Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000880807 | |
Entity Registrant Name | AMERICAN SUPERCONDUCTOR CORP /DE/ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-19672 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-2959321 | |
Entity Address, Address Line One | 114 East Main | |
Entity Address, City or Town | St. Ayer | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01432 | |
City Area Code | 978 | |
Local Phone Number | 842-3000 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | AMSC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,328,133 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 50,070 | $ 67,814 |
Marketable securities | 5,164 | 5,140 |
Accounts receivable, net | 23,908 | 13,267 |
Inventory, net | 22,155 | 13,306 |
Prepaid expenses and other current assets | 5,906 | 3,546 |
Restricted cash | 2,313 | 2,157 |
Total current assets | 109,516 | 105,230 |
Property, plant and equipment, net | 15,067 | 8,997 |
Intangibles, net | 13,312 | 9,153 |
Right-of-use assets | 3,764 | 3,747 |
Goodwill | 43,471 | 34,634 |
Restricted cash | 5,568 | 5,568 |
Deferred tax assets | 1,149 | 1,223 |
Other assets | 320 | 314 |
Total assets | 192,167 | 168,866 |
Current liabilities: | ||
Accounts payable and accrued expenses | 33,439 | 19,810 |
Lease liability, current portion | 696 | 612 |
Debt, current portion | 72 | 0 |
Contingent consideration | 7,150 | 7,050 |
Deferred revenue, current portion | 20,550 | 13,266 |
Total current liabilities | 61,907 | 40,738 |
Deferred revenue, long-term portion | 8,072 | 7,991 |
Lease liability, long-term portion | 3,194 | 3,246 |
Deferred tax liabilities | 273 | 274 |
Debt, long-term portion | 143 | 0 |
Other liabilities | 25 | 25 |
Total liabilities | 73,614 | 52,274 |
Commitments and Contingencies (Note 16) | ||
Stockholders' equity: | ||
Common stock | 287 | 280 |
Additional paid-in capital | 1,128,961 | 1,121,495 |
Treasury stock | (3,639) | (3,593) |
Accumulated other comprehensive loss | (340) | (277) |
Accumulated deficit | (1,006,716) | (1,001,313) |
Total stockholders' equity | 118,553 | 116,592 |
Total liabilities and stockholders' equity | $ 192,167 | $ 168,866 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 25,420 | $ 21,213 |
Cost of revenues | 22,051 | 16,173 |
Gross margin | 3,369 | 5,040 |
Operating expenses: | ||
Research and development | 3,041 | 2,499 |
Selling, general and administrative | 7,142 | 5,637 |
Amortization of acquisition-related intangibles | 585 | 121 |
Change in fair value of contingent consideration | 100 | 0 |
Total operating expenses | 10,868 | 8,257 |
Operating loss | (7,499) | (3,217) |
Interest income, net | 32 | 158 |
Other expense, net | (64) | (170) |
Loss before income tax expense (benefit) | (7,531) | (3,229) |
Income tax expense (benefit) | (2,128) | 188 |
Net loss | $ (5,403) | $ (3,417) |
Net loss per common share | ||
Basic (in dollars per share) | $ (0.20) | $ (0.16) |
Diluted (in dollars per share) | $ (0.20) | $ (0.16) |
Weighted average number of common shares outstanding | ||
Basic (in shares) | 26,826 | 21,689 |
Diluted (in shares) | 26,826 | 21,689 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Net loss | $ (5,403) | $ (3,417) |
Other comprehensive (loss), net of tax: | ||
Cumulative translation adjustment | (63) | (3) |
Total other comprehensive (loss), net of tax | (63) | (3) |
Comprehensive loss | $ (5,466) | $ (3,420) |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Restricted Stock Issued in-Lieu of Cash Bonuses [Member]Common Stock [Member] | Restricted Stock Issued in-Lieu of Cash Bonuses [Member]Additional Paid-in Capital [Member] | Restricted Stock Issued in-Lieu of Cash Bonuses [Member]Treasury Stock [Member] | Restricted Stock Issued in-Lieu of Cash Bonuses [Member]AOCI Attributable to Parent [Member] | Restricted Stock Issued in-Lieu of Cash Bonuses [Member]Retained Earnings [Member] | Restricted Stock Issued in-Lieu of Cash Bonuses [Member] | 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, 2020 | 22,902 | |||||||||||
Balance at Mar. 31, 2020 | $ 229 | $ 1,053,507 | $ (2,666) | $ (216) | $ (978,635) | $ 72,219 | ||||||
Issuance of common stock - restricted shares (in shares) | 493 | |||||||||||
Issuance of common stock - restricted shares | $ 5 | (5) | 0 | 0 | 0 | 0 | ||||||
Stock-based compensation expense | $ 0 | 909 | 0 | 0 | 0 | 909 | ||||||
Issuance of stock for 401(k) match (in shares) | 13 | |||||||||||
Issuance of stock for 401(k) match | $ 0 | 88 | 0 | 0 | 0 | 88 | ||||||
Repurchase of treasury stock | 0 | 0 | (377) | 0 | 0 | (377) | ||||||
Cumulative translation adjustment | 0 | 0 | 0 | (3) | 0 | (3) | ||||||
Net loss | $ 0 | 0 | 0 | 0 | (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 | ||||||
Balance (in shares) at Mar. 31, 2021 | 27,988 | |||||||||||
Balance at Mar. 31, 2021 | $ 280 | 1,121,495 | (3,593) | (277) | (1,001,313) | 116,592 | ||||||
Issuance of common stock - bonus payout (in shares) | 111 | |||||||||||
Issuance of common stock - bonus payout | $ 1 | $ 1,681 | $ 0 | $ 0 | $ 0 | $ 1,682 | ||||||
Issuance of common stock - restricted shares (in shares) | 318 | |||||||||||
Issuance of common stock - restricted shares | $ 3 | (3) | 0 | 0 | 0 | 0 | ||||||
Stock-based compensation expense | $ 0 | 1,292 | 0 | 0 | 0 | 1,292 | ||||||
Issuance of stock for 401(k) match (in shares) | 7 | |||||||||||
Issuance of stock for 401(k) match | $ 0 | 112 | 0 | 0 | 0 | 112 | ||||||
Issuance of common stock - Neeltran acquisition (in shares) | 302 | |||||||||||
Issuance of common stock - Neeltran acquisition | $ 3 | 4,384 | 0 | 0 | 0 | 4,387 | ||||||
Repurchase of treasury stock | 0 | 0 | (46) | 0 | 0 | (46) | ||||||
Cumulative translation adjustment | 0 | 0 | 0 | (63) | 0 | (63) | ||||||
Net loss | $ 0 | 0 | 0 | 0 | (5,403) | (5,403) | ||||||
Balance (in shares) at Jun. 30, 2021 | 28,726 | |||||||||||
Balance at Jun. 30, 2021 | $ 287 | $ 1,128,961 | $ (3,639) | $ (340) | $ (1,006,716) | $ 118,553 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (5,403) | $ (3,417) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation and amortization | 1,268 | 1,000 |
Stock-based compensation expense | 1,292 | 909 |
Provision for excess and obsolete inventory | 624 | 789 |
Deferred income taxes | (2,207) | 0 |
Change in fair value of contingent consideration | 100 | 0 |
Non-cash interest income | (24) | (134) |
Other non-cash items | 124 | 102 |
Unrealized foreign exchange loss on cash and cash equivalents | 3 | 85 |
Changes in operating asset and liability accounts: | ||
Accounts receivable | (7,388) | 8,783 |
Inventory | (465) | 1,132 |
Prepaid expenses and other assets | 463 | (496) |
Accounts payable and accrued expenses | 8,563 | (7,974) |
Deferred revenue | (2,779) | (3,894) |
Net cash used in operating activities | (5,829) | (3,115) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (224) | (637) |
Cash paid for acquisition, net of cash acquired | (11,479) | 0 |
Change in other assets | (5) | 128 |
Net cash used in investing activities | (11,708) | (509) |
Cash flows from financing activities: | ||
Repurchase of treasury stock | (46) | (376) |
Net cash used in financing activities | (46) | (376) |
Effect of exchange rate changes on cash | (5) | 12 |
Net decrease in cash, cash equivalents and restricted cash | (17,588) | (3,988) |
Cash, cash equivalents and restricted cash at beginning of period | 75,539 | 30,864 |
Cash, cash equivalents and restricted cash at end of period | 57,951 | 26,876 |
Supplemental schedule of cash flow information: | ||
Cash paid for income taxes, net of refunds | 149 | 225 |
Non-cash investing and financing activities | ||
Issuance of common stock to settle liabilities | 1,793 | 88 |
Northeast Power Systems, Inc (NEPSI) [Member] | ||
Non-cash investing and financing activities | ||
Issuance of common stock in connection with the purchase of Neeltran, Inc. | $ 4,387 | $ 0 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business and Operations and Liquidity | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Nature of the Business and Operations American Superconductor Corporation (together with its subsidiaries, “AMSC®” or the “Company”) was founded on April 9, 1987. These unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with United States generally accepted accounting principles (“GAAP”) and the Securities and Exchange Commission’s (“SEC”) instructions to Form 10 not June 30, 2021 2020 June 30, 2021; not may March 31, 2021, 10 March 31, 2021 June 2, 2021. Liquidity The Company has historically experienced recurring operating losses and as of June 30, 2021 June 30, 2021 three three June 30, 2021 In February 2021, 3 February 2024 ( 3” 3 $250 3 3 On May 6, 2021 ( May 6, 2021, $2.4 $.01 third In March 2020, 19, 19 19 not 19 may While the COVID- 19 19 may 19 may The Company believes that based on the information presented above and its quarterly management assessment, it has sufficient liquidity to fund its operations and capital expenditures for the next twelve three June 30, 2021 19 may no |
Note 2 - Acquisitions
Note 2 - Acquisitions | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. 2021 As described in Note 1, Additionally, the Company paid approximately $7.6 million, including $1.9 million of indebtedness secured by the mortgage on the real property as described below, directly to Neeltran lenders at closing to extinguish outstanding Neeltran indebtedness to third Cash payment $ 4.4 Issuance of 301,556 4.4 Debt payment to third party lenders on behalf of sellers 7.6 Total consideration $ 16.4 The Neeltran Acquisition completed by the Company during the three June 30, 2021 805, Business Combinations. 842 842" 15 606, Revenue from Contracts with Customers 606" The following table summarizes the allocation of the purchase price based on the estimated fair value of the assets acquired and liabilities assumed in connections with the Neeltran Acquisition (in millions): Cash and short-term investments $ 0.5 Net working capital (excluding inventory and deferred revenue) (0.9 ) Inventory 9.0 Property, plant and equipment 6.5 Deferred revenue (10.0 ) Deferred tax liability (2.3 ) Net tangible assets/(liabilities) 2.8 Backlog 0.1 Trade names and trademarks 1.2 Customer relationships 3.5 Net identifiable intangible assets/(liabilities) 4.8 Goodwill 8.8 Total purchase consideration $ 16.4 Inventory includes a $0.6 million adjustment to step up the inventory balance to fair value consistent with the purchase price allocation. The fair value was based on the estimated selling price of the inventory, less the remaining manufacturing and selling cost and a normal profit margin on those manufacturing and selling efforts. The inventory step up adjustment increased cost of revenue $0.3 million in the three June 30, 2021 Backlog of $0.1 million was evaluated using the multi period excess earnings method under the income approach. The contracts with customers do not two Customer relationships of $3.5 million relates to customers currently under contract and was determined based on a multi period excess earnings method under the income approach. The method of amortization being utilized is the economic consumption over 7 years with the expense being allocated to SG&A. Trade names and trademarks of $1.2 million were reviewed using the assumption that the Company would continue to utilize the Neeltran trade name indefinitely. The relief from royalty method was utilized using a 1% royalty rate on revenues with a 24.5% discount rate over 15 years. The goodwill represents the value associated with the acquired workforce and expected synergies related to the business combinations of the two not not may May 6, 2021. no May 6, 2022. $2.3 The results of Neeltran's operations, are included in the Company's consolidated results from the date of the Neeltran Acquisition of May 6, 2021, three June 30, 2021. three June 30, 2021, 2020 On October 1, 2020 ( 2019 Pursuant to the NEPSI 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 million in cash and issued 873,657 restricted shares of the Company’s common stock. Additionally, the Company may four The NEPSI Acquisition completed by the Company during the fiscal year ended March 31, 2021 805, Business Combinations 606 3 no no 842. The total purchase price of approximately $42.4 million includes the fair value of shares of the Company’s common stock issued at closing, cash paid, and contingent consideration as follows (in millions): Cash payment $ 26.0 Issuance of 873,657 12.4 Contingent consideration 4.0 Total consideration $ 42.4 At the NEPSI Acquisition Date, in addition to the $26.0 million cash, the Company valued the Company’s common stock, using $14.23 per share, which was the closing price on the day that the Company acquired NEPSI and $4.0 million of contingent consideration for the earnout liability valued as of the NEPSI Acquisition Date. NEPSI Acquisition costs of $0.3 million were recorded in selling, general and administrative ("SG&A") costs for the fiscal year ended March 31, 2021. 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 NEPSI 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 million adjustment to step up the inventory balance to fair value consistent with the purchase price allocation. The fair value was determined based on the estimated selling price of the inventory, less the remaining manufacturing and selling cost and a normal profit margin on those manufacturing and selling efforts. The $1.0 million step up adjustment increased cost of revenue in the fiscal year ended March 31, 2021 not not first Backlog of $0.6 million was evaluated using the multi period excess earnings method under the income approach. The contracts with customers do not two Customer relationships of $6.1 million relates to customers currently under contract and was determined based on a multi period excess earnings method under the income approach. The method of amortization being utilized is the economic consumption over 7 Trade names and trademarks of $0.6 million were reviewed, using the assumption that the Company would continue to utilize the NEPSI trade name indefinitely. The relief from royalty method was utilized using an 8% royalty rate on revenues with a 13% discount rate over 8 years. 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. Unaudited Pro Forma Operating Results The unaudited pro forma condensed consolidated statement of operations for the three June 30, 2021 2020 April 1, 2020. Three Months Ended June 30, 2021 2020 Revenues $ 28,250 $ 32,627 Operating loss (6,786 ) (3,343 ) Net loss $ (7,261 ) $ 395 Net loss per common share Basic $ (0.27 ) $ 0.02 Diluted (0.27 ) 0.02 Shares - basic 26,826 22,865 Shares - diluted 26,826 22,865 The pro forma amounts include the historical operating results of the Company, NEPSI and Neeltran, with appropriate adjustments that give effect to acquisition related costs, income taxes, intangible amortization resulting from the NEPSI Acquisition and Neeltran Acquisition and certain conforming accounting policies of the Company. The pro forma amounts are not not |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. The Company’s revenues in its Grid business 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 business 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. three June 30, 2021 2020, 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 June 30, 2021 2020 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 The following tables disaggregate the Company’s revenue by product line and by shipment destination (in thousands): Three Months Ended June 30, 2021 Product Line: Grid Wind Equipment and systems $ 21,159 $ 1,033 Services and technology development 2,342 886 Total $ 23,501 $ 1,919 Region: Americas $ 22,645 $ 19 Asia Pacific 598 1,870 EMEA 258 30 Total $ 23,501 $ 1,919 Three Months Ended June 30, 2020 Product Line: Grid Wind Equipment and systems $ 16,537 $ 2,618 Services and technology development 1,178 880 Total $ 17,715 $ 3,498 Region: Americas $ 10,554 $ 12 Asia Pacific 6,015 3,269 EMEA 1,146 217 Total $ 17,715 $ 3,498 As of June 30, 2021 2020 8, 9, Unbilled Accounts Receivable Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2021 $ 5,765 $ 978 $ 21,258 Increases for costs incurred to fulfill performance obligations — 1,434 — Increase for balances acquired — 634 10,048 Increase (decrease) due to customer billings (1,564 ) — 21,425 Decrease due to cost recognition on completed performance obligations — (2,041 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 4,360 — (24,355 ) Other changes and FX impact — 3 246 Ending balance as of June 30, 2021 $ 8,561 $ 1,008 $ 28,622 Unbilled Accounts Receivable Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2020 $ 5,711 $ 1,631 $ 26,142 Increases for costs incurred to fulfill performance obligations — 1,978 — Increase (decrease) due to customer billings (3,620 ) — 12,276 Decrease due to cost recognition on completed performance obligations — (2,815 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 2,033 — (16,227 ) Other changes and FX impact 1 7 194 Ending balance as of June 30, 2020 $ 4,125 $ 801 $ 22,385 The Company’s remaining performance obligations represent the unrecognized revenue value of the Company’s contractual commitments. The Company’s performance obligations may June 30, 2021 606 twelve thirteen sixty twelve twelve first three twelve twelve not not The following table sets forth customers who represented 10% three June 30, 2021 2020 Three Months Ended Reportable June 30, Segment 2021 2020 Micron Technology Grid 21 % <10% EPC Services Grid <10% 24 % Nextera Energy Resources Grid 12 % <10% Ascend Performance Materials Ops LLC Grid 10 % 0 % Siemens Gamesa Renewable Energy Pty. Ltd. Grid <10% 25 % |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 3 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 2020 Three Months Ended June 30, 2021 2020 Cost of revenues $ 91 $ 28 Research and development 247 130 Selling, general and administrative 954 751 Total $ 1,292 $ 909 The Company issued 119,044 shares of immediately vested common stock, of which 110,752 shares were issued in-lieu of cash bonuses in the period, and 309,700 shares of restricted stock awards during the three June 30, 2021 three June 30, 2020 The estimated fair value of the Company’s stock-based awards, less expected annual forfeitures, is amortized over the awards’ service period. The Company has no unrecognized compensation cost for unvested outstanding stock options at June 30, 2021 June 30, 2021 The Company did not three June 30, 2021 2020. |
Note 5 - Computation of Net Los
Note 5 - Computation of Net Loss Per Common Share | 3 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 not not . three June 30, 2020 not The following table reconciles the numerators and denominators of the earnings per share calculation for the three June 30, 2021 2020 Three Months Ended June 30, 2021 2020 Numerator: Net loss $ (5,403 ) $ (3,417 ) Denominator: Weighted-average shares of common stock outstanding 27,919 22,827 Weighted-average shares subject to repurchase (1,093 ) (1,138 ) Shares used in per-share calculation ― basic 26,826 21,689 Shares used in per-share calculation ― diluted 26,826 21,689 Net loss per share ― basic $ (0.20 ) $ (0.16 ) Net loss per share ― diluted $ (0.20 ) $ (0.16 ) |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangibles | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Goodwill 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. The Company's goodwill balance relates to the Neeltran Acquisition in the current year, the NEPSI Acquisition in fiscal 2020, 2017 not not The following table provides a roll forward of the changes in the Company's Grid business segment goodwill balance: Goodwill March 31, 2021 $ 34,634 Neeltran Acquisition 8,837 Less impairment loss - June 30, 2021 $ 43,471 The Company did not three June 30, 2021 Other Intangibles Intangible assets at June 30, 2021 March 31, 2021 June 30, 2021 March 31, 2021 Gross Amount Accumulated Amortization Net Book Value Gross Amount Accumulated Amortization Net Book Value Estimated Useful Life Backlog $ 681 $ (512 ) $ 169 $ 600 $ (475 ) $ 125 2 Trade name 1,800 — 1,800 600 — 600 Indefinite Customer relationships 9,600 (1,203 ) 8,397 6,100 (739 ) 5,361 7 Core technology and know-how 5,970 (3,024 ) 2,946 5,970 (2,903 ) 3,067 5-10 Intangible assets $ 18,051 $ (4,739 ) $ 13,312 $ 13,270 $ (4,117 ) $ 9,153 The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $0. 6 million and $0.1 million, in the three June 30, 2021 2020, . Additionally, in the three months ended June 30, 2021 , the Company recorded less than $ 0. 1 million related to intangible amortization related to backlog that is reported in cost of revenues. Expected future amortization expense related to intangible assets is as follows (in thousands): Years ended March 31, Total 2022 2,028 2023 2,765 2024 2,152 2025 1,648 2026 1,221 Thereafter 1,698 Total $ 11,512 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 | 3 Months Ended |
Jun. 30, 2021 | |
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 three June 30, 2021 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 three June 30, 2021 three June 30, 2020 Contingent Consideration Contingent consideration relates to the earnout payment set forth in the NEPSI Stock Purchase Agreement that provides that the selling stockholders may four See Note 13 2, The following table provides the assets and liabilities carried at fair value on a recurring basis, measured as of June 30, 2021 March 31, 2021 Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2021: Assets: Cash equivalents $ 28,107 $ 28,107 $ — $ — Marketable securities $ 5,165 $ 5,165 $ — $ — Derivative liabilities: Contingent consideration $ 7,150 $ — $ — $ 7,150 Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2021: Assets: Cash equivalents $ 54,104 $ 54,104 $ — $ — Marketable securities $ 5,140 $ 5,140 $ — $ — Derivative liabilities: Contingent consideration $ 7,050 $ — $ — $ 7,050 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, 2021 $ 7,050 Mark to market adjustment 100 Balance at June 30, 2021 $ 7,150 |
Note 8 - Accounts Receivable
Note 8 - Accounts Receivable | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounts Receivable [Text Block] | 8. Accounts receivable at June 30, 2021 March 31, 2021 June 30, 2021 March 31, 2021 Accounts receivable (billed) $ 15,347 $ 7,502 Accounts receivable (unbilled) 8,561 5,765 Accounts receivable, net $ 23,908 $ 13,267 |
Note 9 - Inventory
Note 9 - Inventory | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 9. Inventory, net of reserves, at June 30, 2021 March 31, 2021 June 30, 2021 March 31, 2021 Raw materials $ 9,756 $ 8,255 Work-in-process 9,600 3,297 Finished goods 1,791 777 Deferred program costs 1,008 977 Net inventory $ 22,155 $ 13,306 The Company recorded inventory write-downs of $0.6 million and $0.8 million for the three June 30, 2021 2020 Deferred program costs as of June 30, 2021 March 31, 2021 |
Note 10 - Property, Plant and E
Note 10 - Property, Plant and Equipment | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 10. The cost and accumulated depreciation of property, plant and equipment at June 30, 2021 March 31, 2021 June 30, 2021 March 31, 2021 Construction in progress - equipment $ 286 $ 220 Land 980 270 Building 5,270 1,630 Equipment and software 43,773 41,652 Finance lease - right of use asset 12 — Furniture and fixtures 1,380 1,333 Leasehold improvements 6,452 6,308 Property, plant and equipment, gross 58,153 51,413 Less accumulated depreciation (43,086 ) (42,416 ) Property, plant and equipment, net $ 15,067 $ 8,997 Depreciation expense was $0.6 million and $0.9 million for the three June 30, 2021 2020 |
Note 11 - Accounts Payable and
Note 11 - Accounts Payable and Accrued Expenses | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 11. Accounts payable and accrued expenses at June 30, 2021 March 31, 2021 June 30, 2021 March 31, 2021 Accounts payable $ 16,520 $ 5,353 Accrued inventories in-transit 1,927 1,460 Accrued other miscellaneous expenses 2,800 2,369 Advanced deposits 2,152 1,035 Accrued compensation 7,291 7,018 Income taxes payable 563 522 Accrued product warranty 2,186 2,053 Total $ 33,439 $ 19,810 The Company generally provides a one three Product warranty activity was as follows (in thousands): Three Months Ended June 30, 2021 2020 Balance at beginning of period $ 2,053 $ 2,015 Acquired warranty obligations 248 — Change in accruals for warranties during the period 107 236 Settlements during the period (222 ) (83 ) Balance at end of period $ 2,186 $ 2,168 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. The Company recorded an income tax benefit of $ million in the three June 30, 2021 . three June 30, 2020 As a result of a difference in book and tax basis related to the intangible assets acquired in the Neeltran Acquisition (see Note 2, during the three months ended June 30, 2021 not may May 6, 2021. 2, no May 6, 2022. not Accounting for income taxes requires a two first not second 50% not not three June 30, 2021 not June 30, 2021 |
Note 13 - Contingent Considerat
Note 13 - Contingent Consideration | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Business Combination, Contingent Consideration [Text Block] | 13. Contingent Consideration The Company evaluated the NEPSI Acquisition earnout payment set forth in the NEPSI 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 NEPSI Acquisition: June 30, March 31, December 31, October 1, 2021 2021 2020 2020 Revenue risk premium 6.60 % 6.70 % 6.90 % 7.10 % Revenue volatility 30 % 30 % 30 % 30 % Stock Price $ 17.39 $ 18.96 $ 23.42 $ 14.23 Payment delay (days) 80 80 80 — Fair value 7.2 7.1 6.7 4.0 The Company recorded a net loss of $0.1 million resulting from the increase in the fair value of the contingent consideration in the three June 30, 2021 |
Note 14 - Debt
Note 14 - Debt | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 14. As part of the Neeltran Acquisition, the Company identified four equipment financing agreements that Neeltran had entered into prior to the acquisition on May 6, 2021. three June 30, 2021 |
Note 15 - Leases
Note 15 - Leases | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 15. The Company determines whether a contract is or contains a lease at inception of a contract. The Company defines a lease as a contract, or part of a contract, that conveys the right to control the use of identified property or equipment (an identified asset) for a period of time in exchange for consideration. Control over the use of the identified asset means that the Company have both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. 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 Following the Neeltran Acquisition, the Company evaluated all open Neeltran contracts at the date of the acquisition to determine if any applied under ASC 842 842 nine twelve 842 one not 842 Operating Leases 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 Finance Leases As part of the adoption of ASC 842 one February 2020, May 2023. May 6, 2021, June 30, 2021, Finance lease right-of-use assets and lease liabilities are recognized similar to an operating lease, at the lease commencement date or the date the lessor makes the leased asset available for use. Finance lease right-of-use assets are generally amortized on a straight-line basis over the lease term, and the carrying amount of the finance lease liabilities are ( 1 not 2 Supplemental balance sheet information related to leases at June 30, 2021 March 31, 2021 June 30, 2021 March 31, 2021 Leases: Right-of-use assets - Financing $ 12 — Right-of-use assets - Operating 3,764 3,747 Total right-of-use assets 3,776 3,747 Lease liabilities - ST Financing $ 6 — Lease liabilities - ST Operating 690 612 Lease liabilities - LT Financing 6 — Lease liabilities - LT Operating 3,188 3,246 Total lease liabilities 3,890 3,858 Weighted-average remaining lease term 5.49 5.82 Weighted-average discount rate 6.55 % 6.72 % The costs related to the Company's finance lease are not three June 30, 2021 2020 Three Months Ended June 30, 2021 Operating Leases: Operating lease costs - fixed $ 231 Operating lease costs - variable 32 Short-term lease costs 67 Total lease costs 330 Three Months Ended June 30, 2020 Operating Leases: Operating lease costs - fixed $ 178 Operating lease costs - variable 27 Short-term lease costs 168 Total lease costs 373 The Company’s estimated minimum future lease obligations under the Company's leases are as follows (in thousands): Leases Year ended March 31, 2022 $ 695 2023 894 2024 799 2025 674 2026 673 Thereafter 934 Total minimum lease payments 4,669 Less: interest 779 Present value of lease liabilities 3,890 |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. Legal Contingencies From time to time, the Company is involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the consolidated financial statements not not not Other The Company enters into long-term construction contracts with customers that require the Company to obtain performance bonds. The Company is required to deposit an amount equivalent to some or all the face amount of the performance bonds into an escrow account until the termination of the bond. When the performance conditions are met, amounts deposited as collateral for the performance bonds are returned to the Company. In addition, the Company has various contractual arrangements in which minimum quantities of goods or services have been committed to be purchased on an annual basis. As of June 30, 2021 March 31, 2021 $2.2 |
Note 17 - Business Segments
Note 17 - Business Segments | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. The Company reports its financial results in two reportable business segments: Grid and Wind. 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 megawatts ("MWs") and higher. The Company provides a broad range of power electronics and software-based control systems that are highly integrated and designed for optimized performance, efficiency, and grid compatibility. The operating results for the two Three Months Ended June 30, 2021 2020 Revenues: Grid $ 23,501 $ 17,715 Wind 1,919 3,498 Total $ 25,420 $ 21,213 Three Months Ended June 30, 2021 2020 Operating loss: Grid $ (5,345 ) $ (1,188 ) Wind (763 ) (1,120 ) Unallocated corporate expenses (1,391 ) (909 ) Total $ (7,499 ) $ (3,217 ) 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 of loss on contingent consideration of $0.1 million in the three June 30, 2021 $0.9 three June 30, 2021 2020 Total assets for the two June 30, 2021 March 31, 2021 June 30, 2021 March 31, 2021 Grid $ 121,355 $ 81,253 Wind 6,949 6,098 Corporate assets 63,863 81,515 Total $ 192,167 $ 168,866 |
Note 18 - Recent Accounting Pro
Note 18 - Recent Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 18. In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 2016 13 2019 10 November 2019, December 15, 2022. 2016 13 may In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 April 1, 2021, 2019 12 no |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. The Company has performed an evaluation of subsequent events through the time of filing this Quarterly Report on Form 10 no |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash payment $ 4.4 Issuance of 301,556 4.4 Debt payment to third party lenders on behalf of sellers 7.6 Total consideration $ 16.4 Cash payment $ 26.0 Issuance of 873,657 12.4 Contingent consideration 4.0 Total consideration $ 42.4 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash and short-term investments $ 0.5 Net working capital (excluding inventory and deferred revenue) (0.9 ) Inventory 9.0 Property, plant and equipment 6.5 Deferred revenue (10.0 ) Deferred tax liability (2.3 ) Net tangible assets/(liabilities) 2.8 Backlog 0.1 Trade names and trademarks 1.2 Customer relationships 3.5 Net identifiable intangible assets/(liabilities) 4.8 Goodwill 8.8 Total purchase consideration $ 16.4 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 June 30, 2021 2020 Revenues $ 28,250 $ 32,627 Operating loss (6,786 ) (3,343 ) Net loss $ (7,261 ) $ 395 Net loss per common share Basic $ (0.27 ) $ 0.02 Diluted (0.27 ) 0.02 Shares - basic 26,826 22,865 Shares - diluted 26,826 22,865 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2021 Product Line: Grid Wind Equipment and systems $ 21,159 $ 1,033 Services and technology development 2,342 886 Total $ 23,501 $ 1,919 Region: Americas $ 22,645 $ 19 Asia Pacific 598 1,870 EMEA 258 30 Total $ 23,501 $ 1,919 Three Months Ended June 30, 2020 Product Line: Grid Wind Equipment and systems $ 16,537 $ 2,618 Services and technology development 1,178 880 Total $ 17,715 $ 3,498 Region: Americas $ 10,554 $ 12 Asia Pacific 6,015 3,269 EMEA 1,146 217 Total $ 17,715 $ 3,498 |
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, 2021 $ 5,765 $ 978 $ 21,258 Increases for costs incurred to fulfill performance obligations — 1,434 — Increase for balances acquired — 634 10,048 Increase (decrease) due to customer billings (1,564 ) — 21,425 Decrease due to cost recognition on completed performance obligations — (2,041 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 4,360 — (24,355 ) Other changes and FX impact — 3 246 Ending balance as of June 30, 2021 $ 8,561 $ 1,008 $ 28,622 Unbilled Accounts Receivable Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2020 $ 5,711 $ 1,631 $ 26,142 Increases for costs incurred to fulfill performance obligations — 1,978 — Increase (decrease) due to customer billings (3,620 ) — 12,276 Decrease due to cost recognition on completed performance obligations — (2,815 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 2,033 — (16,227 ) Other changes and FX impact 1 7 194 Ending balance as of June 30, 2020 $ 4,125 $ 801 $ 22,385 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended Reportable June 30, Segment 2021 2020 Micron Technology Grid 21 % <10% EPC Services Grid <10% 24 % Nextera Energy Resources Grid 12 % <10% Ascend Performance Materials Ops LLC Grid 10 % 0 % Siemens Gamesa Renewable Energy Pty. Ltd. Grid <10% 25 % |
Note 4 - Stock-based Compensa_2
Note 4 - Stock-based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, 2021 2020 Cost of revenues $ 91 $ 28 Research and development 247 130 Selling, general and administrative 954 751 Total $ 1,292 $ 909 |
Note 5 - Computation of Net L_2
Note 5 - Computation of Net Loss Per Common Share (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 2021 2020 Numerator: Net loss $ (5,403 ) $ (3,417 ) Denominator: Weighted-average shares of common stock outstanding 27,919 22,827 Weighted-average shares subject to repurchase (1,093 ) (1,138 ) Shares used in per-share calculation ― basic 26,826 21,689 Shares used in per-share calculation ― diluted 26,826 21,689 Net loss per share ― basic $ (0.20 ) $ (0.16 ) Net loss per share ― diluted $ (0.20 ) $ (0.16 ) |
Note 6 - Goodwill and Other I_2
Note 6 - Goodwill and Other Intangibles (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill March 31, 2021 $ 34,634 Neeltran Acquisition 8,837 Less impairment loss - June 30, 2021 $ 43,471 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 2021 March 31, 2021 Gross Amount Accumulated Amortization Net Book Value Gross Amount Accumulated Amortization Net Book Value Estimated Useful Life Backlog $ 681 $ (512 ) $ 169 $ 600 $ (475 ) $ 125 2 Trade name 1,800 — 1,800 600 — 600 Indefinite Customer relationships 9,600 (1,203 ) 8,397 6,100 (739 ) 5,361 7 Core technology and know-how 5,970 (3,024 ) 2,946 5,970 (2,903 ) 3,067 5-10 Intangible assets $ 18,051 $ (4,739 ) $ 13,312 $ 13,270 $ (4,117 ) $ 9,153 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ended March 31, Total 2022 2,028 2023 2,765 2024 2,152 2025 1,648 2026 1,221 Thereafter 1,698 Total $ 11,512 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2021: Assets: Cash equivalents $ 28,107 $ 28,107 $ — $ — Marketable securities $ 5,165 $ 5,165 $ — $ — Derivative liabilities: Contingent consideration $ 7,150 $ — $ — $ 7,150 Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2021: Assets: Cash equivalents $ 54,104 $ 54,104 $ — $ — Marketable securities $ 5,140 $ 5,140 $ — $ — Derivative liabilities: Contingent consideration $ 7,050 $ — $ — $ 7,050 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Acquisition Contingent Consideration April 1, 2021 $ 7,050 Mark to market adjustment 100 Balance at June 30, 2021 $ 7,150 |
Note 8 - Accounts Receivable (T
Note 8 - Accounts Receivable (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Accounts Receivable [Table Text Block] | June 30, 2021 March 31, 2021 Accounts receivable (billed) $ 15,347 $ 7,502 Accounts receivable (unbilled) 8,561 5,765 Accounts receivable, net $ 23,908 $ 13,267 |
Note 9 - Inventory (Tables)
Note 9 - Inventory (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2021 March 31, 2021 Raw materials $ 9,756 $ 8,255 Work-in-process 9,600 3,297 Finished goods 1,791 777 Deferred program costs 1,008 977 Net inventory $ 22,155 $ 13,306 |
Note 10 - Property, Plant and_2
Note 10 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2021 March 31, 2021 Construction in progress - equipment $ 286 $ 220 Land 980 270 Building 5,270 1,630 Equipment and software 43,773 41,652 Finance lease - right of use asset 12 — Furniture and fixtures 1,380 1,333 Leasehold improvements 6,452 6,308 Property, plant and equipment, gross 58,153 51,413 Less accumulated depreciation (43,086 ) (42,416 ) Property, plant and equipment, net $ 15,067 $ 8,997 |
Note 11 - Accounts Payable an_2
Note 11 - Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, 2021 March 31, 2021 Accounts payable $ 16,520 $ 5,353 Accrued inventories in-transit 1,927 1,460 Accrued other miscellaneous expenses 2,800 2,369 Advanced deposits 2,152 1,035 Accrued compensation 7,291 7,018 Income taxes payable 563 522 Accrued product warranty 2,186 2,053 Total $ 33,439 $ 19,810 |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended June 30, 2021 2020 Balance at beginning of period $ 2,053 $ 2,015 Acquired warranty obligations 248 — Change in accruals for warranties during the period 107 236 Settlements during the period (222 ) (83 ) Balance at end of period $ 2,186 $ 2,168 |
Note 13 - Contingent Consider_2
Note 13 - Contingent Consideration (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | June 30, March 31, December 31, October 1, 2021 2021 2020 2020 Revenue risk premium 6.60 % 6.70 % 6.90 % 7.10 % Revenue volatility 30 % 30 % 30 % 30 % Stock Price $ 17.39 $ 18.96 $ 23.42 $ 14.23 Payment delay (days) 80 80 80 — Fair value 7.2 7.1 6.7 4.0 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Assets And Liabilities Lessee [Table Text Block] | June 30, 2021 March 31, 2021 Leases: Right-of-use assets - Financing $ 12 — Right-of-use assets - Operating 3,764 3,747 Total right-of-use assets 3,776 3,747 Lease liabilities - ST Financing $ 6 — Lease liabilities - ST Operating 690 612 Lease liabilities - LT Financing 6 — Lease liabilities - LT Operating 3,188 3,246 Total lease liabilities 3,890 3,858 Weighted-average remaining lease term 5.49 5.82 Weighted-average discount rate 6.55 % 6.72 % |
Lease, Cost [Table Text Block] | Three Months Ended June 30, 2021 Operating Leases: Operating lease costs - fixed $ 231 Operating lease costs - variable 32 Short-term lease costs 67 Total lease costs 330 Three Months Ended June 30, 2020 Operating Leases: Operating lease costs - fixed $ 178 Operating lease costs - variable 27 Short-term lease costs 168 Total lease costs 373 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Leases Year ended March 31, 2022 $ 695 2023 894 2024 799 2025 674 2026 673 Thereafter 934 Total minimum lease payments 4,669 Less: interest 779 Present value of lease liabilities 3,890 |
Note 17 - Business Segments (Ta
Note 17 - Business Segments (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2021 2020 Revenues: Grid $ 23,501 $ 17,715 Wind 1,919 3,498 Total $ 25,420 $ 21,213 Three Months Ended June 30, 2021 2020 Operating loss: Grid $ (5,345 ) $ (1,188 ) Wind (763 ) (1,120 ) Unallocated corporate expenses (1,391 ) (909 ) Total $ (7,499 ) $ (3,217 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, 2021 March 31, 2021 Grid $ 121,355 $ 81,253 Wind 6,949 6,098 Corporate assets 63,863 81,515 Total $ 192,167 $ 168,866 |
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 | May 06, 2021USD ($)$ / sharesshares | Dec. 31, 2015 | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2021USD ($) | May 29, 2020EUR (€) |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (1,006,716) | $ (1,001,313) | ||||
Cash, Cash Equivalents, and Marketable Securities | 55,200 | |||||
Net Cash Provided by (Used in) Operating Activities, Total | (5,829) | $ (3,115) | ||||
Payments to Acquire Businesses, Gross | $ 11,479 | $ 0 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | |||||
Neeltran Inc. [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 4,400 | |||||
AMSC Husky LLC [Member] | ||||||
Payments to Acquire Real Estate, Total | 4,300 | |||||
Inox Wind Limited [Member] | ||||||
Supply Commitment, Extension Period (Year) | 3 years | |||||
Supply Commitment, Default, Letters of Credit to be Received | € | € 250 | |||||
Owners of Neeltran Headquarters [Member] | AMSC Husky LLC [Member] | ||||||
Payments to Acquire Real Estate, Total | 2,400 | |||||
TD Bank [Member] | AMSC Husky LLC [Member] | ||||||
Payments to Acquire Real Estate, Total | 1,900 | |||||
Neeltran Inc. Sellling Stockholders [Member] | Neeltran Inc. [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 1,000 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 301,556 | |||||
Capanna, Sr. and Capanna, Jr. [Member] | Neeltran Inc. [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 1,100 | |||||
Neeltran Third Party Lenders [Member] | Neeltran Inc. [Member] | ||||||
Payments to Acquire Businesses, Gross | 7,600 | |||||
Neeltran Third Party Lenders [Member] | Neeltran Inc. [Member] | Indebtedness Secured by Mortgage on Real Property [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 1,900 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) $ / shares in Units, $ in Thousands | May 06, 2021USD ($)shares | Oct. 01, 2020USD ($)$ / sharesshares | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Payments to Acquire Businesses, Gross | $ 11,479 | $ 0 | |||||
Cost of Revenue, Total | 22,051 | $ 16,173 | |||||
Business Combination, Contingent Consideration, Liability, Total | $ 4,000 | $ 7,200 | $ 7,100 | $ 6,700 | |||
Northeast Power Systems, Inc (NEPSI) [Member] | |||||||
Payments to Suppliers | $ 400 | ||||||
Backlog [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||||||
Customer Relationships [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | ||||||
AMSC Husky LLC [Member] | |||||||
Payments to Acquire Real Estate, Total | $ 4,300 | ||||||
Owners of Neeltran Headquarters [Member] | AMSC Husky LLC [Member] | |||||||
Payments to Acquire Real Estate, Total | 2,400 | ||||||
TD Bank [Member] | AMSC Husky LLC [Member] | |||||||
Payments to Acquire Real Estate, Total | 1,900 | ||||||
Neeltran Inc. [Member] | |||||||
Payments to Acquire Businesses, Gross | 4,400 | ||||||
Business Combination, Consideration Transferred, Total | 16,400 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | $ 600 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 2,300 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 5,500 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (200) | ||||||
Neeltran Inc. [Member] | Trademarks and Trade Names [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 1,200 | ||||||
Neeltran Inc. [Member] | Trademarks and Trade Names [Member] | Royalty Rate [Member] | |||||||
Intangible Assets, Measurement Input | 1 | ||||||
Neeltran Inc. [Member] | Trademarks and Trade Names [Member] | Measurement Input, Discount Rate [Member] | |||||||
Intangible Assets, Measurement Input | 24.5 | ||||||
Neeltran Inc. [Member] | Trademarks and Trade Names [Member] | Measurement Input, Expected Term [Member] | |||||||
Intangible Assets, Measurement Input | 15 | ||||||
Neeltran Inc. [Member] | Backlog [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 100 | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||||||
Neeltran Inc. [Member] | Customer Relationships [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,500 | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | ||||||
Neeltran Inc. [Member] | Fair Value Adjustment to Inventory [Member] | |||||||
Cost of Revenue, Total | $ 300 | ||||||
Neeltran Inc. [Member] | Neeltran Inc. Sellling Stockholders [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 1,000 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 301,556 | ||||||
Neeltran Inc. [Member] | Capanna, Sr. and Capanna, Jr. [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 1,100 | ||||||
Neeltran Inc. [Member] | Neeltran Third Party Lenders [Member] | |||||||
Payments to Acquire Businesses, Gross | 7,600 | ||||||
Neeltran Inc. [Member] | Neeltran Third Party Lenders [Member] | Indebtedness Secured by Mortgage on Real Property [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 1,900 | ||||||
Northeast Power Systems, Inc (NEPSI) [Member] | |||||||
Payments to Acquire Businesses, Gross | 26,000 | ||||||
Business Combination, Consideration Transferred, Total | 42,400 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $ 1,700 | ||||||
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 | 1,000,000 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 14.23 | ||||||
Business Combination, Contingent Consideration, Liability, Total | $ 4,000 | ||||||
Northeast Power Systems, Inc (NEPSI) [Member] | Selling, General and Administrative Expenses [Member] | |||||||
Business Combination, Acquisition Related Costs | 300 | ||||||
Northeast Power Systems, Inc (NEPSI) [Member] | Trademarks and Trade Names [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 600 | ||||||
Northeast Power Systems, Inc (NEPSI) [Member] | Trademarks and Trade Names [Member] | Royalty Rate [Member] | |||||||
Intangible Assets, Measurement Input | 8 | ||||||
Northeast Power Systems, Inc (NEPSI) [Member] | Trademarks and Trade Names [Member] | Measurement Input, Discount Rate [Member] | |||||||
Intangible Assets, Measurement Input | 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] | 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] | Fair Value Adjustment to Inventory [Member] | |||||||
Cost of Revenue, Total | $ 1,000 |
Note 2 - Acquisitions - Purchas
Note 2 - Acquisitions - Purchase Price (Details) - USD ($) $ in Thousands | May 06, 2021 | Oct. 01, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Cash or Debt payment | $ 11,479 | $ 0 | ||
Neeltran Inc. [Member] | ||||
Cash or Debt payment | $ 4,400 | |||
Total consideration | 16,400 | |||
Neeltran Inc. [Member] | Neeltran Inc. Sellling Stockholders [Member] | ||||
Cash or Debt payment | 1,000 | |||
Issuance of 301,556 shares of Company's common stock | 4,400 | |||
Neeltran Inc. [Member] | Neeltran Third Party Lenders [Member] | ||||
Cash or Debt payment | $ 7,600 | |||
Northeast Power Systems, Inc (NEPSI) [Member] | ||||
Cash or Debt payment | $ 26,000 | |||
Issuance of 301,556 shares of Company's common stock | 12,400 | |||
Total consideration | 42,400 | |||
Contingent consideration | $ 4,000 |
Note 2 - Acquisitions - Purch_2
Note 2 - Acquisitions - Purchase Price (Details) (Parentheticals) - shares | May 06, 2021 | Oct. 01, 2020 |
Neeltran Inc. [Member] | Neeltran Inc. Sellling Stockholders [Member] | ||
Issuance of common stock, shares (in shares) | 301,556 | |
Northeast Power Systems, Inc (NEPSI) [Member] | ||
Issuance of common stock, shares (in shares) | 873,657 |
Note 2 - Acquisitions - Estimat
Note 2 - Acquisitions - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | May 06, 2021 | Mar. 31, 2021 | Oct. 01, 2020 |
Goodwill | $ 43,471 | $ 34,634 | ||
Neeltran Inc. [Member] | ||||
Cash and short-term investments | $ 500 | |||
Net working capital (excluding inventory and deferred revenue) | (900) | |||
Inventory | 9,000 | |||
Property, plant and equipment | 6,500 | |||
Deferred revenue | (10,000) | |||
Deferred tax liability | 2,300 | |||
Net tangible assets/(liabilities) | 2,800 | |||
Net identifiable intangible assets/(liabilities) | 4,800 | |||
Goodwill | 8,800 | |||
Total purchase consideration | 16,400 | |||
Net working capital (excluding inventory and deferred revenue) | (900) | |||
Neeltran Inc. [Member] | Trademarks and Trade Names [Member] | ||||
Trade names and trademarks | 1,200 | |||
Neeltran Inc. [Member] | Backlog [Member] | ||||
Finite-lived Intangibles Assets | 100 | |||
Neeltran Inc. [Member] | Customer Relationships [Member] | ||||
Finite-lived Intangibles Assets | $ 3,500 | |||
Northeast Power Systems, Inc (NEPSI) [Member] | ||||
Net working capital (excluding inventory and deferred revenue) | $ 100 | |||
Inventory | 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 | |||
Goodwill | 32,900 | |||
Total purchase consideration | 42,400 | |||
Net working capital (excluding inventory and deferred revenue) | 100 | |||
Northeast Power Systems, Inc (NEPSI) [Member] | Trademarks and Trade Names [Member] | ||||
Trade names and trademarks | 600 | |||
Northeast Power Systems, Inc (NEPSI) [Member] | Backlog [Member] | ||||
Finite-lived Intangibles Assets | 600 | |||
Northeast Power Systems, Inc (NEPSI) [Member] | Trade Names [Member] | ||||
Trade names and trademarks | 600 | |||
Northeast Power Systems, Inc (NEPSI) [Member] | Customer Relationships [Member] | ||||
Finite-lived Intangibles Assets | $ 6,100 |
Note 2 - Acquisitions - Unaudit
Note 2 - Acquisitions - Unaudited Pro Forma Operating Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 28,250 | $ 32,627 |
Operating loss | (6,786) | (3,343) |
Net loss | $ (7,261) | $ 395 |
Basic (in dollars per share) | $ (0.27) | $ 0.02 |
Diluted (in dollars per share) | $ (0.27) | $ 0.02 |
Shares - basic (in shares) | 26,826 | 22,865 |
Shares - diluted (in shares) | 26,826 | 22,865 |
Note 3 - Revenue Recognition 1
Note 3 - Revenue Recognition 1 (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue, Performance Obligation Satisfied, Revenue Recognized, Percentage | 78.00% | 80.00% |
Minimum [Member] | ||
Warranty Period (Year) | 1 year | |
Contract with Customer, Payment Term (Day) | 30 days | |
Maximum [Member] | ||
Warranty Period (Year) | 3 years | |
Extended Service Warranty, Term (Year) | 4 years | |
Contract with Customer, Payment Term (Day) | 60 days | |
Grant [Member] | ||
Revenues, Total | $ 0.5 | $ 0.4 |
Note 3 - Revenue Recognition 2
Note 3 - Revenue Recognition 2 (Details Textual) - USD ($) $ in Millions | Jun. 30, 2021 | Mar. 31, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months | |
Revenue, Remaining Performance Obligation, Amount | $ 86.9 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 15.9 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Minimum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 13 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Maximum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 60 months |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 25,420 | $ 21,213 |
Grid [Member] | ||
Revenues | 23,501 | 17,715 |
Grid [Member] | Americas [Member] | ||
Revenues | 22,645 | 10,554 |
Grid [Member] | Asia Pacific [Member] | ||
Revenues | 598 | 6,015 |
Grid [Member] | EMEA [Member] | ||
Revenues | 258 | 1,146 |
Wind [Member] | ||
Revenues | 1,919 | 3,498 |
Wind [Member] | Americas [Member] | ||
Revenues | 19 | 12 |
Wind [Member] | Asia Pacific [Member] | ||
Revenues | 1,870 | 3,269 |
Wind [Member] | EMEA [Member] | ||
Revenues | 30 | 217 |
Equipment and Systems [Member] | Grid [Member] | ||
Revenues | 21,159 | 16,537 |
Equipment and Systems [Member] | Wind [Member] | ||
Revenues | 1,033 | 2,618 |
Services and Technology Development [Member] | Grid [Member] | ||
Revenues | 2,342 | 1,178 |
Services and Technology Development [Member] | Wind [Member] | ||
Revenues | $ 886 | $ 880 |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Unbilled AR, beginning balance | $ 5,765 | $ 5,711 |
Deferred Program Costs, beginning balance | 978 | 1,631 |
Contract Liabilities, beginning balance | 21,258 | 26,142 |
Deferred Program Costs, increases for costs incurred to fulfill performance obligations | 1,434 | 1,978 |
Unbilled AR, beginning balance increase for balances acquired | 0 | |
Deferred Program Costs, beginning balance increase for balances acquired | 634 | |
Increase for balances acquired | 10,048 | |
Unbilled AR, increase (decrease) due to customer billings | (1,564) | (3,620) |
Increase (decrease) due to customer billings | 21,425 | 12,276 |
Unbilled AR,Decrease due to cost recognition on completed performance obligations | 0 | 0 |
Deferred Program Costs, decrease due to cost recognition on completed performance obligations | (2,041) | (2,815) |
Unbilled AR, increase (decrease) due to recognition of revenue based on transfer of control of performance obligations | 4,360 | 2,033 |
Deferred Program Costs, increase (decrease) due to recognition of revenue based on transfer of control of performance obligations | 0 | 0 |
Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations | (24,355) | (16,227) |
Unbilled AR, other changes and FX impact | 0 | 1 |
Deferred Program Costs, other changes and FX impact | 3 | 7 |
Other changes and FX impact | 246 | 194 |
Unbilled AR, ending balance | 8,561 | 4,125 |
Deferred Program Costs, ending balance | 1,008 | 801 |
Contract Liabilities, ending balance | $ 28,622 | $ 22,385 |
Note 3 - Revenue Recognition _3
Note 3 - Revenue Recognition - Revenues By Major Customers (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] - Grid [Member] | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Micron Technology [Member] | ||
Concentration risk percentage | 21.00% | |
EPC Services Company [Member] | ||
Concentration risk percentage | 24.00% | |
Nextera Energy Resources [Member] | ||
Concentration risk percentage | 12.00% | |
Ascend Performance Materials Ops LLC [Member] | ||
Concentration risk percentage | 10.00% | 0.00% |
Siemens Gamesa Renewable Energy [Member] | ||
Concentration risk percentage | 25.00% |
Note 4 - Stock-based Compensa_3
Note 4 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |
Immediately Vested Common Stock [Member] | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 119,044 | 27,341 | |
Immediately Vested Common Stock Issued in Lieu of Cash Bonuses [Member] | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 110,752 | ||
Restricted Stock [Member] | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 309,700 | 658,667 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 7,700 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 24 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 Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 |
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 | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Total stock-based compensation expense | $ 1,292 | $ 909 |
Cost of Sales [Member] | ||
Total stock-based compensation expense | 91 | 28 |
Research and Development Expense [Member] | ||
Total stock-based compensation expense | 247 | 130 |
Selling, General and Administrative Expenses [Member] | ||
Total stock-based compensation expense | $ 954 | $ 751 |
Note 5 - Computation of Net L_3
Note 5 - Computation of Net Loss Per Common Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1.1 | |
Shares Tied to Derivative Liability [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.1 | 0.1 |
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 | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Net loss | $ (5,403) | $ (3,417) |
Weighted-average shares of common stock outstanding (in shares) | 27,919 | 22,827 |
Weighted-average shares subject to repurchase (in shares) | (1,093) | (1,138) |
Shares used in per-share calculation - basic (in shares) | 26,826 | 21,689 |
Shares used in per-share calculation - diluted (in shares) | 26,826 | 21,689 |
Net loss per share - basic (in dollars per share) | $ (0.20) | $ (0.16) |
Net loss per share - diluted (in dollars per share) | $ (0.20) | $ (0.16) |
Note 6 - Goodwill and Other I_3
Note 6 - Goodwill and Other Intangibles (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Amortization of Intangible Assets, Total | $ 0.6 | $ 0.1 |
Backlog [Member] | Maximum [Member] | ||
Amortization of Intangible Assets, Total | $ 0.1 |
Note 6 - Goodwill and Other I_4
Note 6 - Goodwill and Other Intangibles - Goodwill (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2021USD ($) | |
March 31, 2021 | $ 34,634 |
June 30, 2021 | 43,471 |
Grid [Member] | |
March 31, 2021 | 34,634 |
Neeltran Acquisition | 8,837 |
Less impairment loss | 0 |
June 30, 2021 | $ 43,471 |
Note 6 - Goodwill and Other I_5
Note 6 - Goodwill and Other Intangibles - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Accumulated Amortization | $ (4,739) | $ (4,117) |
Net Book Value | 11,512 | |
Intangible assets, gross amount | 18,051 | 13,270 |
Intangible assets, net | 13,312 | 9,153 |
Trade Names [Member] | ||
Trade name | 1,800 | 600 |
Backlog [Member] | ||
Gross Amount | 681 | 600 |
Accumulated Amortization | (512) | (475) |
Net Book Value | $ 169 | 125 |
Estimated Useful Life (Year) | 2 years | |
Customer Relationships [Member] | ||
Gross Amount | $ 9,600 | 6,100 |
Accumulated Amortization | (1,203) | (739) |
Net Book Value | $ 8,397 | 5,361 |
Estimated Useful Life (Year) | 7 years | |
Core Technology and Know-how [Member] | ||
Gross Amount | $ 5,970 | 5,970 |
Accumulated Amortization | (3,024) | (2,903) |
Net Book Value | $ 2,946 | $ 3,067 |
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 | Jun. 30, 2021USD ($) |
2022 | $ 2,028 |
2023 | 2,765 |
2024 | 2,152 |
2025 | 1,648 |
2026 | 1,221 |
Thereafter | 1,698 |
Total | $ 11,512 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Oct. 01, 2020 | |
Debt Securities, Available-for-sale, Unrealized Gain (Loss), Total | $ 0 | $ 100 | |
Northeast Power Systems, Inc (NEPSI) [Member] | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High, Number of Shares (in shares) | 1,000,000 | 1,000,000 |
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 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Oct. 01, 2020 |
Fair value | $ 7,200 | $ 7,100 | $ 6,700 | $ 4,000 |
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | ||||
Cash equivalents | 28,107 | 54,104 | ||
Marketable securities | 5,165 | 5,140 | ||
Fair value | 7,150 | 7,050 | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash equivalents | 28,107 | 54,104 | ||
Marketable securities | 5,165 | 5,140 | ||
Fair value | 0 | 0 | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Cash equivalents | 0 | 0 | ||
Marketable securities | 0 | 0 | ||
Fair value | 0 | 0 | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Cash equivalents | 0 | 0 | ||
Marketable securities | 0 | 0 | ||
Fair value | $ 7,150 | $ 7,050 |
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 | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Balance | $ 7,050 |
Mark to market adjustment | 100 |
Balance | $ 7,150 |
Note 8 - Accounts Receivable -
Note 8 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Accounts receivable (billed) | $ 15,347 | $ 7,502 |
Accounts receivable (unbilled) | 8,561 | 5,765 |
Accounts receivable, net | $ 23,908 | $ 13,267 |
Note 9 - Inventory (Details Tex
Note 9 - Inventory (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Inventory Write-down | $ 624 | $ 789 |
Note 9 - Inventory - Summary of
Note 9 - Inventory - Summary of Net Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Raw materials | $ 9,756 | $ 8,255 |
Work-in-process | 9,600 | 3,297 |
Finished goods | 1,791 | 777 |
Deferred program costs | 1,008 | 977 |
Net inventory | $ 22,155 | $ 13,306 |
Note 10 - Property, Plant and_3
Note 10 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Depreciation, Depletion and Amortization, Total | $ 0.6 | $ 0.9 |
Note 10 - Property, Plant and_4
Note 10 - Property, Plant and Equipment - Cost and Accumulated Depreciation of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Property, plant and equipment, gross | $ 58,153 | $ 51,413 |
Less accumulated depreciation | (43,086) | (42,416) |
Property, plant and equipment, net | 15,067 | 8,997 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 286 | 220 |
Land [Member] | ||
Property, plant and equipment, gross | 980 | 270 |
Building [Member] | ||
Property, plant and equipment, gross | 5,270 | 1,630 |
Equipment and Software [Member] | ||
Property, plant and equipment, gross | 43,773 | 41,652 |
Finance Lease, Right-of-use [Member] | ||
Property, plant and equipment, gross | 12 | 0 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 1,380 | 1,333 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | $ 6,452 | $ 6,308 |
Note 11 - Accounts Payable an_3
Note 11 - Accounts Payable and Accrued Expenses (Details Textual) | 3 Months Ended |
Jun. 30, 2021 | |
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 | Jun. 30, 2021 | Mar. 31, 2021 |
Accounts payable | $ 16,520 | $ 5,353 |
Accrued inventories in-transit | 1,927 | 1,460 |
Accrued other miscellaneous expenses | 2,800 | 2,369 |
Advanced deposits | 2,152 | 1,035 |
Accrued compensation | 7,291 | 7,018 |
Income taxes payable | 563 | 522 |
Accrued product warranty | 2,186 | 2,053 |
Total | $ 33,439 | $ 19,810 |
Note 11 - Accounts Payable an_5
Note 11 - Accounts Payable and Accrued Expenses - Product Warranty Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Balance at beginning of period | $ 2,053 | $ 2,015 |
Acquired warranty obligations | 248 | 0 |
Change in accruals for warranties during the period | 107 | 236 |
Settlements during the period | (222) | (83) |
Balance at end of period | $ 2,186 | $ 2,168 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Expense (Benefit), Total | $ (2,128) | $ 188 |
Deferred Tax Liabilities, Other Finite-Lived Assets | 2,300 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (2,300) | |
Liability for Uncertainty in Income Taxes, Current | 0 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Note 13 - Contingent Consider_3
Note 13 - Contingent Consideration (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 100 | $ 0 |
Note 13 - Contingent Consider_4
Note 13 - Contingent Consideration - Summary of the Key Assumptions Used to Calculate Fair Value of Warrants (Details) $ in Millions | Jun. 30, 2021USD ($)d | Mar. 31, 2021USD ($)d | Dec. 31, 2020USD ($)d | Oct. 01, 2020USD ($)d |
Fair value | $ | $ 7.2 | $ 7.1 | $ 6.7 | $ 4 |
Measurement Input, Revenue Risk Premium [Member] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.0660 | 0.0670 | 0.0690 | 0.0710 |
Measurement Input, Revenue Volatility [Member] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.30 | 0.30 | 0.30 | 0.30 |
Measurement Input, Share Price [Member] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 17.39 | 18.96 | 23.42 | 14.23 |
Measurement Input, Payment Delay [Member] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | d | 80 | 80 | 80 | 0 |
Note 14 - Debt (Details Textual
Note 14 - Debt (Details Textual) $ in Thousands | Jun. 30, 2021USD ($) | May 06, 2021 | Mar. 31, 2021USD ($) |
Debt, Current, Total | $ 72 | $ 0 | |
Long-term Debt, Excluding Current Maturities, Total | 143 | $ 0 | |
Equipment Financing Agreements Assumed In Business Acquisition [Member] | |||
Debt, Current, Total | 100 | ||
Long-term Debt, Excluding Current Maturities, Total | $ 100 | ||
Neeltran Inc. [Member] | |||
Business Combination, Number of Equipment Financing Agreement Assumed | 4 |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) - USD ($) | Jun. 30, 2021 | May 06, 2021 | Mar. 31, 2021 | Feb. 29, 2020 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 12,200 | $ 13,200 | $ 0 | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 1,000 | |||
Finance Lease, Liability, Total | $ 13,200 | |||
Neeltran Inc. [Member] | ||||
Lessee, Finance Lease, Term of Contract (Month) | 39 months | |||
Maximum [Member] | ||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 15 - Leases - Operating Le
Note 15 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) | Jun. 30, 2021 | May 06, 2021 | Mar. 31, 2021 |
Right-of-use assets - Financing | $ 12,200 | $ 13,200 | $ 0 |
Right-of-use assets | 3,764,000 | 3,747,000 | |
Total right-of-use assets | 3,776,000 | 3,747,000 | |
Lease liabilities - ST Financing | 6,000 | 0 | |
Lease liabilities - ST Operating | 690,000 | 612,000 | |
Lease liabilities - LT Financing | 6,000 | 0 | |
Lease liabilities - LT Operating | 3,188,000 | 3,246,000 | |
Total lease liabilities | $ 3,890,000 | $ 3,858,000 | |
Weighted-average remaining lease term (Year) | 5 years 5 months 26 days | 5 years 9 months 25 days | |
Weighted-average discount rate | 6.55% | 6.72% |
Note 15 - Leases - Lease Cost (
Note 15 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating lease costs - fixed | $ 231 | $ 178 |
Operating lease costs - variable | 32 | 27 |
Short-term lease costs | 67 | 168 |
Total lease costs | $ 330 | $ 373 |
Note 15 - Leases - Minimum Futu
Note 15 - Leases - Minimum Future Lease Obligation (Details) $ in Thousands | Jun. 30, 2021USD ($) |
2022 | $ 695 |
2023 | 894 |
2024 | 799 |
2025 | 674 |
2026 | 673 |
Thereafter | 934 |
Total minimum lease payments | 4,669 |
Less: interest | 779 |
Present value of lease liabilities | $ 3,890 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Restricted Cash and Cash Equivalents, Noncurrent, Total | $ 5,568 | $ 5,568 | $ 5,600 |
Restricted Cash and Cash Equivalents, Current, Total | 2,300 | $ 2,200 | |
Letter of Credit [Member] | |||
Escrow Deposit | $ 5,000 |
Note 17 - Business Segments (De
Note 17 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Number of Reportable Segments | 2 | |
Number of Operating Segments | 2 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 100 | $ 0 |
Share-based Payment Arrangement, Expense | 1,292 | 909 |
Corporate, Non-Segment [Member] | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 100 | |
Share-based Payment Arrangement, Expense | $ 1,300 | $ 900 |
Note 17 - Business Segments - O
Note 17 - Business Segments - Operating Results for Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 25,420 | $ 21,213 |
Operating profit (loss) | (7,499) | (3,217) |
Corporate, Non-Segment [Member] | ||
Operating profit (loss) | (1,391) | (909) |
Grid [Member] | ||
Revenues | 23,501 | 17,715 |
Grid [Member] | Operating Segments [Member] | ||
Operating profit (loss) | (5,345) | (1,188) |
Wind [Member] | ||
Revenues | 1,919 | 3,498 |
Wind [Member] | Operating Segments [Member] | ||
Operating profit (loss) | $ (763) | $ (1,120) |
Note 17 - Business Segments - T
Note 17 - Business Segments - Total Business Segments Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Total assets | $ 192,167 | $ 168,866 | $ 168,866 |
Operating Segments [Member] | Grid [Member] | |||
Total assets | 121,355 | 81,253 | |
Operating Segments [Member] | Wind [Member] | |||
Total assets | 6,949 | 6,098 | |
Corporate, Non-Segment [Member] | |||
Total assets | $ 63,863 | $ 81,515 |