Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | May 24, 2024 | Sep. 30, 2023 | |
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 | FY | ||
Document Fiscal Year Focus | 2024 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2024 | ||
Document Transition Report | false | ||
Entity File Number | 000-19672 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-2959321 | ||
Entity Address, Address Line One | 114 East Main Street | ||
Entity Address, City or Town | 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 | $0.01 par value per share | ||
Trading Symbol | AMSC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 219,500,000 | ||
Entity Common Stock, Shares Outstanding | 36,994,517 | ||
Auditor Name | RSM US LLP | ||
Auditor Location | Boston, MA | ||
Auditor Firm ID | 49 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 90,522 | $ 23,360 |
Accounts receivable, net | 26,325 | 30,665 |
Inventory, net | 41,857 | 36,986 |
Prepaid expenses and other current assets | 7,295 | 13,429 |
Restricted cash | 468 | 1,733 |
Total current assets | 166,467 | 106,173 |
Property, plant and equipment, net | 10,861 | 12,309 |
Intangibles, net | 6,369 | 8,527 |
Right-of-use assets | 2,557 | 2,857 |
Goodwill | 43,471 | 43,471 |
Restricted cash | 1,290 | 582 |
Deferred tax assets | 1,119 | 1,114 |
Other assets | 637 | 528 |
Total assets | 232,771 | 175,561 |
Liabilities, Current [Abstract] | ||
Accounts payable and accrued expenses | 24,235 | 38,383 |
Lease liability, current portion | 716 | 808 |
Debt, current portion | 25 | 75 |
Contingent consideration | 3,100 | 1,270 |
Deferred revenue, current portion | 50,732 | 43,572 |
Total current liabilities | 78,808 | 84,108 |
Deferred revenue, long term portion | 7,097 | 7,188 |
Lease liability, long term portion | 1,968 | 2,184 |
Deferred tax liabilities | 300 | 243 |
Debt, long-term portion | 0 | 15 |
Other liabilities | 27 | 26 |
Total liabilities | 88,200 | 93,764 |
Commitments and Contingencies (Note 17) | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 75,000,000 shares authorized; 37,343,812 and 29,937,119 shares issued and 36,946,181 and 29,539,488 shares outstanding at March 31, 2024 and 2023, respectively | 373 | 299 |
Additional paid-in capital | 1,212,913 | 1,139,113 |
Treasury stock, at cost, 397,631 at March 31, 2024 and 2023, respectively | (3,639) | (3,639) |
Accumulated other comprehensive income | 1,582 | 1,571 |
Accumulated deficit | (1,066,658) | (1,055,547) |
Total stockholders' equity | 144,571 | 81,797 |
Total liabilities and stockholders' equity | $ 232,771 | $ 175,561 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2024 | Mar. 31, 2023 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 37,343,812 | 29,937,119 |
Common stock, shares outstanding (in shares) | 36,946,181 | 29,539,488 |
Treasury stock, common shares (in shares) | 397,631 | 397,631 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 145,639 | $ 105,984 |
Cost of revenues | 110,356 | 97,463 |
Gross profit | 35,283 | 8,521 |
Operating expenses: | ||
Research and development | 7,991 | 8,966 |
Selling, general and administrative | 31,600 | 28,700 |
Amortization of acquisition related intangibles | 2,152 | 2,746 |
Change in fair value of contingent consideration | 4,922 | 70 |
Restructuring | (14) | 1,048 |
Total operating expenses | 46,651 | 41,530 |
Operating loss | (11,368) | (33,009) |
Interest income, net | 1,302 | 252 |
China dissolution | 0 | (1,921) |
Other expense, net | (736) | (148) |
Loss before income tax expense | (10,802) | (34,826) |
Income tax expense | 309 | 215 |
Net loss | $ (11,111) | $ (35,041) |
Net loss per common share | ||
Basic (in dollars per share) | $ (0.37) | $ (1.26) |
Diluted (in dollars per share) | $ (0.37) | $ (1.26) |
Weighted average number of common shares outstanding | ||
Basic (in shares) | 29,825 | 27,848 |
Diluted (in shares) | 29,825 | 27,848 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net loss | $ (11,111) | $ (35,041) |
Other comprehensive income, net of tax: | ||
China dissolution | 0 | 1,921 |
Foreign currency translation gain (loss) | 11 | (59) |
Total other comprehensive income, net of tax | 11 | 1,862 |
Comprehensive loss | $ (11,100) | $ (33,179) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2022 | 28,920 | |||||
Balance at Mar. 31, 2022 | $ 289 | $ 1,133,536 | $ (3,639) | $ (291) | $ (1,020,506) | $ 109,389 |
Issuance of common stock - ESPP (in shares) | 60 | |||||
Issuance of common stock - ESPP | $ 1 | 234 | 0 | 0 | 0 | 235 |
Issuance of common stock - restricted shares, net of forfeited shares (in shares) | 827 | |||||
Issuance of common stock - restricted shares, net of forfeited shares | $ 8 | (8) | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 4,729 | 4,729 | ||||
Issuance of stock for 401(k) match (in shares) | 130 | |||||
Issuance of stock for 401(k) match | $ 1 | 622 | 0 | 0 | 0 | 623 |
Cumulative translation adjustment | 1,862 | 1,862 | ||||
Net loss | (35,041) | $ (35,041) | ||||
Balance (in shares) at Mar. 31, 2023 | 29,937 | 29,539,488 | ||||
Balance at Mar. 31, 2023 | $ 299 | 1,139,113 | (3,639) | 1,571 | (1,055,547) | $ 81,797 |
Issuance of common stock - ESPP (in shares) | 34 | |||||
Issuance of common stock - ESPP | $ 0 | 279 | 0 | 0 | 0 | 279 |
Issuance of common stock - restricted shares, net of forfeited shares (in shares) | 682 | |||||
Issuance of common stock - restricted shares, net of forfeited shares | $ 7 | (7) | 0 | 0 | 0 | 0 |
Stock-based compensation expense | $ 0 | 4,652 | 0 | 0 | 0 | 4,652 |
Issuance of stock for 401(k) match (in shares) | 80 | |||||
Issuance of stock for 401(k) match | $ 1 | 623 | 0 | 0 | 0 | 624 |
Cumulative translation adjustment | 0 | 0 | 0 | 11 | 0 | 11 |
Net loss | $ 0 | 0 | 0 | 0 | (11,111) | (11,111) |
Issuance of common stock for contingent consideration (in shares) | 400 | |||||
Issuance of common stock for contingent consideration | $ 4 | 3,088 | 0 | 0 | 0 | 3,092 |
Issuance of common stock - equity offering (in shares) | 6,210 | |||||
Issuance of common stock - equity offering | $ 62 | 65,165 | 0 | 0 | 0 | $ 65,227 |
Balance (in shares) at Mar. 31, 2024 | 37,343 | 36,946,181 | ||||
Balance at Mar. 31, 2024 | $ 373 | $ 1,212,913 | $ (3,639) | $ 1,582 | $ (1,066,658) | $ 144,571 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (11,111) | $ (35,041) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation and amortization | 4,494 | 5,361 |
Stock-based compensation expense | 4,652 | 4,729 |
Provision for excess and obsolete inventory | 1,970 | 1,467 |
Deferred income taxes | 65 | 24 |
Change in fair value of contingent consideration | 4,922 | 70 |
China dissolution | 0 | 1,921 |
Other non-cash items | 44 | 600 |
Unrealized foreign exchange gain on cash and cash equivalents | (2) | (226) |
Changes in operating asset and liability accounts: | ||
Accounts receivable | 4,340 | (10,360) |
Inventory | (6,841) | (14,796) |
Prepaid expenses and other current assets | 6,313 | (5,757) |
Accounts payable and accrued expenses | (13,825) | 8,660 |
Deferred revenue | 7,117 | 20,863 |
Net cash provided by (used in) operating activities | 2,138 | (22,485) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (934) | (1,236) |
Change in other assets | (27) | (281) |
Net cash used in investing activities | (961) | (1,517) |
Cash flows from financing activities: | ||
Repayment of debt | (65) | (73) |
Proceeds from public equity offering, net | 65,227 | 0 |
Proceeds from exercise of ESPP | 279 | 235 |
Net cash provided by financing activities | 65,441 | 162 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (13) | 29 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 66,605 | (23,811) |
Cash, cash equivalents and restricted cash at beginning of year | 25,675 | 49,486 |
Cash, cash equivalents and restricted cash at end of year | 92,280 | 25,675 |
Supplemental schedule of cash flow information: | ||
Cash paid for income taxes, net of refunds | 286 | 350 |
Non-cash investing and financing activities | ||
Issuance of common stock to settle contingent consideration | 3,092 | 0 |
Issuance of common stock to settle liabilities | $ 624 | $ 623 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business and Operations and Liquidity | 12 Months Ended |
Mar. 31, 2024 | |
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 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 Liquidity The Company has historically experienced recurring operating losses and as of March 31, 2024 March 31, 2024 March 31, 2024 In January 2024, 3 three March 15, 2027 ( 3” 3 3 3 On January 31, 2024, "2024 2024 2024 February 14, 2024. In recent periods, the Company has experienced inflationary pressure in its supply chain and some delays in sourcing materials needed for its products resulting in some production disruption, both of which have increased the Company's cost of revenues and decreased gross margin. While the impact of inflation has been challenging, the Company has taken actions to limit this pressure, including adjusting the pricing of its products and services. Changes in macroeconomic conditions arising from various reasons, such as the ongoing wars between Russia and Ukraine and Israel and Hamas, inflation, rising interest rates, labor force availability, sourcing, material delays and global supply chain disruptions could have a material adverse effect on the Company's business, financial condition and results of operation. From time-to-time the Company may January 2023, March 31, 2024 2023. The Company believes that based on the information presented above and its annual management assessment, it has sufficient liquidity to fund its operations and capital expenditures for the next twelve March 31, 2024 may no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions are eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not may may Cash Equivalents Cash equivalents consist of highly liquid instruments with maturities of three 1 Accounts Receivable Accounts receivable consist of amounts owed by commercial companies and government agencies. Accounts receivable are stated net of allowances for credit losses. The Company’s accounts receivable relate principally to a limited number of customers. As of March 31, 2024 and INOX Wind Limited accounted for approximately 14% and 12% of the Company's accounts receivable balance, respectively, with no 10% March 31, 2023 no 10% may may not March 31, 2024 2023 may Inventory Inventories include material, direct labor and related manufacturing overhead, and are stated at the lower of cost, determined on a first first Program costs may At each balance sheet date, the Company evaluates its ending inventories for excess quantities and obsolescence. Inventories that management considers excess or obsolete are reserved. Management considers forecasted demand in relation to the inventory on hand, competitiveness of product offerings, market conditions and product life cycles when determining excess and obsolescence and net realizable value adjustments. Once inventory is written down and a new cost basis is established, it is not For the fiscal years ended March 31, 2024 2023 Leases 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 has 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. Leases include all agreements in which the Company obtains control of a physical asset. Leases are captured on the balance sheet as both a right of use asset and associated lease liability and are valued based on the commencement of the Company's control of the asset, after being discounted by its incremental borrowing rate. The Company's lease portfolio is made up primarily of real estate leases for its various offices, but also include items such as vehicles, IT equipment and other miscellaneous tools and equipment needed for manufacturing. The Company's incremental borrowing rate was determined through an analysis to identify what rates it could obtain if the Company were to secure external financing for similar transactions, and includes considerations of both the market and its current credit ratings. An analysis is performed annually, or upon execution of any individually material agreement, to ensure that the rates being applied to newly acquired leases are still accurate. The majority of the Company's leases are classified as operating leases, and therefore the expense is captured in operating loss from operations each period. The Company has elected to exclude all leases of less than twelve not Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company accounts for depreciation and amortization using the straight-line method to allocate the cost of property, plant and equipment over their estimated useful lives as follows: Asset Classification Estimated Useful Life in Years Machinery and equipment 3-10 Furniture and fixtures 3-5 Leasehold improvements Shorter of the estimated useful life or the remaining lease term Expenditures for maintenance and repairs are expensed as incurred. Upon retirement or other disposition of assets, the costs and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in operating expenses. Valuation of Long-Lived Assets The Company periodically evaluates its long-lived assets, consisting principally of fixed assets and definite-lived intangible assets, for potential impairment. In accordance with the applicable accounting guidance for the treatment of long-lived assets, the Company reviews the carrying value of its long-lived assets or asset group that is held and used, including intangible assets subject to amortization, for impairment whenever events and circumstances indicate that the carrying value of the assets may not may not There were no March 31, 2024 2023 Goodwill Goodwill represents the excess of cost over net assets of acquired businesses that are consolidated. The Company performs its annual assessment of goodwill on February 28th may not first not not not 4, The Company performed its annual assessment of goodwill on February 29, 2024 no March 31, 2024 , and determined that there was no no March 31, 2023 Revenue Recognition Revenue contracts are defined as an arrangement that creates enforceable rights and obligations of both parties where collection of the contract price is deemed probable. five can occur at the time of delivery, installation or post-installation where applicable. The Company's equipment and system product line includes certain contracts which do not not 606. For certain arrangements, such as contracts to perform research and development, prototype development contracts and certain customized product sales, the Company records revenues using the over-time method, measured by the relationship of costs incurred to total estimated contract costs. Over-time revenue recognition accounting is predominantly used on certain turnkey power systems installations for electric utilities and long-term prototype development contracts with the U.S. government. The Company follows this method when any of the three no not may not The Company enters into sales arrangements that may may Performance obligations are separated into more than one 1 2 The Company reviews SSP and the related margins at least annually. The Company’s license agreements provide either for the payment of contractually determined paid-up front license fees or milestone based payments in consideration for the grant of rights to manufacture and/or sell products using its patented technologies or know-how. Some of these agreements provide for the release of the licensee from past and future intellectual property infringement claims. When the Company can determine that it has no may no not Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined that collectability of any portion of the contract value is not not Infrequently, the Company receives requests from customers to hold product being purchased from us for a valid business purpose. The Company recognizes revenues for such arrangements provided the transaction meets, at a minimum, the following criteria: a valid business purpose for the arrangement exists; risk of ownership of the purchased product has been transferred to the buyer; there is a fixed delivery date that is reasonable and consistent with the buyer’s business purpose; the product is ready for shipment; there are no March 31, 2024 no March 31, 2023 The Company has elected to record taxes collected from customers on a net basis and does not The Company’s contract assets and liabilities primarily relate to the timing differences between cash received from a customer in connection with contractual rights to invoicing and the timing of revenue recognition following completion of performance obligations. The Company's accounts receivable balance is made up entirely of customer contract related balances. Business Acquisitions The Company accounts for acquisitions using the purchase method of accounting in accordance with ASC 805, Business Combinations Determining the fair value of certain assets and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions as well as the use of specialists as needed. The consideration for its acquisitions may 12 Product Warranty Warranty obligations are incurred in connection with the sale of the Company’s products. The Company provides assurance-type warranties on all product sales for a term of typically one three four Research and Development Costs Research and development costs are expensed as incurred. Income Taxes The Company’s provision for income taxes is comprised of a current and a deferred portion. The current income tax provision is calculated as the estimated taxes payable or refundable on tax returns for the current fiscal year. The deferred income tax provision is calculated for the estimated future tax effects attributable to temporary differences and carry-forwards using expected tax rates in effect in the years during which the differences are expected to reverse. Deferred income taxes are recognized for the tax consequences in future fiscal years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each fiscal year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. The Company has provided a valuation allowance against its U.S. and Romania deferred income tax assets since the Company believes that it is more likely than not not Accounting for income taxes requires a two first not second 50% not 13, Stock-Based Compensation The Company accounts for stock-based payment transactions using a fair value-based method and recognizes the related expense in the results of operations. Stock-based compensation is estimated at the grant date based on the fair value of the award and is recognized as expense over the requisite service period of the award. The fair value of restricted stock awards is determined by reference to the fair market value of the Company’s common stock on the date of grant. The Company uses the Black-Scholes option pricing model to estimate the fair value of option awards with service and performance conditions. For awards with service conditions only, the Company recognizes compensation cost on a straight-line basis over the requisite service/vesting period. For awards with performance conditions, estimates of compensation cost are made based on the probable outcome of the performance conditions. The cumulative effect of changes in the probability outcomes are recorded in the period in which the changes occur. Determining the appropriate fair value model and related assumptions requires judgment, including estimating stock price volatilities of the Company’s common stock and expected terms. The expected volatility rates are estimated based on historical and implied volatilities of the Company’s common stock. The expected term represents the average time that the options that vest are expected to be outstanding based on the vesting provisions and the Company’s historical exercise, cancellation and expiration patterns. The Company estimates pre-vesting forfeitures when recognizing compensation expense based on historical and forward-looking factors. Changes in estimated forfeiture rates and differences between estimated forfeiture rates and actual experience may may The Company accounts in the same manner as other share-based payments for employees, with the measurement being based on the fair value at the grant date. The non-employee share based payments will be included within the Company's stock compensation currently reported. Computation of Net Loss per Common Share Basic net loss per share (“EPS”) is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed in periods of net income, 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. For the fiscal years ended March 31, 2024 2023 809,949, 1,421,771 not not reconciles March 31, 2024 2023 Fiscal year ended March 31, 2024 2023 Numerator: Net loss $ (11,111 ) $ (35,041 ) Denominator: Weighted-average shares of common stock outstanding 31,277 29,038 Weighted-average shares subject to repurchase (1,452 ) (1,190 ) Shares used in per-share calculation ― basic 29,825 27,848 Shares used in per-share calculation ― diluted 29,825 27,848 Net loss per share ― basic $ (0.37 ) $ (1.26 ) Net loss per share ― diluted $ (0.37 ) $ (1.26 ) Foreign Currency Translation The functional currency of all the Company’s foreign subsidiaries is the U.S. dollar, except for AMSC Austria, for which the local currency (Euro) is the functional currency. The assets and liabilities of AMSC Austria are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and income and expense items are translated at average rates for the period. Cumulative translation adjustments are excluded from net loss and shown as a separate component of stockholders’ equity. Net foreign currency gains and losses are included in other expense, net on the consolidated statements of operations and were net losses of $0.7 million and $0.1 million, for the fiscal years ended March 31, 2024 2023 no Risks and Uncertainties The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates and would impact future results of operations and cash flows. The Company invests its available cash in high credit, quality financial instruments and invests primarily in investment-grade marketable securities, including, but not Several of the Company’s government contracts are being funded incrementally, and as such, are subject to the future authorization, appropriation, and availability of government funding. The Company has a history of successfully obtaining financing under incrementally-funded contracts with the U.S. government and it expects to continue to obtain additional contract modifications in the year ending March 31, 2025 Contingencies From time to time, the Company may not not not not 17, Disclosure of Fair Value of Financial Instruments The Company’s financial instruments consist principally of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses, and derivatives. The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, short-term debt, accounts payable, and accrued expenses due to their short nature approximate fair value at March 31, 2024 2023 3 5, |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 12 Months Ended |
Mar. 31, 2024 | |
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. March 31, 2024 2023 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. In the Company's service and technology development product line, there are several different types of transactions and each begins with a contract with a customer that summarizes each product sold to a customer, which typically represents distinct performance obligations. The technology development transactions are primarily for activities that have no not not not 606, no The Company's service contracts can include a purchase order from a customer for specific goods in which each item is a distinct performance obligation satisfied at a point in time at which control of the goods is transferred to the customer. This transfer occurs based on the contracted delivery terms or when the requested service work has been completed. The transaction price for these goods is allocated based on the adjusted market approach considering similar transactions under similar circumstances. Service contracts are also derived from ongoing maintenance contracts and extended service-type warranty contracts. In these transactions, the Company is contracted to provide an ongoing service over a specified period of time. As the customer is consuming the benefits as the service is being provided the revenue is recognized over time ratably. The Company’s policy is not The Company provides assurance-type warranties on all product sales for a term of typically one three four The Company records revenue net of sales tax, value added tax, excise tax and other taxes collected concurrent with revenue-producing activities. The Company has elected to recognize the cost for freight and shipping when control over the products sold passes to customers and revenue is recognized. The Company has elected to recognize incremental costs of obtaining a contract as expense when incurred except in contracts where the amortization period would exceed twelve March 31, 2024 2023, not not twelve The Company monitors costs to meet its obligations on its customer contracts. When it is evident that there is a loss expected on a contract, a contract loss is accrued in the period. During the year ended March 31, 2023, March 31, 2023 March 31, 2024 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 (in thousands): Year Ended March 31, 2024 Product Line: Grid Wind Equipment and systems $ 112,829 $ 21,211 Services and technology development 9,236 2,363 Total $ 122,065 $ 23,574 Region: Americas $ 107,036 $ 102 Asia Pacific 9,768 23,404 EMEA 5,261 68 Total $ 122,065 $ 23,574 Year Ended March 31, 2023 Product Line: Grid Wind Equipment and systems $ 88,311 $ 9,282 Services and technology development 6,320 2,071 Total $ 94,631 $ 11,353 Region: Americas $ 67,664 $ 19 Asia Pacific 20,326 11,199 EMEA 6,641 135 Total $ 94,631 $ 11,353 In the fiscal years ended March 31, 2024 2023 As of March 31, 2024 March 31, 2023 ferred program costs” (see Note 6, 7, Unbilled AR Deferred Program Costs Contract Liabilities Ending balance as of March 31, 2023 $ 9,958 $ 2,136 $ 50,760 Increases for costs incurred to fulfill performance obligations — 4,411 — Increase (decrease) due to customer billings (20,392 ) — 77,685 Decrease due to cost recognition on completed performance obligations — (4,021 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 16,572 — (70,529 ) Other changes and foreign currency exchange impact 12 (3 ) (87 ) Ending balance as of March 31, 2024 $ 6,150 $ 2,523 $ 57,829 Unbilled AR Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2022 $ 6,492 $ 858 $ 30,034 Increases for costs incurred to fulfill performance obligations — 2,476 — Increase (decrease) due to customer billings (14,373 ) — 77,489 Decrease due to cost recognition on completed performance obligations — (1,189 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 17,839 — (56,643 ) Other changes and foreign currency exchange impact — (9 ) (120 ) Ending balance as of March 31, 2023 $ 9,958 $ 2,136 $ 50,760 The Company’s remaining performance obligations represent the unrecognized revenue value of the Company’s contractual commitments. The Company’s performance obligations may March 31, 2024 606 twelve thirteen sixty bly estimated. The following table sets forth customers who represented 10% March 31, 2024 2023 Year Ended Reportable March 31, Segment 2024 2023 Inox Wind Limited Wind 13 % <10% Fuji Bridex Pte Ltd Grid <10% 15 % |
Note 4 - Goodwill
Note 4 - Goodwill | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 4. The guidance under ASC 805 30, Business Combinations 2021, 2020, 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 February 28th not no March 31, 2024 2023 The Company performed its annual assessment of goodwill on February 29, 2024 no March 31, 2024 and determined that there was no no March 31, 2023 . |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. 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 March 31, 2024 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 Contingent Consideration Contingent consideration relates to the earnout payment set forth in the Stock Purchase Agreement governing the acquisition of Northeast Power Systems, Inc ("NEPSI") that provides that the selling stockholders may four September 2024. 12, The following table provides the assets and liabilities carried at fair value on a recurring basis, measured as of March 31, 2024 2023 Total Carrying Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2024: Assets: Cash equivalents $ 72,832 $ 72,832 $ — $ — Derivative liabilities: Contingent Consideration $ 3,100 $ — $ — $ 3,100 Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2023: Assets: Cash equivalents $ 7,913 $ 7,913 $ — $ — Derivative liabilities: Contingent Consideration $ 1,270 $ — $ — $ 1,270 The table below reflects the activity for the Company’s contingent consideration derivative liability measured at fair value on a recurring basis (in thousands): Acquisition Contingent Consideration Balance at March 31, 2022 $ 1,200 Change in fair value 70 Balance at March 31, 2023 $ 1,270 Change in fair value 4,922 Settlement of contingent consideration (3,092 ) Balance at March 31, 2024 $ 3,100 |
Note 6 - Accounts Receivable
Note 6 - Accounts Receivable | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounts Receivable [Text Block] | 6. Accounts receivable at March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Accounts receivable (billed) $ 20,175 $ 20,707 Accounts receivable (unbilled) 6,150 9,958 Accounts receivable $ 26,325 $ 30,665 |
Note 7 - Inventory
Note 7 - Inventory | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 7. Inventory, net of reserves, at March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Raw materials $ 20,622 $ 16,654 Work-in-process 14,872 15,200 Finished goods 3,840 2,996 Deferred program costs 2,523 2,136 Inventory $ 41,857 $ 36,986 The Company recorded inventory write-downs of $2.0 million and $1.5 million for the fiscal years ended March 31, 2024 2023 Deferred program costs as of March 31, 2024 March 31, 2023 |
Note 8 - Prepaid and Other Curr
Note 8 - Prepaid and Other Current Assets | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Prepaid and Other Current Assets [Text Block] | 8. During fiscal 2022, 2020 2021. first second 2021 first 2020. As accounting for payroll tax credits are not 740, Income Taxes 20, Accounting for Government Grants and Disclosure of Government Assistance 20, three March 31, 2021 June 30, 2021 three March 31, 2020. The Company recorded a $3.3 million receivable in prepaid expenses and other current assets and a benefit of $1.8 million to cost of revenues, $0.8 million to selling, general, and administrative, and $0.7 million to research and development in the fiscal year ended March 31, 2023 March 31, 2024 2024. |
Note 9 - Property, Plant and Eq
Note 9 - Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. The cost and accumulated depreciation of property, plant and equipment at March 31, 2024 2023 March 31, 2024 March 31, 2023 Land $ 980 $ 980 Construction in progress - equipment 226 748 Buildings 5,416 5,416 Equipment and software 44,095 43,156 Finance lease - right of use asset — 1 Furniture and fixtures 1,526 1,535 Leasehold improvements 6,990 6,815 Property, plant and equipment, gross 59,233 58,651 Less accumulated depreciation (48,372 ) (46,342 ) Property, plant and equipment, net $ 10,861 $ 12,309 Depreciation expense was $2.3 million and $2.6 million, for the fiscal years ended March 31, 2024 2023 |
Note 10 - Intangible Assets
Note 10 - Intangible Assets | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 10. Intangible assets at March 31, 2024 2023 2024 2023 Gross Amount Accumulated Amortization Net Book Value Gross Amount Accumulated Amortization Net Book Value Estimated Useful Life Backlog 681 (681 ) — 681 (675 ) 6 2 Trade names and trademarks 1,800 — 1,800 1,800 — 1,800 Indefinite Customer relationships 9,600 (6,649 ) 2,951 9,600 (4,980 ) 4,620 7 Core technology and know-how 5,970 (4,352 ) 1,618 5,970 (3,869 ) 2,101 5-10 Intangible assets $ 18,051 $ (11,682 ) $ 6,369 $ 18,051 $ (9,524 ) $ 8,527 The Company recorded intangible amortization expense of $2.2 million and $2.8 million, for the fiscal years ended March 31, 2024 2023 $0.1 million March 31, 2024 2023 Expected future amortization expense related to intangible assets is as follows (in thousands): Fiscal years ending March 31, Total 2025 $ 1,648 2026 1,221 2027 1,085 2028 543 2029 72 Total $ 4,569 The Company's intangible assets relate entirely to the Grid business segment operations in the United States. |
Note 11 - Accounts Payable and
Note 11 - Accounts Payable and Accrued Expenses | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 11. Accounts payable and accrued expenses at March 31, 2024 March 31, 2023 consisted March 31, 2024 March 31, 2023 Accounts payable $ 4,476 $ 13,935 Accrued inventories in-transit 539 2,267 Accrued other miscellaneous expenses 2,366 2,662 Accrued contract loss 97 3,464 Advanced deposits 2,270 5,653 Accrued compensation 10,326 5,430 Income taxes payable 346 409 Accrued product warranty 2,363 2,638 Accrued commissions 1,452 1,208 Accrued restructuring — 717 Total $ 24,235 $ 38,383 The Company generally provides a one three Product warranty activity was as follows (in thousands): Fiscal Years Ended March 31, 2024 2023 Balance at beginning of period $ 2,638 $ 2,066 Provisions for warranties during the period 1,751 2,276 Settlements during the period (2,026 ) (1,704 ) Balance at end of period $ 2,363 $ 2,638 |
Note 12 - Contingent Considerat
Note 12 - Contingent Consideration | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Business Combination, Contingent Consideration [Text Block] | 12. Contingent Consideration On October 1, 2020 ( may four The Company evaluated the NEPSI Acquisition earnout payment set forth in the NEPSI Stock Purchase Agreement, which is expected to require settlement in the Company's common stock, and determined the contingent consideration qualified for liability classification and derivative treatment under ASC 815, Derivatives and Hedging The 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: Fiscal Year 2023 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Revenue risk premium 5.50 % 5.70 % 5.30 % 5.20 % Revenue volatility 24.8 % 24.8 % 27.5 % 23 % Stock Price $ 13.51 $ 11.14 $ 7.55 $ 6.26 Payment delay (days) 80 80 80 80 Fair value (millions) $ 3.1 $ 1.2 $ 3.5 $ 2.6 Fiscal Year 2022 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 Revenue risk premium 5.30 % 5.30 % 5.20 % 6.60 % Revenue volatility 25 % 25 % 25 % 30 % Stock Price $ 4.91 $ 3.68 $ 4.38 $ 5.18 Payment delay (days) 80 80 80 80 Fair value (millions) $ 1.3 $ 0.9 $ 1.1 $ 1.4 The Company issued 399,999 shares of common stock, and cash in lieu of a fractional share of common stock, related to the achievement of specified revenue objectives at a fair value of $3.1 million in the twelve March 31, 2024 not 300,000 September 30, 2024. March 31, 2024 March 31, 2023 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. (Loss) income before income taxes for the fiscal years ended March 31, 2024 2023 follows Fiscal years ended March 31, 2024 2023 Income/(Loss) before income tax expense: U.S. $ (11,503 ) $ (33,924 ) Foreign 701 (902 ) Total $ (10,802 ) $ (34,826 ) The components of income tax expense attributable to continuing operations consist of the following (in thousands): Fiscal years ended March 31, 2024 2023 Current Federal $ 150 $ 62 Foreign 94 129 Total current 244 191 Deferred Federal 56 (54 ) Foreign 9 78 Total deferred 65 24 Income tax expense $ 309 $ 215 The reconciliation between the statutory federal income tax rate and the Company’s effective income tax rate is shown below. Fiscal years ended March 31, 2024 2023 Statutory federal income tax rate (21 )% (21 )% State income taxes, net of federal benefit (7 ) (2 ) Foreign income tax rate differential (2 ) 0 Research and development tax credit (4 ) 0 Mark to market adjustment on contigent consideration (10 ) 0 True-up of NOLs (58 ) 34 Other (4 ) 1 Valuation allowance 60 (9 ) Effective income tax rate 3 % 1 % The following is a summary of the principal components of the Company’s deferred tax assets and liabilities (in thousands): March 31, 2024 March 31, 2023 Deferred tax assets: Net operating loss carryforwards $ 155,714 $ 163,674 Research and development and other tax credit carryforwards 12,790 13,837 Capitalized research and development costs 3,514 2,186 Accruals and reserves 6,522 5,644 Fixed assets and intangible assets 639 638 Other 1,665 1,993 Gross deferred tax assets 180,844 187,972 Valuation allowance (177,112 ) (183,567 ) Total deferred tax assets 3,732 4,405 Deferred tax liabilities: Amortization (1,492 ) (2,011 ) Other (1,421 ) (1,523 ) Total deferred tax liabilities (2,913 ) (3,534 ) Net deferred tax assets $ 819 $ 871 Under the Tax Cuts and Jobs Act of 2017, 174 2022. five fifteen March 31, 2024 174. The Company has provided a full valuation allowance against its net deferred income tax assets in the U.S. and Romania since it is more likely than not not t a $177.1 March 31, 2024 not $6.5 March 31, 2023 At March 31, 2024 and $197.2 m March 31, 2025 2040. $103.1 $3.5 million of acquired losses from Power Quality Systems, Inc. and $0.3 million of acquired losses from Infinia Technology Corporation. Research and development and other tax credit carryforwards amounting to approximately $10.6 million and $2.8 million are availab 2025 2041. During the year ended March 31, 2023, March 31, 2023. As of March 31, 2024 March 31, 2028. Section 382 1986, may 2023 382 not The total amount of undistributed foreign earnings available to be repatriated at March 31, 2024 $2.2 $0.3 The Company has not not Accounting for income taxes requires a two first not second 50% not not March 31, 2024 not March 31, 2024 2023 There were no March 31, 2024 2023 The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. Any unrecognized tax benefits, if recognized, would favorably affect its effective tax rate in any future period. The Company does not twelve The Company conducts business globally and, as a result, its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. Major tax jurisdictions include the U.S. and Austria. All U.S. income tax filings for fiscal years ended March 31, 1997 2023 All fiscal years from the fiscal year ended March 31, 2022 2024 March 31, 2019 2024 |
Note 14 - Debt
Note 14 - Debt | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 14. As part of the acquisition of Neeltran, the Company identified four May 6, 2021. March 31, 2024 March 31, 2023 |
Note 15 - Leases
Note 15 - Leases | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 15. 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 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 March 31, 2024 2023 March 31, 2024 March 31, 2023 Leases: Right-of-use assets - Financing $ — $ 1 Right-of-use assets - Operating 2,557 2,857 Total right-of-use assets $ 2,557 $ 2,858 Lease liabilities - ST Financing $ — $ 1 Lease liabilities - ST Operating 716 807 Lease liabilities - LT Financing — — Lease liabilities - LT Operating 1,968 2,184 Total lease liabilities $ 2,684 $ 2,992 Weighted-average remaining lease term 3.49 3.95 Weighted-average discount rate 9.83 % 6.46 % The costs related to the Company's finance lease are not March 31, 2024 2023 Year ended Year ended March 31, 2024 March 31, 2023 Operating Lease: Operating lease costs - fixed $ 1,023 $ 1,026 Operating lease costs - variable 158 156 Short-term lease costs 149 127 Total lease costs $ 1,330 $ 1,309 The Company’s estimated minimum future lease obligations under the Company's leases are as follows: Operating Leases Year ended March 31, 2025 $ 936 2026 893 2027 750 2028 493 2029 102 Total minimum lease payments 3,174 Less: interest (490 ) Present value of lease liabilities $ 2,684 |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 16. Stock-Based Compensation Plans As of March 31, 2024 two 2007 “2007 2022 "2022 August 2, 2022, 2022 2007 2022 2007 2007 The 2022 422 1986, no 2022 2007 “2007 No 2007 2022 2007 The 2007 not 2007 two third two As of March 31, 2024 2022 2007 2007 2022 not 2007 2022 Stock-Based Compensation The components of stock-based compensation for the years ended March 31, 2024 2023 Fiscal years ended March 31, 2024 2023 Stock options $ 40 $ 32 Restricted stock and stock awards 4,563 4,656 Employee stock purchase plan 49 41 Total stock-based compensation expense $ 4,652 $ 4,729 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 million as of March 31, 2024 March 31, 2024 The following table summarizes stock-based compensation expense by financial statement line item for the fiscal years ended March 31, 2024 2023 Fiscal years ended March 31, 2024 2023 Cost of revenues $ 293 $ 283 Research and development 627 865 Selling, general and administrative 3,732 3,581 Total $ 4,652 $ 4,729 The following table summarizes the information concerning currently outstanding and exercisable employee and non-employee options: Options / Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (thousands) Outstanding at March 31, 2023 81,205 $ 16.92 Granted — — Exercised — — Canceled/forfeited (44,999 ) 24.95 Outstanding at March 31, 2024 36,206 $ 6.94 6.2 $ 238 Exercisable at March 31, 2024 25,924 $ 7.34 5.4 $ 160 Fully vested and expected to vest at March 31, 2024 36,107 $ 6.94 6.2 $ 237 The Company did not 2007 2022 March 31, 2024 2007 March 31, 2023 March 31, 2023 March 31, 2023 Expected volatility 71.4 % Risk-free interest rate 3.1 % Expected life (years) 6.1 Dividend yield None The following table summarizes the restricted stock activity for the year ended March 31, 2024 Shares Weighted Average Grant Date Fair Value Intrinsic Aggregate Value (thousands) Outstanding at March 31, 2023 1,477,999 $ 6.89 Granted 735,175 6.57 Vested (735,267 ) 6.83 Forfeited (52,253 ) 7.31 Outstanding at March 31, 2024 1,425,654 $ 6.74 $ 19,261 The total fair value of restricted stock that was granted during the fiscal years ended March 31, 2024 2023 March 31, 2024 2023 There we r mance-based restricted shares awarded during th March 31, 2024 three March 31, 2023 three The remaining shares awarded vest upon the passage of time. For awards that vest upon the passage of time, expense is being recorded over the vesting period. Employee Stock Purchase Plan The Company maintains the 2000 March 31, 2024 $0.1 March 31, 2024 2023 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. Purchase Commitments The Company periodically enters into non-cancelable purchase contracts in order to ensure the availability of materials to support production of its products. Purchase commitments represent enforceable and legally binding agreements with suppliers to purchase goods or services. The Company periodically assesses the need to provide for impairment on these purchase contracts and records a loss on purchase commitments when required. Lease Commitments During the years ended March 31, 2024 2023 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 March 31, 2024 March 31, 2023 |
Note 18 - Employee Benefit Plan
Note 18 - Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 18. The Company has implemented a defined contribution plan (the “Plan”) under Section 401 first of $0.6 March 31, 2024 2023 |
Note 19 - Restructuring
Note 19 - Restructuring | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 19. The Company accounts for charges resulting from operational restructuring actions in accordance with ASC Topic 420, Exit or Disposal Cost Obligations 420” 712, Compensation Nonretirement Postemployment Benefits 712” On January 24, 2023, 2022, March 31, 2024 The following table presents restructuring charges and cash payments during the year ended March 31, 2024 2023 Severance pay and benefits Accrued restructuring balance at April 1, 2023 $ 717 Recoveries to operations (14 ) Cash payments (703 ) Accrued restructuring balance at March 31, 2024 $ — Accrued restructuring balance at April 1, 2022 $ — Charges to operations 1,048 Cash payments (331 ) Accrued restructuring balance at March 31, 2023 $ 717 All restructuring charges discussed above are included within restructuring in the Company’s consolidated statements of operations. The Company includes accrued restructuring within accounts payable and accrued expenses in the consolidated balance sheets. The Company's restructuring charges relate primarily to the Grid business segment operations in the United States. |
Note 20 - Business Segments
Note 20 - Business Segments | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 20. The Company reports its financial results in two 280, Segment Reporting four one 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 smarter, cleaner and better power 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 highly competitive wind turbines through its 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 two Fiscal Years Ended March 31, 2024 2023 Revenues: Grid $ 122,065 $ 94,631 Wind 23,574 11,353 Total $ 145,639 $ 105,984 Fiscal Years Ended March 31, 2024 2023 Operating income (loss): Grid $ (2,754 ) $ (24,615 ) Wind 946 (2,547 ) Unallocated corporate expenses (9,560 ) (5,847 ) Total $ (11,368 ) $ (33,009 ) Total assets for the two March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Grid $ 125,878 $ 135,296 Wind 14,733 14,361 Corporate assets 92,160 25,904 Total $ 232,771 $ 175,561 The accounting policies of the business segments are the same as those for the consolidated Company. The Company’s business segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measures are segment revenues and segment operating loss. The disaggregated financial results of the segments reflect allocation of certain functional expense categories consistent with the basis and manner in which Company management internally disaggregates financial information for the purpose of assisting in making internal operating decisions. In addition, certain corporate expenses which the Company does not two Unallocated corporate expenses primarily consist of a loss on contingent consideration of $4.9 March 31, 2024 March 31, 2023 Geographic information about property, plant and equipment associated with particular regions is as follows (in thousands): March 31, 2024 2023 North America $ 10,679 $ 12,125 Europe 149 141 Asia Pacific 33 43 Total $ 10,861 $ 12,309 |
Note 21 - Recent Accounting Pro
Note 21 - Recent Accounting Pronouncements | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 21. In June 2016 , 2016 13, Financial Instruments-Credit Losses (Topic 326 2016 13 2019 10 November 2019, December 15, 2022. April 1, 2023, 2016 13 no In October 2021, 2021 08, Business Combinations (Topic 805 2021 08 2021 08 October 2021, December 15, 2022. April 1, 2023, 2021 08 no In November 2023, 2023 07, Segment Reporting (Topic 280 2023 07 2023 07 November 2023, December 15, 2024. March 31, 2024 In December 2023, 2023 09, Income Taxes (Topic 740 2023 09 2023 09 December 2023, December 15, 2024. March 31, 2024 In March 2024, 2024 02, Codification Improvements—Amendments to Remove References to the Concepts Statements 2024 02 2024 02 March 2024, December 15, 2024. March 31, 2024, |
Note 22 - Subsequent Events
Note 22 - Subsequent Events | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 22. The Company has performed an evaluation of subsequent events through the time of filing this Annual Report on Form 10 no |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. OTHER INFORMATION (a) None. (b) During the three March 31, 2024, no 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property Plant and Equipment Useful Life [Table Text Block] | Asset Classification Estimated Useful Life in Years Machinery and equipment 3-10 Furniture and fixtures 3-5 Leasehold improvements Shorter of the estimated useful life or the remaining lease term |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal year ended March 31, 2024 2023 Numerator: Net loss $ (11,111 ) $ (35,041 ) Denominator: Weighted-average shares of common stock outstanding 31,277 29,038 Weighted-average shares subject to repurchase (1,452 ) (1,190 ) Shares used in per-share calculation ― basic 29,825 27,848 Shares used in per-share calculation ― diluted 29,825 27,848 Net loss per share ― basic $ (0.37 ) $ (1.26 ) Net loss per share ― diluted $ (0.37 ) $ (1.26 ) |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended March 31, 2024 Product Line: Grid Wind Equipment and systems $ 112,829 $ 21,211 Services and technology development 9,236 2,363 Total $ 122,065 $ 23,574 Region: Americas $ 107,036 $ 102 Asia Pacific 9,768 23,404 EMEA 5,261 68 Total $ 122,065 $ 23,574 Year Ended March 31, 2023 Product Line: Grid Wind Equipment and systems $ 88,311 $ 9,282 Services and technology development 6,320 2,071 Total $ 94,631 $ 11,353 Region: Americas $ 67,664 $ 19 Asia Pacific 20,326 11,199 EMEA 6,641 135 Total $ 94,631 $ 11,353 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Unbilled AR Deferred Program Costs Contract Liabilities Ending balance as of March 31, 2023 $ 9,958 $ 2,136 $ 50,760 Increases for costs incurred to fulfill performance obligations — 4,411 — Increase (decrease) due to customer billings (20,392 ) — 77,685 Decrease due to cost recognition on completed performance obligations — (4,021 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 16,572 — (70,529 ) Other changes and foreign currency exchange impact 12 (3 ) (87 ) Ending balance as of March 31, 2024 $ 6,150 $ 2,523 $ 57,829 Unbilled AR Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2022 $ 6,492 $ 858 $ 30,034 Increases for costs incurred to fulfill performance obligations — 2,476 — Increase (decrease) due to customer billings (14,373 ) — 77,489 Decrease due to cost recognition on completed performance obligations — (1,189 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 17,839 — (56,643 ) Other changes and foreign currency exchange impact — (9 ) (120 ) Ending balance as of March 31, 2023 $ 9,958 $ 2,136 $ 50,760 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Year Ended Reportable March 31, Segment 2024 2023 Inox Wind Limited Wind 13 % <10% Fuji Bridex Pte Ltd Grid <10% 15 % |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Total Carrying Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2024: Assets: Cash equivalents $ 72,832 $ 72,832 $ — $ — Derivative liabilities: Contingent Consideration $ 3,100 $ — $ — $ 3,100 Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2023: Assets: Cash equivalents $ 7,913 $ 7,913 $ — $ — Derivative liabilities: Contingent Consideration $ 1,270 $ — $ — $ 1,270 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Acquisition Contingent Consideration Balance at March 31, 2022 $ 1,200 Change in fair value 70 Balance at March 31, 2023 $ 1,270 Change in fair value 4,922 Settlement of contingent consideration (3,092 ) Balance at March 31, 2024 $ 3,100 |
Note 6 - Accounts Receivable (T
Note 6 - Accounts Receivable (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Accounts Receivable [Table Text Block] | March 31, 2024 March 31, 2023 Accounts receivable (billed) $ 20,175 $ 20,707 Accounts receivable (unbilled) 6,150 9,958 Accounts receivable $ 26,325 $ 30,665 |
Note 7 - Inventory (Tables)
Note 7 - Inventory (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2024 March 31, 2023 Raw materials $ 20,622 $ 16,654 Work-in-process 14,872 15,200 Finished goods 3,840 2,996 Deferred program costs 2,523 2,136 Inventory $ 41,857 $ 36,986 |
Note 9 - Property, Plant and _2
Note 9 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2024 March 31, 2023 Land $ 980 $ 980 Construction in progress - equipment 226 748 Buildings 5,416 5,416 Equipment and software 44,095 43,156 Finance lease - right of use asset — 1 Furniture and fixtures 1,526 1,535 Leasehold improvements 6,990 6,815 Property, plant and equipment, gross 59,233 58,651 Less accumulated depreciation (48,372 ) (46,342 ) Property, plant and equipment, net $ 10,861 $ 12,309 |
Note 10 - Intangible Assets (Ta
Note 10 - Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2024 2023 Gross Amount Accumulated Amortization Net Book Value Gross Amount Accumulated Amortization Net Book Value Estimated Useful Life Backlog 681 (681 ) — 681 (675 ) 6 2 Trade names and trademarks 1,800 — 1,800 1,800 — 1,800 Indefinite Customer relationships 9,600 (6,649 ) 2,951 9,600 (4,980 ) 4,620 7 Core technology and know-how 5,970 (4,352 ) 1,618 5,970 (3,869 ) 2,101 5-10 Intangible assets $ 18,051 $ (11,682 ) $ 6,369 $ 18,051 $ (9,524 ) $ 8,527 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal years ending March 31, Total 2025 $ 1,648 2026 1,221 2027 1,085 2028 543 2029 72 Total $ 4,569 |
Note 11 - Accounts Payable an_2
Note 11 - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 2024 March 31, 2023 Accounts payable $ 4,476 $ 13,935 Accrued inventories in-transit 539 2,267 Accrued other miscellaneous expenses 2,366 2,662 Accrued contract loss 97 3,464 Advanced deposits 2,270 5,653 Accrued compensation 10,326 5,430 Income taxes payable 346 409 Accrued product warranty 2,363 2,638 Accrued commissions 1,452 1,208 Accrued restructuring — 717 Total $ 24,235 $ 38,383 |
Schedule of Product Warranty Liability [Table Text Block] | Fiscal Years Ended March 31, 2024 2023 Balance at beginning of period $ 2,638 $ 2,066 Provisions for warranties during the period 1,751 2,276 Settlements during the period (2,026 ) (1,704 ) Balance at end of period $ 2,363 $ 2,638 |
Note 12 - Contingent Consider_2
Note 12 - Contingent Consideration (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fiscal Year 2023 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Revenue risk premium 5.50 % 5.70 % 5.30 % 5.20 % Revenue volatility 24.8 % 24.8 % 27.5 % 23 % Stock Price $ 13.51 $ 11.14 $ 7.55 $ 6.26 Payment delay (days) 80 80 80 80 Fair value (millions) $ 3.1 $ 1.2 $ 3.5 $ 2.6 Fiscal Year 2022 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 Revenue risk premium 5.30 % 5.30 % 5.20 % 6.60 % Revenue volatility 25 % 25 % 25 % 30 % Stock Price $ 4.91 $ 3.68 $ 4.38 $ 5.18 Payment delay (days) 80 80 80 80 Fair value (millions) $ 1.3 $ 0.9 $ 1.1 $ 1.4 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Fiscal years ended March 31, 2024 2023 Income/(Loss) before income tax expense: U.S. $ (11,503 ) $ (33,924 ) Foreign 701 (902 ) Total $ (10,802 ) $ (34,826 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal years ended March 31, 2024 2023 Current Federal $ 150 $ 62 Foreign 94 129 Total current 244 191 Deferred Federal 56 (54 ) Foreign 9 78 Total deferred 65 24 Income tax expense $ 309 $ 215 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal years ended March 31, 2024 2023 Statutory federal income tax rate (21 )% (21 )% State income taxes, net of federal benefit (7 ) (2 ) Foreign income tax rate differential (2 ) 0 Research and development tax credit (4 ) 0 Mark to market adjustment on contigent consideration (10 ) 0 True-up of NOLs (58 ) 34 Other (4 ) 1 Valuation allowance 60 (9 ) Effective income tax rate 3 % 1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2024 March 31, 2023 Deferred tax assets: Net operating loss carryforwards $ 155,714 $ 163,674 Research and development and other tax credit carryforwards 12,790 13,837 Capitalized research and development costs 3,514 2,186 Accruals and reserves 6,522 5,644 Fixed assets and intangible assets 639 638 Other 1,665 1,993 Gross deferred tax assets 180,844 187,972 Valuation allowance (177,112 ) (183,567 ) Total deferred tax assets 3,732 4,405 Deferred tax liabilities: Amortization (1,492 ) (2,011 ) Other (1,421 ) (1,523 ) Total deferred tax liabilities (2,913 ) (3,534 ) Net deferred tax assets $ 819 $ 871 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Assets And Liabilities Lessee [Table Text Block] | March 31, 2024 March 31, 2023 Leases: Right-of-use assets - Financing $ — $ 1 Right-of-use assets - Operating 2,557 2,857 Total right-of-use assets $ 2,557 $ 2,858 Lease liabilities - ST Financing $ — $ 1 Lease liabilities - ST Operating 716 807 Lease liabilities - LT Financing — — Lease liabilities - LT Operating 1,968 2,184 Total lease liabilities $ 2,684 $ 2,992 Weighted-average remaining lease term 3.49 3.95 Weighted-average discount rate 9.83 % 6.46 % |
Lease, Cost [Table Text Block] | Year ended Year ended March 31, 2024 March 31, 2023 Operating Lease: Operating lease costs - fixed $ 1,023 $ 1,026 Operating lease costs - variable 158 156 Short-term lease costs 149 127 Total lease costs $ 1,330 $ 1,309 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating Leases Year ended March 31, 2025 $ 936 2026 893 2027 750 2028 493 2029 102 Total minimum lease payments 3,174 Less: interest (490 ) Present value of lease liabilities $ 2,684 |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | Fiscal years ended March 31, 2024 2023 Stock options $ 40 $ 32 Restricted stock and stock awards 4,563 4,656 Employee stock purchase plan 49 41 Total stock-based compensation expense $ 4,652 $ 4,729 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Fiscal years ended March 31, 2024 2023 Cost of revenues $ 293 $ 283 Research and development 627 865 Selling, general and administrative 3,732 3,581 Total $ 4,652 $ 4,729 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Options / Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (thousands) Outstanding at March 31, 2023 81,205 $ 16.92 Granted — — Exercised — — Canceled/forfeited (44,999 ) 24.95 Outstanding at March 31, 2024 36,206 $ 6.94 6.2 $ 238 Exercisable at March 31, 2024 25,924 $ 7.34 5.4 $ 160 Fully vested and expected to vest at March 31, 2024 36,107 $ 6.94 6.2 $ 237 |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Expected volatility 71.4 % Risk-free interest rate 3.1 % Expected life (years) 6.1 Dividend yield None |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Intrinsic Aggregate Value (thousands) Outstanding at March 31, 2023 1,477,999 $ 6.89 Granted 735,175 6.57 Vested (735,267 ) 6.83 Forfeited (52,253 ) 7.31 Outstanding at March 31, 2024 1,425,654 $ 6.74 $ 19,261 |
Note 19 - Restructuring (Tables
Note 19 - Restructuring (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Severance pay and benefits Accrued restructuring balance at April 1, 2023 $ 717 Recoveries to operations (14 ) Cash payments (703 ) Accrued restructuring balance at March 31, 2024 $ — Accrued restructuring balance at April 1, 2022 $ — Charges to operations 1,048 Cash payments (331 ) Accrued restructuring balance at March 31, 2023 $ 717 |
Note 20 - Business Segments (Ta
Note 20 - Business Segments (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fiscal Years Ended March 31, 2024 2023 Revenues: Grid $ 122,065 $ 94,631 Wind 23,574 11,353 Total $ 145,639 $ 105,984 Fiscal Years Ended March 31, 2024 2023 Operating income (loss): Grid $ (2,754 ) $ (24,615 ) Wind 946 (2,547 ) Unallocated corporate expenses (9,560 ) (5,847 ) Total $ (11,368 ) $ (33,009 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2024 March 31, 2023 Grid $ 125,878 $ 135,296 Wind 14,733 14,361 Corporate assets 92,160 25,904 Total $ 232,771 $ 175,561 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | March 31, 2024 2023 North America $ 10,679 $ 12,125 Europe 149 141 Asia Pacific 33 43 Total $ 10,861 $ 12,309 |
Note 1 - Nature of the Busine_2
Note 1 - Nature of the Business and Operations and Liquidity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Jan. 31, 2024 | |
Retained Earnings (Accumulated Deficit) | $ (1,066,658) | $ (1,066,658) | $ (1,055,547) | |
Cash, Cash Equivalents, and Marketable Securities | 90,500 | 90,500 | ||
Net Cash Provided by (Used in) Operating Activities | $ 2,138 | (22,485) | ||
Shelf Registration, Maximum Amount to be Sold | $ 250,000 | |||
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | 5% | |||
Restructuring and Related Cost, Expected Cost | 1,000 | $ 1,000 | ||
Payments for Restructuring | 1,000 | $ 331 | ||
Restructuring and Related Cost, Expected Annual Savings | $ 5,000 | $ 5,000 | ||
Public Offering 2024 [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 6,210,000 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 11.25 | $ 11.25 | ||
Proceeds from Issuance of Common Stock | $ 65,200 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Inventory Valuation Reserves | $ 2,000 | $ 1,500 |
Asset Impairment Charges | 0 | 0 |
Goodwill, Impairment Loss | 0 | 0 |
Revenue from Contract with Customer, Including Assessed Tax | $ 145,639 | $ 105,984 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 809,949 | 1,421,771 |
Gain (Loss), Foreign Currency Transaction, before Tax | $ (700) | $ (100) |
Shares Tied to Derivative Liability [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 300,000 | 1,000,000 |
Held Transactions [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 600 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Capital Power [Member] | ||
Concentration Risk, Percentage | 14% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Inox Wind Limited [Member] | ||
Concentration Risk, Percentage | 12% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Anovion LLC [Member] | ||
Concentration Risk, Percentage | 21% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Fuji Bridex Pte Ltd [Member] | ||
Concentration Risk, Percentage | 15% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Property Plant and Equipment Useful Life (Details) | Mar. 31, 2024 |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Reconciliation of Numerators and Denominators of EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Net loss | $ (11,111) | $ (35,041) | $ (11,111) | $ (35,041) |
Weighted-average shares of common stock outstanding (in shares) | 31,277 | 29,038 | ||
Weighted-average shares subject to repurchase (in shares) | (1,452) | (1,190) | ||
Basic (in shares) | 29,825 | 27,848 | 29,825 | 27,848 |
Diluted (in shares) | 29,825 | 27,848 | 29,825 | 27,848 |
Net loss per share - basic (in dollars per share) | $ (0.37) | $ (1.26) | $ (0.37) | $ (1.26) |
Net loss per share - diluted (in dollars per share) | $ (0.37) | $ (1.26) | $ (0.37) | $ (1.26) |
Note 3 - Revenue Recognition 1
Note 3 - Revenue Recognition 1 (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue, Performance Obligation Satisfied, Revenue Recognized, Percentage | 80% | |
Contract With Customer Loss Accrual Reduction | $ 2.7 | |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | ||
Concentration Risk, Percentage | 37% | 45% |
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 |
Note 3 - Revenue Recognition 2
Note 3 - Revenue Recognition 2 (Details Textual) $ in Millions | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Revenue, Remaining Performance Obligation, Amount | $ 139.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-31 | |
Revenue, Remaining Performance Obligation, Amount | $ 23.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-31 | 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]: 2024-03-31 | 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 | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 145,639 | $ 105,984 |
Grid [Member] | ||
Revenues | 122,065 | 94,631 |
Grid [Member] | Americas [Member] | ||
Revenues | 107,036 | 67,664 |
Grid [Member] | Asia Pacific [Member] | ||
Revenues | 9,768 | 20,326 |
Grid [Member] | EMEA [Member] | ||
Revenues | 5,261 | 6,641 |
Wind [Member] | ||
Revenues | 23,574 | 11,353 |
Wind [Member] | Americas [Member] | ||
Revenues | 102 | 19 |
Wind [Member] | Asia Pacific [Member] | ||
Revenues | 23,404 | 11,199 |
Wind [Member] | EMEA [Member] | ||
Revenues | 68 | 135 |
Equipment and Systems [Member] | Grid [Member] | ||
Revenues | 112,829 | 88,311 |
Equipment and Systems [Member] | Wind [Member] | ||
Revenues | 21,211 | 9,282 |
Services and Technology Development [Member] | Grid [Member] | ||
Revenues | 9,236 | 6,320 |
Services and Technology Development [Member] | Wind [Member] | ||
Revenues | $ 2,363 | $ 2,071 |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Unbilled AR, ending balance | $ 9,958 | $ 6,492 |
Deferred Program Costs, ending balance | 2,136 | 858 |
Contract Liabilities, ending balance | 50,760 | 30,034 |
Deferred Program Costs, increases for costs incurred to fulfill performance obligations | 4,411 | 2,476 |
Unbilled AR, increase (decrease) due to customer billings | (20,392) | (14,373) |
Increase (decrease) due to customer billings | 77,685 | 77,489 |
Deferred Program Costs, decrease due to cost recognition on completed performance obligations | (4,021) | (1,189) |
Unbilled AR, increase (decrease) due to recognition of revenue based on transfer of control of performance obligations | 16,572 | 17,839 |
Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations | (70,529) | (56,643) |
Other changes and foreign currency exchange impact | 12 | 0 |
Deferred Program Costs, Other changes and foreign currency exchange impact | (3) | (9) |
Contract Liabilities, Other changes and foreign currency exchange impact | (87) | (120) |
Unbilled AR, ending balance | 6,150 | 9,958 |
Deferred Program Costs, ending balance | 2,523 | 2,136 |
Contract Liabilities, ending balance | $ 57,829 | $ 50,760 |
Note 3 - Revenue Recognition _3
Note 3 - Revenue Recognition - Revenues by Major Customers (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Inox Wind Limited [Member] | Wind [Member] | ||
Concentration of risk, revenue | 13% | |
Fuji Bridex Pte Ltd [Member] | Grid [Member] | ||
Concentration of risk, revenue | 15% |
Note 4 - Goodwill (Details Text
Note 4 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - shares | Mar. 31, 2024 | Oct. 01, 2020 |
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 5 - Fair Value Measureme_4
Note 5 - Fair Value Measurements - Assets and Liabilities Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 |
Fair value (millions) | $ 3,100 | $ 1,200 | $ 3,500 | $ 2,600 | $ 1,300 | $ 900 | $ 1,100 | $ 1,400 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | ||||||||
Cash equivalents | 72,832 | 7,913 | ||||||
Fair value (millions) | 3,100 | 1,270 | ||||||
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Cash equivalents | 72,832 | 7,913 | ||||||
Fair value (millions) | 0 | 0 | ||||||
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Cash equivalents | 0 | 0 | ||||||
Fair value (millions) | 0 | 0 | ||||||
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Cash equivalents | 0 | 0 | ||||||
Fair value (millions) | $ 3,100 | $ 1,270 |
Note 5 - Fair Value Measureme_5
Note 5 - Fair Value Measurements - Derivative Liability Measured at Fair value (Details) - Derivative Financial Instruments, Liabilities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance | $ 1,270 | $ 1,200 |
Change in fair value | 4,922 | 70 |
Settlement of contingent consideration | (3,092) | |
Balance | $ 3,100 | $ 1,270 |
Note 6 - Accounts Receivable -
Note 6 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Accounts receivable (billed) | $ 20,175 | $ 20,707 |
Accounts receivable (unbilled) | 6,150 | 9,958 |
Accounts receivable | $ 26,325 | $ 30,665 |
Note 7 - Inventory (Details Tex
Note 7 - Inventory (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Inventory Write-down | $ 1,970 | $ 1,467 |
Note 7 - Inventory - Summary of
Note 7 - Inventory - Summary of Net Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Raw materials | $ 20,622 | $ 16,654 |
Work-in-process | 14,872 | 15,200 |
Finished goods | 3,840 | 2,996 |
Deferred program costs | 2,523 | 2,136 |
Inventory | $ 41,857 | $ 36,986 |
Note 8 - Prepaid and Other Cu_2
Note 8 - Prepaid and Other Current Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | |
Employee Retention Credits Receivable | $ 3.3 | |||||
Proceeds From Employee Retention Credit | $ 3 | |||||
Cost of Sales [Member] | ||||||
Employee Retention Credits Benefit | $ 1.8 | |||||
Selling, General and Administrative Expenses [Member] | ||||||
Employee Retention Credits Benefit | 0.8 | |||||
Research and Development Expense [Member] | ||||||
Employee Retention Credits Benefit | 0.7 | |||||
Prepaid Expenses and Other Current Assets [Member] | ||||||
Employee Retention Credits Receivable | $ 3.3 | |||||
Maximum [Member] | ||||||
Percentage of Qualified Wages Paid | 70% | 70% | 50% |
Note 9 - Property, Plant and _3
Note 9 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Depreciation | $ 2.3 | $ 2.6 |
Note 9 - Property, Plant and _4
Note 9 - Property, Plant and Equipment - Cost and Accumulated Depreciation of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Property, plant and equipment, gross | $ 59,233 | $ 58,651 |
Less accumulated depreciation | (48,372) | (46,342) |
Property, plant and equipment, net | 10,861 | 12,309 |
Land [Member] | ||
Property, plant and equipment, gross | 980 | 980 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 226 | 748 |
Building [Member] | ||
Property, plant and equipment, gross | 5,416 | 5,416 |
Equipment and Software [Member] | ||
Property, plant and equipment, gross | 44,095 | 43,156 |
Finance Lease, Right-of-use [Member] | ||
Property, plant and equipment, gross | 0 | 1 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 1,526 | 1,535 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | $ 6,990 | $ 6,815 |
Note 10 - Intangible Assets (De
Note 10 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Amortization of Intangible Assets | $ 2.2 | $ 2.8 |
Backlog [Member] | ||
Amortization of Intangible Assets | $ 0.1 | $ 0.1 |
Note 10 - Intangible Assets - I
Note 10 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Accumulated Amortization | $ (11,682) | $ (9,524) |
Net Book Value | 4,569 | |
Intangible assets, gross amount | 18,051 | 18,051 |
Intangible assets, net | 6,369 | 8,527 |
Trademarks and Trade Names [Member] | ||
Trade names and trademarks | 1,800 | 1,800 |
Backlog [Member] | ||
Gross Amount | 681 | 681 |
Accumulated Amortization | (681) | (675) |
Net Book Value | $ 0 | 6 |
Estimated Useful Life (Year) | 2 years | |
Customer Relationships [Member] | ||
Gross Amount | $ 9,600 | 9,600 |
Accumulated Amortization | (6,649) | (4,980) |
Net Book Value | $ 2,951 | 4,620 |
Estimated Useful Life (Year) | 7 years | |
Core Technology and Know-how [Member] | ||
Gross Amount | $ 5,970 | 5,970 |
Accumulated Amortization | (4,352) | (3,869) |
Net Book Value | $ 1,618 | $ 2,101 |
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 10 - Intangible Assets - E
Note 10 - Intangible Assets - Expected Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2025 | $ 1,648 |
2026 | 1,221 |
2027 | 1,085 |
2028 | 543 |
2029 | 72 |
Total | $ 4,569 |
Note 11 - Accounts Payable an_3
Note 11 - Accounts Payable and Accrued Expenses (Details Textual) | 12 Months Ended |
Mar. 31, 2024 | |
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 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Accounts payable | $ 4,476 | $ 13,935 | |
Accrued inventories in-transit | 539 | 2,267 | |
Accrued other miscellaneous expenses | 2,366 | 2,662 | |
Accrued contract loss | 97 | 3,464 | |
Advanced deposits | 2,270 | 5,653 | |
Accrued compensation | 10,326 | 5,430 | |
Income taxes payable | 346 | 409 | |
Accrued product warranty | 2,363 | 2,638 | |
Accrued commissions | 1,452 | 1,208 | |
Accrued restructuring | 0 | 717 | $ 0 |
Total | $ 24,235 | $ 38,383 |
Note 11 - Accounts Payable an_5
Note 11 - Accounts Payable and Accrued Expenses - Product Warranty Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance at beginning of period | $ 2,638 | $ 2,066 |
Provisions for warranties during the period | 1,751 | 2,276 |
Settlements during the period | (2,026) | (1,704) |
Balance at end of period | $ 2,363 | $ 2,638 |
Note 12 - Contingent Consider_3
Note 12 - Contingent Consideration (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2020 | Mar. 31, 2024 | Mar. 31, 2023 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 4,922 | $ 70 | |
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) | 873,657 | 399,999 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High, Number of Shares (in shares) | 1,000,000 | 1,000,000 | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 3,100 | ||
Business Combination, Contingent Consideration Arrangements, Number of Issuable Shares (in shares) | 300,000 |
Note 12 - Contingent Consider_4
Note 12 - Contingent Consideration - Summary of the Key Assumptions Used to Calculate Fair Value of Warrants (Details) $ in Millions | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) |
Fair value (millions) | $ 3.1 | $ 1.2 | $ 3.5 | $ 2.6 | $ 1.3 | $ 0.9 | $ 1.1 | $ 1.4 |
Measurement Input, Revenue Risk Premium [Member] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.055 | 0.057 | 0.053 | 0.052 | 5.3 | 5.3 | 5.2 | 6.6 |
Measurement Input, Revenue Volatility [Member] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.248 | 0.248 | 0.275 | 0.23 | 25 | 25 | 25 | 30 |
Measurement Input, Share Price [Member] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 13.51 | 11.14 | 7.55 | 6.26 | 4.91 | 3.68 | 4.38 | 5.18 |
Measurement Input, Payment Delay [Member] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 80 | 80 | 80 | 80 | 80 | 80 | 80 | 80 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Capitalized Research and Development Expenses | $ 18,400 | |
Deferred Tax Assets, Valuation Allowance | 177,112 | $ 183,567 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 6,500 | |
Undistributed Earnings of Foreign Subsidiaries | 2,200 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 300 | |
Liability for Uncertainty in Income Taxes, Current | 0 | |
Unrecognized Tax Benefits | 0 | $ 0 |
Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 10,600 | |
Other Tax Credit Carryforwards [Member] | ||
Tax Credit Carryforward, Amount | 2,800 | |
Power Quality Systems, Inc [Member] | ||
Operating Loss Carryforwards | 3,500 | |
Infinia Technology Corporation (ITC) [Member] | ||
Operating Loss Carryforwards | 300 | |
Domestic Tax Jurisdiction [Member] | ||
Operating Loss Carryforwards | 682,700 | |
Operating Loss Carryforwards Indefinite | 103,100 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | 197,200 | |
Foreign Tax Jurisdiction [Member] | ||
Operating Loss Carryforwards | $ 600 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income (Loss) Before Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
U.S. | $ (11,503) | $ (33,924) |
Foreign | 701 | (902) |
Loss before income tax expense | $ (10,802) | $ (34,826) |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Federal | $ 150 | $ 62 |
Foreign | 94 | 129 |
Total current | 244 | 191 |
Federal | 56 | (54) |
Foreign | 9 | 78 |
Total deferred | 65 | 24 |
Income tax expense | $ 309 | $ 215 |
Note 13 - Income Taxes - Inco_2
Note 13 - Income Taxes - Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statutory federal income tax rate | (21.00%) | (21.00%) |
State income taxes, net of federal benefit | (7.00%) | (2.00%) |
Foreign income tax rate differential | (2.00%) | 0% |
Research and development tax credit | (4.00%) | 0% |
Mark to market adjustment on contigent consideration | (10.00%) | 0% |
True-up of NOLs | (58.00%) | 34% |
Other | (4.00%) | 1% |
Valuation allowance | 60% | (9.00%) |
Effective income tax rate | 3% | 1% |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Net operating loss carryforwards | $ 155,714 | $ 163,674 |
Research and development and other tax credit carryforwards | 12,790 | 13,837 |
Capitalized research and development costs | 3,514 | 2,186 |
Accruals and reserves | 6,522 | 5,644 |
Fixed assets and intangible assets | 639 | 638 |
Other | 1,665 | 1,993 |
Gross deferred tax assets | 180,844 | 187,972 |
Valuation allowance | (177,112) | (183,567) |
Total deferred tax assets | 3,732 | 4,405 |
Amortization | (1,492) | (2,011) |
Other | (1,421) | (1,523) |
Total deferred tax liabilities | (2,913) | (3,534) |
Net deferred tax assets | $ 819 | $ 871 |
Note 14 - Debt (Details Textual
Note 14 - Debt (Details Textual) $ in Thousands | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | May 06, 2021 |
Debt, Current | $ 25 | $ 75 | |
Equipment Financing Agreements Assumed In Business Acquisition [Member] | |||
Debt, Current | $ 100 | $ 100 | |
Neeltran Inc. [Member] | |||
Business Combination, Number of Equipment Financing Agreement Assumed | 4 |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) | Mar. 31, 2024 |
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 ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Assets [Abstract] | ||
Property, Plant and Equipment, Net | $ 10,861 | $ 12,309 |
Liabilities, Current [Abstract] | ||
Lease Liability, Current | 716 | 808 |
Liabilities, Noncurrent [Abstract] | ||
Lease Liability, Noncurrent | 1,968 | 2,184 |
Right-of-use assets - Financing | $ 0 | $ 1 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | ||
Right-of-use assets - Operating | $ 2,557 | $ 2,857 |
Total right-of-use assets | 2,557 | 2,858 |
Lease liabilities - ST Financing | $ 0 | $ 1 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | ||
Lease liabilities - ST Operating | $ 716 | $ 807 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | ||
Lease liabilities - LT Financing | $ 0 | $ 0 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | ||
Lease liabilities - LT Operating | $ 1,968 | $ 2,184 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | ||
Total lease liabilities | $ 2,684 | $ 2,992 |
Weighted-average remaining lease term (Year) | 3 years 5 months 26 days | 3 years 11 months 12 days |
Weighted-average discount rate | 9.83% | 6.46% |
Note 15 - Leases - Lease Cost (
Note 15 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating lease costs - fixed | $ 1,023 | $ 1,026 |
Operating lease costs - variable | 158 | 156 |
Short-term lease costs | 149 | 127 |
Total lease costs | $ 1,330 | $ 1,309 |
Note 15 - Leases - Minimum Futu
Note 15 - Leases - Minimum Future Lease Obligation (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2025 | $ 936 |
2026 | 893 |
2027 | 750 |
2028 | 493 |
2029 | 102 |
Total minimum lease payments | 3,174 |
Less: interest | (490) |
Present value of lease liabilities | $ 2,684 |
Note 16 - Stockholders' Equit_2
Note 16 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 30, 2024 | Aug. 02, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 66,221 | 66,221 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 20,564 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 735,175 | ||||
Share-Based Payment Arrangement, Expense | $ 4,652,000 | $ 4,729,000 | |||
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 | $ 100,000 | 100,000 | |||
Share-Based Payment Arrangement, Expense | 40,000 | $ 32,000 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value | 4,800,000 | 4,700,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4,700,000 | 4,700,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 days | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 4,500,000 | 2,600,000 | |||
Share-Based Payment Arrangement, Expense | $ 4,563,000 | $ 4,656,000 | |||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 213,000 | 200,000 | |||
The 2022 Stock Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,150,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 70,162 | 70,162 | |||
The 2007 Director Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 430,000 | 430,000 | 280,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 40,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value | $ 50,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 122,796 | 122,796 | |||
The 2007 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||
The 2007 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
The 2007 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||
The 2007 Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
The 2007 Director Plan and the 2022 Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 15% | ||||
Share-Based Payment Arrangement, Expense | $ 100,000 | $ 100,000 |
Note 16 - Stockholders' Equit_3
Note 16 - Stockholders' Equity - Components of Employee Stock-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock-based compensation expense | $ 4,652 | $ 4,729 |
Share-Based Payment Arrangement, Option [Member] | ||
Stock-based compensation expense | 40 | 32 |
Restricted Stock [Member] | ||
Stock-based compensation expense | 4,563 | 4,656 |
Awards by Employee Stock Purchase Plan [Member] | ||
Stock-based compensation expense | $ 49 | $ 41 |
Note 16 - Stockholders' Equit_4
Note 16 - Stockholders' Equity - Stock-based Compensation Expense by Financial Statement Line Item (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total stock-based compensation expense | $ 4,652 | $ 4,729 |
Cost of Sales [Member] | ||
Total stock-based compensation expense | 293 | 283 |
Research and Development Expense [Member] | ||
Total stock-based compensation expense | 627 | 865 |
Selling, General and Administrative Expenses [Member] | ||
Total stock-based compensation expense | $ 3,732 | $ 3,581 |
Note 16 - Stockholders' Equit_5
Note 16 - Stockholders' Equity - Options Activities (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Outstanding, options (in shares) | 81,205 | |
Outstanding, weighted-average exercise price (in dollars per share) | $ 16.92 | |
Granted (in shares) | 0 | 20,564 |
Granted, weighted-average exercise price (in dollars per share) | $ 0 | |
Exercised (in shares) | 0 | |
Exercised, weighted-average exercise price (in dollars per share) | $ 0 | |
Canceled/forfeited, options (in shares) | (44,999) | |
Canceled/forfeited, weighted-average exercise price (in dollars per share) | $ 24.95 | |
Outstanding, options (in shares) | 36,206 | 81,205 |
Outstanding, weighted-average exercise price (in dollars per share) | $ 6.94 | $ 16.92 |
Outstanding, weighted-average remaining contractual term (Year) | 6 years 2 months 12 days | |
Outstanding, aggregate intrinsic value | $ 238 | |
Exercisable, options (in shares) | 25,924 | |
Exercisable, weighted-average exercise price (in dollars per share) | $ 7.34 | |
Exercisable, weighted-average remaining contractual term (Year) | 5 years 4 months 24 days | |
Exercisable, aggregate intrinsic value | $ 160 | |
Fully vested and expected to vest, options (in shares) | 36,107 | |
Fully vested and expected to vest, weighted-average exercise price (in dollars per share) | $ 6.94 | |
Fully vested and expected to vest, weighted-average remaining contractual term (Year) | 6 years 2 months 12 days | |
Fully vested and expected to vest, aggregate intrinsic value | $ 237 |
Note 16 - Stockholders' Equit_6
Note 16 - Stockholders' Equity - Weighted Average Assumptions (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Expected volatility | 71.40% |
Risk-free interest rate | 3.10% |
Expected life (years) (Year) | 6 years 1 month 6 days |
Note 16 - Stockholders' Equit_7
Note 16 - Stockholders' Equity - Restricted Stock Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Outstanding, restricted stock (in shares) | shares | 1,477,999 |
Outstanding, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.89 |
Granted, restricted stock (in shares) | shares | 735,175 |
Granted, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.57 |
Vested, restricted stock (in shares) | shares | (735,267) |
Vested, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.83 |
Forfeited, restricted stock (in shares) | shares | (52,253) |
Forfeited, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.31 |
Outstanding, restricted stock (in shares) | shares | 1,425,654 |
Outstanding, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.74 |
Outstanding, restricted stock, intrinsic aggregate value | $ | $ 19,261 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Restricted Cash and Cash Equivalents, Noncurrent | $ 1,290 | $ 582 |
Restricted Cash and Cash Equivalents, Current | $ 500 | $ 1,700 |
Note 18 - Employee Benefit Pl_2
Note 18 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Contribution Plan, Company Contribution, Percentage Match Common Stock | 50% | |
Defined Contribution Plan, Percentage of First Eligible Employee Contribution Matched by Employer | 6% | |
Defined Contribution Plan, Cost | $ 0.6 | $ 0.6 |
Note 19 - Restructuring (Detail
Note 19 - Restructuring (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 24, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring and Related Cost, Workforce To be Reduced Percentage | 5% | ||
Restructuring Charges | $ (14) | $ 1,048 | |
Employee Severance [Member] | |||
Restructuring Charges | $ 1,000 | $ 1,048 |
Note 19 - Restructuring - Restr
Note 19 - Restructuring - Restructuring Charges and Cash Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 24, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Accrued restructuring balance | $ 717 | $ 0 | |
Recoveries to operations | (14) | ||
Cash payments | (1,000) | (331) | |
Restructuring Charges | (14) | 1,048 | |
Accrued restructuring balance | 0 | 717 | |
Employee Severance [Member] | |||
Accrued restructuring balance | 717 | ||
Cash payments | (703) | ||
Restructuring Charges | $ 1,000 | 1,048 | |
Accrued restructuring balance | $ 0 | $ 717 |
Note 20 - Business Segments (De
Note 20 - Business Segments (Details Textual) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Number of Reportable Segments | 2 | |
Number of Operating Segments | 4 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 4,922 | $ 70 |
Share-Based Payment Arrangement, Expense | 4,652 | 4,729 |
Restructuring Charges | $ (14) | $ 1,048 |
Note 20 - Business Segments - O
Note 20 - Business Segments - Operating Results for Business Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 145,639 | $ 105,984 |
Operating Income (loss) | (11,368) | (33,009) |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||
Operating Income (loss) | (9,560) | (5,847) |
Grid [Member] | ||
Revenues | 122,065 | 94,631 |
Grid [Member] | Operating Segments [Member] | ||
Revenues | 122,065 | 94,631 |
Operating Income (loss) | (2,754) | (24,615) |
Wind [Member] | ||
Revenues | 23,574 | 11,353 |
Wind [Member] | Operating Segments [Member] | ||
Revenues | 23,574 | 11,353 |
Operating Income (loss) | $ 946 | $ (2,547) |
Note 20 - Business Segments - T
Note 20 - Business Segments - Total Business Segments Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Total assets | $ 232,771 | $ 175,561 |
Operating Segments [Member] | Grid [Member] | ||
Total assets | 125,878 | 135,296 |
Operating Segments [Member] | Wind [Member] | ||
Total assets | 14,733 | 14,361 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||
Total assets | $ 92,160 | $ 25,904 |
Note 20 - Business Segments - G
Note 20 - Business Segments - Geographic Information about Property, Plant and Equipment Associated with Particular Regions (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Property, Plant and Equipment, Net | $ 10,861 | $ 12,309 |
North America [Member] | ||
Property, Plant and Equipment, Net | 10,679 | 12,125 |
Europe [Member] | ||
Property, Plant and Equipment, Net | 149 | 141 |
Asia Pacific [Member] | ||
Property, Plant and Equipment, Net | $ 33 | $ 43 |