American Superconductor (AMSC) 10-Q 3 Feb 21 2021 Q3 Quarterly report Financial data

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