $ (0.01) | $ (0.1) | $ (0.02) | $ (0.22) |
Net loss per share - diluted | $ (0.01) | $ (0.1) | $ (0.02) | $ (0.22) |
Schedule of Antidilutive Securi
Schedule of Antidilutive Securities Excluded From Computation of Net Earnings (Loss) Per Share (Details) - shares | 3 Months Ended | |
Sep. 30, 2024 | Sep. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 20,325,000 | |
Earnout Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 6,000,000 | |
Common Stock underlying Public Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 10,100,000 | |
Common Stock underlying Private Placement Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 3,235,000 | |
Convertible debt [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 660,000 | |
Warrants issued with convertible debt [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 330,000 |
Schedule of Inventories, Net (D
Schedule of Inventories, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Mar. 31, 2024 |
Inventory Disclosure [Abstract] | ||
Raw materials and spare parts | $ 4,346 | $ 3,882 |
Work in process | 4,661 | 4,769 |
Finished goods | 2,580 | 1,283 |
Less: reserves | (1,996) | (2,104) |
Total inventories, net | $ 9,591 | $ 7,830 |
Schedule of Property and Equipm
Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Mar. 31, 2024 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 4,482 | $ 4,176 |
Less: accumulated depreciation | (3,692) | (3,646) |
Property and equipment, net | 790 | 530 |
Computer Software and Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 915 | 849 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 832 | 807 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,406 | 1,357 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 888 | 871 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 71 | 70 |
Demonstration Units [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 370 | $ 222 |
Property and Equipment, Net (De
Property and Equipment, Net (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 79 | $ 68 | $ 170 | $ 147 |
Schedule of Capitalized Softwar
Schedule of Capitalized Software and Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Mar. 31, 2024 |
Disclosure Capitalized Software Net And Other Intangible Assets Net Abstract | ||
Gross Carrying Amount, Capitalized software | $ 2,173 | $ 2,131 |
Accumulated Amortization, Capitalized software | (181) | |
Net Carrying Amount, Capitalized software | 1,992 | 2,131 |
Gross Carrying Amount, Other intangible assets | 380 | 380 |
Accumulated Amortization, Other intangible assets | ||
Net Carrying Amount, Other intangible assets | $ 380 | $ 380 |
Capitalized Software, Net and_3
Capitalized Software, Net and Other Intangible Assets, Net (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | Mar. 31, 2024 | |
Disclosure Capitalized Software Net And Other Intangible Assets Net Abstract | |||||
Other intangible assets | $ 380,000 | $ 380,000 | $ 380,000 | ||
Weighted average useful lives of intangible assets | 10 years | ||||
Amortization of other intangible assets | 0 | $ 0 | $ 0 | $ 0 | |
Amortization expense | $ 181,000 | $ 0 | $ 181,000 | $ 0 | |
Capitalized software, weighted-average useful life | 5 years |
Schedule of Estimated Annual Am
Schedule of Estimated Annual Amortization for Intangible Assets (Details) $ in Thousands | Sep. 30, 2024 USD ($) |
Disclosure Capitalized Software Net And Other Intangible Assets Net Abstract | |
2025 | $ 236 |
2026 | 473 |
2027 | 473 |
2028 | 473 |
2029 | $ 473 |
Schedule of Other Current Asset
Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Mar. 31, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred cost of sales | $ 3,783 | $ 3,754 |
Value added tax ("VAT") receivable | 873 | 635 |
Advance payments | 696 | 414 |
Other current assets | 256 | 313 |
Total other current assets | $ 5,608 | $ 5,116 |
Other Current Assets (Details N
Other Current Assets (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2024 | Mar. 31, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred product cost | $ 1,915 | $ 2,172 |
Deferred warranty cost | $ 1,868 | $ 1,582 |
Schedule of Accrued Expenses an
Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Mar. 31, 2024 |
Payables and Accruals [Abstract] | ||
Taxes payable | $ 3,309 | $ 2,554 |
Other payables and current liabilities | 7,737 | 7,381 |
Total accrued expenses and other current liabilities | $ 11,046 | $ 9,935 |
Summary of Other Non-Current Li
Summary of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Mar. 31, 2024 |
Other Liabilities Disclosure [Abstract] | ||
Provisions | $ 1,909 | $ 1,977 |
Pension liabilities | 3,225 | 2,194 |
Total other non-current liabilities | $ 5,134 | $ 4,171 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - $ / shares | Sep. 30, 2024 | Mar. 31, 2024 |
Class of Stock [Line Items] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par or stated value per share | $ 0.00001 | $ 0.00001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock par value per share | $ 0.0001 | $ 0.0001 |
Common stock shares issued | 34,544,935 | 34,544,935 |
Common stock shares outstanding | 34,544,935 | 34,544,935 |
Convertible Debt and Warrant (D
Convertible Debt and Warrant (Details Narrative) | 3 Months Ended | 6 Months Ended | ||
Jun. 06, 2024 USD ($) CommonStock TradingDays $ / shares shares | Sep. 30, 2024 USD ($) $ / shares | Sep. 30, 2024 USD ($) $ / shares | Jun. 30, 2024 | |
Debt Instrument [Line Items] | ||||
Debt instrument, maturity date | Jun. 30, 2026 | |||
Debt instrument interest rate | 1.25% | 1.25% | ||
Measurement of debt instrument fair value | $ 2,638,000 | $ 2,920,000 | $ 2,920,000 | |
Change in fair value of debenture and warrant | 295,000 | 400,000 | ||
Measurement of warrant liability | $ 362,000 | $ 480,000 | 480,000 | |
Selling General and Administrative Expense [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs | $ 191,000 | |||
Risk-free Interest Rate [Member] | Warrants [Member] | ||||
Debt Instrument [Line Items] | ||||
Warrants and Rights Outstanding, Measurement Input | 3.78 | 3.78 | ||
Credit Spread Interest Rate [Member] | Warrants [Member] | ||||
Debt Instrument [Line Items] | ||||
Warrants and Rights Outstanding, Measurement Input | 27.4 | |||
Volatility Interest Rate [Member] | Warrants [Member] | ||||
Debt Instrument [Line Items] | ||||
Warrants and Rights Outstanding, Measurement Input | 62.5 | 62.5 | ||
Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible into common shares per share | $ / shares | $ 5 | $ 5 | $ 5 | |
Minimum increments of outstanding principal amount | $ 300,000 | |||
Outstanding principal amount | 300,000 | |||
Redeemable convertible debt | $ 235,700 | |||
Percentage of five lowest VWAPs | 90% | |||
Trading days | TradingDays | 10 | |||
Minimum percentage of principle amount of debentures repaid or converted | 33% | |||
Original Issue Discount Senior Secured Convertible Debentures [Member] | Securities Purchase Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 3,300,000 | |||
Original issue discount percentage | 8% | |||
Debentures issued with original issue discount | $ 300,000 | |||
Gross proceeds from issuance of debt | 3,000,000 | |||
Net proceeds from issuance of debt | 2,800,000 | |||
Bank deposit for additional security for debentures | $ 300,000 | |||
Debt instrument, maturity date | Dec. 07, 2025 | |||
Debt instrument interest rate | 8% | |||
Debt instrument, payment terms | payable monthly beginning one year from the issuance date. | |||
Class of warrants or rights warrants issued during the period units | shares | 330,000 | |||
Number of warrant or right, exercise price | $ / shares | $ 5 | |||
Term of warrants | 5 years | |||
Original Issue Discount Senior Secured Convertible Debentures [Member] | Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instruments, maturities, repayment terms | Provided that no event of default has occurred or is continuing, and at least 33% of the principal amount of the Debentures has either previously been repaid or converted in accordance with the terms of the Debenture, the Company may elect, by notice to the holder of the Debentures, to extend the Maturity Date by six months upon the payment of six months’ interest on the then-outstanding principal amount. | |||
Common Stock [Member] | Original Issue Discount Senior Secured Convertible Debentures [Member] | Securities Purchase Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debentures convertible into common shares | CommonStock | 660,000 | |||
Convertible into common shares per share | $ / shares | $ 5 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 01, 2021 | Sep. 30, 2024 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2024 USD ($) NotePayable | Sep. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) | |
Related Party Transaction [Line Items] | ||||||
Number of notes payable to related party | NotePayable | 3 | |||||
Debt instrument interest rate | 1.25% | 1.25% | ||||
Debt instrument, maturity date | Jun. 30, 2026 | |||||
Due to related parties current | $ 10,322 | $ 10,322 | $ 10,192 | |||
Related Party [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Notes payable - related party | 9,404 | 9,404 | 11,457 | |||
Hocoma AG [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Original contribution agreement date | Jul. 01, 2021 | |||||
Net settlement amount | 321 | (267) | ||||
Long-term related party receivable | 324 | 324 | 324 | |||
Motek Group [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related party | 8,762 | 8,762 | 8,667 | |||
Purchases amount to related party | 1,978 | $ 3,189 | 4,973 | $ 5,958 | ||
Due from related party | $ 3,169 | $ 3,169 | $ 3,367 | |||
DIH Hong Kong [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of Interest own by wholly owned subsidiaries | 100% | 100% | 100% | |||
Related Party One [Member] | Hocoma AG [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Notes payable - related party | $ 10,470 | $ 10,470 | ||||
Related Party Two [Member] | Hocoma AG [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Notes payable - related party | 7,800 | 7,800 | ||||
Related Party Three [Member] | Hocoma AG [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Notes payable - related party | $ 1,570 | $ 1,570 |
Summary of Related Party Balanc
Summary of Related Party Balances with Related Party (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Mar. 31, 2024 |
DIH Hong Kong [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related party | $ 2,641 | $ 2,586 |
Due to related party | 1,504 | 1,470 |
Motek Group [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related party | 3,169 | 3,367 |
Due to related party | $ 8,762 | $ 8,667 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Selling General and Administrative Expense [Member] | ||||
Multiemployer Plan [Line Items] | ||||
Defined contribution plan expenses | $ 26 | $ 46 | $ 66 | $ 78 |
Schedule of Pension Plans (Deta
Schedule of Pension Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Retirement Benefits [Abstract] | ||||
Current service cost | $ 180 | $ 171 | $ 353 | $ 330 |
Interest cost | 50 | 52 | 101 | 102 |
Expected return on plan assets | (97) | (73) | (195) | (142) |
Actuarial loss / (gain) recognized | (14) | (42) | (27) | (81) |
Actuarial loss / (gain) recognized because of settlement | (4) | (4) | ||
Amortization of prior service credit | (37) | (38) | (73) | (73) |
Net charge to statement of operations | $ 78 | $ 70 | $ 155 | $ 136 |
Summary of Reconciliation of In
Summary of Reconciliation of Income Tax Expense Computed at Statutory Corporate Income Tax Rate to Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Income tax expense/(benefit) | $ 335 | $ 52 | $ 1,058 | $ 278 |
Effective tax rate | 332% | (2.00%) | 206% | (5.00%) |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2024 | Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
Quarterly financial information, income taxes, significant variation, description | The effective rate for the three and six month period ended September 30, 2024 is higher than the statutory rate due to losses in certain jurisdictions that did not create a benefit, combined with income in others creating tax expense. The effective tax rate for the three month and six month period ended September 30, 2024 isn’t comparable to the three month and six month period ended September 30, 2023 due to the pre-tax book income for three month and six month period ended September 30 2024 being close to break even. | |
Income tax expense, accrued interest and penalties | $ 76 | $ 0 |
Accrual balances | 1,200 | 1,200 |
Unrecognized tax benefits | $ 4,250 | $ 0 |
Schedule of Right-of-use Lease
Schedule of Right-of-use Lease Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Mar. 31, 2024 |
Leases [Abstract] | ||
Operating lease, right-of-use assets, net | $ 4,182 | $ 4,466 |
Current portion of long-term operating lease | 1,494 | 1,572 |
Long-term operating lease | 2,731 | 2,917 |
Total operating lease liabilities | $ 4,225 | $ 4,489 |
Schedule of Lease Expense (Deta
Schedule of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Leases [Abstract] | ||||
Fixed operating lease costs | $ 449 | $ 436 | $ 950 | $ 861 |
Short-term lease costs | 11 | 14 | 24 | 27 |
Total lease cost | $ 460 | $ 450 | $ 974 | $ 888 |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2024 | Sep. 30, 2023 | |
Leases [Abstract] | ||
Operating cash flows included in the measurement of lease liabilities | $ (967) | $ (874) |
Non-cash lease activity related to right-of-use assets obtained in exchange for new operating lease liabilities | 123 | 169 |
Other non-cash changes to ROU assets due to reassessment of the lease term | $ (130) | $ 2,305 |
Schedule of Weighted Average Re
Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details) | Sep. 30, 2024 | Mar. 31, 2024 |
Leases [Abstract] | ||
Weighted-average remaining lease term (in years) | 2 years 4 months 13 days | 2 years 7 months 17 days |
Weighted-average discount rate | 4% | 4% |
Schedule of Maturities of Opera
Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Mar. 31, 2024 |
Restructuring Cost and Reserve [Line Items] | ||
2025 | $ 894 | |
2026 | 1,276 | |
2027 | 1,049 | |
2028 | 1,045 | |
2029 | 223 | |
2030 | 22 | |
Thereafter | ||
Total lease payments | 4,509 | |
Less: imputed interest | (284) | |
Total lease liability | $ 4,225 | $ 4,489 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, value | $ (34,053) | $ (31,446) | $ (32,546) | $ (28,954) |
Transfer of defined benefit plan | (562) | 60 | (1,081) | (360) |
Total other comprehensive income (loss) | (108) | (541) | (2,015) | (120) |
Balance, value | (34,395) | (34,471) | (34,395) | (34,471) |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, value | (3,808) | (3,034) | (2,420) | (3,875) |
Transfer of defined benefit plan | ||||
Other comprehensive income (loss) before reclassifications | 454 | (601) | (934) | 240 |
Reclassifications to statements of earnings | ||||
Total other comprehensive income (loss) | 454 | (601) | (934) | 240 |
Balance, value | (3,354) | (3,635) | (3,354) | (3,635) |
Defined Benefit Plan Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, value | 1,951 | 3,166 | 2,470 | 3,586 |
Transfer of defined benefit plan | (228) | |||
Other comprehensive income (loss) before reclassifications | (362) | 139 | (604) | (205) |
Reclassifications to statements of earnings | (200) | (79) | (249) | (155) |
Total other comprehensive income (loss) | (562) | 60 | (1,081) | (360) |
Balance, value | 1,389 | 3,226 | 1,389 | 3,226 |
Total Accumulated Other Comprehensive (Loss) Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, value | (1,857) | 132 | 50 | (289) |
Transfer of defined benefit plan | (228) | |||
Other comprehensive income (loss) before reclassifications | 92 | (462) | (1,538) | 35 |
Reclassifications to statements of earnings | (200) | (79) | (249) | (155) |
Total other comprehensive income (loss) | (108) | (541) | (2,015) | (120) |
Balance, value | $ (1,965) | $ (409) | $ (1,965) | $ (409) |