American Superconductor (AMSC) 10-Q 8 Aug 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Aug. 03, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Registrant Name	AMERICAN SUPERCONDUCTOR CORP /DE/
Trading Symbol	AMSC
Entity Central Index Key	880,807
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		19,194,407

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 37,477	$ 26,784
Accounts receivable, net	7,752	7,956
Inventory	15,639	17,462
Prepaid expenses and other current assets	3,303	2,703
Restricted cash	100	795
Total current assets	64,271	55,700
Property, plant and equipment, net	39,282	43,438
Intangibles, net	192	301
Restricted cash	165	165
Deferred tax assets	426	407
Other assets	267	233
Total assets	104,603	100,244
Current liabilities:
Accounts payable and accrued expenses	14,020	14,490
Note payable, current portion, net of discount of $19 as of March 31, 2017	0	1,481
Derivative liabilities	998	1,923
Deferred revenue	17,685	14,323
Total current liabilities	32,703	32,217
Deferred revenue	8,249	7,631
Deferred tax liabilities	125	125
Other liabilities	209	45
Total liabilities	41,286	40,018
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock	193	147
Additional paid-in capital	1,035,261	1,017,510
Treasury stock	(1,645)	(1,371)
Accumulated other comprehensive income (loss)	317	(503)
Accumulated deficit	(970,809)	(955,557)
Total stockholders' equity	63,317	60,226
Total liabilities and stockholders' equity	$ 104,603	$ 100,244

Unaudited Condensed Consolidat3

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Statement of Financial Position [Abstract]
Note payable, unamortized discount, current	$ 0	$ 19

Unaudited Condensed Consolidat4

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenues	$ 8,923	$ 13,345
Cost of revenues	13,409	12,482
Gross (loss)/profit	(4,486)	863
Operating expenses:
Research and development	2,717	2,952
Selling, general and administrative	6,138	7,216
Amortization of acquisition related intangibles	13	39
Restructuring	1,339	0
Total operating expenses	10,207	10,207
Operating loss	(14,693)	(9,344)
Change in fair value of derivatives and warrants	925	(678)
Interest expense, net	(10)	(135)
Other (expense) income, net	(1,374)	126
Loss before income tax expense	(15,152)	(10,031)
Income tax expense	100	324
Net loss	$ (15,252)	$ (10,355)
Net loss per common share
Basic (in dollars per share)	$ (0.91)	$ (0.76)
Diluted (in dollars per share)	$ (0.91)	$ (0.76)
Weighted average number of common shares outstanding
Basic (in shares)	16,778	13,676
Diluted (in shares)	16,778	13,676

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (15,252)	$ (10,355)
Other comprehensive gain (loss), net of tax:
Foreign currency translation gain (loss)	820	(652)
Total other comprehensive gain (loss), net of tax	820	(652)
Comprehensive loss	$ (14,432)	$ (11,007)

Unaudited Condensed Consolidat6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ (15,252)	$ (10,355)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation and amortization	4,345	1,871
Stock-based compensation expense	754	999
Provision for excess and obsolete inventory	250	272
Change in fair value of derivatives and warrants	(925)	678
Non-cash interest expense	19	56
Other non-cash items	718	(307)
Changes in operating asset and liability accounts:
Accounts receivable	319	12,192
Inventory	1,719	(10,750)
Prepaid expenses and other current assets	(273)	1,555
Accounts payable and accrued expenses	(404)	1,650
Deferred revenue	3,300	79
Net cash used in operating activities	(5,430)	(2,060)
Cash flows from investing activities:
Purchase of property, plant and equipment	(76)	(281)
Proceeds from the sale of property, plant and equipment	10	15
Change in restricted cash	695	16
Change in other assets	(23)	(21)
Net cash provided by/(used in) investing activities	606	(271)
Cash flows from financing activities:
Employee taxes paid related to net settlement of equity awards	(274)	(461)
Repayment of debt	(1,575)	(1,000)
Proceeds from public equity offering, net	16,954	0
Net cash provided by/(used in) financing activities	15,105	(1,461)
Effect of exchange rate changes on cash and cash equivalents	412	(327)
Net increase/(decrease) in cash and cash equivalents	10,693	(4,119)
Cash and cash equivalents at beginning of year	26,784	39,330
Cash and cash equivalents at end of year	37,477	35,211
Supplemental schedule of cash flow information:
Cash paid for income taxes, net of refunds	96	112
Issuance of common stock to settle liabilities	90	107
Cash paid for interest	$ 42	$ 108

Nature of the Business and Oper

Nature of the Business and Operations and Liquidity	3 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Operations and Liquidity	Nature of the Business and Operations and Liquidity Nature of the Business and Operations American Superconductor Corporation (“AMSC” or the “Company”) was founded on April 9, 1987. The Company is a leading provider of megawatt-scale solutions that lower the cost of wind power and enhance the performance of the power grid. In the wind power market, the Company enables manufacturers to field wind turbines through its advanced engineering, support services and power electronics products. In the power grid market, the Company enables electric utilities and renewable energy project developers to connect, transmit and distribute power through its transmission planning services and power electronics and superconductor-based products. The Company’s wind and power grid products and services provide exceptional reliability, security, efficiency and affordability to its customers. These unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with United States generally accepted accounting principles (“GAAP”) and the Securities and Exchange Commission’s (“SEC”) instructions to Form 10-Q. The going concern basis of presentation assumes that the Company will continue operations and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those instructions. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The unaudited condensed consolidated financial statements, in the opinion of management, reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim periods ended June 30, 2017 and 2016 and the financial position at June 30, 2017 . Liquidity The Company has experienced recurring operating losses and as of June 30, 2017 , the Company had an accumulated deficit of $970.8 million . In addition, the Company has experienced recurring negative operating cash flows. At June 30, 2017 , the Company had cash and cash equivalents of $37.5 million . Cash used in operations for the three months ended June 30, 2017 was $5.4 million . From April 1, 2011 through the date of this filing, the Company has reduced its global workforce substantially, including a restructuring action announced on April 4, 2017 which led to a $1.3 million restructuring charge in the three months ended June 30, 2017. See Note 13 "Restructuring" for further discussion of this action. The Company has taken actions to consolidate certain business operations to reduce facility costs. As of June 30, 2017 , the Company had a global workforce of 326 persons. The Company plans to closely monitor its expenses and, if required, expects to further reduce operating costs and capital spending to enhance liquidity. Over the last several years, the Company has entered into several debt and equity financing arrangements in order to enhance liquidity. Since April 1, 2012, the Company has generated aggregate cash flows from financing activities of $85.0 million . Included in this amount are proceeds of approximately $17.0 million after deducting underwriting discounts and commissions and offering expenses payable by the Company, from the Company's equity offering completed on May 10, 2017, which includes the subsequent exercise by the underwriters of their option in full to purchase additional shares. The Company terminated its At Market Issuance Sales Agreement ("ATM") with FBR Capital Markets & Co in conjunction with this equity offering. See Note 12 “Stockholders Equity” for further discussion of these financing arrangements. In December 2015, the Company entered into a set of strategic agreements valued at approximately $210.0 million with Inox Wind Ltd. (“Inox”), which includes a multi-year supply contract pursuant to which the Company will supply electric control systems to Inox and a license agreement allowing Inox to manufacture a limited number of electrical control systems. After Inox purchases the specified number of electrical control systems required under the terms of the supply contract, Inox agreed that the Company will continue as Inox’s preferred supplier and Inox will be required to purchase from the Company a majority of its electric control systems requirements for an additional three -year period. The Company believes based on the information presented above, and its quarterly management assessment, that it has sufficient liquidity to fund its operations and capital expenditures for the next twelve months following the issuance of the financial statements for the three months ended June 30, 2017 . The Company’s liquidity is highly dependent on its ability to increase revenues, its ability to control its operating costs, and its ability to raise additional capital, if necessary. There can be no assurance that the Company will be able to continue to raise additional capital from other sources or execute on any other means of improving liquidity described above.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company accounts for its stock-based compensation at fair value. The following table summarizes stock-based compensation expense by financial statement line item for the three months ended June 30, 2017 and 2016 (in thousands): Three months ended June 30, 2017 2016 Cost of revenues $ 36 $ 50 Research and development 49 30 Selling, general and administrative 669 919 Total $ 754 $ 999 The Company issued 33,487 shares of immediately vested common stock during the three months ended June 30, 2017 , and 25,000 shares of immediately vested common stock and 136,000 restricted stock awards during the three months ended June 30, 2016 . These restricted stock awards generally vest over 2- 3 years . Awards for restricted stock include both time-based and performance-based awards. For options and awards that vest upon the passage of time, expense is being recorded over the vesting period. Performance-based awards are expensed over the requisite service period based on probability of achievement. In addition, the Company issued 16,667 restricted stock units under the 2007 Stock Incentive Plan during the three months ended June 30, 2017, each of which represents the right to receive one share of common stock in connection with a severance agreement entered into with one of our former executive officers. These restricted stock units vested and were settled in shares of common stock on the eighth day after receipt of an irrevocable release. 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 $0.4 million at June 30, 2017 . This expense will be recognized over a weighted average expense period of approximately 1.7 years . The total unrecognized compensation cost for unvested outstanding restricted stock was $1.3 million at June 30, 2017 . This expense will be recognized over a weighted-average expense period of approximately 1.4 years . The Company did not grant any stock options during the three months ended June 30, 2017 or 2016 .

Computation of Net Loss per Com

Computation of Net Loss per Common Share	3 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Computation of Net Loss per Common Share	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. Where applicable, diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares include the effect of restricted stock, exercise of stock options and warrants and contingently issuable shares. For the three months ended June 30, 2017 , 1.5 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 0.3 million relate to outstanding stock options, and 1.2 million relate to outstanding warrants. For the three months ended June 30, 2016 , 1.6 million shares were not included in the calculation of diluted EPS as they were considered anti-dilutive, of which 0.4 million relate to outstanding stock options, and 1.2 million relate to outstanding warrants. The following table reconciles the numerators and denominators of the earnings per share calculation for the three months ended June 30, 2017 and 2016 (in thousands, except per share data): Three months ended June 30, 2017 2016 Numerator: Net loss $ (15,252 ) $ (10,355 ) Denominator: Weighted-average shares of common stock outstanding 17,089 14,132 Weighted-average shares subject to repurchase (311 ) (456 ) Shares used in per-share calculation ― basic 16,778 13,676 Shares used in per-share calculation ― diluted 16,778 13,676 Net loss per share ― basic $ (0.91 ) $ (0.76 ) Net loss per share ― diluted $ (0.91 ) $ (0.76 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements 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 broad levels as follows: 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 active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). 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 measurement roll-forward and details of transfers in and out of Level 1 and 2 measurements. A change in the hierarchy of an investment from its current level is reflected in the period during which the pricing methodology of such investment changes. Disclosure of the transfer of securities from Level 1 to Level 2 or Level 3 is made in the event that the related security is significant to total cash and investments. The Company did not have any transfers of assets and liabilities from Level 1 and Level 2 to Level 3 of the fair value measurement hierarchy during the three months ended June 30, 2017 . 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. The following table provides the assets and liabilities carried at fair value on a recurring basis, measured as of June 30, 2017 and March 31, 2017 (in thousands): Total Carrying Value Quoted Prices in Active Markets ( Level 1) Significant Other Observable Inputs ( Level 2) Significant Unobservable Inputs ( Level 3) June 30, 2017: Assets: Cash equivalents $ 27,334 $ 27,334 $ — $ — Derivative liabilities: Warrants $ 998 $ — $ — $ 998 Total Quoted Prices in Significant Other Significant March 31, 2017: Assets: Cash equivalents $ 14,105 $ 14,105 $ — $ — Derivative liabilities: Warrants $ 1,923 $ — $ — $ 1,923 The table below reflects the activity for the Company’s major classes of liabilities measured at fair value on a recurring basis (in thousands): Warrants April 1, 2017 $ 1,923 Mark to market adjustment (925 ) Balance at June 30, 2017 $ 998 Warrants April 1, 2016 $ 3,227 Mark to market adjustment (1,304 ) Balance at March 31, 2017 $ 1,923 Valuation Techniques Cash Equivalents Cash equivalents consist of highly liquid instruments with maturities of three months or less that are regarded as high quality, low risk investments and are measured using such inputs as quoted prices, and are classified within Level 1 of the valuation hierarchy. Cash equivalents consist principally of certificates of deposits and money market accounts. Warrants Warrants were issued in conjunction with a Securities Purchase Agreement (the “Purchase Agreement”) with Capital Ventures International (“CVI”) in April 2012, an equity offering to Hudson Bay Capital in November 2014, and a Loan and Security Agreement with Hercules Technology Growth Capital, Inc. (“Hercules”) in June 2012 and through subsequent amendments. See Note 10, “Debt,” and Note 11 “Warrants and Derivative Liabilities,” for additional information. These warrants are subject to revaluation at each balance sheet date, and any change in fair value will be recorded as a change in fair value in derivatives and warrants until the earlier of their exercise or expiration. The Company relies on various assumptions in a lattice model to determine the fair value of warrants. The Company has valued the warrants within Level 3 of the valuation hierarchy. See Note 11, “Warrants and Derivative Liabilities,” for a discussion of the warrants and the valuation assumptions used.

Accounts Receivable

Accounts Receivable	3 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable at June 30, 2017 and March 31, 2017 consisted of the following (in thousands): June 30, March 31, Accounts receivable (billed) $ 6,661 $ 7,436 Accounts receivable (unbilled) 1,145 574 Less: Allowance for doubtful accounts (54 ) (54 ) Accounts receivable, net $ 7,752 $ 7,956

Inventory

Inventory	3 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory at June 30, 2017 and March 31, 2017 consisted of the following (in thousands): June 30, March 31, Raw materials $ 6,026 $ 4,263 Work-in-process 819 426 Finished goods 6,485 8,016 Deferred program costs 2,309 4,757 Net inventory $ 15,639 $ 17,462 The Company recorded inventory write-downs of $0.3 million for each of the three months ended June 30, 2017 and 2016 . These write downs were based on evaluating its inventory on hand for excess quantities and obsolescence. Deferred program costs as of June 30, 2017 and March 31, 2017 primarily represent costs incurred on programs accounted for under contract accounting where the Company needs to complete development milestones before revenue and costs will be recognized.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment The cost and accumulated depreciation of property and equipment at June 30, 2017 and March 31, 2017 are as follows (in thousands): June 30, March 31, Land $ 3,643 $ 3,643 Construction in progress - equipment 471 601 Buildings 34,549 34,549 Equipment and software 73,345 73,445 Furniture and fixtures 1,185 1,201 Leasehold improvements 1,907 2,442 Property, plant and equipment, gross 115,100 115,881 Less accumulated depreciation (75,818 ) (72,443 ) Property, plant and equipment, net $ 39,282 $ 43,438 Depreciation expense was $4.2 million and $1.7 million for the three months ended June 30, 2017 and 2016, respectively. Included in depreciation expense for the three months ended June 30, 2017 is $2.5 million of accelerated depreciation recorded to cost of goods sold related to revised estimates of the remaining useful lives of certain pieces of manufacturing equipment.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses at June 30, 2017 and March 31, 2017 consisted of the following (in thousands): June 30, March 31, Accounts payable $ 1,800 $ 3,207 Accrued inventories in-transit 709 313 Accrued other miscellaneous expenses 2,032 2,240 Accrued restructuring 751 — Accrued compensation 5,333 5,042 Income taxes payable 1,369 1,344 Accrued warranty 2,026 2,344 Total $ 14,020 $ 14,490 The Company generally provides a one to three year warranty on its products, commencing upon installation. A provision is recorded upon revenue recognition to cost of revenues for estimated warranty expense based on historical experience. Product warranty activity was as follows (in thousands): Three months ended June 30, 2017 2016 Balance at beginning of period $ 2,344 $ 3,601 Change in accruals for warranties during the period 41 101 Settlements during the period (359 ) (928 ) Balance at end of period $ 2,026 $ 2,774

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes T he Company recorded an income tax expense of $0.1 million and $0.3 million in the three months ended June 30, 2017 , and 2016 , respectively. Accounting for income taxes requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if, based on the technical merits, it is more likely than not the position will be sustained upon audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company re-evaluates these uncertain tax positions on a quarterly basis. The evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit and new audit activity. Any changes in these factors could result in the recognition of a tax benefit or an additional charge to the tax provision. The Company did not identify any uncertain tax positions in the three months ended June 30, 2017 and did not have any gross unrecognized tax benefits as of March 31, 2017.

Debt

Debt	3 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt Senior Secured Term Loans On December 19, 2014, the Company entered into a second amendment to its Loan and Security Agreement with Hercules (the “Hercules Second Amendment”) and entered into a new term loan, borrowing an additional $1.5 million (the “Term Loan C”). After closing fees and expenses, the net proceeds to the Company for the Term Loan C were $1.4 million . The Company made interest only payments at an interest rate of 11% through March 16, 2017 when the interest rate was increased to 11.25% , until maturity on June 1, 2017 , when Term Loan C was repaid in its entirety. Hercules received warrants to purchase 13,927 shares of common stock (the “First Warrant”) and 25,641 shares of common stock (the “Second Warrant”) in conjunction with prior term loans that have been repaid in full. Due to certain adjustment provisions within the warrants, they qualified for liability accounting. The fair value of the warrants, $0.4 million and $0.2 million , respectively, was recorded upon issuance to debt discount and a warrant liability. In conjunction with the Hercules Second Amendment, the First Warrant and Second Warrant were cancelled and replaced with the issuance of a new warrant (the “Hercules Warrant”) to purchase 58,823 shares of common stock at an exercise price of $11.00 per share, subject to adjustment. The Hercules Warrant expires on June 30, 2020. See Note 11, “Warrants and Derivative Liabilities”, for a discussion on the Hercules Warrant and the valuation assumptions used. During the three months ended June 30, 2016 , the Company recorded non-cash interest expense for amortization of the debt discount related to a prior term loan of less than $0.1 million . Under Term Loan C, the total debt discount, including the Hercules Warrant, end of term fee and legal and origination costs of $0.3 million was amortized into interest expense over the term of the Term Loan C using the effective interest method. During each of the three months ended June 30, 2017 and 2016 , the Company recorded non-cash interest expense for amortization of the debt discount related to the Term Loan C of less than $0.1 million . Interest expense on the Term Loans for the three months ended June 30, 2017 and 2016 , was less than $0.1 million and $0.2 million , respectively, each of which included less than $0.1 million of non-cash interest expense related to the amortization of the debt discount on the respective Term Loans.

Warrants and Derivative Liabili

Warrants and Derivative Liabilities	3 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Warrants and Derivative Liabilities	Warrants and Derivative Liabilities Senior Convertible Note Warrant On April 4, 2012, the Company entered into a Purchase Agreement with Capital Ventures International ("CVI"). The Purchase Agreement included a warrant to purchase 309,406 shares of the Company’s common stock (the “Original Warrant”). Pursuant to an exchange in October 2013, the Original Warrant was exchanged for a new warrant (the “Exchanged Warrant”). The Exchanged Warrant is exercisable at any time on or after the date that is six months after the issuance of the Original Warrant until its expiration on October 4, 2017. The Exchanged Warrant entitles CVI to purchase shares of the Company’s common stock for a period of five years from the date the Original Warrant becomes exercisable at an exercise price equal to $12.83 per share, subject to certain price-based and other anti-dilution adjustments. The Exchanged Warrant may not be exercised if, after giving effect to the conversion, CVI together with its affiliates, would beneficially own in excess of 4.99% of the Company’s common stock. This percentage may be raised to any other percentage not in excess of 9.99% at the option of CVI, upon at least 61 -days prior notice to the Company, or lowered to any other percentage, at the option of CVI, at any time. The Company calculated the fair value of the Exchanged Warrant, utilizing an integrated lattice model. The lattice model is an option pricing model that involves the construction of a binomial tree to show the different paths that the underlying asset may take over the option’s life. A lattice model can take into account expected changes in various parameters such as volatility over the life of the options, providing more accurate estimates of option prices than the Black-Scholes model. See Note 4, "Fair Value Measurements", for further discussion. The Company accounts for the Exchanged Warrant as a liability due to certain adjustment provisions within the warrant, which requires that it be recorded at fair value. The Exchanged Warrant is subject to revaluation at each balance sheet date and any change in fair value is recorded as a change in fair value of derivatives and warrants until the earlier of its expiration or its exercise at which time the warrant liability will be reclassified to equity. Following is a summary of the key assumptions used to calculate the fair value of the Exchanged Warrant: Fiscal Year 17 June 30, Risk-free interest rate 1.05% Expected annual dividend yield — Expected volatility 78.25% Term (years) 0.26 Fair value $— Fiscal Year 16 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, Risk-free interest rate 0.91% 0.56% 0.59% 0.48% 0.66% Expected annual dividend yield — — — — — Expected volatility 44.12% 58.04% 70.50% 76.30% 76.76% Term (years) 0.51 0.76 1.01 1.26 1.51 Fair value $— $0.1 million $0.2 million $0.4 million $0.4 million The Company recorded no change in the fair value of the Exchanged Warrant during the three months ended June 30, 2017 and 2016 , respectively. Hercules Warrant On December 19, 2014, the Company entered into the Hercules Second Amendment. See Note 10, “Debt” for additional information. In conjunction with the agreement, the Company issued the Hercules Warrant to purchase 58,823 shares of the Company’s common stock. The Hercules Warrant is exercisable at any time after its issuance at an exercise price of $8.02 per share, subject to certain price-based and other anti-dilution adjustments, and expires on June 30, 2020 . The Company accounts for the Hercules Warrant as a liability due to certain provisions within the warrant. The Hercules Warrant is subject to revaluation at each balance sheet date and any change in fair value is recorded as a change in fair value of derivatives and warrants until the earlier of its expiration or its exercise, at which time the warrant liability will be reclassified to equity. Following is a summary of the key assumptions used to calculate the fair value of the Hercules Warrant: Fiscal Year 17 June 30, Risk-free interest rate 1.58% Expected annual dividend yield — Expected volatility 67.76% Term (years) 2.97 Fair value $0.1 million Fiscal Year 16 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, Risk-free interest rate 1.55% 1.57% 0.97% 0.86% 1.08% Expected annual dividend yield — — — — — Expected volatility 66.51% 67.28% 67.98% 68.34% 70.25% Term (years) 3.25 3.50 3.75 4.00 4.25 Fair value $0.2 million $0.2 million $0.2 million $0.3 million $0.2 million The Company recorded a net gain, resulting from a decrease of less than $0.1 million in fair value of derivatives and warrants during the three months ended June 30, 2017 and a net loss, resulting from an increase in the fair value of the Hercules Warrant of less than $0.1 million during the three months ended June 30, 2016 . November 2014 Warrant On November 13, 2014, the Company completed an offering of 909,090 units of the Company’s common stock with Hudson Bay Capital. Each unit consisted of one share of the Company’s common stock and 0.9 of a warrant to purchase one share of common stock, or a warrant to purchase in the aggregate 818,181 shares (the “November 2014 Warrant”). The November 2014 Warrant is exercisable at any time, at an exercise price equal to $7.98 per share, subject to certain price-based and other anti-dilution adjustments, and expires on November 13, 2019 . The Company accounts for the November 2014 Warrant as a liability due to certain provisions within the warrant. The November 2014 Warrant is subject to revaluation at each balance sheet date and any change in fair value is recorded as a change in fair value of derivatives and warrants until the earlier of its expiration or its exercise, at which time the warrant liability will be reclassified to equity. Following is a summary of the key assumptions used to calculate the fair value of the November 2014 Warrant: Fiscal Year 17 June 30, Risk-free interest rate 1.44% Expected annual dividend yield — Expected volatility 67.21% Term (years) 2.37 Fair value $0.9 million Fiscal Year 16 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, Risk-free interest rate 1.41% 1.43% 0.93% 0.77% 0.98% Expected annual dividend yield — — — — — Expected volatility 66.53% 69.31% 68.96% 70.01% 69.88% Term (years) 2.62 2.87 3.12 3.37 3.62 Fair value $1.8 million $2.3 million $2.3 million $3.2 million $2.6 million The Company recorded a net gain of $0.9 million resulting from a decrease in the fair value of the November 2014 Warrant in the three months ended June 30, 2017 and a net loss, resulting from an increase in the fair value of the November 2014 Warrant of $0.6 million in the three months ended June 30, 2016 .

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Equity Offerings On May 5, 2017, the Company entered into an underwriting agreement with Oppenheimer & Co. Inc., as representative of several underwriters named therein, relating to the issuance and sale (the "Offering") of 4.0 million shares of the Company's common stock at a public offering price of $4.00 per share. The net proceeds to the Company from the Offering were approximately $14.7 million , after deducting underwriting discounts and commissions and offering expenses payable by the Company. The Offering closed on May 10, 2017. In addition, the Company granted the underwriters a 30 -day option (the “Option”) to purchase up to an additional 600,000 shares of common stock at the public offering price. On May 24, 2017, the underwriters notified the Company that they had exercised in full, their Option. The net proceeds to the Company from the Option were approximately $2.3 million , after deducting underwriting discounts and commissions and offering expenses payable by the Company. The total net proceeds to the Company from the Offering and the Option were approximately $17.0 million , after deducting underwriting discounts and commissions and offering expenses payable by the Company. The Option closed on May 26, 2017. ATM Arrangement On January 27, 2017, the Company entered into an At Market Issuance Sales Agreement ("ATM"), pursuant to which, the Company could, at its discretion, sell up to $10.0 million of the Company’s common stock through its sales agent, FBR Capital Markets & Co. ("FBR"). Sales of common stock made under the ATM were made pursuant to the prospectus supplement dated January 27, 2017, which supplements the prospectus dated October 1, 2014, included in the shelf registration statement that AMSC filed with the SEC on September 19, 2014. During the year ended March 31, 2017, the Company received net proceeds of $2.5 million , from sales of approximately 379,693 shares of its common stock at an average sales price of approximately $6.79 per share under the ATM. No sales of the Company's common stock were made under the ATM after March 31, 2017. On May 4, 2017, the Company provided to FBR a notice of termination of the ATM.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements. On September 13, 2011, the Company commenced a series of legal actions in China against Sinovel Wind Group Co. Ltd. (“Sinovel”). The Company’s Chinese subsidiary, Suzhou AMSC Superconductor Co. Ltd., filed a claim for arbitration with the Beijing Arbitration Commission in accordance with the terms of the Company’s supply contracts with Sinovel. The case is captioned (2011) Jing Zhong An Zi No. 963 . The Company alleges that Sinovel committed various material breaches of its contracts with the Company and Sinovel has refused to pay past due amounts for prior shipments of core electrical components and spare parts. The Company is seeking compensation for past product shipments and retention (including interest) in the amount of approximately RMB 485 million (approximately $72 million ) due to Sinovel’s breaches of its contracts. The Company is also seeking specific performance of its existing contracts as well as reimbursement of all costs and reasonable expenses with respect to the arbitration. The value of the undelivered components under the existing contracts, including the deliveries refused by Sinovel in March 2011, amounts to approximately RMB 4.6 billion (approximately $679 million ). On October 8, 2011, Sinovel filed with the Beijing Arbitration Commission an application under the caption (2011) Jing Zhong An Zi No. 963, for a counterclaim against the Company for breach of the same contracts under which the Company filed its original arbitration claim. Sinovel claims, among other things, that the goods supplied by the Company do not conform to the standards specified in the contracts and claims damages in the amount of approximately RMB 1.2 billion (approximately $177 million ) upon Sinovel’s requests for change of counterclaim. On February 27, 2012, Sinovel filed with the Beijing Arbitration Commission an application under the caption (2012) Jing Zhong An Zi No. 157, against the Company for breach of the same contracts under which the Company filed its original arbitration claim. Sinovel claims, among other things, that the goods supplied by the Company do not conform to the standards specified in the contracts and claims damages in the amount of approximately RMB 105 million (approximately $15 million ). The Company believes that Sinovel’s claims are without merit and it intends to defend these actions vigorously. Since the proceedings in this matter are still in the early technical review phase, the Company cannot reasonably estimate possible losses or range of losses at this time. Other The Company enters into long-term construction contracts with customers that require the Company to obtain performance bonds. The Company is required to deposit an amount equivalent to some or all the face amount of the performance bonds into an escrow account until the termination of the bond. When the performance conditions are met, amounts deposited as collateral for the performance bonds are returned to the Company. In addition, the Company has various contractual arrangements in which minimum quantities of goods or services have been committed to be purchased on an annual basis. As of June 30, 2017 , the Company had $0.1 million of restricted cash included in current assets and $0.2 million of restricted cash included in long-term assets. These amounts included in restricted cash primarily represent deposits to secure letters of credit for various supply contracts. These deposits are held in interest bearing accounts.

Restructuring

Restructuring	3 Months Ended
	Jun. 30, 2017
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring The Company accounts for charges resulting from operational restructuring actions in accordance with ASC Topic 420, Exit or Disposal Cost Obligations (“ASC 420”) and ASC Topic 712, Compensation—Nonretirement Postemployment Benefits (“ASC 712”). In accounting for these obligations, the Company is required to make assumptions related to the amounts of employee severance, benefits, and related costs and the time period over which leased facilities will remain vacant, sublease terms, sublease rates and discount rates. Estimates and assumptions are based on the best information available at the time the obligation arises. These estimates are reviewed and revised as facts and circumstances dictate; changes in these estimates could have a material effect on the amount accrued on the consolidated balance sheet. On April 3, 2017, the Board of Directors approved a plan to reduce the Company’s global workforce by approximately 8% , effective April 4, 2017. The purpose of the workforce reduction was to reduce operating expenses to better align with the Company’s current revenues. Included in the $1.3 million severance pay, charged to operations in the three months ended June 30, 2017, is $0.5 million of severance pay for one of the Company's former executive officers pursuant to the terms of a severance agreement dated as of June 30, 2017. Under the terms of the severance agreement, the Company's former executive officer is entitled to 18 months of his base salary, which is expected to be paid by December 31, 2018. From and after January 1, 2018, the Company, at its discretion, may settle any remaining unpaid cash severance owed to its former executive officer through the issuance of a number of immediately vested shares of the Company’s common stock, determined by multiplying the remaining unpaid cash severance owed by 120% , and then dividing by the closing stock price per share of the Company's common stock as of the last business day prior to the issuance of the shares. All amounts related to these restructuring activities are expected to be paid by December 31, 2018. The following table presents restructuring charges and cash payments for the three months ended June 30, 2017 (in thousands): Severance pay and benefits Accrued restructuring balance at April 1, 2017 $ — Charges to operations 1,339 Cash payments (423 ) Accrued restructuring balance at June 30, 2017 $ 916 All restructuring charges discussed above are included within restructuring in the Company’s unaudited condensed consolidated statements of operations. The Company includes $0.7 million of accrued restructuring within accounts payable and accrued expenses and the remaining $0.2 million long term portion is included within other liabilities in the Company's unaudited condensed consolidated balance sheets.

Business Segments

Business Segments	3 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Business Segments	Business Segments The Company reports its financial results in two reportable business segments: Wind and Grid. Through the Company’s Windtec Solutions, the Wind business segment enables manufacturers to field wind turbines with exceptional power output, reliability and affordability. 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 MWs and higher. The Company provides a broad range of power electronics and software-based control systems that are highly integrated and designed for optimized performance, efficiency, and grid compatibility. Through the Company’s Gridtec Solutions, the Grid business segment enables electric utilities and renewable energy project developers to connect, transmit and distribute power with exceptional efficiency, reliability and affordability. 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. The operating results for the two business segments are as follows (in thousands): Three months ended June 30, 2017 2016 Revenues : Wind $ 2,278 $ 5,675 Grid 6,645 7,670 Total $ 8,923 $ 13,345 Three months ended June 30, 2017 2016 Operating (loss) profit: Wind $ (4,433 ) $ (3,030 ) Grid (8,167 ) (5,315 ) Unallocated corporate expenses (2,093 ) (999 ) Total $ (14,693 ) $ (9,344 ) 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 believe are specifically attributable or allocable to either of the two business segments have been excluded from the segment operating loss. Unallocated corporate expenses primarily consist of stock-based compensation expense of $0.8 million and $1.0 million in the three months ended June 30, 2017 and 2016 , respectively. Additionally a restructuring charge of $1.3 million is included in the three months ended June 30, 2017 . Total assets for the two business segments as of June 30, 2017 and March 31, 2017 are as follows (in thousands): June 30, March 31, Wind $ 17,162 $ 18,346 Grid 26,811 31,060 Corporate assets 60,630 50,838 Total $ 104,603 $ 100,244 The following table sets forth customers who represented 10% or more of the Company’s total revenues for the three months ended June 30, 2017 and 2016 : Three months ended June 30, 2017 2016 INOX Wind Limited 22 % 27 % U.S. Navy 35 % — % Reed & Reed Inc. <10% 17 % Essential Energy <10% 13 % XJ Group Corporation — % 12 %

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Jun. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (IASB) issued, ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . The guidance substantially converges final standards on revenue recognition between the FASB and IASB providing a framework on addressing revenue recognition issues and, upon its effective date, replaces almost all existing revenue recognition guidance, including industry-specific guidance, in current U.S. generally accepted accounting principles. The FASB has subsequently issued the following amendments to ASU 2014-09 which are all effective for annual reporting periods beginning after December 15, 2017. • I n March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations , which clarifies the implementation guidance on principal versus agent considerations. • In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which clarifies certain aspects of identifying performance obligations and licensing implementation guidance. • In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow- Scope Improvements and Practical Expedients related to disclosures of remaining performance obligations, as well as other amendments to guidance on collectability, non-cash consideration and the presentation of sales and other similar taxes collected from customers. • In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , which amends certain narrow aspects of the guidance issued in ASU 2014-09 including guidance related to the disclosure of remaining performance obligations and prior-period performance obligations, as well as other amendments to the guidance on loan guarantee fees, contract costs, refund liabilities, advertising costs and the clarification of certain examples. The Company is currently evaluating the provisions of ASU 2014-09 and its amendments, and assessing the impact the adoption of this guidance will have on its financial position, results of operations and disclosures. The Company anticipates the adoption of this guidance will result in certain changes in the identification of deliverables in its contracts and allocation of transaction price. The Company is required to adopt the new standards in the first quarter of fiscal 2018 and expects to do so retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The Company is still evaluating the final impact of this adoption method on it's consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The amendments in ASU 2016-01 will enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the impact, if any, the adoption of ASU 2016-01 may have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the effects adoption of this guidance will have on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The amendments in ASU 2016-13 will provide more decision useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The ASU is effective for annual reporting periods beginning after December 15, 2019, including interim periods within that year. The Company is currently evaluating the impact, if any, the adoption of ASU 2016-13 may have on its consolidated financial statements. In 2016, the FASB issued the following two ASU's on Statement of Cash Flows (Topic 230). Both amendments are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that year. • In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The amendments in ASU 2016-15 will provide more guidance towards the classification of multiple different types of cash flows in order to reduce the diversity in reporting across entities. • In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . The amendments in ASU 2016-18 will explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company is currently evaluating the impact, if any, the adoption of ASU 2016-15 and ASU 2016-18 may have on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . The amendments in ASU 2016-16 will improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that year. The Company is currently evaluating the impact, if any, the adoption of ASU 2016-16 may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations . The amendments in ASU 2017-01 will clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those periods. The Company is currently evaluating the impact the adoption of ASU 2017-01 may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures . The amendments in ASU 2017-03 provide additional detail surrounding disclosures required related to adoption of new pronouncements. The ASU is effective for the periods of each related pronouncement. The Company is currently evaluating the impact the adoption of ASU 2017-03 may have on its consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Non-financial Assets (Subtopic 610-20) . The amendments in ASU 2017-05 clarify the scope of Subtopic 610-20, Other Income-Gains and Losses from the Derecognition of Non-financial Assets, and to add guidance for partial sales of non-financial assets. Subtopic 610-20, which was issued in May 2014 as a part of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains and losses from the transfer of non-financial assets in contracts with non-customers. The Company is currently evaluating the impact the adoption of ASU 2017-05 may have on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Subtopic 718) Scope of Modification Accounting . The amendments in ASU 2017-09 provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those periods. The Company is currently evaluating the impact the adoption of ASU 2017-09 may have on its consolidated financial statements. In July 2017, the FASB issued ASU 2017-11, Earnings per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), and Derivatives and Hedging (Topic 815) . The amendments in ASU 2017-11 provide guidance for freestanding equity-linked financial instruments, such as warrants and conversion options in convertible debt or preferred stock, and should no longer be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. The ASU is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those periods. The Company is currently evaluating the impact the adoption of ASU 2017-11 may have on its consolidated financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has performed an evaluation of subsequent events through the time of filing this Quarterly Report on Form 10-Q with the SEC, and has determined that there are no such events to report.

Nature of the Business and Op24

Nature of the Business and Operations and Liquidity (Policies)	3 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Operations	These unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with United States generally accepted accounting principles (“GAAP”) and the Securities and Exchange Commission’s (“SEC”) instructions to Form 10-Q. The going concern basis of presentation assumes that the Company will continue operations and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those instructions. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The unaudited condensed consolidated financial statements, in the opinion of management, reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim periods ended June 30, 2017 and 2016 and the financial position at June 30, 2017 .
Recent Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (IASB) issued, ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . The guidance substantially converges final standards on revenue recognition between the FASB and IASB providing a framework on addressing revenue recognition issues and, upon its effective date, replaces almost all existing revenue recognition guidance, including industry-specific guidance, in current U.S. generally accepted accounting principles. The FASB has subsequently issued the following amendments to ASU 2014-09 which are all effective for annual reporting periods beginning after December 15, 2017. • I n March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations , which clarifies the implementation guidance on principal versus agent considerations. • In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which clarifies certain aspects of identifying performance obligations and licensing implementation guidance. • In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow- Scope Improvements and Practical Expedients related to disclosures of remaining performance obligations, as well as other amendments to guidance on collectability, non-cash consideration and the presentation of sales and other similar taxes collected from customers. • In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , which amends certain narrow aspects of the guidance issued in ASU 2014-09 including guidance related to the disclosure of remaining performance obligations and prior-period performance obligations, as well as other amendments to the guidance on loan guarantee fees, contract costs, refund liabilities, advertising costs and the clarification of certain examples. The Company is currently evaluating the provisions of ASU 2014-09 and its amendments, and assessing the impact the adoption of this guidance will have on its financial position, results of operations and disclosures. The Company anticipates the adoption of this guidance will result in certain changes in the identification of deliverables in its contracts and allocation of transaction price. The Company is required to adopt the new standards in the first quarter of fiscal 2018 and expects to do so retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The Company is still evaluating the final impact of this adoption method on it's consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The amendments in ASU 2016-01 will enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the impact, if any, the adoption of ASU 2016-01 may have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the effects adoption of this guidance will have on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The amendments in ASU 2016-13 will provide more decision useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The ASU is effective for annual reporting periods beginning after December 15, 2019, including interim periods within that year. The Company is currently evaluating the impact, if any, the adoption of ASU 2016-13 may have on its consolidated financial statements. In 2016, the FASB issued the following two ASU's on Statement of Cash Flows (Topic 230). Both amendments are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that year. • In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The amendments in ASU 2016-15 will provide more guidance towards the classification of multiple different types of cash flows in order to reduce the diversity in reporting across entities. • In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . The amendments in ASU 2016-18 will explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company is currently evaluating the impact, if any, the adoption of ASU 2016-15 and ASU 2016-18 may have on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . The amendments in ASU 2016-16 will improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that year. The Company is currently evaluating the impact, if any, the adoption of ASU 2016-16 may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations . The amendments in ASU 2017-01 will clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those periods. The Company is currently evaluating the impact the adoption of ASU 2017-01 may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures . The amendments in ASU 2017-03 provide additional detail surrounding disclosures required related to adoption of new pronouncements. The ASU is effective for the periods of each related pronouncement. The Company is currently evaluating the impact the adoption of ASU 2017-03 may have on its consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Non-financial Assets (Subtopic 610-20) . The amendments in ASU 2017-05 clarify the scope of Subtopic 610-20, Other Income-Gains and Losses from the Derecognition of Non-financial Assets, and to add guidance for partial sales of non-financial assets. Subtopic 610-20, which was issued in May 2014 as a part of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains and losses from the transfer of non-financial assets in contracts with non-customers. The Company is currently evaluating the impact the adoption of ASU 2017-05 may have on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Subtopic 718) Scope of Modification Accounting . The amendments in ASU 2017-09 provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those periods. The Company is currently evaluating the impact the adoption of ASU 2017-09 may have on its consolidated financial statements. In July 2017, the FASB issued ASU 2017-11, Earnings per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), and Derivatives and Hedging (Topic 815) . The amendments in ASU 2017-11 provide guidance for freestanding equity-linked financial instruments, such as warrants and conversion options in convertible debt or preferred stock, and should no longer be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. The ASU is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those periods. The Company is currently evaluating the impact the adoption of ASU 2017-11 may have on its consolidated financial statements.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock-Based Compensation Expense	The Company accounts for its stock-based compensation at fair value. The following table summarizes stock-based compensation expense by financial statement line item for the three months ended June 30, 2017 and 2016 (in thousands): Three months ended June 30, 2017 2016 Cost of revenues $ 36 $ 50 Research and development 49 30 Selling, general and administrative 669 919 Total $ 754 $ 999

Computation of Net Loss per C26

Computation of Net Loss per Common Share (Tables)	3 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Reconciliation of Numerators and Denominators of EPS Calculation	The following table reconciles the numerators and denominators of the earnings per share calculation for the three months ended June 30, 2017 and 2016 (in thousands, except per share data): Three months ended June 30, 2017 2016 Numerator: Net loss $ (15,252 ) $ (10,355 ) Denominator: Weighted-average shares of common stock outstanding 17,089 14,132 Weighted-average shares subject to repurchase (311 ) (456 ) Shares used in per-share calculation ― basic 16,778 13,676 Shares used in per-share calculation ― diluted 16,778 13,676 Net loss per share ― basic $ (0.91 ) $ (0.76 ) Net loss per share ― diluted $ (0.91 ) $ (0.76 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Carried at Fair Value on Recurring Basis	The following table provides the assets and liabilities carried at fair value on a recurring basis, measured as of June 30, 2017 and March 31, 2017 (in thousands): Total Carrying Value Quoted Prices in Active Markets ( Level 1) Significant Other Observable Inputs ( Level 2) Significant Unobservable Inputs ( Level 3) June 30, 2017: Assets: Cash equivalents $ 27,334 $ 27,334 $ — $ — Derivative liabilities: Warrants $ 998 $ — $ — $ 998 Total Quoted Prices in Significant Other Significant March 31, 2017: Assets: Cash equivalents $ 14,105 $ 14,105 $ — $ — Derivative liabilities: Warrants $ 1,923 $ — $ — $ 1,923
Schedule of Liabilities Measured at Fair Value on Recurring Basis	The table below reflects the activity for the Company’s major classes of liabilities measured at fair value on a recurring basis (in thousands): Warrants April 1, 2017 $ 1,923 Mark to market adjustment (925 ) Balance at June 30, 2017 $ 998 Warrants April 1, 2016 $ 3,227 Mark to market adjustment (1,304 ) Balance at March 31, 2017 $ 1,923

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable at June 30, 2017 and March 31, 2017 consisted of the following (in thousands): June 30, March 31, Accounts receivable (billed) $ 6,661 $ 7,436 Accounts receivable (unbilled) 1,145 574 Less: Allowance for doubtful accounts (54 ) (54 ) Accounts receivable, net $ 7,752 $ 7,956

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory at June 30, 2017 and March 31, 2017 consisted of the following (in thousands): June 30, March 31, Raw materials $ 6,026 $ 4,263 Work-in-process 819 426 Finished goods 6,485 8,016 Deferred program costs 2,309 4,757 Net inventory $ 15,639 $ 17,462

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Schedule of Costs and Accumulated Depreciation of Plant and Equipment	The cost and accumulated depreciation of property and equipment at June 30, 2017 and March 31, 2017 are as follows (in thousands): June 30, March 31, Land $ 3,643 $ 3,643 Construction in progress - equipment 471 601 Buildings 34,549 34,549 Equipment and software 73,345 73,445 Furniture and fixtures 1,185 1,201 Leasehold improvements 1,907 2,442 Property, plant and equipment, gross 115,100 115,881 Less accumulated depreciation (75,818 ) (72,443 ) Property, plant and equipment, net $ 39,282 $ 43,438

Accounts Payable and Accrued 31

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses at June 30, 2017 and March 31, 2017 consisted of the following (in thousands): June 30, March 31, Accounts payable $ 1,800 $ 3,207 Accrued inventories in-transit 709 313 Accrued other miscellaneous expenses 2,032 2,240 Accrued restructuring 751 — Accrued compensation 5,333 5,042 Income taxes payable 1,369 1,344 Accrued warranty 2,026 2,344 Total $ 14,020 $ 14,490
Schedule of Product Warranty Activity	Product warranty activity was as follows (in thousands): Three months ended June 30, 2017 2016 Balance at beginning of period $ 2,344 $ 3,601 Change in accruals for warranties during the period 41 101 Settlements during the period (359 ) (928 ) Balance at end of period $ 2,026 $ 2,774

Warrants and Derivative Liabi32

Warrants and Derivative Liabilities (Tables)	3 Months Ended
	Jun. 30, 2017
Exchanged Warrants
Class Of Warrant Or Right [Line Items]
Schedule of Assumptions Used to Calculate the Fair Value of Warrants	Following is a summary of the key assumptions used to calculate the fair value of the Exchanged Warrant: Fiscal Year 17 June 30, Risk-free interest rate 1.05% Expected annual dividend yield — Expected volatility 78.25% Term (years) 0.26 Fair value $— Fiscal Year 16 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, Risk-free interest rate 0.91% 0.56% 0.59% 0.48% 0.66% Expected annual dividend yield — — — — — Expected volatility 44.12% 58.04% 70.50% 76.30% 76.76% Term (years) 0.51 0.76 1.01 1.26 1.51 Fair value $— $0.1 million $0.2 million $0.4 million $0.4 million
Hercules Warrants
Class Of Warrant Or Right [Line Items]
Schedule of Assumptions Used to Calculate the Fair Value of Warrants	Following is a summary of the key assumptions used to calculate the fair value of the Hercules Warrant: Fiscal Year 17 June 30, Risk-free interest rate 1.58% Expected annual dividend yield — Expected volatility 67.76% Term (years) 2.97 Fair value $0.1 million Fiscal Year 16 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, Risk-free interest rate 1.55% 1.57% 0.97% 0.86% 1.08% Expected annual dividend yield — — — — — Expected volatility 66.51% 67.28% 67.98% 68.34% 70.25% Term (years) 3.25 3.50 3.75 4.00 4.25 Fair value $0.2 million $0.2 million $0.2 million $0.3 million $0.2 million
November 2014 Warrant
Class Of Warrant Or Right [Line Items]
Schedule of Assumptions Used to Calculate the Fair Value of Warrants	Following is a summary of the key assumptions used to calculate the fair value of the November 2014 Warrant: Fiscal Year 17 June 30, Risk-free interest rate 1.44% Expected annual dividend yield — Expected volatility 67.21% Term (years) 2.37 Fair value $0.9 million Fiscal Year 16 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, Risk-free interest rate 1.41% 1.43% 0.93% 0.77% 0.98% Expected annual dividend yield — — — — — Expected volatility 66.53% 69.31% 68.96% 70.01% 69.88% Term (years) 2.62 2.87 3.12 3.37 3.62 Fair value $1.8 million $2.3 million $2.3 million $3.2 million $2.6 million

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Jun. 30, 2017
Restructuring and Related Activities [Abstract]
Restructuring Costs	The following table presents restructuring charges and cash payments for the three months ended June 30, 2017 (in thousands): Severance pay and benefits Accrued restructuring balance at April 1, 2017 $ — Charges to operations 1,339 Cash payments (423 ) Accrued restructuring balance at June 30, 2017 $ 916

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of Operating Results for Business Segments	The operating results for the two business segments are as follows (in thousands): Three months ended June 30, 2017 2016 Revenues : Wind $ 2,278 $ 5,675 Grid 6,645 7,670 Total $ 8,923 $ 13,345 Three months ended June 30, 2017 2016 Operating (loss) profit: Wind $ (4,433 ) $ (3,030 ) Grid (8,167 ) (5,315 ) Unallocated corporate expenses (2,093 ) (999 ) Total $ (14,693 ) $ (9,344 )
Schedule of Total Assets for Segments	Total assets for the two business segments as of June 30, 2017 and March 31, 2017 are as follows (in thousands): June 30, March 31, Wind $ 17,162 $ 18,346 Grid 26,811 31,060 Corporate assets 60,630 50,838 Total $ 104,603 $ 100,244
Schedule of Revenues by Major Customers	The following table sets forth customers who represented 10% or more of the Company’s total revenues for the three months ended June 30, 2017 and 2016 : Three months ended June 30, 2017 2016 INOX Wind Limited 22 % 27 % U.S. Navy 35 % — % Reed & Reed Inc. <10% 17 % Essential Energy <10% 13 % XJ Group Corporation — % 12 %

Nature of the Business and Op35

Nature of the Business and Operations and Liquidity - Additional Information (Detail) $ in Thousands	May 26, 2017USD ($)	May 10, 2017USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2017USD ($)employee	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)employee	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Description Of Business [Line Items]
Accumulated deficit				$ (970,809)		$ (970,809)	$ (955,557)
Cash and cash equivalents				37,477	$ 35,211	$ 37,477	$ 26,784	$ 39,330
Net cash used in operating activities				5,430	2,060
Restructuring charges				$ 1,339	0
Number of workforce persons | employee				326		326
Cash flows from financing activities				$ 15,105	$ (1,461)	$ 85,000
Proceeds from additional equity offering	$ 17,000	$ 17,000
INOX Wind Limited
Description Of Business [Line Items]
Strategic agreements value			$ 210,000
Manufacturing agreement period, additional period required			3 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 754	$ 999
Cost of revenues
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	36	50
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	49	30
Selling, general and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 669	$ 919

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Immediately vested stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock granted (in shares)	33,487	25,000
Restricted stock awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock granted (in shares)		136,000
Unrecognized compensation cost for unvested employee stock-based compensation awards outstanding, net of forfeitures	$ 1.3
Weighted-average period over which unrecognized compensation expense is expected to be recognized	1 year 4 months 25 days
Restricted stock units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock granted (in shares)	16,667
Vesting period	8 days
Stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted in period (in shares)	0	0
Unrecognized compensation cost for unvested employee stock-based compensation awards outstanding, net of forfeitures	$ 0.4
Weighted-average period over which unrecognized compensation expense is expected to be recognized	1 year 7 months 25 days
Minimum | Restricted stock awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	2 years	2 years
Minimum | Stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	2 years	2 years
Maximum | Restricted stock awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years	3 years
Maximum | Stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years	3 years

Computation of Net Loss per C38

Computation of Net Loss per Common Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted EPS (in shares)	1.5	1.6
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted EPS (in shares)	0.3	0.4
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted EPS (in shares)	1.2	1.2

Computation of Net Loss per C39

Computation of Net Loss per Common Share - Reconciliation of Numerators and Denominators of EPS Calculation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net loss	$ (15,252)	$ (10,355)
Denominator:
Weighted-average shares of common stock outstanding (in shares)	17,089	14,132
Weighted-average shares subject to repurchase (in shares)	(311)	(456)
Shares used in per-share calculation ― basic (in shares)	16,778	13,676
Shares used in per-share calculation ― diluted (in shares)	16,778	13,676
Net loss per share ― basic (in dollars per share)	$ (0.91)	$ (0.76)
Net loss per share ― diluted (in dollars per share)	$ (0.91)	$ (0.76)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Carried at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 27,334	$ 14,105
Warrants	998	1,923
Reported value measurement | Quoted Prices in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	27,334	14,105
Warrants	0	0
Reported value measurement | Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Warrants	0	0
Reported value measurement | Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Warrants	$ 998	$ 1,923

Fair Value Measurements - Sch41

Fair Value Measurements - Schedule of Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,923
Ending balance	998	$ 1,923
Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,923	3,227
Mark to market adjustment	(925)	(1,304)
Ending balance	$ 998	$ 1,923

Accounts Receivable - Schedule

Accounts Receivable - Schedule of Accounts Receivable (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Receivables [Abstract]
Accounts receivable (billed)	$ 6,661	$ 7,436
Accounts receivable (unbilled)	1,145	574
Less: Allowance for doubtful accounts	(54)	(54)
Accounts receivable, net	$ 7,752	$ 7,956

Inventory - Schedule of Invento

Inventory - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 6,026	$ 4,263
Work-in-process	819	426
Finished goods	6,485	8,016
Deferred program costs	2,309	4,757
Net inventory	$ 15,639	$ 17,462

Inventory - Additional Informat

Inventory - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventory write-down	$ 250	$ 272

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Costs and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 115,100	$ 115,881
Less accumulated depreciation	(75,818)	(72,443)
Property, plant and equipment, net	39,282	43,438
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,643	3,643
Construction in progress - equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	471	601
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	34,549	34,549
Equipment and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	73,345	73,445
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,185	1,201
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,907	$ 2,442

Property, Plant and Equipment46

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 4.2	$ 1.7
Change inrevised estimate of remaining useful lives | Cost of goods sold
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 2.5

Accounts Payable and Accrued 47

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016
Payables and Accruals [Abstract]
Accounts payable	$ 1,800	$ 3,207
Accrued inventories in-transit	709	313
Accrued other miscellaneous expenses	2,032	2,240
Accrued restructuring	751	0
Accrued compensation	5,333	5,042
Income taxes payable	1,369	1,344
Accrued warranty	2,026	2,344	$ 2,774	$ 3,601
Total	$ 14,020	$ 14,490

Accounts Payable and Accrued 48

Accounts Payable and Accrued Expenses - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2017
Minimum
Product Warranty Liability [Line Items]
Warranty period	1 year
Maximum
Product Warranty Liability [Line Items]
Warranty period	3 years

Accounts Payable and Accrued 49

Accounts Payable and Accrued Expenses - Schedule of Product Warranty Activity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Movement in Extended Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 2,344	$ 3,601
Change in accruals for warranties during the period	41	101
Settlements during the period	(359)	(928)
Balance at end of period	$ 2,026	$ 2,774

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income tax expense	$ 100	$ 324

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Dec. 19, 2014	Jun. 30, 2017	Jun. 30, 2016	Mar. 17, 2017	Mar. 16, 2017
FIrst Warrants | Senior secured loan | Hercules Technology Growth Capital
Debt Instrument [Line Items]
Number of shares received from warrants received to purchase common stock (in shares)	13,927
Fair value of warrants issued	$ 400,000
Second Warrants | Senior secured loan | Hercules Technology Growth Capital
Debt Instrument [Line Items]
Number of shares received from warrants received to purchase common stock (in shares)	25,641
Fair value of warrants issued	$ 200,000
Hercules Warrants | Senior secured loan | Hercules Technology Growth Capital
Debt Instrument [Line Items]
Number of shares received from warrants received to purchase common stock (in shares)	58,823
Warrant exercise price (in dollars per share)	$ 11	$ 8.02
Term Loan
Debt Instrument [Line Items]
Interest expense, debt (less than $0.1 million in three months 2017)			$ 200,000
Term Loan | Senior secured loan
Debt Instrument [Line Items]
Interest expense, debt (less than $0.1 million in three months 2017)		$ 100,000
Term Loan B | Senior secured loan
Debt Instrument [Line Items]
Non-cash interest expense amortization of debt discount (less than $0.1 million each for Term Loan B and Term Loan C)			100,000
Term Loan B | Hercules Warrants | Senior secured loan | Hercules Technology Growth Capital
Debt Instrument [Line Items]
Non-cash interest expense amortization of debt discount (less than $0.1 million each for Term Loan B and Term Loan C)			100,000
Term Loan C | Senior secured loan
Debt Instrument [Line Items]
Non-cash interest expense amortization of debt discount (less than $0.1 million each for Term Loan B and Term Loan C)		$ 100,000	100,000
Term Loan C | Senior secured loan | Hercules Technology Growth Capital
Debt Instrument [Line Items]
Debt, face amount	$ 1,500,000
Net proceeds from debt	1,400,000
Interest rate, stated percentage				11.25%	11.00%
Debt instrument, maturity date		Jun. 1, 2017
Term Loan C | Hercules Warrants | Senior secured loan | Hercules Technology Growth Capital
Debt Instrument [Line Items]
Unamortized discount (premium) and debt issuance costs	$ 300,000
Non-cash interest expense amortization of debt discount (less than $0.1 million each for Term Loan B and Term Loan C)		$ 100,000	$ 100,000

Warrants and Derivative Liabi52

Warrants and Derivative Liabilities - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Dec. 19, 2014	Apr. 04, 2012	Oct. 31, 2013	Jun. 30, 2017	Jun. 30, 2016	Nov. 13, 2014
Derivative [Line Items]
Gain (loss) in change of fair value of derivative instruments and warrants (less than $0.1 million Hercules warrants)				$ 925	$ (678)
Hercules Warrants
Derivative [Line Items]
Gain (loss) in change of fair value of derivative instruments and warrants (less than $0.1 million Hercules warrants)				100	(100)
November 2014 Warrant
Derivative [Line Items]
Gain (loss) in change of fair value of derivative instruments and warrants (less than $0.1 million Hercules warrants)				$ 900	(600)
Warrants expiration date				Nov. 13, 2019
Common stock units offered (in shares)						909,090
Warrants to purchase one share of common stock						0.9
Number of warrants issued to purchase common stock (in shares)						818,181
Sale of stock, price per share (in dollars per share)						$ 7.98
Capital Ventures International | Exchanged Warrants
Derivative [Line Items]
Gain (loss) in change of fair value of derivative instruments and warrants (less than $0.1 million Hercules warrants)				$ 0	$ 0
Senior convertible note warrant | Capital Ventures International | Original Warrants
Derivative [Line Items]
Number of shares received from warrants received to purchase common stock (in shares)		309,406
Senior convertible note warrant | Capital Ventures International | Exchanged Warrants
Derivative [Line Items]
Warrant exercise, waiting period			6 months
Warrant exercise period			5 years
Warrant exercise price (in dollars per share)			$ 12.83
Senior convertible note warrant | Capital Ventures International | Maximum | Exchanged Warrants
Derivative [Line Items]
Beneficial ownership limitation percentage			4.99%
Beneficial ownership, limitation option, percentage			9.99%
Required notification period			61 days
Senior secured loan | Hercules Technology Growth Capital | Hercules Warrants
Derivative [Line Items]
Number of shares received from warrants received to purchase common stock (in shares)	58,823
Warrant exercise price (in dollars per share)	$ 11			$ 8.02
Warrants expiration date				Jun. 30, 2020

Warrants and Derivative Liabi53

Warrants and Derivative Liabilities - Schedule of Assumptions Used to Calculate the Fair Value of Exchanged Warrants (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016
Exchanged Warrants
Derivative [Line Items]
Risk-free interest rate	1.05%	0.91%	0.56%	0.59%	0.48%	0.66%
Expected annual dividend yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Expected volatility	78.25%	44.12%	58.04%	70.50%	76.30%	76.76%
Term	3 months 4 days	6 months 4 days	9 months 4 days	1 year 4 days	1 year 3 months 4 days	1 year 6 months 4 days
Fair value	$ 0	$ 0	$ 0.1	$ 0.2	$ 0.4	$ 0.4
Hercules Warrants
Derivative [Line Items]
Risk-free interest rate	1.58%	1.55%	1.57%	0.97%	0.86%	1.08%
Expected annual dividend yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Expected volatility	67.76%	66.51%	67.28%	67.98%	68.34%	70.25%
Term	2 years 11 months 20 days	3 years 3 months	3 years 6 months	3 years 9 months	4 years	4 years 3 months
Fair value	$ 0.1	$ 0.2	$ 0.2	$ 0.2	$ 0.3	$ 0.2
November 2014 Warrant
Derivative [Line Items]
Risk-free interest rate	1.44%	1.41%	1.43%	0.93%	0.77%	0.98%
Expected annual dividend yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Expected volatility	67.21%	66.53%	69.31%	68.96%	70.01%	69.88%
Term	2 years 4 months 13 days	2 years 7 months 13 days	2 years 10 months 13 days	3 years 1 month 13 days	3 years 4 months 13 days	3 years 7 months 13 days
Fair value	$ 0.9	$ 1.8	$ 2.3	$ 2.3	$ 3.2	$ 2.6

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	May 26, 2017	May 24, 2017	May 10, 2017	Mar. 31, 2017	Jan. 27, 2017
Class of Stock [Line Items]
Proceeds from additional equity offering	$ 17,000,000		$ 17,000,000
Public stock offering
Class of Stock [Line Items]
Common stock, shares issued (in shares)			4,000,000
Sale of stock, price per share (in dollars per share)			$ 4
Proceeds from additional equity offering			$ 14,700,000
Over-allotment option
Class of Stock [Line Items]
Common stock, shares issued (in shares)			600,000
Proceeds from additional equity offering		$ 2,300,000
Over allotment common stock options period (in shares)			30 days
ATM issuance sales agreement
Class of Stock [Line Items]
Sale of stock, price per share (in dollars per share)				$ 6.79
Maximum value of shares for sale					$ 10,000,000
Proceeds from issuance ATM offering				$ 2,500,000
Number of shares issued (in share)				379,693

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands, ¥ in Millions	Feb. 27, 2012USD ($)	Feb. 27, 2012CNY (¥)	Oct. 08, 2011USD ($)	Oct. 08, 2011CNY (¥)	Sep. 13, 2011USD ($)	Sep. 13, 2011CNY (¥)	Mar. 31, 2011USD ($)	Mar. 31, 2011CNY (¥)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)
Commitments And Contingencies [Line Items]
Restricted cash included in current assets									$ 100	$ 795
Restricted cash included in long-term assets									$ 165	$ 165
Sinovel Wind Group Co. Ltd.
Commitments And Contingencies [Line Items]
Sought compensation amount	$ 15,000	¥ 105	$ 177,000	¥ 1,200	$ 72,000	¥ 485
Value of the undelivered components							$ 679,000	¥ 4,600

Restructuring - Schedule of Cha

Restructuring - Schedule of Charges and Payments (Details) - USD ($) $ in Thousands	Apr. 04, 2017	Apr. 03, 2017	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent	8.00%
Restructuring Reserve [Roll Forward]
Charges to operations			$ 1,339	$ 0
Accrued restructuring			751		$ 0
Severance pay and benefits
Restructuring Reserve [Roll Forward]
Accrued restructuring balance at April 1, 2017			0
Charges to operations			1,339
Cash payments			(423)
Accrued restructuring balance at June 30, 2017			$ 916
Former executive officer | Severance pay and benefits
Restructuring Cost and Reserve [Line Items]
Period of post employment salary		18 months
Share multiplier, unpaid cash owed percentage			120.00%
Restructuring Reserve [Roll Forward]
Charges to operations			$ 500
Accounts payable and accrued expenses | Severance pay and benefits
Restructuring Reserve [Roll Forward]
Accrued restructuring			700
Other liabilities | Severance pay and benefits
Restructuring Reserve [Roll Forward]
Restructuring reserve, noncurrent			$ 200

Business Segments - Additional

Business Segments - Additional Information (Detail) $ in Thousands	3 Months Ended
	Jun. 30, 2017USD ($)segmentMW	Jun. 30, 2016USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments | segment	2
Stock-based compensation expense	$ 754	$ 999
Restructuring charges	$ 1,339	0
Minimum
Segment Reporting Information [Line Items]
Megawatts of drive trains and power ratings | MW	2
Unallocated corporate expenses
Segment Reporting Information [Line Items]
Stock-based compensation expense	$ 800	$ 1,000
Restructuring charges	$ 1,300

Business Segments - Operating R

Business Segments - Operating Results for Two Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Revenues	$ 8,923	$ 13,345
Operating (loss) profit	(14,693)	(9,344)
Unallocated corporate expenses
Segment Reporting Information [Line Items]
Operating (loss) profit	(2,093)	(999)
Wind
Segment Reporting Information [Line Items]
Revenues	2,278	5,675
Wind | Operating Segments
Segment Reporting Information [Line Items]
Operating (loss) profit	(4,433)	(3,030)
Grid
Segment Reporting Information [Line Items]
Revenues	6,645	7,670
Grid | Operating Segments
Segment Reporting Information [Line Items]
Operating (loss) profit	$ (8,167)	$ (5,315)

Business Segments - Total Busin

Business Segments - Total Business Segments Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 104,603	$ 100,244
Operating Segments | Wind
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	17,162	18,346
Operating Segments | Grid
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	26,811	31,060
Corporate assets
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 60,630	$ 50,838

Business Segments - Schedule of

Business Segments - Schedule of Revenues by Major Customers (Detail) - Total revenue - Customer concentration risk	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
INOX Wind Limited
Segment Reporting Asset Reconciling Item [Line Items]
Concentration risk, revenue (less than 10% for Essential Energy and Reed & Reed Inc. for the three months ended June 2017)	22.00%	27.00%
U.S. Navy
Segment Reporting Asset Reconciling Item [Line Items]
Concentration risk, revenue (less than 10% for Essential Energy and Reed & Reed Inc. for the three months ended June 2017)	35.00%	0.00%
Reed & Reed Inc.
Segment Reporting Asset Reconciling Item [Line Items]
Concentration risk, revenue (less than 10% for Essential Energy and Reed & Reed Inc. for the three months ended June 2017)	10.00%	17.00%
Essential Energy
Segment Reporting Asset Reconciling Item [Line Items]
Concentration risk, revenue (less than 10% for Essential Energy and Reed & Reed Inc. for the three months ended June 2017)	10.00%	13.00%
XJ Group Corporation
Segment Reporting Asset Reconciling Item [Line Items]
Concentration risk, revenue (less than 10% for Essential Energy and Reed & Reed Inc. for the three months ended June 2017)	0.00%	12.00%