Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2020 | Feb. 01, 2021 | |
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) | 27,581,625 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 67,909 | $ 24,699 |
Marketable securities | 10,239 | 30,149 |
Accounts receivable, net | 12,083 | 16,987 |
Inventory, net | 14,176 | 18,975 |
Prepaid expenses and other current assets | 4,634 | 2,959 |
Restricted cash | 629 | 508 |
Total current assets | 109,670 | 94,277 |
Marketable securities | 5,046 | |
Property, plant and equipment, net | 9,547 | 8,565 |
Intangibles, net | 9,964 | 3,550 |
Right-of-use assets | 3,806 | 3,359 |
Goodwill | 34,659 | 1,719 |
Restricted cash | 5,604 | 5,657 |
Deferred tax assets | 1,386 | 1,551 |
Other assets | 411 | 385 |
Total assets | 175,047 | 124,109 |
Current liabilities: | ||
Accounts payable and accrued expenses | 17,015 | 22,091 |
Lease liability, current portion | 581 | 439 |
Derivative liabilities | 6,730 | |
Deferred revenue, current portion | 15,683 | 18,430 |
Total current liabilities | 40,009 | 40,960 |
Deferred revenue, long term portion | 8,695 | 7,712 |
Lease liability, long term portion | 3,329 | 3,000 |
Deferred tax liabilities | 70 | 180 |
Other liabilities | 26 | 38 |
Total liabilities | 52,129 | 51,890 |
Commitments and Contingencies (Note 15) | ||
Stockholders' equity: | ||
Common stock | 280 | 229 |
Additional paid-in capital | 1,120,333 | 1,053,507 |
Treasury stock | (3,593) | (2,666) |
Accumulated other comprehensive loss | (405) | (216) |
Accumulated deficit | (993,697) | (978,635) |
Total stockholders' equity | 122,918 | 72,219 |
Total liabilities and stockholders' equity | $ 175,047 | $ 124,109 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 23,632 | $ 17,915 | $ 65,961 | $ 45,697 |
Cost of revenues | 19,676 | 16,329 | 51,444 | 38,770 |
Gross margin | 3,956 | 1,586 | 14,517 | 6,927 |
Operating expenses: | ||||
Research and development | 3,029 | 2,049 | 8,248 | 6,920 |
Selling, general and administrative | 7,085 | 6,071 | 18,609 | 16,726 |
Amortization of acquisition-related intangibles | 360 | 85 | 601 | 255 |
Change in fair value of contingent consideration | 2,740 | 2,740 | ||
Total operating expenses | 13,214 | 8,205 | 30,198 | 23,901 |
Operating loss | (9,258) | (6,619) | (15,681) | (16,974) |
Change in fair value of warrants | 556 | 4,648 | ||
Interest income, net | 53 | 262 | 373 | 1,101 |
Other (expense)/income, net | (274) | (932) | (920) | 45 |
Loss before income tax expense (benefit) | (9,479) | (6,733) | (16,228) | (11,180) |
Income tax expense (benefit) | (1,546) | 112 | (1,166) | 29 |
Net loss | $ (7,933) | $ (6,845) | $ (15,062) | $ (11,209) |
Net loss per common share | ||||
Basic (in dollars per share) | $ (0.31) | $ (0.32) | $ (0.65) | $ (0.54) |
Diluted (in dollars per share) | $ (0.31) | $ (0.35) | $ (0.65) | $ (0.75) |
Weighted average number of common shares outstanding | ||||
Basic (in shares) | 25,470 | 21,185 | 23,011 | 20,786 |
Diluted (in shares) | 25,470 | 21,203 | 23,011 | 20,894 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net loss | $ (7,933) | $ (6,845) | $ (15,062) | $ (11,209) |
Other comprehensive (loss) income, net of tax: | ||||
Cumulative translation adjustment | (143) | 609 | (189) | (242) |
Total other comprehensive (loss) income, net of tax | (142) | 609 | (189) | (242) |
Comprehensive loss | $ (8,075) | $ (6,236) | $ (15,251) | $ (11,451) |
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, net of forfeitures (in shares) | 174 | |||||
Issuance of common stock - restricted shares, net of forfeitures | $ 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 |
Cumulative translation adjustment | 418 | 418 | ||||
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 |
Cumulative translation adjustment | (242) | |||||
Net loss | (11,209) | |||||
Balance (in shares) at Dec. 31, 2019 | 22,855 | |||||
Balance at Dec. 31, 2019 | $ 228 | 1,052,621 | (2,666) | (247) | (972,748) | 77,188 |
Cumulative translation adjustment | (242) | |||||
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 |
Issuance of common stock - restricted shares, net of forfeitures (in shares) | 10 | |||||
Issuance of common stock - restricted shares, net of forfeitures | ||||||
Stock-based compensation expense | 397 | 397 | ||||
Issuance of stock for 401(k) match (in shares) | 12 | |||||
Issuance of stock for 401(k) match | 92 | 92 | ||||
Repurchase of treasury stock | (222) | (222) | ||||
Cumulative translation adjustment | (1,269) | (1,269) | ||||
Net loss | (825) | (825) | ||||
Issuance of common stock - ESPP (in shares) | 15 | |||||
Issuance of common stock - ESPP | 100 | 100 | ||||
Balance (in shares) at Sep. 30, 2019 | 21,894 | |||||
Balance at Sep. 30, 2019 | $ 218 | 1,045,833 | (2,606) | (856) | (965,903) | 76,686 |
Cumulative translation adjustment | (1,269) | (1,269) | ||||
Issuance of common stock - restricted shares, net of forfeitures (in shares) | 167 | |||||
Issuance of common stock - restricted shares, net of forfeitures | $ 2 | (2) | ||||
Stock-based compensation expense | 590 | 590 | ||||
Issuance of stock for 401(k) match (in shares) | 8 | |||||
Issuance of stock for 401(k) match | 69 | 69 | ||||
Repurchase of treasury stock | (60) | (60) | ||||
Cumulative translation adjustment | 609 | 609 | ||||
Net loss | (6,845) | (6,845) | ||||
Issuance of common stock - warrant exercise (in shares) | 786 | |||||
Issuance of common stock - warrant exercise | $ 8 | 6,131 | 6,139 | |||
Balance (in shares) at Dec. 31, 2019 | 22,855 | |||||
Balance at Dec. 31, 2019 | $ 228 | 1,052,621 | (2,666) | (247) | (972,748) | 77,188 |
Cumulative translation adjustment | 609 | 609 | ||||
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, net of forfeitures (in shares) | 493 | |||||
Issuance of common stock - restricted shares, net of forfeitures | $ 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 |
Cumulative translation adjustment | (3) | (3) | ||||
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 |
Cumulative translation adjustment | (189) | |||||
Net loss | (15,062) | |||||
Balance (in shares) at Dec. 31, 2020 | 27,975 | |||||
Balance at Dec. 31, 2020 | $ 280 | 1,120,333 | (3,593) | (405) | (993,697) | 122,918 |
Cumulative translation adjustment | (189) | |||||
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 |
Issuance of common stock - restricted shares, net of forfeitures (in shares) | 33 | |||||
Issuance of common stock - restricted shares, net of forfeitures | ||||||
Stock-based compensation expense | 849 | 849 | ||||
Issuance of stock for 401(k) match (in shares) | 9 | |||||
Issuance of stock for 401(k) match | 101 | 101 | ||||
Repurchase of treasury stock | (293) | (293) | ||||
Cumulative translation adjustment | (43) | (43) | ||||
Net loss | (3,712) | (3,712) | ||||
Issuance of common stock - ESPP (in shares) | 8 | |||||
Issuance of common stock - ESPP | 99 | 99 | ||||
Balance (in shares) at Sep. 30, 2020 | 23,458 | |||||
Balance at Sep. 30, 2020 | $ 234 | 1,055,548 | (3,336) | (262) | (985,764) | 66,420 |
Cumulative translation adjustment | (43) | (43) | ||||
Issuance of common stock - restricted shares, net of forfeitures (in shares) | (32) | |||||
Issuance of common stock - restricted shares, net of forfeitures | ||||||
Stock-based compensation expense | 839 | 839 | ||||
Issuance of stock for 401(k) match (in shares) | 5 | |||||
Issuance of stock for 401(k) match | 82 | 82 | ||||
Repurchase of treasury stock | (257) | (257) | ||||
Cumulative translation adjustment | (143) | (143) | ||||
Net loss | (7,933) | (7,933) | ||||
Issuance of common stock - stock offering (in shares) | 3,670 | |||||
Issuance of common stock - stock offering | $ 37 | 51,440 | 51,477 | |||
Issuance of common stock - NEPSI acquisition (in shares) | 874 | |||||
Issuance of common stock - NEPSI acquisition | $ 9 | 12,424 | 12,433 | |||
Balance (in shares) at Dec. 31, 2020 | 27,975 | |||||
Balance at Dec. 31, 2020 | $ 280 | 1,120,333 | (3,593) | (405) | (993,697) | 122,918 |
Cumulative translation adjustment | $ (143) | $ (143) |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 7 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Oct. 26, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||||||
Net loss | $ (7,933) | $ (3,417) | $ (3,539) | $ (11,209) | $ (15,062) | $ (11,209) |
Adjustments to reconcile net loss to net cash used in operations: | ||||||
Depreciation and amortization | 3,312 | 3,811 | ||||
Stock-based compensation expense | 1,236 | 2,597 | ||||
Provision for excess and obsolete inventory | 400 | 491 | 1,610 | 500 | ||
Deferred income taxes | (1,069) | (1,828) | ||||
Change in fair value of contingent consideration | 2,740 | 2,740 | ||||
Change in fair value of warrants | (4,648) | 4,648 | ||||
Non-cash interest income | (48) | |||||
Other non-cash items | (22) | 291 | ||||
Unrealized foreign exchange loss/(gain) on cash and cash equivalents | (209) | 366 | ||||
Changes in operating asset and liability accounts: | ||||||
Accounts receivable | (8,661) | 6,376 | ||||
Inventory | (6,968) | 7,419 | ||||
Prepaid expenses and other assets | (332) | 6 | ||||
Accounts payable and accrued expenses | 2,648 | (7,894) | ||||
Deferred revenue | 7,652 | (5,255) | ||||
Net cash used in operating activities | (17,779) | (4,871) | ||||
Cash flows from investing activities: | ||||||
Purchase of property, plant and equipment | (2,926) | (1,574) | ||||
Proceeds from the sale of property, plant and equipment | 3,001 | 1 | ||||
Purchase of marketable securities | (35,000) | |||||
Sale of marketable securities | 25,006 | |||||
Cash paid for acquisition | (26,000) | |||||
Change in other assets | 37 | (6) | ||||
Net cash used in investing activities | (34,888) | (2,573) | ||||
Cash flows from financing activities: | ||||||
Employee taxes paid related to net settlement of equity awards | (565) | (927) | ||||
Proceeds from exercise of warrants | 6,139 | |||||
Proceeds from public equity offering, net | 51,477 | |||||
Proceeds from exercise of employee stock options and ESPP | 100 | 99 | ||||
Net cash provided by financing activities | 5,674 | 50,649 | ||||
Effect of exchange rate changes on cash | 30 | 73 | ||||
Net increase/(decrease) in cash, cash equivalents and restricted cash | (46,963) | 43,278 | ||||
Cash, cash equivalents and restricted cash at beginning of period | $ 30,864 | $ 78,198 | 78,198 | 30,864 | $ 78,198 | |
Cash, cash equivalents and restricted cash at end of period | 74,142 | 31,235 | 74,142 | |||
Supplemental schedule of cash flow information: | ||||||
Cash paid for income taxes, net of refunds | 3,520 | 630 | ||||
Non-cash investing and financing activities | ||||||
Issuance of common stock to settle liabilities | 242 | 271 | ||||
Hercules [Member] | ||||||
Non-cash investing and financing activities | ||||||
Issuance of common stock | 294 | |||||
Northeast Power Systems, Inc (NEPSI) [Member] | ||||||
Adjustments to reconcile net loss to net cash used in operations: | ||||||
Change in fair value of contingent consideration | $ 2,700 | 2,700 | ||||
Non-cash investing and financing activities | ||||||
Issuance of common stock | $ 12,433 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business and Operations and Liquidity | 9 Months Ended |
Dec. 31, 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 December 31, 2020 2019 December 31, 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 December 31, 2020 993.7 December 31, 2020 78.1 three nine nine December 31, 2020 4.9 In December 2015, $210.0 three three May 29, 2020, €6.0 €6.0 ninety September 2, 2020, €1.3 September 11, 2020, €1.3 October 5, 2020 €4.7 October 1, 2020, May 29, 2020 On October 1, 2020 ( $26.0 873,657 may 1,000,000 On October 22, 2020, 3,670,000 $15.00 $51.5 October 26, 2020. 30 550,500 not 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 nine December 31, 2020 19 may no |
Note 2 - NEPSI Acquisitions
Note 2 - NEPSI Acquisitions | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Acquisition of NEPSI As described in Note 1, $0.4 2019 Pursuant to the Stock Purchase Agreement, the Company acquired all of the issued and outstanding shares of NEPSI, and membership interest in the realty entity, for which the Company paid $26.0 873,657 may 1,000,000 four The Acquisition completed by the Company during the nine December 31, 2020 805, Business Combinations 606" 3 no no 842. The total purchase price of approximately $42.4 Cash payment $ 26.0 Issuance of 873,657 shares of Company's common stock 12.4 Contingent consideration 4.0 Total consideration 42.4 At the Acquisition Date, in addition to the $26.0 $14.23 $4.0 $0.3 three nine December 31, 2020 The fair value of the contingent consideration was determined using a Monte Carlo model and is accounted for as a derivative liability which is revalued at the fair value determined at each subsequent balance sheet date until the contingencies are resolved and the shares to be issued are determined, with the change in fair value recorded in the current period operating loss or (income). See Note 13, The following table summarizes the allocation of the purchase price based on the estimated fair values of the assets acquired and liabilities assumed and related deferred income taxes in connection with the Acquisition (in millions): Net working capital (excluding inventory and deferred revenue) $ 0.1 Inventory 4.2 Property, plant and equipment 2.3 Deferred revenue (2.7 ) Deferred tax liability (1.7 ) Net tangible assets/(liabilities) 2.2 Backlog 0.6 Trade names and trademarks 0.6 Customer relationships 6.1 Net identifiable intangible assets/(liabilities) 7.3 Goodwill 32.9 Total purchase consideration $ 42.4 Inventory includes a $1.0 $1.0 three nine December 31, 2020 not not first Backlog of $0.6 not two Customer relationships of $6.1 7 Trade names and trademarks of $0.6 8% 13% 8 Goodwill represents the value associated with the acquired workforce and expected synergies related to the business combination of the two not not may October 1, 2020. no October 1, 2021. $1.7 Unaudited Pro Forma Operating Results The unaudited pro forma condensed consolidated statement of operations for the three nine December 31, 2020 2019 April 1, 2019. Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Revenues $ 23,632 $ 22,412 $ 78,298 $ 66,135 Operating loss (8,769 ) (6,988 ) (15,016 ) (15,469 ) Net loss $ (9,169 ) $ (7,117 ) $ (15,775 ) $ (7,879 ) Net loss per common share Basic $ (0.36 ) $ (0.32 ) $ (0.67 ) $ (0.36 ) Diluted $ (0.36 ) $ (0.35 ) $ (0.67 ) $ (0.57 ) Shares - basic 25,470 22,059 23,594 21,660 Shares - diluted 25,470 22,077 23,594 21,768 The pro forma amounts include the historical operating results of the Company and NEPSI with appropriate adjustments that give effect to acquisition related costs, income taxes, intangible amortization resulting from the Acquisition and certain conforming accounting policies of the Company. The three nine December 31, 2020 $2.7 not not In the unaudited consolidated results for the three nine December 31, 2020, October 1, 2020. $6.6 $0.1 three nine December 31, 2020. $0.5 three nine December 31, 2020 $1.0 three nine December 31, 2020. |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. 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 nine December 31, 2020 78 79 three nine December 31, 2019 57% 69%, Following the Acquisition of NEPSI, the Company evaluated all open NEPSI contracts at the date of the Acquisition against a five 606 ASC606 two 1 2 not 606 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, which is primarily upon delivery, 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 nine December 31, 2020 1.1 1.8 three nine December 31, 2019 $3.9 $5.3 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 represent 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 December 31, 2020 Nine Months Ended December 31, 2020 Product Line: Grid Wind Grid Wind Equipment and systems $ 15,930 $ 6,153 $ 47,729 $ 12,828 Services and technology development 1,156 393 3,420 1,984 Total $ 17,086 $ 6,546 $ 51,149 $ 14,812 Region: Americas $ 13,394 $ 14 $ 39,626 $ 56 Asia Pacific 351 6,461 6,736 14,463 EMEA 3,341 71 4,787 293 Total $ 17,086 $ 6,546 $ 51,149 $ 14,812 Three Months Ended December 31, 2019 Nine Months Ended December 31, 2019 Product Line: Grid Wind Grid Wind Equipment and systems $ 14,040 $ 2,160 $ 32,438 $ 7,742 Services and technology development 1,192 523 4,139 1,379 Total $ 15,232 $ 2,683 $ 36,577 $ 9,120 Region: Americas $ 10,164 $ 2 $ 28,663 $ 49 Asia Pacific 330 2,647 2,550 8,968 EMEA 4,738 34 5,364 104 Total $ 15,232 $ 2,683 $ 36,577 $ 9,120 As of December 31, 2020 2019 8, 9, 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 — 6,635 — Increase for balances acquired 101 — 2,700 Increase (decrease) due to customer billings (8,255 ) — 42,785 Decrease due to cost recognition on completed performance obligations — (6,969 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 6,644 — (48,274 ) Other changes and FX impact — 33 1,025 Ending balance as of December 31, 2020 $ 4,201 $ 1,330 $ 24,378 Unbilled Accounts Receivable Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2019 $ 2,213 $ 318 $ 15,519 Increases for costs incurred to fulfill performance obligations — 3,001 — Increase (decrease) due to customer billings (7,417 ) — 36,461 Decrease due to cost recognition on completed performance obligations — (2,221 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 9,820 — (28,768 ) Other changes and FX impact (3 ) (1 ) (69 ) Ending balance as of December 31, 2019 $ 4,613 $ 1,097 $ 23,143 The Company's remaining performance obligations represent the unrecognized revenue value of the Company's contractual commitments. The Company's performance obligations may December 31, 2020 606 twelve 51.1 7.2 thirteen sixty twelve twelve first three twelve twelve not not The following table sets forth customers who represented 10% three nine December 31, 2020 2019 Three Months Ended Nine Months Ended Reportable December 31, December 31, Segment 2020 2019 2020 2019 Inox Wind Limited Wind 24 % <10% 12 % 11 % Department of Homeland Security Grid <10% 22 % <10% 12 % Vestas Grid <10% 25 % <10% 10 % EPC Services Grid 14 % <10% 17 % <10% |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 4. 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 nine December 31, 2020 2019 Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Cost of revenues $ (23 ) $ 21 $ 35 $ 45 Research and development 179 117 470 219 Selling, general and administrative 683 452 2,092 971 Total $ 839 $ 590 $ 2,597 $ 1,236 The Company issued 27,341 697,167 nine December 31, 2020 13,174 366,000 nine December 31, 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 December 31, 2020 0.4 5.2 December 31, 2020 1.9 The Company did not nine December 31, 2020 5,939 nine December 31, 2019 nine December 31, 2019 2 nine December 31, 2019 Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Expected volatility N/A N/A N/A 66.5 % Risk-free interest rate N/A N/A N/A 1.8 % Expected life (years) N/A N/A N/A 5.91 Dividend yield N/A N/A N/A None |
Note 5 - Computation of Net Los
Note 5 - Computation of Net Loss Per Common Share | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. 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 nine December 31, 2020 1.1 not 1.0 not 0.1 . three nine December 31, 2019 0.1 not The following table reconciles the numerators and denominators of the earnings per share calculation for the three nine December 31, 2020 2019 Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Numerator: Net loss $ (7,933 ) $ (6,845 ) $ (15,062 ) $ (11,209 ) Less: decrease in fair value of warrants, net of income tax — (556 ) — (4,648 ) Plus: change in fair value due to exercise of warrants — — — 83 Net loss - diluted $ (7,933 ) $ (7,401 ) $ (15,062 ) $ (15,774 ) Denominator: Weighted-average shares of common stock outstanding 26,532 22,110 24,143 21,729 Weighted-average shares subject to repurchase (1,062 ) (925 ) (1,132 ) (943 ) Shares used in per-share calculation ― basic 25,470 21,185 23,011 20,786 Common stock warrants — 18 — 108 Shares used in per-share calculation ― diluted 25,470 21,203 23,011 20,894 Net loss per share ― basic $ (0.31 ) $ (0.32 ) $ (0.65 ) $ (0.54 ) Net loss per share ― diluted $ (0.31 ) $ (0.35 ) $ (0.65 ) $ (0.75 ) For the three nine December 31, 2019 818,181 $7.81. three nine December 31, 2019 $8.19 $9.29 November 13, 2019 786,000 37,962 130,345 $0.6 $4.6 |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangibles | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Goodwill The guidance under ASC 805 30 2017 Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets when accounted for using the purchase method of accounting. Goodwill is not not The following table provides a roll forward of the changes in our Grid business segment goodwill balance: Goodwill March 31, 2020 $ 1,719 NEPSI Acquisition 32,940 Less impairment loss - December 31, 2020 $ 34,659 The Company did not three nine December 31, 2020 Other Intangibles Intangible assets at December 31, 2020 March 31, 2020 December 31, 2020 March 31, 2020 Gross Amount Accumulated Amortization Net Book Value Gross Amount Accumulated Amortization Net Book Value Estimated Useful Life Backlog $ 600 $ (285 ) $ 315 $ — $ — $ — 2 Trade name 600 — 600 — — — Indefinite Customer relationships 6,100 (239 ) 5,861 — — — 7 Core technology and know-how 5,970 (2,782 ) 3,188 5,970 (2,420 ) 3,550 5 10 Intangible assets $ 13,270 $ (3,306 ) $ 9,964 $ 5,970 $ (2,420 ) $ 3,550 The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $0.4 $0.6 three nine December 31, 2020 $0.1 $0.3 three nine December 31, 2019 three nine December 31, 2020 $0.3 Expected future amortization expense related to intangible assets is as follows (in thousands): Years ended March 31, Total 2021 826 2022 2,115 2023 1,808 2024 1,393 2025 1,077 Thereafter 2,145 Total $ 9,364 The Company's intangible assets relate entirely to the Grid business segment operations in the United States. |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7. 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 nine December 31, 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 no three December 31, 2020 $0.2 nine December 31, 2020 $0.1 nine December 31, 2020 one not three nine December 31, 2019 . Contingent Consideration Contingent consideration relates to the earnout payment set forth in the Stock Purchase Agreement that provides that the selling stockholders may 1,000,000 four 13, 2, Warrants The Company issued the Hudson Warrants in conjunction with an equity offering to Hudson Bay Capital in November 2014 58,823 April 8, 2019. November 13, 2019 November 13, 2019. December 31, 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 13, The following table provides the assets and liabilities carried at fair value on a recurring basis, measured as of December 31, 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) December 31, 2020: Assets: Cash equivalents $ 56,101 $ 56,101 $ — $ — Marketable securities $ 10,239 $ 10,239 $ — $ — Derivative liabilities: Contingent consideration $ 6,730 $ — $ — $ 6,730 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 $ — $ — The table below reflects the activity for the Company's derivative liability measured at fair value on a recurring basis (in thousands): Acquisition Contingent Consideration April 1, 2020 $ - Issuance of contingent consideration 3,990 Mark to market adjustment 2,740 Balance at December 31, 2020 $ 6,730 |
Note 8 - Accounts Receivable
Note 8 - Accounts Receivable | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Receivable [Text Block] | 8. Accounts receivable at December 31, 2020 March 31, 2020 December 31, 2020 March 31, 2020 Accounts receivable (billed) $ 7,897 $ 11,276 Accounts receivable (unbilled) 4,201 5,711 Less: Allowance for doubtful accounts (15 ) — Accounts receivable, net $ 12,083 $ 16,987 The Company recorded allowance for doubtful accounts of less than $0.1 three nine December 31, 2020 no three nine December 31, 2019 |
Note 9 - Inventory
Note 9 - Inventory | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 9. Inventory, net of reserves, at December 31, 2020 March 31, 2020 December 31, 2020 March 31, 2020 Raw materials $ 7,651 $ 10,739 Work-in-process 3,497 1,345 Finished goods 1,698 5,260 Deferred program costs 1,330 1,631 Net inventory $ 14,176 $ 18,975 The Company recorded inventory write-downs of $ 0.4 $0.3 three December 31, 2020 2019 1.6 $0.5 nine December 31, 2020 2019 Deferred program costs as of December 31, 2020 March 31, 2020 |
Note 10 - Property, Plant and E
Note 10 - Property, Plant and Equipment | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 10. The cost and accumulated depreciation of property, plant and equipment at December 31, 2020 March 31, 2020 December 31, 2020 March 31, 2020 Construction in progress - equipment $ 111 $ 3,130 Land 270 — Building 1,630 — Equipment and software 41,743 41,737 Furniture and fixtures 1,310 1,302 Leasehold improvements 6,306 2,477 Property, plant and equipment, gross 51,370 48,646 Less accumulated depreciation (41,823 ) (40,081 ) Property, plant and equipment, net $ 9,547 $ 8,565 Depreciation expense was $ 1.2 $1.0 three December 31, 2020 2019 2.9 $3.1 nine December 31, 2020 2019 |
Note 11 - Accounts Payable and
Note 11 - Accounts Payable and Accrued Expenses | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 11. Accounts payable and accrued expenses at December 31, 2020 March 31, 2020 December 31, 2020 March 31, 2020 Accounts payable $ 3,664 $ 10,045 Accrued inventories in-transit 1,131 763 Accrued other miscellaneous expenses 2,397 1,986 Advanced deposits 1,417 666 Accrued compensation 5,751 5,683 Income taxes payable 635 933 Accrued product warranty 2,020 2,015 Total $ 17,015 $ 22,091 The Company generally provides a one three Product warranty activity was as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Balance at beginning of period $ 2,109 $ 1,641 $ 2,015 $ 1,545 Acquired warranty obligations 147 — 147 — Change in accruals for warranties during the period 124 93 507 247 Settlements during the period (360 ) (28 ) (649 ) (86 ) Balance at end of period $ 2,020 $ 1,706 $ 2,020 $ 1,706 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. The Company recorded an income tax benefit of $ 1.5 million and $ 1.2 three nine December 31, 2020 , respectively. $0.1 three December 31, 2019 $0.1 nine December 31, 2019 As a result of a difference in book and tax basis related to the intangible assets acquired in the Acquisition (see Note 2, $1.7 $1.7 three nine December 31, 2020 not may October 1, 2020. 2, no October 1, 2021. not Accounting for income taxes requires a two first not second 50% not not nine December 31, 2020 not March 31, 2020 |
Note 13 - Warrants and Derivati
Note 13 - Warrants and Derivative Liabilities | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 13. Contingent Consideration The Company evaluated the Acquisition earnout payment set forth in the Stock Purchase Agreement (see Note 2, may 815, Derivatives and Hedging Following is a summary of the key assumptions used in a Monte Carlo simulation to calculate the fair value of the contingent consideration related to the Acquisition: December 31, October 1, Fiscal Year 2020 2020 2020 Revenue risk premium 6.90 % 7.10 % Revenue volatility 30 % 30 % Stock Price $ 23.42 $ 14.23 Payment delay (days) 80 — Fair value $6.7 million $4.0 million The Company recorded a net loss of $ 2.7 three nine December 31, 2020 Warrants 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 7, December 31, 2020 no Hercules Warrants On December 19, 2014, second $7.85 May 2017, September 2017 January 2017. $0.4 March 31, 2019. April 8, 2019, 22,821 April 17, 2019. $0.1 nine December 31, 2019 November 2014 On November 13, 2014, 909,090 one 0.9 one 818,181 $7.81 November 13, 2019, 786,000 $7.81 . 32,181 November 13, 2019. $0.5 $4.6 three nine December 31, 2019 |
Note 14 - Leases
Note 14 - Leases | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 14. 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 December 31, 2020 March 31, 2020 December 31, 2020 March 31, 2020 Operating Leases: Right-of-use assets $ 3,806 $ 3,359 Total right-of-use assets 3,806 3,359 Lease liabilities - ST $ 581 $ 439 Lease liabilities - LT 3,329 3,000 Total operating lease liabilities 3,910 3,439 Weighted-average remaining lease term 6.04 6.91 Weighted-average discount rate 6.76 % 7.08 % The costs related to the Company's leases for the three nine December 31, 2020 2019 Three Months Ended Nine Months Ended December 31, 2020 December 31, 2020 Operating Leases: Operating lease costs - fixed $ 226 $ 618 Operating lease costs - variable 31 87 Short-term lease costs 338 989 Total lease costs 595 1,694 Three Months Ended Nine Months Ended December 31, 2019 December 31, 2019 Operating Leases: Operating lease costs - fixed $ 179 $ 535 Operating lease costs - variable 27 73 Short-term lease costs 164 378 Total lease costs 370 986 The Company's estimated minimum future lease obligations under the Company's leases are as follows: Operating Leases Year ended March 31, 2021 $ 216 2022 814 2023 787 2024 733 2025 659 Thereafter 1,597 Total minimum lease payments 4,806 Less: interest 896 Present value of lease liabilities 3,910 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. 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 December 31, 2020 March 31, 2020 5.6 0.6 $5.0 |
Note 16 - Business Segments
Note 16 - Business Segments | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. 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 December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Revenues: Grid $ 17,086 $ 15,232 $ 51,149 $ 36,577 Wind 6,546 2,683 14,812 9,120 Total $ 23,632 $ 17,915 $ 65,961 $ 45,697 Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Operating profit (loss): Grid $ (5,826 ) $ (3,732 ) $ (8,388 ) $ (9,723 ) Wind 147 (2,297 ) (1,956 ) (6,015 ) Unallocated corporate expenses (3,579 ) (590 ) (5,337 ) (1,236 ) Total $ (9,258 ) $ (6,619 ) $ (15,681 ) $ (16,974 ) 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 consist primarily of loss on contingent consideration of $2.7 three nine December 31, 2020 0.8 $0.6 three December 31, 2020 2019 2.6 $1.2 nine December 31, 2020 2019 Total assets for the two December 31, 2020 March 31, 2020 December 31, 2020 March 31, 2020 Grid $ 83,623 $ 44,044 Wind 6,140 14,250 Corporate assets 85,284 65,815 Total $ 175,047 $ 124,109 |
Note 17 - Recent Accounting Pro
Note 17 - Recent Accounting Pronouncements | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 17. 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 In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 December 15, 2020, not 2019 12 |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. The Company has performed an evaluation of subsequent events through the time of filing this Quarterly Report on Form 10 no |
Note 2 - NEPSI Acquisitions (Ta
Note 2 - NEPSI Acquisitions (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash payment $ 26.0 Issuance of 873,657 shares of Company's common stock 12.4 Contingent consideration 4.0 Total consideration 42.4 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Net working capital (excluding inventory and deferred revenue) $ 0.1 Inventory 4.2 Property, plant and equipment 2.3 Deferred revenue (2.7 ) Deferred tax liability (1.7 ) Net tangible assets/(liabilities) 2.2 Backlog 0.6 Trade names and trademarks 0.6 Customer relationships 6.1 Net identifiable intangible assets/(liabilities) 7.3 Goodwill 32.9 Total purchase consideration $ 42.4 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Revenues $ 23,632 $ 22,412 $ 78,298 $ 66,135 Operating loss (8,769 ) (6,988 ) (15,016 ) (15,469 ) Net loss $ (9,169 ) $ (7,117 ) $ (15,775 ) $ (7,879 ) Net loss per common share Basic $ (0.36 ) $ (0.32 ) $ (0.67 ) $ (0.36 ) Diluted $ (0.36 ) $ (0.35 ) $ (0.67 ) $ (0.57 ) Shares - basic 25,470 22,059 23,594 21,660 Shares - diluted 25,470 22,077 23,594 21,768 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended December 31, 2020 Nine Months Ended December 31, 2020 Product Line: Grid Wind Grid Wind Equipment and systems $ 15,930 $ 6,153 $ 47,729 $ 12,828 Services and technology development 1,156 393 3,420 1,984 Total $ 17,086 $ 6,546 $ 51,149 $ 14,812 Region: Americas $ 13,394 $ 14 $ 39,626 $ 56 Asia Pacific 351 6,461 6,736 14,463 EMEA 3,341 71 4,787 293 Total $ 17,086 $ 6,546 $ 51,149 $ 14,812 Three Months Ended December 31, 2019 Nine Months Ended December 31, 2019 Product Line: Grid Wind Grid Wind Equipment and systems $ 14,040 $ 2,160 $ 32,438 $ 7,742 Services and technology development 1,192 523 4,139 1,379 Total $ 15,232 $ 2,683 $ 36,577 $ 9,120 Region: Americas $ 10,164 $ 2 $ 28,663 $ 49 Asia Pacific 330 2,647 2,550 8,968 EMEA 4,738 34 5,364 104 Total $ 15,232 $ 2,683 $ 36,577 $ 9,120 |
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 — 6,635 — Increase for balances acquired 101 — 2,700 Increase (decrease) due to customer billings (8,255 ) — 42,785 Decrease due to cost recognition on completed performance obligations — (6,969 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 6,644 — (48,274 ) Other changes and FX impact — 33 1,025 Ending balance as of December 31, 2020 $ 4,201 $ 1,330 $ 24,378 Unbilled Accounts Receivable Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2019 $ 2,213 $ 318 $ 15,519 Increases for costs incurred to fulfill performance obligations — 3,001 — Increase (decrease) due to customer billings (7,417 ) — 36,461 Decrease due to cost recognition on completed performance obligations — (2,221 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 9,820 — (28,768 ) Other changes and FX impact (3 ) (1 ) (69 ) Ending balance as of December 31, 2019 $ 4,613 $ 1,097 $ 23,143 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended Nine Months Ended Reportable December 31, December 31, Segment 2020 2019 2020 2019 Inox Wind Limited Wind 24 % <10% 12 % 11 % Department of Homeland Security Grid <10% 22 % <10% 12 % Vestas Grid <10% 25 % <10% 10 % EPC Services Grid 14 % <10% 17 % <10% |
Note 4 - Stock-based Compensa_2
Note 4 - Stock-based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Cost of revenues $ (23 ) $ 21 $ 35 $ 45 Research and development 179 117 470 219 Selling, general and administrative 683 452 2,092 971 Total $ 839 $ 590 $ 2,597 $ 1,236 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Expected volatility N/A N/A N/A 66.5 % Risk-free interest rate N/A N/A N/A 1.8 % Expected life (years) N/A N/A N/A 5.91 Dividend yield N/A N/A N/A None |
Note 5 - Computation of Net L_2
Note 5 - Computation of Net Loss Per Common Share (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Numerator: Net loss $ (7,933 ) $ (6,845 ) $ (15,062 ) $ (11,209 ) Less: decrease in fair value of warrants, net of income tax — (556 ) — (4,648 ) Plus: change in fair value due to exercise of warrants — — — 83 Net loss - diluted $ (7,933 ) $ (7,401 ) $ (15,062 ) $ (15,774 ) Denominator: Weighted-average shares of common stock outstanding 26,532 22,110 24,143 21,729 Weighted-average shares subject to repurchase (1,062 ) (925 ) (1,132 ) (943 ) Shares used in per-share calculation ― basic 25,470 21,185 23,011 20,786 Common stock warrants — 18 — 108 Shares used in per-share calculation ― diluted 25,470 21,203 23,011 20,894 Net loss per share ― basic $ (0.31 ) $ (0.32 ) $ (0.65 ) $ (0.54 ) Net loss per share ― diluted $ (0.31 ) $ (0.35 ) $ (0.65 ) $ (0.75 ) |
Note 6 - Goodwill and Other I_2
Note 6 - Goodwill and Other Intangibles (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill March 31, 2020 $ 1,719 NEPSI Acquisition 32,940 Less impairment loss - December 31, 2020 $ 34,659 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2020 March 31, 2020 Gross Amount Accumulated Amortization Net Book Value Gross Amount Accumulated Amortization Net Book Value Estimated Useful Life Backlog $ 600 $ (285 ) $ 315 $ — $ — $ — 2 Trade name 600 — 600 — — — Indefinite Customer relationships 6,100 (239 ) 5,861 — — — 7 Core technology and know-how 5,970 (2,782 ) 3,188 5,970 (2,420 ) 3,550 5 10 Intangible assets $ 13,270 $ (3,306 ) $ 9,964 $ 5,970 $ (2,420 ) $ 3,550 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ended March 31, Total 2021 826 2022 2,115 2023 1,808 2024 1,393 2025 1,077 Thereafter 2,145 Total $ 9,364 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 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) December 31, 2020: Assets: Cash equivalents $ 56,101 $ 56,101 $ — $ — Marketable securities $ 10,239 $ 10,239 $ — $ — Derivative liabilities: Contingent consideration $ 6,730 $ — $ — $ 6,730 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 $ — $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Acquisition Contingent Consideration April 1, 2020 $ - Issuance of contingent consideration 3,990 Mark to market adjustment 2,740 Balance at December 31, 2020 $ 6,730 |
Note 8 - Accounts Receivable (T
Note 8 - Accounts Receivable (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Accounts Receivable [Table Text Block] | December 31, 2020 March 31, 2020 Accounts receivable (billed) $ 7,897 $ 11,276 Accounts receivable (unbilled) 4,201 5,711 Less: Allowance for doubtful accounts (15 ) — Accounts receivable, net $ 12,083 $ 16,987 |
Note 9 - Inventory (Tables)
Note 9 - Inventory (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2020 March 31, 2020 Raw materials $ 7,651 $ 10,739 Work-in-process 3,497 1,345 Finished goods 1,698 5,260 Deferred program costs 1,330 1,631 Net inventory $ 14,176 $ 18,975 |
Note 10 - Property, Plant and_2
Note 10 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2020 March 31, 2020 Construction in progress - equipment $ 111 $ 3,130 Land 270 — Building 1,630 — Equipment and software 41,743 41,737 Furniture and fixtures 1,310 1,302 Leasehold improvements 6,306 2,477 Property, plant and equipment, gross 51,370 48,646 Less accumulated depreciation (41,823 ) (40,081 ) Property, plant and equipment, net $ 9,547 $ 8,565 |
Note 11 - Accounts Payable an_2
Note 11 - Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2020 March 31, 2020 Accounts payable $ 3,664 $ 10,045 Accrued inventories in-transit 1,131 763 Accrued other miscellaneous expenses 2,397 1,986 Advanced deposits 1,417 666 Accrued compensation 5,751 5,683 Income taxes payable 635 933 Accrued product warranty 2,020 2,015 Total $ 17,015 $ 22,091 |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Balance at beginning of period $ 2,109 $ 1,641 $ 2,015 $ 1,545 Acquired warranty obligations 147 — 147 — Change in accruals for warranties during the period 124 93 507 247 Settlements during the period (360 ) (28 ) (649 ) (86 ) Balance at end of period $ 2,020 $ 1,706 $ 2,020 $ 1,706 |
Note 13 - Warrants and Deriva_2
Note 13 - Warrants and Derivative Liabilities (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | December 31, October 1, Fiscal Year 2020 2020 2020 Revenue risk premium 6.90 % 7.10 % Revenue volatility 30 % 30 % Stock Price $ 23.42 $ 14.23 Payment delay (days) 80 — Fair value $6.7 million $4.0 million |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Assets And Liabilities Lessee [Table Text Block] | December 31, 2020 March 31, 2020 Operating Leases: Right-of-use assets $ 3,806 $ 3,359 Total right-of-use assets 3,806 3,359 Lease liabilities - ST $ 581 $ 439 Lease liabilities - LT 3,329 3,000 Total operating lease liabilities 3,910 3,439 Weighted-average remaining lease term 6.04 6.91 Weighted-average discount rate 6.76 % 7.08 % |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended December 31, 2020 December 31, 2020 Operating Leases: Operating lease costs - fixed $ 226 $ 618 Operating lease costs - variable 31 87 Short-term lease costs 338 989 Total lease costs 595 1,694 Three Months Ended Nine Months Ended December 31, 2019 December 31, 2019 Operating Leases: Operating lease costs - fixed $ 179 $ 535 Operating lease costs - variable 27 73 Short-term lease costs 164 378 Total lease costs 370 986 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Year ended March 31, 2021 $ 216 2022 814 2023 787 2024 733 2025 659 Thereafter 1,597 Total minimum lease payments 4,806 Less: interest 896 Present value of lease liabilities 3,910 |
Note 16 - Business Segments (Ta
Note 16 - Business Segments (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Revenues: Grid $ 17,086 $ 15,232 $ 51,149 $ 36,577 Wind 6,546 2,683 14,812 9,120 Total $ 23,632 $ 17,915 $ 65,961 $ 45,697 Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Operating profit (loss): Grid $ (5,826 ) $ (3,732 ) $ (8,388 ) $ (9,723 ) Wind 147 (2,297 ) (1,956 ) (6,015 ) Unallocated corporate expenses (3,579 ) (590 ) (5,337 ) (1,236 ) Total $ (9,258 ) $ (6,619 ) $ (15,681 ) $ (16,974 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2020 March 31, 2020 Grid $ 83,623 $ 44,044 Wind 6,140 14,250 Corporate assets 85,284 65,815 Total $ 175,047 $ 124,109 |
Note 1 - Nature of the Busine_2
Note 1 - Nature of the Business and Operations and Liquidity (Details Textual) $ / shares in Units, $ in Thousands, € in Millions | Oct. 26, 2020USD ($)$ / sharesshares | Oct. 01, 2020USD ($)$ / sharesshares | Sep. 02, 2020EUR (€) | Dec. 31, 2015USD ($) | Oct. 26, 2019USD ($) | Dec. 31, 2020USD ($) | Sep. 11, 2020EUR (€) | May 29, 2020EUR (€) | Mar. 31, 2020USD ($) |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (993,697) | $ (978,635) | |||||||
Cash, Cash Equivalents, and Marketable Securities | 78,100 | ||||||||
Net Cash Provided by (Used in) Operating Activities, Total | $ (17,779) | (4,871) | |||||||
Payments to Acquire Businesses, Gross | 26,000 | ||||||||
Proceeds from Issuance of Common Stock | $ 51,477 | ||||||||
Public Offering [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 3,670,000 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 15 | ||||||||
Proceeds from Issuance of Common Stock | $ 51,500 | ||||||||
Additional Shares to be Issued (in shares) | shares | 550,500 | ||||||||
Northeast Power Systems, Inc (NEPSI) [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 26,000 | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 873,657 | ||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High, Number of Shares (in shares) | shares | 1,000,000 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 14.23 | ||||||||
Northeast Power Systems, Inc (NEPSI) [Member] | Restricted Common Stock [Member] | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 873,657 | ||||||||
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 | € | € 4.7 | € 6 | |||||||
Supply Commitment, Letters of Credit Received | € | € 1.3 | ||||||||
Certificates of Deposit [Member] | Minimum [Member] | |||||||||
Debt Securities, Available-for-sale, Term (Month) | 90 days | ||||||||
Certificates of Deposit [Member] | Maximum [Member] | |||||||||
Debt Securities, Available-for-sale, Term (Month) | 270 days |
Note 2 - NEPSI Acquisitions (De
Note 2 - NEPSI Acquisitions (Details Textual) $ / shares in Units, $ in Thousands | Oct. 01, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 26, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2020USD ($) |
Payments to Acquire Businesses, Gross | $ 26,000 | ||||||
Business Combination, Contingent Consideration, Liability, Total | $ 4,000 | $ 6,700 | $ 6,700 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | |||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 2,740 | $ 2,740 | |||||
Amortization of Intangible Assets, Total | 400 | $ 100 | $ 600 | $ 300 | |||
Backlog [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||||||
Customer Relationships [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | ||||||
Northeast Power Systems, Inc (NEPSI) [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 26,000 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 873,657 | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High, Number of Shares (in shares) | shares | 1,000,000 | ||||||
Business Combination, Consideration Transferred, Total | $ 42,400 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 14.23 | ||||||
Business Combination, Contingent Consideration, Liability, Total | $ 4,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 4,200 | 1,000 | $ 1,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 7,300 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 1,700 | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 2,700 | 2,700 | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 6,600 | 6,600 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 100 | 100 | |||||
Amortization of Intangible Assets, Total | 500 | 500 | |||||
Northeast Power Systems, Inc (NEPSI) [Member] | Backlog [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 600 | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||||||
Northeast Power Systems, Inc (NEPSI) [Member] | Customer Relationships [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6,100 | ||||||
Northeast Power Systems, Inc (NEPSI) [Member] | Trademarks and Trade Names [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 600 | ||||||
Northeast Power Systems, Inc (NEPSI) [Member] | Trademarks and Trade Names [Member] | Royalty Rate [Member] | |||||||
Intangible Assets, Measurement Input | 0.08 | ||||||
Northeast Power Systems, Inc (NEPSI) [Member] | Trademarks and Trade Names [Member] | Measurement Input, Discount Rate [Member] | |||||||
Intangible Assets, Measurement Input | 0.13 | ||||||
Northeast Power Systems, Inc (NEPSI) [Member] | Trademarks and Trade Names [Member] | Measurement Input, Expected Term [Member] | |||||||
Intangible Assets, Measurement Input | 8 | ||||||
Northeast Power Systems, Inc (NEPSI) [Member] | Selling, General and Administrative Expenses [Member] | |||||||
Business Combination, Acquisition Related Costs | $ 300 | $ 300 | |||||
Northeast Power Systems, Inc (NEPSI) [Member] | |||||||
Payments to Suppliers | $ 400 |
Note 2 - NEPSI Acquisitions - P
Note 2 - NEPSI Acquisitions - Purchase Price (Details) - USD ($) $ in Thousands | Oct. 01, 2020 | Oct. 26, 2019 | Dec. 31, 2020 |
Cash payment | $ 26,000 | ||
Northeast Power Systems, Inc (NEPSI) [Member] | |||
Cash payment | $ 26,000 | ||
Issuance of 873,657 shares of Company’s common stock | 12,400 | ||
Contingent consideration | 4,000 | ||
Total consideration | $ 42,400 |
Note 2 - NEPSI Acquisitions -_2
Note 2 - NEPSI Acquisitions - Purchase Price (Details) (Parentheticals) | Oct. 01, 2020shares |
Northeast Power Systems, Inc (NEPSI) [Member] | |
Issuance of common stock, shares (in shares) | 873,657 |
Note 2 - NEPSI Acquisitions - E
Note 2 - NEPSI Acquisitions - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Oct. 01, 2020 | Mar. 31, 2020 |
Goodwill | $ 34,659 | $ 1,719 | |
Northeast Power Systems, Inc (NEPSI) [Member] | |||
Net working capital (excluding inventory and deferred revenue) | $ 100 | ||
Inventory | $ 1,000 | 4,200 | |
Property, plant and equipment | 2,300 | ||
Deferred revenue | (2,700) | ||
Deferred tax liability | 1,700 | ||
Net tangible assets/(liabilities) | 2,200 | ||
Net identifiable intangible assets/(liabilities) | 7,300 | ||
Trade names and trademarks | 7,300 | ||
Goodwill | 32,900 | ||
Total purchase consideration | 42,400 | ||
Northeast Power Systems, Inc (NEPSI) [Member] | Backlog [Member] | |||
Net identifiable intangible assets/(liabilities) | 600 | ||
Trade names and trademarks | 600 | ||
Northeast Power Systems, Inc (NEPSI) [Member] | Trade Names [Member] | |||
Net identifiable intangible assets/(liabilities) | 600 | ||
Trade names and trademarks | 600 | ||
Northeast Power Systems, Inc (NEPSI) [Member] | Customer Relationships [Member] | |||
Net identifiable intangible assets/(liabilities) | 6,100 | ||
Trade names and trademarks | $ 6,100 |
Note 2 - NEPSI Acquisitions - U
Note 2 - NEPSI Acquisitions - Unaudited Pro Forma Operating Results (Details) - NEPSI [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 23,632,000 | $ 22,412,000 | $ 78,298,000 | $ 66,135,000 |
Operating loss | (8,769,000) | (6,988,000) | (15,016,000) | (15,469,000) |
Net loss | $ (9,169) | $ (7,117) | $ (15,775) | $ (7,879) |
Basic (in dollars per share) | $ (0.36) | $ (0.32) | $ (0.67) | $ (0.36) |
Diluted (in dollars per share) | $ (0.36) | $ (0.35) | $ (0.67) | $ (0.57) |
Shares - basic (in shares) | 25,470 | 22,059 | 23,594 | 21,660 |
Shares - diluted (in shares) | 25,470 | 22,077 | 23,594 | 21,768 |
Note 3 - Revenue Recognition 1
Note 3 - Revenue Recognition 1 (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue, Performance Obligation Satisfied, Revenue Recognized, Percentage | 78.00% | 57.00% | 79.00% | 69.00% |
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 | $ 1.1 | $ 3.9 | $ 1.8 | $ 5.3 |
Note 3 - Revenue Recognition 2
Note 3 - Revenue Recognition 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 $ in Millions | Dec. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 51.1 |
Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 1 year 30 days |
Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 5 years |
Long-term Contract with Customer [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 7.2 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 23,632 | $ 17,915 | $ 65,961 | $ 45,697 |
Grid [Member] | ||||
Revenues | 17,086 | 15,232 | 51,149 | 36,577 |
Grid [Member] | Americas [Member] | ||||
Revenues | 13,394 | 10,164 | 39,626 | 28,663 |
Grid [Member] | Asia Pacific [Member] | ||||
Revenues | 351 | 330 | 6,736 | 2,550 |
Grid [Member] | EMEA [Member] | ||||
Revenues | 3,341 | 4,738 | 4,787 | 5,364 |
Wind [Member] | ||||
Revenues | 6,546 | 2,683 | 14,812 | 9,120 |
Wind [Member] | Americas [Member] | ||||
Revenues | 14 | 2 | 56 | 49 |
Wind [Member] | Asia Pacific [Member] | ||||
Revenues | 6,461 | 2,647 | 14,463 | 8,968 |
Wind [Member] | EMEA [Member] | ||||
Revenues | 71 | 34 | 293 | 104 |
Equipment and Systems [Member] | Grid [Member] | ||||
Revenues | 15,930 | 14,040 | 47,729 | 32,438 |
Equipment and Systems [Member] | Wind [Member] | ||||
Revenues | 6,153 | 2,160 | 12,828 | 7,742 |
Services and Technology Development [Member] | Grid [Member] | ||||
Revenues | 1,156 | 1,192 | 3,420 | 4,139 |
Services and Technology Development [Member] | Wind [Member] | ||||
Revenues | $ 393 | $ 523 | $ 1,984 | $ 1,379 |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Unbilled AR, beginning balance | $ 5,711 | $ 2,213 |
Deferred Program Costs, beginning balance | 1,631 | 318 |
Contract Liabilities, beginning balance | 26,142 | 15,519 |
Deferred Program Costs, increases for costs incurred to fulfill performance obligations | 6,635 | 3,001 |
Increase for balances acquired | 2,700 | |
Unbilled AR, increase (decrease) due to customer billings | (8,255) | (7,417) |
Increase (decrease) due to customer billings | 42,785 | 36,461 |
Unbilled AR,Decrease due to cost recognition on completed performance obligations | ||
Deferred Program Costs, decrease due to cost recognition on completed performance obligations | (6,969) | (2,221) |
Unbilled AR, increase (decrease) due to recognition of revenue based on transfer of control of performance obligations | 6,644 | 9,820 |
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 | (48,274) | (28,768) |
Unbilled AR, other changes and FX impact | (3) | |
Deferred Program Costs, other changes and FX impact | 33 | (1) |
Other changes and FX impact | 1,025 | (69) |
Unbilled AR, ending balance | 4,201 | 4,613 |
Deferred Program Costs, ending balance | 1,330 | 1,097 |
Contract Liabilities, ending balance | $ 24,378 | $ 23,143 |
Note 3 - Revenue Recognition _3
Note 3 - Revenue Recognition - Revenues By Major Customers (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Wind [Member] | Inox Wind Limited [Member] | ||||
Concentration risk percentage | 24.00% | 10.00% | 12.00% | 11.00% |
Grid [Member] | Department of Homeland Security [Member] | ||||
Concentration risk percentage | 10.00% | 22.00% | 10.00% | 12.00% |
Grid [Member] | Vestas [Member] | ||||
Concentration risk percentage | 10.00% | 25.00% | 10.00% | 10.00% |
Grid [Member] | EPC Services Company [Member] | ||||
Concentration risk percentage | 14.00% | 10.00% | 17.00% | 10.00% |
Note 4 - Stock-based Compensa_3
Note 4 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 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) | 697,167 | 366,000 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 5.2 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 328 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) | 146 days | |
Common Stock [Member] | ||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 27,341 | 13,174 |
Note 4 - Stock-based Compensa_4
Note 4 - Stock-based Compensation - Stock-based Compensation Expense By Financial Statement Line Item (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total stock-based compensation expense | $ 839 | $ 590 | $ 2,597 | $ 1,236 |
Cost of Sales [Member] | ||||
Total stock-based compensation expense | (23) | 21 | 35 | 45 |
Research and Development Expense [Member] | ||||
Total stock-based compensation expense | 179 | 117 | 470 | 219 |
Selling, General and Administrative Expenses [Member] | ||||
Total stock-based compensation expense | $ 683 | $ 452 | $ 2,092 | $ 971 |
Note 4 - Stock-based Compensa_5
Note 4 - Stock-based Compensation - Black Scholes Valuation (Details) | 9 Months Ended |
Dec. 31, 2019 | |
Expected volatility | 66.50% |
Risk-free interest rate | 1.80% |
Expected life (years) (Year) | 5 years 332 days |
Note 5 - Computation of Net L_3
Note 5 - Computation of Net Loss Per Common Share (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 13, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 26, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,100,000 | 1,100,000 | |||||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in shares) | 18,000 | 108,000 | |||||
Fair Value Adjustment of Warrants | $ 556 | $ (4,648) | $ 4,648 | ||||
Hudson Warrant [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 818,181 | 818,181 | 58,823 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 7.81 | $ 7.81 | |||||
Average Common Stock Price (in dollars per share) | $ 8.19 | $ 9.29 | |||||
Stock Issued During Period, Shares, Warrant Exercise (in shares) | 786,000 | ||||||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in shares) | 37,962 | 130,345 | |||||
Fair Value Adjustment of Warrants | $ 600 | $ 4,600 | |||||
Shares Tied to Derivative Liability [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,000,000 | 1,000,000 | |||||
Share-based Payment Arrangement, Option [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 100,000 | 100,000 | 100,000 | 100,000 |
Note 5 - Computation of Net L_4
Note 5 - 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 | 7 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Oct. 26, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net loss | $ (7,933) | $ (3,712) | $ (3,417) | $ (6,845) | $ (825) | $ (3,539) | $ (11,209) | $ (15,062) | $ (11,209) |
Less: decrease in fair value of warrants, net of income tax | (556) | $ 4,648 | (4,648) | ||||||
Plus: change in fair value due to exercise of warrants | 83 | ||||||||
Net loss - diluted | $ (7,933) | $ (7,401) | $ (15,062) | $ (15,774) | |||||
Weighted-average shares of common stock outstanding (in shares) | 26,532 | 22,110 | 24,143 | 21,729 | |||||
Weighted-average shares subject to repurchase (in shares) | (1,062) | (925) | (1,132) | (943) | |||||
Shares used in per-share calculation - basic (in shares) | 25,470 | 21,185 | 23,011 | 20,786 | |||||
Common stock warrants (in shares) | 18 | 108 | |||||||
Shares used in per-share calculation - diluted (in shares) | 25,470 | 21,203 | 23,011 | 20,894 | |||||
Net loss per share - basic (in dollars per share) | $ (0.31) | $ (0.32) | $ (0.65) | $ (0.54) | |||||
Net loss per share - diluted (in dollars per share) | $ (0.31) | $ (0.35) | $ (0.65) | $ (0.75) |
Note 6 - Goodwill and Other I_3
Note 6 - Goodwill and Other Intangibles (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of Intangible Assets, Total | $ 0.4 | $ 0.1 | $ 0.6 | $ 0.3 |
Backlog [Member] | Cost of Sales [Member] | ||||
Amortization of Intangible Assets, Total | $ 0.3 | $ 0.3 |
Note 6 - Goodwill and Other I_4
Note 6 - Goodwill and Other Intangibles - Goodwill (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2020USD ($) | |
March 31, 2020 | $ 1,719 |
December 31, 2020 | 34,659 |
Grid [Member] | |
March 31, 2020 | 1,719 |
NEPSI Acquisition | 32,940 |
Less impairment loss | |
December 31, 2020 | $ 34,659 |
Note 6 - Goodwill and Other I_5
Note 6 - Goodwill and Other Intangibles - Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2020 | |
Accumulated Amortization | $ (3,306) | $ (2,420) |
Net Book Value | $ 9,364 | |
Estimated Useful Life (Year) | ||
Intangible assets, gross amount | $ 13,270 | 5,970 |
Intangible assets, net | 9,964 | 3,550 |
Trade Names [Member] | ||
Trade name | 600 | |
Backlog [Member] | ||
Gross Amount | 600 | |
Accumulated Amortization | (285) | |
Net Book Value | $ 315 | |
Estimated Useful Life (Year) | 2 years | |
Customer Relationships [Member] | ||
Gross Amount | $ 6,100 | |
Accumulated Amortization | (239) | |
Net Book Value | $ 5,861 | |
Estimated Useful Life (Year) | 7 years | |
Core Technology and Know-how [Member] | ||
Gross Amount | $ 5,970 | 5,970 |
Accumulated Amortization | (2,782) | (2,420) |
Net Book Value | $ 3,188 | $ 3,550 |
Core Technology and Know-how [Member] | Minimum [Member] | ||
Estimated Useful Life (Year) | 5 years | |
Core Technology and Know-how [Member] | Maximum [Member] | ||
Estimated Useful Life (Year) | 10 years |
Note 6 - Goodwill and Other I_6
Note 6 - Goodwill and Other Intangibles - Expected Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 826 |
2022 | 2,115 |
2023 | 1,808 |
2024 | 1,393 |
2025 | 1,077 |
Thereafter | 2,145 |
Total | $ 9,364 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 01, 2020 | Nov. 30, 2014 | |
Debt Securities, Available-for-sale, Unrealized Gain (Loss), Total | $ 0 | $ 0 | $ (200) | $ 0 | ||
Class of Warrant or Right, Outstanding (in shares) | 0 | 0 | ||||
Hudson Warrant [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 818,181 | 818,181 | 58,823 | |||
Northeast Power Systems, Inc (NEPSI) [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High, Number of Shares (in shares) | 1,000,000 | |||||
Maximum [Member] | Certificates of Deposit [Member] | ||||||
Marketable Securities, Realized Gain (Loss), Total | $ 100 |
Note 7 - Fair Value Measureme_4
Note 7 - Fair Value Measurements - Assets and Liabilities Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Oct. 01, 2020 | Mar. 31, 2020 |
Fair value | $ 6,700 | $ 4,000 | |
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | |||
Cash equivalents | 56,101 | $ 19,394 | |
Marketable securities | 10,239 | 35,195 | |
Fair value | 6,730 | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents | 56,101 | 19,394 | |
Marketable securities | 10,239 | 35,195 | |
Fair value | |||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash equivalents | |||
Marketable securities | |||
Fair value | |||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash equivalents | |||
Marketable securities | |||
Fair value | $ 6,730 |
Note 7 - Fair Value Measureme_5
Note 7 - Fair Value Measurements - Derivative Liability Measured at Fair value (Details) - Derivative Financial Instruments, Liabilities [Member] $ in Thousands | 9 Months Ended |
Dec. 31, 2020USD ($) | |
April 1, 2020 | |
Issuance of contingent consideration | 3,990 |
Mark to market adjustment | 2,740 |
Balance at December 31, 2020 | $ 6,730 |
Note 8 - Accounts Receivable (D
Note 8 - Accounts Receivable (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 0 | $ 0 | ||
Maximum [Member] | ||||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 100 | $ 100 |
Note 8 - Accounts Receivable -
Note 8 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Accounts receivable (billed) | $ 7,897 | $ 11,276 |
Accounts receivable (unbilled) | 4,201 | 5,711 |
Less: Allowance for doubtful accounts | (15) | |
Accounts receivable, net | $ 12,083 | $ 16,987 |
Note 9 - Inventory (Details Tex
Note 9 - Inventory (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 7 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Oct. 26, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory Write-down | $ 400 | $ 300 | $ 491 | $ 1,610 | $ 500 |
Note 9 - Inventory - Summary of
Note 9 - Inventory - Summary of Net Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Raw materials | $ 7,651 | $ 10,739 |
Work-in-process | 3,497 | 1,345 |
Finished goods | 1,698 | 5,260 |
Deferred program costs | 1,330 | 1,631 |
Net inventory | $ 14,176 | $ 18,975 |
Note 10 - Property, Plant and_3
Note 10 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Depletion and Amortization, Total | $ 1.2 | $ 1 | $ 2.9 | $ 3.1 |
Note 10 - Property, Plant and_4
Note 10 - Property, Plant and Equipment - Cost and Accumulated Depreciation of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Property, plant and equipment, gross | $ 51,370 | $ 48,646 |
Less accumulated depreciation | (41,823) | (40,081) |
Property, plant and equipment, net | 9,547 | 8,565 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 111 | 3,130 |
Land [Member] | ||
Property, plant and equipment, gross | 270 | |
Building [Member] | ||
Property, plant and equipment, gross | 1,630 | |
Equipment and Software [Member] | ||
Property, plant and equipment, gross | 41,743 | 41,737 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 1,310 | 1,302 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | $ 6,306 | $ 2,477 |
Note 11 - Accounts Payable an_3
Note 11 - Accounts Payable and Accrued Expenses (Details Textual) | 9 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | |
Extended Warranty Trigger Period (Year) | 1 year |
Maximum [Member] | |
Extended Warranty Trigger Period (Year) | 3 years |
Note 11 - Accounts Payable an_4
Note 11 - Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Accounts payable | $ 3,664 | $ 10,045 |
Accrued inventories in-transit | 1,131 | 763 |
Accrued other miscellaneous expenses | 2,397 | 1,986 |
Advanced deposits | 1,417 | 666 |
Accrued compensation | 5,751 | 5,683 |
Income taxes payable | 635 | 933 |
Accrued product warranty | 2,020 | 2,015 |
Total | $ 17,015 | $ 22,091 |
Note 11 - Accounts Payable an_5
Note 11 - Accounts Payable and Accrued Expenses - Product Warranty Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at beginning of period | $ 2,109 | $ 1,641 | $ 2,015 | $ 1,545 |
Acquired warranty obligations | 147 | 147 | ||
Change in accruals for warranties during the period | 124 | 93 | 507 | 247 |
Settlements during the period | (360) | (28) | (649) | (86) |
Balance at end of period | $ 2,020 | $ 1,706 | $ 2,020 | $ 1,706 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense (Benefit), Total | $ (1,546) | $ 112 | $ (1,166) | $ 29 |
Deferred Tax Liabilities, Acquisition | 1,700 | 1,700 | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 1,700 | 1,700 | ||
Liability for Uncertainty in Income Taxes, Current | 0 | 0 | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | ||
Maximum [Member] | ||||
Income Tax Expense (Benefit), Total | $ 100 |
Note 13 - Warrants and Deriva_3
Note 13 - Warrants and Derivative Liabilities (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 13, 2019 | Apr. 17, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 26, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Nov. 13, 2014 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 2,740 | $ 2,740 | |||||||
Class of Warrant or Right, Outstanding (in shares) | 0 | 0 | |||||||
Gain (Loss) in Change of Fair Value of Derivative Instruments and Warrants, Net of Tax | 556 | 4,648 | |||||||
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 | $ 500 | $ 4,600 | |||||||
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] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 7.85 | $ 7.85 | |||||||
Derivative, Fair Value, Net, Total | $ 400 |
Note 13 - Warrants and Deriva_4
Note 13 - Warrants and Derivative Liabilities - Summary of the Key Assumptions Used to Calculate Fair Value of Warrants (Details) $ in Millions | Dec. 31, 2020USD ($) | Oct. 01, 2020USD ($) |
Fair value | $ 6.7 | $ 4 |
Measurement Input, Revenue Risk Premium [Member] | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.069 | 0.071 |
Measurement Input, Revenue Volatility [Member] | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.3 | 0.3 |
Measurement Input, Share Price [Member] | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 23.42 | 14.23 |
Measurement Input, Payment Delay [Member] | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 80 |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) | Dec. 31, 2020 |
Maximum [Member] | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 14 - Leases - Operating Le
Note 14 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Right-of-use assets | $ 3,806 | $ 3,359 |
Lease liability, current portion | 581 | 439 |
Lease liability, long term portion | 3,329 | 3,000 |
Total operating lease liabilities | $ 3,910 | $ 3,439 |
Weighted-average remaining lease term (Year) | 6 years 14 days | 6 years 332 days |
Weighted-average discount rate | 6.76% | 7.08% |
Note 14 - Leases - Lease Cost (
Note 14 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease costs - fixed | $ 226 | $ 179 | $ 618 | $ 535 |
Operating lease costs - variable | 31 | 27 | 87 | 73 |
Short-term lease costs | 338 | 164 | 989 | 378 |
Total lease costs | $ 595 | $ 370 | $ 1,694 | $ 986 |
Note 14 - Leases - Minimum Futu
Note 14 - Leases - Minimum Future Lease Obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
2021 | $ 216 | |
2022 | 814 | |
2023 | 787 | |
2024 | 733 | |
2025 | 659 | |
Thereafter | 1,597 | |
Total minimum lease payments | 4,806 | |
Less: interest | 896 | |
Total operating lease liabilities | $ 3,910 | $ 3,439 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Restricted Cash and Cash Equivalents, Noncurrent, Total | $ 5,604 | $ 5,657 |
Preconfirmation, Restricted Cash and Cash Equivalents, Current | 600 | $ 600 |
Letter of Credit [Member] | ||
Escrow Deposit | $ 5,000 |
Note 16 - Business Segments (De
Note 16 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | 7 Months Ended | 9 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 26, 2019USD ($) | Dec. 31, 2020USD ($)Boe | Dec. 31, 2019USD ($) | |
Number of Reportable Segments | 2 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 2,740 | $ 2,740 | |||
Share-based Payment Arrangement, Expense | 839 | 590 | 2,597 | 1,236 | |
Corporate, Non-Segment [Member] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 2,700 | 2,700 | |||
Share-based Payment Arrangement, Expense | $ 800 | $ 600 | $ 2,600 | $ 1,200 | |
Minimum [Member] | |||||
Number of Reportable Segments (Barrel of Oil Equivalent) | Boe | 2 |
Note 16 - Business Segments - O
Note 16 - Business Segments - Operating Results for Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 23,632 | $ 17,915 | $ 65,961 | $ 45,697 |
Operating profit (loss) | (9,258) | (6,619) | (15,681) | (16,974) |
Corporate, Non-Segment [Member] | ||||
Operating profit (loss) | (3,579) | (590) | (5,337) | (1,236) |
Grid [Member] | ||||
Revenues | 17,086 | 15,232 | 51,149 | 36,577 |
Grid [Member] | Operating Segments [Member] | ||||
Operating profit (loss) | (5,826) | (3,732) | (8,388) | (9,723) |
Wind [Member] | ||||
Revenues | 6,546 | 2,683 | 14,812 | 9,120 |
Wind [Member] | Operating Segments [Member] | ||||
Operating profit (loss) | $ 147 | $ (2,297) | $ (1,956) | $ (6,015) |
Note 16 - Business Segments - T
Note 16 - Business Segments - Total Business Segments Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Total assets | $ 175,047 | $ 124,109 |
Operating Segments [Member] | Grid [Member] | ||
Total assets | 83,623 | 44,044 |
Operating Segments [Member] | Wind [Member] | ||
Total assets | 6,140 | 14,250 |
Corporate, Non-Segment [Member] | ||
Total assets | $ 85,284 | $ 65,815 |