Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | AMERICAN SUPERCONDUCTOR CORP /DE/ | |
Entity Central Index Key | 0000880807 | |
Trading Symbol | amsc | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 23,035,017 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Unaduited Condensed Consolidate
Unaduited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 20,709 | $ 24,699 |
Marketable securities | 30,260 | 30,149 |
Accounts receivable, net | 8,203 | 16,987 |
Inventory | 17,061 | 18,975 |
Prepaid expenses and other current assets | 3,615 | 2,959 |
Restricted cash | 508 | 508 |
Total current assets | 80,356 | 94,277 |
Marketable securities | 5,070 | 5,046 |
Property, plant and equipment, net | 8,331 | 8,565 |
Intangibles, net | 3,429 | 3,550 |
Right-of-use assets | 3,264 | 3,359 |
Goodwill | 1,719 | 1,719 |
Restricted cash | 5,659 | 5,657 |
Deferred tax assets | 1,580 | 1,551 |
Other assets | 262 | 385 |
Total assets | 109,670 | 124,109 |
Current liabilities: | ||
Accounts payable and accrued expenses | 14,265 | 22,091 |
Lease liability, current portion | 444 | 439 |
Deferred revenue, current portion | 14,724 | 18,430 |
Total current liabilities | 29,433 | 40,960 |
Deferred revenue, long term portion | 7,661 | 7,712 |
Lease liability, long term portion | 2,891 | 3,000 |
Deferred tax liabilities | 231 | 180 |
Other liabilities | 35 | 38 |
Total liabilities | 40,251 | 51,890 |
Commitments and Contingencies (Note 14) | ||
Stockholders' equity: | ||
Common stock | 234 | 229 |
Additional paid-in capital | 1,054,499 | 1,053,507 |
Treasury stock | (3,043) | (2,666) |
Accumulated other comprehensive loss | (219) | (216) |
Accumulated deficit | (982,052) | (978,635) |
Total stockholders' equity | 69,419 | 72,219 |
Total liabilities and stockholders' equity | $ 109,670 | $ 124,109 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues | $ 21,213 | $ 13,770 |
Cost of revenues | 16,173 | 12,193 |
Gross margin | 5,040 | 1,577 |
Operating expenses: | ||
Research and development | 2,499 | 2,473 |
Selling, general and administrative | 5,637 | 5,255 |
Amortization of acquisition-related intangibles | 121 | 85 |
Total operating expenses | 8,257 | 7,813 |
Operating loss | (3,217) | (6,236) |
Change in fair value of warrants | 2,946 | |
Interest income, net | 158 | 505 |
Other expense, net | (170) | (543) |
Loss before income tax expense | (3,229) | (3,328) |
Income tax expense | 188 | 211 |
Net loss | $ (3,417) | $ (3,539) |
Net loss per common share | ||
Basic (in dollars per share) | $ (0.16) | $ (0.17) |
Diluted (in dollars per share) | $ (0.16) | $ (0.17) |
Weighted average number of common shares outstanding | ||
Basic (in shares) | 21,689 | 20,514 |
Diluted (in shares) | 21,689 | 20,514 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Net loss | $ (3,417) | $ (3,539) |
Other comprehensive (loss) income, net of tax: | ||
Foreign currency translation (loss) gain | (3) | 418 |
Total other comprehensive (loss) income, net of tax | (3) | 418 |
Comprehensive loss | $ (3,420) | $ (3,121) |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2019 | 21,652 | |||||
Balance at Mar. 31, 2019 | $ 216 | $ 1,044,622 | $ (2,101) | $ (5) | $ (961,539) | $ 81,193 |
Issuance of common stock - restricted shares (in shares) | 174 | |||||
Issuance of common stock - restricted shares | $ 2 | (2) | ||||
Stock-based compensation expense | 249 | 249 | ||||
Issuance of stock for 401(k) match (in shares) | 8 | |||||
Issuance of stock for 401(k) match | 81 | 81 | ||||
Repurchase of treasury stock | (283) | (283) | ||||
Cumulative translation adjustment | 418 | 418 | ||||
Net loss | (3,539) | (3,539) | ||||
Issuance of common stock - warrant exercise (in shares) | 23 | |||||
Issuance of common stock - warrant exercise | 294 | 294 | ||||
Balance (in shares) at Jun. 30, 2019 | 21,857 | |||||
Balance at Jun. 30, 2019 | $ 218 | 1,045,244 | (2,384) | 413 | (965,078) | 78,413 |
Balance (in shares) at Mar. 31, 2020 | 22,902 | |||||
Balance at Mar. 31, 2020 | $ 229 | 1,053,507 | (2,666) | (216) | (978,635) | 72,219 |
Issuance of common stock - restricted shares (in shares) | 493 | |||||
Issuance of common stock - restricted shares | $ 5 | (5) | ||||
Stock-based compensation expense | 909 | 909 | ||||
Issuance of stock for 401(k) match (in shares) | 13 | |||||
Issuance of stock for 401(k) match | 88 | 88 | ||||
Repurchase of treasury stock | (377) | (377) | ||||
Cumulative translation adjustment | (3) | (3) | ||||
Net loss | (3,417) | (3,417) | ||||
Balance (in shares) at Jun. 30, 2020 | 23,408 | |||||
Balance at Jun. 30, 2020 | $ 234 | $ 1,054,499 | $ (3,043) | $ (219) | $ (982,052) | $ 69,419 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (3,417) | $ (3,539) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation and amortization | 1,000 | 1,149 |
Stock-based compensation expense | 909 | 249 |
Provision for excess and obsolete inventory | 789 | 89 |
Change in fair value of warrants | (2,946) | |
Non-cash interest income | (134) | (112) |
Other non-cash items | 102 | 100 |
Unrealized foreign exchange loss on cash and cash equivalents | 85 | |
Changes in operating asset and liability accounts: | ||
Accounts receivable | 8,783 | (2,874) |
Inventory | 1,132 | 108 |
Prepaid expenses and other assets | (496) | (1,002) |
Accounts payable and accrued expenses | (7,974) | (181) |
Deferred revenue | (3,894) | 3,093 |
Net cash used in operating activities | (3,115) | (5,866) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (637) | (836) |
Proceeds from the sale of property, plant and equipment | 3,001 | |
Change in other assets | 128 | 94 |
Net cash (used in)/provided by investing activities | (509) | 2,259 |
Cash flows from financing activities: | ||
Repurchase of treasury stock | (376) | (283) |
Net cash used in financing activities | (376) | (283) |
Effect of exchange rate changes on cash | 12 | 359 |
Net decrease in cash, cash equivalents and restricted cash | (3,988) | (3,531) |
Cash, cash equivalents and restricted cash at beginning of period | 30,864 | 78,198 |
Cash, cash equivalents and restricted cash at end of period | 26,876 | 74,667 |
Supplemental schedule of cash flow information: | ||
Cash paid for income taxes, net of refunds | 225 | 128 |
Issuance of common stock to settle liabilities | 88 | 81 |
Hercules [Member] | ||
Supplemental schedule of cash flow information: | ||
Issuance of common stock to Hercules to settle warrant liability | $ 294 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business and Operations and Liquidity | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Nature of the Business and Operations American Superconductor Corporation (together with its subsidiaries, “AMSC®” or the “Company”) was founded on April 9, 1987. ™ These unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with United States generally accepted accounting principles (“GAAP”) and the Securities and Exchange Commission's (“SEC”) instructions to Form 10 not June 30, 2020 2019 June 30, 2020 not may March 31, 2020 10 March 31, 2020 June 2, 2020. Liquidity The Company has historically experienced recurring operating losses and as of June 30, 2020 982.1 June 30, 2020 56.0 eight twenty-one three June 30, 2020 3.1 In December 2015, $210.0 three three May 29, 2020, €6.0 €6.0 ninety may In March 2020, 19, 19 19 not 19 may While the COVID- 19 19 may 19 may The Company believes that based on the information presented above and its quarterly management assessment, it has sufficient liquidity to fund its operations and capital expenditures for the next twelve three June 30, 2020 19 may no |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. The Company's revenues in its Grid segment are derived primarily through enabling the transmission and distribution of power, providing planning services that allow it to identify power grid needs and risks, and developing ship protection systems for the U.S. Navy. The Company's revenues in its Wind segment are derived primarily through supplying advanced power electronics and control systems, licensing its highly engineered wind turbine designs, and providing extensive customer support services to wind turbine manufacturers. The Company records revenue based on a five 606, Revenue from Contracts with Customers three June 30, 2020 2019 80 78 In the Company's equipment and system product line, each contract with a customer summarizes each product sold to a customer, which typically represents distinct performance obligations. A contract's transaction price is allocated to each distinct performance obligation using the respective standalone selling price which is determined primarily using the cost-plus expected margin approach and recognized as revenue when, or as, the performance obligation is satisfied. The majority of the Company's product sales transfer control to the customer in line with the contracted delivery terms and revenue is recorded at the point in time when title and risk transfer to the customer, as the Company has determined that this is the point in time that control transfers to the customer. The Company's equipment and system product line includes certain contracts which do not not 606. not 606 three June 30, 2020 2019 0.4 In the Company's service and technology development product line, there are several different types of transactions and each begins with a contract with a customer that summarizes each product sold to a customer, which typically represents distinct performance obligations. The technology development transactions are primarily for activities that have no not not not 606, no The Company's service contracts can include a purchase order from a customer for specific goods in which each item is a distinct performance obligation satisfied at a point in time at which control of the goods is transferred to the customer. This transfer occurs based on the contracted delivery terms or when the requested service work has been completed. The transaction price for these goods is allocated based on the adjusted market approach considering similar transactions under similar circumstances. Service contracts are also derived from ongoing maintenance contracts and extended service-type warranty contracts. In these transactions, the Company is contracted to provide an ongoing service over a specified period of time. As the customer is consuming the benefits as the service is being provided, the revenue is recognized over time ratably. The Company's policy is not The Company provides assurance-type warranties on all product sales for a term of typically one three four The Company records revenue net of sales tax, value added tax, excise tax and other taxes collected concurrent with revenue-producing activities. The Company has elected to recognize the cost for freight and shipping when control over the products sold passes to customers and revenue is recognized. The Company has elected to recognize incremental costs of obtaining a contract as expense when incurred except in contracts where the amortization period would exceed twelve not twelve The Company's contracts with customers do not may 30 60 The following tables disaggregate the Company's revenue by product line and by shipment destination: Three Months Ended June 30, 2020 Product Line: Grid Wind Equipment and systems $ 16,537 $ 2,618 Services and technology development 1,178 880 Total $ 17,715 $ 3,498 Region: Americas $ 10,554 $ 12 Asia Pacific 6,015 3,269 EMEA 1,146 217 Total $ 17,715 $ 3,498 Three Months Ended June 30, 2019 Product Line: Grid Wind Equipment and systems $ 8,354 $ 3,505 Services and technology development 1,501 410 Total $ 9,855 $ 3,915 Region: Americas $ 7,801 $ 46 Asia Pacific 1,827 3,856 EMEA 227 13 Total $ 9,855 $ 3,915 As of June 30, 2020 June 30, 2019 7, 8, Unbilled Accounts Receivable Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2020 $ 5,711 $ 1,631 $ 26,142 Increases for costs incurred to fulfill performance obligations — 1,978 — Increase (decrease) due to customer billings (3,620 ) — 12,276 Decrease due to cost recognition on completed performance obligations — (2,815 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 2,033 — (16,227 ) Other changes and FX impact 1 7 194 Ending balance as of June 30, 2020 $ 4,125 $ 801 $ 22,385 Unbilled Accounts Receivable Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2019 $ 2,213 $ 318 $ 15,521 Increases for costs incurred to fulfill performance obligations — 771 — Increase (decrease) due to customer billings (1,584 ) — 10,857 Decrease due to cost recognition on completed performance obligations — (4 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 1,467 — (7,761 ) Other changes and FX impact (3 ) 3 73 Ending balance as of June 30, 2019 $ 2,093 $ 1,088 $ 18,690 The Company's remaining performance obligations represent the unrecognized revenue value of the Company's contractual commitments. The Company's performance obligations may June 30, 2020 606 twelve 53.7 14.5 thirteen sixty twelve twelve first three twelve twelve not not 1, May 29, 2020 The following table sets forth customers who represented 10% three June 30, 2020 2019 Three Months Ended Reportable June 30, Segment 2020 2019 Inox Wind Limited Wind <10% 27% Micron Technology Grid 0% 25% Siemens Gamesa Renewable Energy Grid 25% 0% EPC Services Company Grid 24% 0% |
Note 3 - Stock-based Compensati
Note 3 - Stock-based Compensation | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 3. The Company accounts for its stock-based compensation at fair value. The following table summarizes stock-based compensation expense by financial statement line item for the three June 30, 2020 2019 Three Months Ended June 30, 2020 2019 Cost of revenues $ 28 $ 3 Research and development 130 10 Selling, general and administrative 751 236 Total $ 909 $ 249 The Company issued 27,341 658,667 three June 30, 2020 13,174 160,500 three June 30, 2019 2 3 The estimated fair value of the Company's stock-based awards, less expected annual forfeitures, is amortized over the awards' service period. The total unrecognized compensation cost for unvested outstanding stock options was less than $ 0.1 June 30, 2020 0.9 6.3 June 30, 2020 2.1 The Company did not three June 30, 2020 5,939 three June 30, 2019 three June 30, 2019 2 three June 30, 2019 Three Months Ended June 30, 2020 2019 Expected volatility N/A 66.5 % Risk-free interest rate N/A 1.8 % Expected life (years) N/A 5.91 Dividend yield N/A None |
Note 4 - Computation of Net Los
Note 4 - Computation of Net Loss per Common Share | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Basic net loss per share (“EPS”) is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Where applicable, diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares include the effect of restricted stock, exercise of stock options and warrants and contingently issuable shares. Stock options and warrants that are out-of-the-money with exercise prices greater than the average market price of the underlying common shares and shares of performance based restricted stock where the contingency was not three June 30, 2020 0.1 not . three June 30, 2019 1.0 not 0.2 0.8 The following table reconciles the numerators and denominators of the earnings per share calculation for the three June 30, 2020 2019 Three Months Ended June 30, 2020 2019 Numerator: Net loss $ (3,417 ) $ (3,539 ) Denominator: Weighted-average shares of common stock outstanding 22,827 21,499 Weighted-average shares subject to repurchase (1,138 ) (985 ) Shares used in per-share calculation ― basic 21,689 20,514 Shares used in per-share calculation ― diluted 21,689 20,514 Net loss per share ― basic $ (0.16 ) $ (0.17 ) Net loss per share ― diluted $ (0.16 ) $ (0.17 ) |
Note 5 - Goodwill
Note 5 - Goodwill | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 5. The Company did not three June 30, 2020 |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6. A valuation hierarchy for disclosure of the inputs to valuation used to measure fair value has been established. This hierarchy prioritizes the inputs into three Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not Level 3 - Unobservable inputs that reflect the Company's assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. The Company provides a gross presentation of activity within Level 3 1 2 1 2 3 not 1, 2 3 three June 30, 2020 A financial asset's or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Valuation Techniques Cash Equivalents Cash equivalents consist of highly liquid instruments with maturities of three 1 Marketable Securities Marketable securities consist of certificates of deposit that are measured using such inputs as quoted prices and are classified within Level 1 $0.1 three June 30, 2020 not three June 30, 2019 Warrants The Company issued warrants in conjunction with an equity offering to Hudson Bay Capital in November 2014 April 8, 2019. November 13, 2019 November 13, 2019. June 30, 2020 no The Company historically relied on various assumptions in a lattice model to determine the fair value of warrants. The Company had valued the warrants within Level 3 12, The following table provides the assets and liabilities carried at fair value on a recurring basis, measured as of June 30, 2020 March 31, 2020 Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2020: Assets: Cash equivalents $ 15,502 $ 15,502 $ — $ — Marketable securities $ 35,330 $ 35,330 $ — $ — Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2020: Assets: Cash equivalents $ 19,394 $ 19,394 $ — $ — Marketable securities $ 35,195 $ 35,195 $ — $ — |
Note 7 - Accounts Receivable
Note 7 - Accounts Receivable | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Accounts Receivable [Text Block] | 7. Accounts receivable at June 30, 2020 March 31, 2020 June 30, 2020 March 31, 2020 Accounts receivable (billed) $ 4,078 $ 11,276 Accounts receivable (unbilled) 4,125 5,711 Accounts receivable, net $ 8,203 $ 16,987 |
Note 8 - Inventory
Note 8 - Inventory | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 8. Inventory, net of reserves, at June 30, 2020 March 31, 2020 June 30, 2020 March 31, 2020 Raw materials $ 8,158 $ 10,739 Work-in-process 1,677 1,345 Finished goods 6,425 5,260 Deferred program costs 801 1,631 Net inventory $ 17,061 $ 18,975 The Company recorded inventory write-downs of $ 0.8 $0.1 three June 30, 2020 2019 Deferred program costs as of June 30, 2020 March 31, 2020 |
Note 9 - Property, Plant and Eq
Note 9 - Property, Plant and Equipment | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. The cost and accumulated depreciation of property, plant and equipment at June 30, 2020 March 31, 2020 June 30, 2020 March 31, 2020 Construction in progress - equipment $ 3,739 $ 3,130 Equipment and software 41,798 41,737 Furniture and fixtures 1,317 1,302 Leasehold improvements 2,480 2,477 Property, plant and equipment, gross 49,334 48,646 Less accumulated depreciation (41,003 ) (40,081 ) Property, plant and equipment, net $ 8,331 $ 8,565 Depreciation expense was $ 0.9 $1.1 three June 30, 2020 2019 |
Note 10 - Accounts Payable and
Note 10 - Accounts Payable and Accrued Expenses | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 10. Accounts payable and accrued expenses at June 30, 2020 March 31, 2020 June 30, 2020 March 31, 2020 Accounts payable $ 3,539 $ 10,045 Accrued inventories in-transit 1,201 763 Accrued other miscellaneous expenses 2,342 1,986 Advanced deposits 665 666 Accrued compensation 3,404 5,683 Income taxes payable 946 933 Accrued product warranty 2,168 2,015 Total $ 14,265 $ 22,091 The Company generally provides a one three Product warranty activity was as follows (in thousands): Three Months Ended June 30, 2020 2019 Balance at beginning of period $ 2,015 $ 1,545 Change in accruals for warranties during the period 236 85 Settlements during the period (83 ) (24 ) Balance at end of period $ 2,168 $ 1,606 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. The Company recorded income tax expense of $ 0.2 three June 30, 2020 2019 Accounting for income taxes requires a two first not second 50% not not three June 30, 2020 not March 31, 2020 |
Note 12 - Warrants and Derivati
Note 12 - Warrants and Derivative Liabilities | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 12. The Company accounted for its warrants as liabilities due to certain adjustment provisions within the instruments, which required that they be recorded at fair value. The warrants were subject to revaluation at each balance sheet date and any change in fair value was recorded as a change in fair value of warrants until the earlier of its expiration or its exercise at which time the warrant liability was reclassified to equity. The Company calculated the fair value of the warrants utilizing an integrated lattice model. See Note 6, Hercules Warrants On December 19, 2014, second 58,823 $7.85 May 2017, September 2017 January 2017. $0.4 March 31, 2019. April 8, 2019, 22,821 April 17, 2019. $0.1 three June 30, 2019 November 2014 On November 13, 2014, 909,090 one 0.9 one 818,181 “November 2014 November 2014 $7.81 November 13, 2019, November 2014 786,000 $7.81 . 32,181 November 13, 2019. $2.9 November 2014 three June 30, 2019 June 30, 2020 no |
Note 13 - Leases
Note 13 - Leases | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 13. On April 1, 2019, 2016 02, Leases (Topic 842 842" not not not All significant lease arrangements are recognized at lease commencement. Operating lease right–of-use assets and lease liabilities are recognized at commencement. The operating lease right-of-use asset includes any lease payments related to initial direct cost and prepayments and excludes any lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company enters into a variety of operating lease agreements through the normal course of its business, but primarily real estate leases to support its operations. The real estate lease agreements generally provide for fixed minimum rental payments and the payment of real estate taxes and insurance. Many of these real estate leases have one five The Company also enters into leases for vehicles, IT equipment and service agreements, and other leases related to its manufacturing operations that are also included in the right-of-use assets and lease liability accounts if they are for a term of longer than twelve The discount rate was calculated using an incremental borrowing rate based on an assessment prepared by the Company through the use of Company credit ratings, consideration of its lease populations potential risk to its total capital structure, and a market rate for a collateralized loan for its risk profile, calculated by a third The Company did not Supplemental balance sheet information related to leases at June 30, 2020 March 31, 2020 June 30, 2020 March 31, 2020 Operating Leases: Right-of-use assets $ 3,264 $ 3,359 Total right-of-use assets 3,264 3,359 Lease liabilities - ST $ 444 $ 439 Lease liabilities - LT 2,891 3,000 Total operating lease liabilities 3,335 3,439 Weighted-average remaining lease term 6.7 6.9 Weighted-average discount rate 7.09 % 7.08 % The costs related to the Company's leases for the three June 30, 2020 2019 Three Months Ended Three Months Ended June 30, 2020 June 30, 2019 Operating Leases: Operating lease costs - fixed $ 178 $ 178 Operating lease costs - variable 27 21 Short-term lease costs 168 233 Total lease costs 373 432 The Company's estimated minimum future lease obligations under the Company's leases are as follows: Operating Leases Year ended March 31, 2020 $ 501 2021 646 2022 620 2023 558 2024 501 Thereafter 1,396 Total minimum lease payments 4,222 Less: interest (887 ) Present value of lease liabilities 3,335 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Legal Contingencies From time to time, the Company is involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the consolidated financial statements not not not Other The Company enters into long-term construction contracts with customers that require the Company to obtain performance bonds. The Company is required to deposit an amount equivalent to some or all the face amount of the performance bonds into an escrow account until the termination of the bond. When the performance conditions are met, amounts deposited as collateral for the performance bonds are returned to the Company. In addition, the Company has various contractual arrangements in which minimum quantities of goods or services have been committed to be purchased on an annual basis. As of June 30, 2020 March 31, 2020 5.7 0.5 $5.0 |
Note 15 - Business Segments
Note 15 - Business Segments | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. The Company reports its financial results in two Through the Company's power grid offerings, the Grid business segment enables electric utilities, industrial facilities, and renewable energy project developers to connect, transmit and distribute power with exceptional efficiency, reliability, security and affordability through its transmission planning services, power electronics, and superconductor-based systems. The sales process is enabled by transmission planning services that allow it to identify power grid congestion, poor power quality and other risks, which helps the Company determine how its solutions can improve network performance. These services often lead to sales of grid interconnection solutions for wind farms and solar power plants, power quality systems, and transmission and distribution cable systems. The Company also sells ship protection products to the U.S. Navy through its Grid business segment. Through the Company's wind power offerings, the Wind business segment enables manufacturers to field wind turbines with exceptional power output, reliability and affordability. The Company provides advanced power electronics and control system products, engineered designs, and support services. The Company supplies advanced power electronics and control systems, licenses its highly engineered wind turbine designs, and provides extensive customer support services to wind turbine manufacturers. The Company's design portfolio includes a broad range of drive trains and power ratings of 2 The operating results for the two Three Months Ended June 30, 2020 2019 Revenues: Grid $ 17,715 $ 9,855 Wind 3,498 3,915 Total $ 21,213 $ 13,770 Three Months Ended June 30, 2020 2019 Operating loss: Grid $ (1,188 ) $ (4,663 ) Wind (1,120 ) (1,324 ) Unallocated corporate expenses (909 ) (249 ) Total $ (3,217 ) $ (6,236 ) The accounting policies of the business segments are the same as those for the consolidated Company. The Company's business segments have been determined in accordance with the Company's internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measures are segment revenues and segment operating loss. The disaggregated financial results of the segments reflect allocation of certain functional expense categories consistent with the basis and manner in which Company management internally disaggregates financial information for the purpose of assisting in making internal operating decisions. In addition, certain corporate expenses which the Company does not two Unallocated corporate expenses primarily consist of stock-based compensation expense of $ 0.9 $0.2 three June 30, 2020 2019 Total assets for the two June 30, 2020 March 31, 2020 June 30, 2020 March 31, 2020 Grid $ 34,651 $ 44,044 Wind 11,293 14,250 Corporate assets 63,726 65,815 Total $ 109,670 $ 124,109 |
Note 16 - Recent Accounting Pro
Note 16 - Recent Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 16. In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 2016 13 December 15, 2019, 2019 10 November 2019, December 15, 2022. 2016 13 may In August 2018, 2018 13, Fair Value Measurement (Topic 820 2018 13 December 15, 2019, April 1, 2020, 2018 13 no not 3 In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 December 15, 2020, not 2019 12 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. The Company has performed an evaluation of subsequent events through the time of filing this Quarterly Report on Form 10 no July 2020, 2020 s not |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2020 Product Line: Grid Wind Equipment and systems $ 16,537 $ 2,618 Services and technology development 1,178 880 Total $ 17,715 $ 3,498 Region: Americas $ 10,554 $ 12 Asia Pacific 6,015 3,269 EMEA 1,146 217 Total $ 17,715 $ 3,498 Three Months Ended June 30, 2019 Product Line: Grid Wind Equipment and systems $ 8,354 $ 3,505 Services and technology development 1,501 410 Total $ 9,855 $ 3,915 Region: Americas $ 7,801 $ 46 Asia Pacific 1,827 3,856 EMEA 227 13 Total $ 9,855 $ 3,915 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Unbilled Accounts Receivable Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2020 $ 5,711 $ 1,631 $ 26,142 Increases for costs incurred to fulfill performance obligations — 1,978 — Increase (decrease) due to customer billings (3,620 ) — 12,276 Decrease due to cost recognition on completed performance obligations — (2,815 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 2,033 — (16,227 ) Other changes and FX impact 1 7 194 Ending balance as of June 30, 2020 $ 4,125 $ 801 $ 22,385 Unbilled Accounts Receivable Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2019 $ 2,213 $ 318 $ 15,521 Increases for costs incurred to fulfill performance obligations — 771 — Increase (decrease) due to customer billings (1,584 ) — 10,857 Decrease due to cost recognition on completed performance obligations — (4 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 1,467 — (7,761 ) Other changes and FX impact (3 ) 3 73 Ending balance as of June 30, 2019 $ 2,093 $ 1,088 $ 18,690 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended Reportable June 30, Segment 2020 2019 Inox Wind Limited Wind <10% 27% Micron Technology Grid 0% 25% Siemens Gamesa Renewable Energy Grid 25% 0% EPC Services Company Grid 24% 0% |
Note 3 - Stock-based Compensa_2
Note 3 - Stock-based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, 2020 2019 Cost of revenues $ 28 $ 3 Research and development 130 10 Selling, general and administrative 751 236 Total $ 909 $ 249 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended June 30, 2020 2019 Expected volatility N/A 66.5 % Risk-free interest rate N/A 1.8 % Expected life (years) N/A 5.91 Dividend yield N/A None |
Note 4 - Computation of Net L_2
Note 4 - Computation of Net Loss per Common Share (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 2020 2019 Numerator: Net loss $ (3,417 ) $ (3,539 ) Denominator: Weighted-average shares of common stock outstanding 22,827 21,499 Weighted-average shares subject to repurchase (1,138 ) (985 ) Shares used in per-share calculation ― basic 21,689 20,514 Shares used in per-share calculation ― diluted 21,689 20,514 Net loss per share ― basic $ (0.16 ) $ (0.17 ) Net loss per share ― diluted $ (0.16 ) $ (0.17 ) |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2020: Assets: Cash equivalents $ 15,502 $ 15,502 $ — $ — Marketable securities $ 35,330 $ 35,330 $ — $ — Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2020: Assets: Cash equivalents $ 19,394 $ 19,394 $ — $ — Marketable securities $ 35,195 $ 35,195 $ — $ — |
Note 7 - Accounts Receivable (T
Note 7 - Accounts Receivable (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Accounts Receivable [Table Text Block] | June 30, 2020 March 31, 2020 Accounts receivable (billed) $ 4,078 $ 11,276 Accounts receivable (unbilled) 4,125 5,711 Accounts receivable, net $ 8,203 $ 16,987 |
Note 8 - Inventory (Tables)
Note 8 - Inventory (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2020 March 31, 2020 Raw materials $ 8,158 $ 10,739 Work-in-process 1,677 1,345 Finished goods 6,425 5,260 Deferred program costs 801 1,631 Net inventory $ 17,061 $ 18,975 |
Note 9 - Property, Plant and _2
Note 9 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2020 March 31, 2020 Construction in progress - equipment $ 3,739 $ 3,130 Equipment and software 41,798 41,737 Furniture and fixtures 1,317 1,302 Leasehold improvements 2,480 2,477 Property, plant and equipment, gross 49,334 48,646 Less accumulated depreciation (41,003 ) (40,081 ) Property, plant and equipment, net $ 8,331 $ 8,565 |
Note 10 - Accounts Payable an_2
Note 10 - Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, 2020 March 31, 2020 Accounts payable $ 3,539 $ 10,045 Accrued inventories in-transit 1,201 763 Accrued other miscellaneous expenses 2,342 1,986 Advanced deposits 665 666 Accrued compensation 3,404 5,683 Income taxes payable 946 933 Accrued product warranty 2,168 2,015 Total $ 14,265 $ 22,091 |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended June 30, 2020 2019 Balance at beginning of period $ 2,015 $ 1,545 Change in accruals for warranties during the period 236 85 Settlements during the period (83 ) (24 ) Balance at end of period $ 2,168 $ 1,606 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Assets And Liabilities Lessee [Table Text Block] | June 30, 2020 March 31, 2020 Operating Leases: Right-of-use assets $ 3,264 $ 3,359 Total right-of-use assets 3,264 3,359 Lease liabilities - ST $ 444 $ 439 Lease liabilities - LT 2,891 3,000 Total operating lease liabilities 3,335 3,439 Weighted-average remaining lease term 6.7 6.9 Weighted-average discount rate 7.09 % 7.08 % |
Lease, Cost [Table Text Block] | Three Months Ended Three Months Ended June 30, 2020 June 30, 2019 Operating Leases: Operating lease costs - fixed $ 178 $ 178 Operating lease costs - variable 27 21 Short-term lease costs 168 233 Total lease costs 373 432 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Year ended March 31, 2020 $ 501 2021 646 2022 620 2023 558 2024 501 Thereafter 1,396 Total minimum lease payments 4,222 Less: interest (887 ) Present value of lease liabilities 3,335 |
Note 15 - Business Segments (Ta
Note 15 - Business Segments (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2020 2019 Revenues: Grid $ 17,715 $ 9,855 Wind 3,498 3,915 Total $ 21,213 $ 13,770 Three Months Ended June 30, 2020 2019 Operating loss: Grid $ (1,188 ) $ (4,663 ) Wind (1,120 ) (1,324 ) Unallocated corporate expenses (909 ) (249 ) Total $ (3,217 ) $ (6,236 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, 2020 March 31, 2020 Grid $ 34,651 $ 44,044 Wind 11,293 14,250 Corporate assets 63,726 65,815 Total $ 109,670 $ 124,109 |
Note 1 - Nature of the Busine_2
Note 1 - Nature of the Business and Operations and Liquidity (Details Textual) $ in Thousands, € in Millions | 1 Months Ended | 3 Months Ended | |||
Dec. 31, 2015USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | May 29, 2020EUR (€) | Mar. 31, 2020USD ($) | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (982,052) | $ (978,635) | |||
Cash, Cash Equivalents, and Marketable Securities | 56,000 | ||||
Net Cash Provided by (Used in) Operating Activities, Total | $ (3,115) | $ (5,866) | |||
Inox Wind Limited [Member] | |||||
Supply Agreement, Aggregate Value | $ 210,000 | ||||
Supply Commitment, Extension Period (Year) | 3 years | ||||
Supply Commitment, Default, Letters of Credit to be Received | € | € 6 | ||||
Certificates of Deposit [Member] | Minimum [Member] | |||||
Debt Securities, Available-for-sale, Term (Month) | 240 days | ||||
Certificates of Deposit [Member] | Maximum [Member] | |||||
Debt Securities, Available-for-sale, Term (Month) | 1 year 270 days |
Note 2 - Revenue Recognition 1
Note 2 - Revenue Recognition 1 (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue, Performance Obligation Satisfied, Revenue Recognized, Percentage | 80.00% | 78.00% |
Minimum [Member] | ||
Warranty Period (Year) | 1 year | |
Contract with Customer, Payment Term (Day) | 30 days | |
Maximum [Member] | ||
Warranty Period (Year) | 3 years | |
Extended Service Warranty, Term (Year) | 4 years | |
Contract with Customer, Payment Term (Day) | 60 days | |
Grant [Member] | ||
Revenues, Total | $ 0.4 |
Note 2 - Revenue Recognition 2
Note 2 - Revenue Recognition 2 (Details Textual) $ in Millions | Jun. 30, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 53.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 14.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 1 year 30 days |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 5 years |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues | $ 21,213 | $ 13,770 |
Grid [Member] | ||
Revenues | 17,715 | 9,855 |
Grid [Member] | Americas [Member] | ||
Revenues | 10,554 | 7,801 |
Grid [Member] | Asia Pacific [Member] | ||
Revenues | 6,015 | 1,827 |
Grid [Member] | EMEA [Member] | ||
Revenues | 1,146 | 227 |
Wind [Member] | ||
Revenues | 3,498 | 3,915 |
Wind [Member] | Americas [Member] | ||
Revenues | 12 | 46 |
Wind [Member] | Asia Pacific [Member] | ||
Revenues | 3,269 | 3,856 |
Wind [Member] | EMEA [Member] | ||
Revenues | 217 | 13 |
Equipment and Systems [Member] | Grid [Member] | ||
Revenues | 16,537 | 8,354 |
Equipment and Systems [Member] | Wind [Member] | ||
Revenues | 2,618 | 3,505 |
Services and Technology Development [Member] | Grid [Member] | ||
Revenues | 1,178 | 1,501 |
Services and Technology Development [Member] | Wind [Member] | ||
Revenues | $ 880 | $ 410 |
Note 2 - Revenue Recognition _2
Note 2 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Unbilled AR, beginning balance | $ 5,711 | $ 2,213 |
Deferred Program Costs, beginning balance | 1,631 | 318 |
Contract Liabilities, beginning balance | 26,142 | 15,521 |
Deferred Program Costs, increases for costs incurred to fulfill performance obligations | 1,978 | 771 |
Unbilled AR, increase (decrease) due to customer billings | (3,620) | (1,584) |
Increase (decrease) due to customer billings | 12,276 | 10,857 |
Unbilled AR,Decrease due to cost recognition on completed performance obligations | ||
Deferred Program Costs, decrease due to cost recognition on completed performance obligations | (2,815) | (4) |
Unbilled AR, increase (decrease) due to recognition of revenue based on transfer of control of performance obligations | 2,033 | 1,467 |
Deferred Program Costs, increase (decrease) due to recognition of revenue based on transfer of control of performance obligations | ||
Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations | (16,227) | (7,761) |
Unbilled AR, other changes and FX impact | 1 | (3) |
Deferred Program Costs, other changes and FX impact | 7 | 3 |
Other changes and FX impact | 194 | 73 |
Unbilled AR, ending balance | 4,125 | 2,093 |
Deferred Program Costs, ending balance | 801 | 1,088 |
Contract Liabilities, ending balance | $ 22,385 | $ 18,690 |
Note 2 - Revenue Recognition _3
Note 2 - Revenue Recognition - Revenues By Major Customers (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Wind [Member] | Inox Wind Limited [Member] | ||
Concentration risk percentage | 10.00% | 27.00% |
Grid [Member] | Micron Technology [Member] | ||
Concentration risk percentage | 0.00% | 25.00% |
Grid [Member] | Siemens Gamesa Renewable Energy [Member] | ||
Concentration risk percentage | 25.00% | 0.00% |
Grid [Member] | EPC Services Company [Member] | ||
Concentration risk percentage | 24.00% | 0.00% |
Note 3 - Stock-based Compensa_3
Note 3 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 5,939 |
Restricted Stock [Member] | ||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 658,667 | 160,500 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 6.3 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 36 days | |
Restricted Stock [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |
Restricted Stock [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0.1 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 328 days | |
Common Stock [Member] | ||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 27,341 | 13,174 |
Note 3 - Stock-based Compensa_4
Note 3 - Stock-based Compensation - Stock-based Compensation Expense By Financial Statement Line Item (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Total stock-based compensation expense | $ 909 | $ 249 |
Cost of Sales [Member] | ||
Total stock-based compensation expense | 28 | 3 |
Research and Development Expense [Member] | ||
Total stock-based compensation expense | 130 | 10 |
Selling, General and Administrative Expenses [Member] | ||
Total stock-based compensation expense | $ 751 | $ 236 |
Note 3 - Stock-based Compensa_5
Note 3 - Stock-based Compensation - Black Scholes Valuation (Details) | 3 Months Ended |
Jun. 30, 2019 | |
Expected volatility | 66.50% |
Risk-free interest rate | 1.80% |
Expected life (years) (Year) | 5 years 332 days |
Note 4 - Computation of Net L_3
Note 4 - Computation of Net Loss per Common Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.1 | 1 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.2 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.8 |
Note 4 - Computation of Net L_4
Note 4 - Computation of Net Loss per Common Share - Reconciliation of Numerators and Denominators of EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Net loss | $ (3,417) | $ (3,539) |
Weighted-average shares of common stock outstanding (in shares) | 22,827 | 21,499 |
Weighted-average shares subject to repurchase (in shares) | (1,138) | (985) |
Shares used in per-share calculation - basic (in shares) | 21,689 | 20,514 |
Shares used in per-share calculation - diluted (in shares) | 21,689 | 20,514 |
Net loss per share ? basic (in dollars per share) | $ (0.16) | $ (0.17) |
Net loss per share ? diluted (in dollars per share) | $ (0.16) | $ (0.17) |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Unrealized Gain (Loss) on Securities | $ 100 | $ 0 |
Class of Warrant or Right, Outstanding (in shares) | 0 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements - Assets and Liabilities Carried at Fair Value on a Recurring Basis (Details) - Reported Value Measurement [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Cash equivalents | $ 15,502 | $ 19,394 |
Marketable securities | 35,330 | 35,195 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 15,502 | 19,394 |
Marketable securities | 35,330 | 35,195 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | ||
Marketable securities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | ||
Marketable securities |
Note 7 - Accounts Receivable -
Note 7 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Accounts receivable (billed) | $ 4,078 | $ 11,276 |
Accounts receivable (unbilled) | 4,125 | 5,711 |
Accounts receivable, net | $ 8,203 | $ 16,987 |
Note 8 - Inventory (Details Tex
Note 8 - Inventory (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Inventory Write-down | $ 789 | $ 89 |
Note 8 - Inventory - Summary of
Note 8 - Inventory - Summary of Net Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Raw materials | $ 8,158 | $ 10,739 |
Work-in-process | 1,677 | 1,345 |
Finished goods | 6,425 | 5,260 |
Deferred program costs | 801 | 1,631 |
Net inventory | $ 17,061 | $ 18,975 |
Note 9 - Property, Plant and _3
Note 9 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Depreciation, Depletion and Amortization, Total | $ 0.9 | $ 1.1 |
Note 9 - Property, Plant and _4
Note 9 - Property, Plant and Equipment - Cost and Accumulated Depreciation of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Property, plant and equipment, gross | $ 49,334 | $ 48,646 |
Less accumulated depreciation | (41,003) | (40,081) |
Property, plant and equipment, net | 8,331 | 8,565 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 3,739 | 3,130 |
Equipment and Software [Member] | ||
Property, plant and equipment, gross | 41,798 | 41,737 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 1,317 | 1,302 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | $ 2,480 | $ 2,477 |
Note 10 - Accounts Payable an_3
Note 10 - Accounts Payable and Accrued Expenses (Details Textual) | 3 Months Ended |
Jun. 30, 2020 | |
Minimum [Member] | |
Extended Warranty Trigger Period (Year) | 1 year |
Maximum [Member] | |
Extended Warranty Trigger Period (Year) | 3 years |
Note 10 - Accounts Payable an_4
Note 10 - Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Accounts payable | $ 3,539 | $ 10,045 |
Accrued inventories in-transit | 1,201 | 763 |
Accrued other miscellaneous expenses | 2,342 | 1,986 |
Advanced deposits | 665 | 666 |
Accrued compensation | 3,404 | 5,683 |
Income taxes payable | 946 | 933 |
Accrued product warranty | 2,168 | 2,015 |
Total | $ 14,265 | $ 22,091 |
Note 10 - Accounts Payable an_5
Note 10 - Accounts Payable and Accrued Expenses - Product Warranty Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Balance at beginning of period | $ 2,015 | $ 1,545 |
Change in accruals for warranties during the period | 236 | 85 |
Settlements during the period | (83) | (24) |
Balance at end of period | $ 2,168 | $ 1,606 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | |
Income Tax Expense (Benefit), Total | $ 188 | $ 211 | |
Liability for Uncertainty in Income Taxes, Current | $ 0 | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Note 12 - Warrants and Deriva_2
Note 12 - Warrants and Derivative Liabilities (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 13, 2019 | Apr. 17, 2019 | Dec. 19, 2014 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Nov. 13, 2014 |
Gain (Loss) in Change of Fair Value of Derivative Instruments and Warrants, Net of Tax | $ 2,946 | |||||||
Class of Warrant or Right, Outstanding (in shares) | 0 | |||||||
Hercules Warrants [Member] | ||||||||
Gain (Loss) on Decrease Fair Value Upon Exercise of Warrant | $ 100 | |||||||
November 2014 Warrant [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 7.81 | $ 7.81 | ||||||
Common Unit, Issued (in shares) | 909,090 | |||||||
Common Shares Per Unit (in shares) | 1 | |||||||
Class of Warrant or Right, Number of Warrants to Purchase One Share of Stock (in shares) | 0.9 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 818,181 | |||||||
Class of Warrant or Right, Warrants Exercised (in shares) | 786,000 | |||||||
Class of Warrant or Right, Warrants Expired (in shares) | 32,181 | |||||||
Gain (Loss) in Change of Fair Value of Derivative Instruments and Warrants, Net of Tax | $ 2,900 | |||||||
Hercules Technology Growth Capital [Member] | ||||||||
Stock Issued During Period, Shares, Warrant Exercised (in shares) | 22,821 | |||||||
Secured Debt [Member] | Hercules Technology Growth Capital [Member] | Hercules Warrants [Member] | ||||||||
Purchase Commitment, Issuance of Warrants, Shares of Common Stock (in shares) | 58,823 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 7.85 | |||||||
Derivative, Fair Value, Net, Total | $ 400 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) | Jun. 30, 2020 |
Maximum [Member] | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 13 - Leases - Operating Le
Note 13 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Right-of-use assets | $ 3,264 | $ 3,359 |
Lease liability, current portion | 444 | 439 |
Lease liability, long term portion | 2,891 | 3,000 |
Total operating lease liabilities | $ 3,335 | $ 3,439 |
Weighted-average remaining lease term (Year) | 6 years 255 days | 6 years 328 days |
Weighted-average discount rate | 7.09% | 7.08% |
Note 13 - Leases - Lease Cost (
Note 13 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating lease costs - fixed | $ 178 | $ 178 |
Operating lease costs - variable | 27 | 21 |
Short-term lease costs | 168 | 233 |
Total lease costs | $ 373 | $ 432 |
Note 13 - Leases - Minimum Futu
Note 13 - Leases - Minimum Future Lease Obligation (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
2020 | $ 501 | |
2021 | 646 | |
2022 | 620 | |
2023 | 558 | |
2024 | 501 | |
Thereafter | 1,396 | |
Total minimum lease payments | 4,222 | |
Less: interest | (887) | |
Total operating lease liabilities | $ 3,335 | $ 3,439 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Restricted Cash and Cash Equivalents, Noncurrent, Total | $ 5,659 | $ 5,657 |
Preconfirmation, Restricted Cash and Cash Equivalents, Current | $ 500 |
Note 15 - Business Segments (De
Note 15 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020USD ($)Boe | Jun. 30, 2019USD ($) | |
Number of Reportable Segments | 2 | |
Share-based Payment Arrangement, Expense | $ 909 | $ 249 |
Corporate, Non-Segment [Member] | ||
Share-based Payment Arrangement, Expense | $ 900 | $ 200 |
Minimum [Member] | ||
Number of Reportable Segments (Barrel of Oil Equivalent) | Boe | 2 |
Note 15 - Business Segments - O
Note 15 - Business Segments - Operating Results for Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues | $ 21,213 | $ 13,770 |
Operating profit (loss) | (3,217) | (6,236) |
Corporate, Non-Segment [Member] | ||
Operating profit (loss) | (909) | (249) |
Grid [Member] | ||
Revenues | 17,715 | 9,855 |
Grid [Member] | Operating Segments [Member] | ||
Operating profit (loss) | (1,188) | (4,663) |
Wind [Member] | ||
Revenues | 3,498 | 3,915 |
Wind [Member] | Operating Segments [Member] | ||
Operating profit (loss) | $ (1,120) | $ (1,324) |
Note 15 - Business Segments - T
Note 15 - Business Segments - Total Business Segments Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Total assets | $ 109,670 | $ 124,109 |
Operating Segments [Member] | Grid [Member] | ||
Total assets | 34,651 | 44,044 |
Operating Segments [Member] | Wind [Member] | ||
Total assets | 11,293 | 14,250 |
Corporate, Non-Segment [Member] | ||
Total assets | $ 63,726 | $ 65,815 |