0001437749-24-032618 | 10-Q | XBRL Viewer | American Superconductor Corp DE

Note 9 - Inventory

6 Months Ended

Sep. 30, 2024

9. Inventory

Inventory, net of reserves, at September 30, 2024 and March 31, 2024 consisted of the following (in thousands):

	*September 30, 2024*		*March 31, 2024*
Raw materials	$	37,336	$	20,622
Work-in-process		23,819		14,872
Finished goods		4,877		3,840
Deferred program costs		4,848		2,523
Net inventory	$	70,880	$	41,857

The Company recorded inventory write-downs of $0.3 million and $0.7 million for the three months ended September 30, 2024 and 2023, respectively. The Company recorded inventory write-downs of $0.8 million and $1.1 million for the six months ended September 30, 2024 and 2023, respectively. These write-downs were based on the Company's evaluation of its inventory on hand for excess quantities and obsolescence.

Deferred program costs as of September 30, 2024 and March 31, 2024 primarily represent costs incurred on programs where the Company needs to complete performance obligations before the related revenue and costs will be recognized.

Note 19 - Business Segments - Total Business Segments Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Total assets	$ 298,448	$ 232,771
Operating Segments [Member] \| Grid [Member]
Total assets	212,985	125,878
Operating Segments [Member] \| Wind [Member]
Total assets	11,475	14,733
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Total assets	$ 73,988	$ 92,160

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Note 18 - Commitments and Contingencies	6 Months Ended
Sep. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	18. 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 condensed 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 condensed consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its condensed consolidated financial statements. *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 September 30, 2024, the Company had $1.5 million of restricted cash included in long-term assets and $1.2 million of restricted cash included in current assets. As of March 31, 2024, the Company had $1.3 million of restricted cash included in long term assets and $0.5 million of restricted cash included in current assets. These amounts included in restricted cash primarily represent deposits to secure letters of credit for various supply contracts and long-term projects or collateral deposits. These deposits are held in interest bearing accounts.

Note 18 - Commitments and Contingencies

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

18. 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 condensed 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 condensed consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its condensed consolidated financial statements.

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 September 30, 2024, the Company had $1.5 million of restricted cash included in long-term assets and $1.2 million of restricted cash included in current assets. As of March 31, 2024, the Company had $1.3 million of restricted cash included in long term assets and $0.5 million of restricted cash included in current assets. These amounts included in restricted cash primarily represent deposits to secure letters of credit for various supply contracts and long-term projects or collateral deposits. These deposits are held in interest bearing accounts.

Note 4 - Stock-based Compensation - Stock-based Compensation Expense by Financial Statement Line Item (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total stock-based compensation expense	$ 843	$ 1,111	$ 2,072	$ 2,468
Cost of Sales [Member]
Total stock-based compensation expense	39	59	97	169
Research and Development Expense [Member]
Total stock-based compensation expense	113	156	256	311
Selling, General and Administrative Expenses [Member]
Total stock-based compensation expense	$ 691	$ 896	$ 1,719	$ 1,988

Note 6 - Goodwill and Other Intangibles - Expected Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2025	$ 1,413
2026	1,349
2027	1,213
2028	671
2029	201
Thereafter	682
Total	$ 5,529

Note 17 - Leases (Details Textual)	Sep. 30, 2024
Maximum [Member]
Lessee, Operating Lease, Renewal Term (Year)	5 years

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 4,887	$ (2,524)	$ (2,485)	$ (5,398)	$ 2,363	$ (7,883)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Depreciation and amortization					2,395	2,234
Stock-based compensation expense					2,072	2,468
Provision for excess and obsolete inventory	300		700		780	1,070	$ 800	$ 1,100
Amortization of operating lease right-of-use assets					546	122
Deferred income taxes					(5,165)	0
Change in fair value of contingent consideration	2,762		850		6,682	2,200
Other non-cash items					(15)	273
Changes in operating asset and liability accounts:
Accounts receivable					2,538	3,152
Inventory					(6,672)	(11,935)
Prepaid expenses and other assets					(2,082)	8,015
Operating leases					(1,048)	(123)
Accounts payable and accrued expenses					(4,455)	(9,399)
Deferred revenue					18,182	8,458
Net cash provided by (used in) operating activities					16,121	(1,348)
Cash flows from investing activities:
Purchases of property, plant and equipment					(852)	(430)
Change in other assets					218	(10)
Net cash used in investing activities					(33,489)	(440)
Cash flows from financing activities:
Repurchase of treasury stock					(126)	0
Repayment of debt					(25)	(33)
Cash paid related to registration of common stock shares					(148)	0
Proceeds from exercise of employee stock options and ESPP					157	136
Net cash (used in) provided by financing activities					(142)	103
Effect of exchange rate changes on cash					16	(10)
Net decrease in cash, cash equivalents and restricted cash					(17,494)	(1,695)
Cash, cash equivalents and restricted cash at beginning of period		$ 92,280		$ 25,675	92,280	25,675
Cash, cash equivalents and restricted cash at end of period	74,786		$ 23,980		74,786	23,980	$ 74,786	$ 23,980
Supplemental schedule of cash flow information:
Cash paid for income taxes, net of refunds					248	171
Non-cash investing and financing activities
Right-of-use assets obtained in exchange for new lease obligations					0	242
Postemployment Retirement Benefits [Member]
Non-cash investing and financing activities
Issuance of common stock					345	313
Megatran Acquisition [Member]
Non-cash investing and financing activities
Issuance of common stock					6,504	0
Megatran [Member]
Cash flows from operating activities:
Net income (loss)	2,100				2,100
Cash flows from investing activities:
Cash paid to settle Megatran contingent consideration liability	$ (3,300)				(3,278)	0
Cash paid for Megatran Acquisition, net of cash acquired					(29,577)	0
Non-cash investing and financing activities
Issuance of common stock					$ 31,350	$ 0

Note 15 - Contingent Consideration

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Business Combination, Contingent Consideration [Text Block]

15. Contingent Consideration

NEPSI Contingent Considerations

On October 1, 2020 (the "NEPSI Acquisition Date"), the Company entered into a Stock Purchase Agreement (the "NEPSI Stock Purchase Agreement") with the selling stockholders named therein. Pursuant to the terms of the NEPSI Stock Purchase Agreement and concurrently with entering into such agreement, the Company acquired all of the issued and outstanding (i) shares of capital stock of NEPSI, and (ii) membership interests of Northeast Power Realty, LLC, a New York limited liability company, which holds the real property that serves as NEPSI's headquarters (the "NEPSI Acquisition"). NEPSI is a U.S.-based global provider of medium-voltage metal-enclosed power capacitor banks and harmonic filter banks for use on electric power systems. NEPSI is a wholly-owned subsidiary of the Company and is operated by its Grid business unit. The purchase price was $26.0 million in cash and 873,657 restricted shares of common stock of the Company. As part of the transaction, the selling stockholders were entitled to receive up to an additional 1,000,000 shares of common stock of the Company upon the achievement of certain specified revenue objectives during varying periods of up to four years following closing of the NEPSI Acquisition. During the year ended March 31, 2024, the Company issued 399,999 shares of common stock and cash in lieu of a fractional share of common stock, related to the achievement of specified revenue objectives in connection with the NEPSI Acquisition. NEPSI recognized revenues in excess of $120.0 million during the four years after the NEPSI Acquisition Date. As a result, during the quarter ended September 30, 2024, the Company issued 300,000 shares of common stock of the Company to the selling stockholders, following certification of the achievement of the specified earnout revenue objective. As of September 30, 2024, the Company has settled all outstanding contingent consideration under the NEPSI Stock Purchase Agreement.

The Company evaluated the NEPSI Acquisition earnout payment set forth in the NEPSI Stock Purchase Agreement, which was expected to require settlement in the Company's common stock, and determined the contingent consideration qualified for liability classification and derivative treatment under ASC 815, Derivatives and Hedging. As a result, for each period, the fair value of the contingent consideration was remeasured and the resulting gain or loss was recognized in operating expenses until the share amount is fixed.

Megatran Contingent Consideration

On August 1, 2024, the Company entered into a Stock Purchase Agreement with the selling stockholders of Megatran named therein. Pursuant to the terms of the Stock Purchase Agreement and concurrently with entering into such agreement, the Company acquired all of the issued and outstanding shares of Megatran for aggregate consideration in an amount equal to $61.4 million which consideration amount was subject to various adjustments set forth in the Stock Purchase Agreement. The value of the contingent consideration to make the sellers whole was determined to be de minimus at the time of the Acquisition. On September 23, 2024, the Company paid $3.3 million to the selling stockholders, which was calculated based on the agreed upon formula set forth in the Stock Purchase Agreement. This amount is reflected as the change in fair value of this contingent consideration in the three and six months ended September 30, 2024. As of September 30, 2024, there are no remaining obligations to the selling stockholders of Megatran. In the three and six months ended September 30, 2024 the Company completed the payment of $3.3 million to selling stockholders of Megatran to settle the remaining obligations of the acquisition.

Following is a summary of the key assumptions used in a Monte Carlo simulation to calculate the fair value of the contingent consideration related to the NEPSI Acquisition:


		*June 30,*
Fiscal Year 2024		*2024*
Revenue risk premium		5.50	%
Revenue volatility		27.5	%
Stock Price	$	23.39
Payment delay (days)		80
Fair value (millions)	$	7.0



	*March 31,*			*December 31,*			*September 30,*			*June 30,*			*March 31,*
Fiscal Year 2023	*2024*			*2023*			*2023*			*2023*			*2023*
Revenue risk premium		5.50	%		5.70	%		5.30	%		5.20	%		5.30	%
Revenue volatility		24.8	%		24.8	%		27.5	%		22.5	%		25	%
Stock Price	$	13.51		$	11.14		$	7.55		$	6.26		$	4.91
Payment delay (days)		80			80			80			80			80
Fair value (millions)	$	3.1		$	1.2		$	3.5		$	2.6		$	1.3

During the three and six months ended September 30, 2024 the Company issued 300,000 shares of common stock related to the achievement of specified revenue objectives at a fair value of $6.5 million. The Company recorded a gain resulting from the decrease in fair value of $0.5 million and a loss of $3.4 million resulting from the increases in the fair value of the contingent consideration in the three and six months ended September 30, 2024, respectively. The Company recorded losses of $0.9 million and $2.2 million resulting from the increases in the fair value of the contingent consideration in the three and six months ended September 30, 2023, respectively.

Note 5 - Computation of Net Loss Per Common Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	535,001	1,036,206	479,341	1,036,206
Performance-based Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	526,333		469,667
Share-Based Payment Arrangement [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	652
Employee Stock Purchase Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	8,016		9,348
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		36,206	326	36,206
Shares Tied to Derivative Liability [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		1,000,000		1,000,000

Note 7 - Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	*Total Carrying Value*		*Quoted Prices in Active Markets (Level 1)*		*Significant Other Observable Inputs (Level 2)*		*Significant Unobservable Inputs (Level 3)*
September 30, 2024:
Assets:
Cash equivalents	$	41,731	$	41,731	$	—	$	—

	*Total Carrying Value*		*Quoted Prices in Active Markets (Level 1)*		*Significant Other Observable Inputs (Level 2)*		*Significant Unobservable Inputs (Level 3)*
March 31, 2024
Assets:
Cash equivalents	$	72,832	$	72,832	$	—	$	—
Derivative liabilities:
Contingent consideration	$	3,100	$	—	$	—	$	3,100

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	*NEPSI Acquisition Contingent Consideration*			*Megatran Acquisition Contingent Consideration*
Balance at March 31, 2023	$	1,270		$	—
Change in fair value		4,922			—
Settlement of contingent consideration		(3,092	)		—
Balance at March 31, 2024		3,100			—
Change in fair value		3,404			3,278
Settlement of contingent consideration		(6,504	)		(3,278	)
Balance at September 30, 2024	$	—		$	—

Note 11 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Depreciation, Depletion and Amortization	$ 0.8	$ 0.6	$ 1.4	$ 1.2

Note 8 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Accounts receivable (billed)	$ 35,536	$ 20,175
Accounts receivable (unbilled)	4,523	6,150
Accounts receivable	$ 40,059	$ 26,325

Note 12 - Equity Method Investments

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

12. Equity-Method Investments

Investment in NWL Pacific Inc. Co., LTD

The Company has a 50% ownership in NWL Pacific Inc. Co., LTD ("NWL Pacific"). The investment represents the Company's interest in NWL Pacific. The investment is a joint venture in South Korea established on May 12, 1998.

The Company treats the equity investment in the condensed consolidated financial statements under the equity method. Equity method investments are equity securities in entities the Company does not control but over which it has the ability to exercise significant influence. These investments are accounted for under the equity method of accounting in accordance with ASC 323, Investments — Equity Method and Joint Ventures. Equity method investments are measured at cost minus impairment, if any, plus or minus the Company’s share of an investee’s income or loss, less distributions received. As of September 30, 2024 the Company did not have material accounts receivable nor accounts payable balances with NWL Pacific.

The tables below present the summarized financial information from the date of acquisition through September 30, 2024, as provided to the Company by the investee, for the unconsolidated company (in thousands):

	*2024*
Net Revenue	$	857
Gross Profit		308
Income from operation		157
Net income	$	148

Note 17 - Leases (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Assets And Liabilities Lessee [Table Text Block]

	September 30, 2024			March 31, 2024
Leases:
Right-of-use assets – Operating	$	3,744		$	2,557
Total right-of-use assets		3,744			2,557

Lease liabilities – ST Operating	$	555		$	716
Lease liabilities – LT Operating		2,814			1,968
Total lease liabilities	$	3,369		$	2,684

Weighted-average remaining lease term		5.33			3.49
Weighted-average discount rate		14.84	%		9.83	%

Lease, Cost [Table Text Block]

	*Three Months Ended*		*Six Months Ended*
	*September 30, 2024*		*September 30, 2024*
Operating Leases:
Operating lease costs – fixed	$	336	$	645
Operating lease costs – variable		45		91
Short-term lease costs		39		78
Total lease costs	$	420	$	814

	*Three Months Ended*		*Six Months Ended*
	*September 30, 2023*		*September 30, 2023*
Operating Leases:
Operating lease costs – fixed	$	255	$	514
Operating lease costs – variable		40		79
Short-term lease costs		37		74
Total lease costs	$	332	$	667

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

	*Leases*
Year ending March 31,
2025	$	321
2026		1,113
2027		1,164
2028		805
2029		385
Thereafter		1,497
Total minimum lease payments		5,285
Less: interest		(1,916	)
Present value of lease liabilities	$	3,369

Note 9 - Inventory (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inventory Write-down	$ 300	$ 700	$ 780	$ 1,070	$ 800	$ 1,100

Note 8 - Accounts Receivable

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Accounts Receivable [Text Block]

8. Accounts Receivable

Accounts receivable at September 30, 2024 and March 31, 2024 consisted of the following (in thousands):

	*September 30, 2024*		*March 31, 2024*
Accounts receivable (billed)		35,536	$	20,175
Accounts receivable (unbilled)		4,523		6,150
Accounts receivable	$	40,059	$	26,325

Note 4 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock [Member]
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)	817,500		9,000	842,500	681,500
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 17.8			$ 17.8
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 9 months 18 days
Restricted Stock [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	2 years
Restricted Stock [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Immediately Vested Common Stock [Member]
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)	0	19,200	0		53,675
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	0		0	0	0

Note 3 - Revenue Recognition (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended September 30, 2024*				*Six Months Ended September 30, 2024*
Product Line:	*Grid*		*Wind*		*Grid*		*Wind*
Equipment and systems	$	43,747	$	7,166	$	74,452	$	14,591
Services and technology development		3,189		369		4,820		898
Total	$	46,936	$	7,535	$	79,272	$	15,489

Region:
Americas	$	43,479	$	1	$	73,957	$	1
Asia Pacific		790		7,531		1,989		15,483
EMEA		2,667		3		3,326		5
Total	$	46,936	$	7,535	$	79,272	$	15,489

	*Three Months Ended September 30, 2023*				*Six Months Ended September 30, 2023*
Product Line:	*Grid*		*Wind*		*Grid*		*Wind*
Equipment and systems	$	22,682	$	4,879	$	45,808	$	8,862
Services and technology development		5,833		610		8,443		1,145
Total	$	28,515	$	5,489	$	54,251	$	10,007

Region:
Americas	$	24,696	$	27	$	47,856	$	57
Asia Pacific		3,418		5,462		5,129		9,928
EMEA		401		-		1,266		22
Total	$	28,515	$	5,489	$	54,251	$	10,007

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	*Unbilled Accounts Receivable*			*Deferred Program Costs*			*Contract Liabilities*
Beginning balance as of March 31, 2024	$	6,150		$	2,523		$	57,829
Increase for balance acquired		—			—			5,049
Increases for costs incurred to fulfill performance obligations		—			4,866			—
Increase (decrease) due to customer billings		(6,241	)		—			70,133
Decrease due to cost recognition on completed performance obligations		—			(2,553	)		—
Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations		4,607			—			(52,084	)
Other changes and FX impact		7			12			344
Ending balance as of September 30, 2024	$	4,523		$	4,848		$	81,271

	*Unbilled Accounts Receivable*			*Deferred Program Costs*			*Contract Liabilities*
Beginning balance as of March 31, 2023	$	9,958		$	2,136		$	50,760
Increases for costs incurred to fulfill performance obligations		—			2,110			—
Increase (decrease) due to customer billings		(13,981	)		—			34,284
Decrease due to cost recognition on completed performance obligations		—			(2,160	)		—
Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations		10,351			—			(25,710	)
Other changes and FX impact		7			(11	)		(288	)
Ending balance as of September 30, 2023	$	6,335		$	2,075		$	59,046

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]

Three Months Ended

Six Months Ended

Reportable

September 30,

Segment

2024

2023

2024

2023

Inox Wind Limited

Wind

Gray Construction, Inc.

Grid

<10%

Note 21 - Subsequent Events

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Subsequent Events [Text Block]

21. 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.

Note 3 - Revenue Recognition

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

3. Revenue Recognition

The Company’s revenues in its Grid segment are derived primarily through enabling the transmission and distribution of power, providing planning services that allow it to identify power grid needs and risks, and developing ship protection systems for the U.S. Navy. The Company’s revenues in its Wind segment are derived primarily through supplying advanced power electronics and control systems, licensing its highly engineered wind turbine designs, and providing extensive customer support services to wind turbine manufacturers. The Company records revenue based on a five-step model in accordance with Accounting Standards Codification ("ASC") 606. For its customer contracts, the Company identifies the performance obligations, determines the transaction price, allocates the contract transaction price to the performance obligations, and recognizes the revenue when (or as) control of goods or services is transferred to the customer. For the three and six months ended September 30, 2024, 90% and 89% of revenue, respectively, was recognized at the point in time when control transferred to the customer, with the remainder being recognized over time. For the three and six months ended September 30, 2023, 79% and 78% of revenue, respectively, was recognized at the point in time when control transferred to the customer, with the remainder being recognized over time.

In the Company's equipment and system product line, each contract with a customer summarizes each product sold to a customer, which typically represents distinct performance obligations. A contract's transaction price is allocated to each distinct performance obligation using the respective standalone selling price which is determined primarily using the cost-plus expected margin approach and recognized as revenue when, or as, the performance obligation is satisfied. The majority of the Company’s product sales transfer control to the customer in line with the contracted delivery terms and revenue is recorded at the point in time when title and risk transfer to the customer, which is primarily upon delivery, as the Company has determined that this is the point in time that control transfers to the customer.

In the Company's service and technology development product line, there are several different types of transactions and each begins with a contract with a customer that summarizes each product sold to a customer, which typically represents distinct performance obligations. The technology development transactions are primarily for activities that have no alternative use and for which a profit can be expected throughout the life of the contract. In these cases, the revenue is recognized over time, but in the instances where the profit cannot be assured throughout the entire contract then the revenue is recognized at a point in time. Each contract's transaction price is allocated to each distinct performance obligation using the respective standalone selling price which is determined primarily using the cost-plus expected margin approach. The ongoing service transactions are for service contracts that provide benefit to the customer simultaneously as the Company performs its obligations, and therefore this revenue is recognized ratably over time throughout the effective period of these contracts. The transaction prices on these contracts are allocated based on an adjusted market approach which is re-assessed annually for reasonableness. The field service transactions include contracts for delivery of goods and completion of services made at the customer's requests, which are not deemed satisfied until the work has been completed and/or the requested goods have been delivered, so all of this revenue is recognized at the point in time when the control changes, and at allocated prices based on the adjusted market approach driven by standard price lists. The royalty transactions are related to certain contract terms on transactions in the Company's equipment and systems product line based on activity as specified in the contracts. The transaction prices of these agreements are calculated based on an adjusted market approach as specified in the contract. The Company reports royalty revenue for usage-based royalties when the sales have occurred. In circumstances when collectability is not assured and a contract does not exist under ASC 606, revenue is deferred until a non-refundable payment has been received for substantially all the amount that is due and there are no further remaining performance obligations.

The Company's service contracts can include a purchase order from a customer for specific goods in which each item is a distinct performance obligation satisfied at a point in time at which control of the goods is transferred to the customer. This transfer occurs based on the contracted delivery terms or when the requested service work has been completed. The transaction price for these goods is allocated based on the adjusted market approach considering similar transactions under similar circumstances. Service contracts are also derived from ongoing maintenance contracts and extended service-type warranty contracts. In these transactions, the Company is contracted to provide an ongoing service over a specified period of time. As the customer is consuming the benefits as the service is being provided, the revenue is recognized over time ratably.

The Company’s policy is not to accept volume discounts, product returns, or rebates and allowances within its contracts. In the event a contract was approved with any of these terms, it would be evaluated for variable consideration, estimated and recorded as a reduction of revenue in the same period the related product revenue was recorded.

The Company provides assurance-type warranties on all product sales for a term of typically one to three years, and extended service-type warranties are available for purchase at the customer's option for an additional term ranging up to four additional years. The Company accrues for the estimated warranty costs for assurance warranties at the time of sale based on historical warranty experience plus any known or expected changes in warranty exposure. For all extended service-type warranties, the Company recognizes the revenue ratably over time during the effective period of the services.

The Company records revenue net of sales tax, value added tax, excise tax and other taxes collected concurrent with revenue-producing activities. The Company has elected to recognize the cost for freight and shipping when control over the products sold passes to customers and revenue is recognized. The Company has elected to recognize incremental costs of obtaining a contract as expense when incurred except in contracts where the amortization period would exceed twelve months. As of September 30, 2024 and March 31, 2024, the Company's capitalized incremental contract costs were not material. The Company has elected not to adjust the promised amount of consideration for the effects of a significant financing component if the period of financing is twelve months or less. The Company has elected to recognize revenue based on the as invoiced practical expedient if there is a right to consideration from a customer in an amount that corresponds directly with the value of the Company's performance.

The Company’s contracts with customers do not typically include extended payment terms and may include milestone billing over the life of the contract. Payment terms vary by contract type and type of customer and generally range from 30 to 60 days from delivery.

The following tables disaggregate the Company’s revenue by product line and by shipment destination (in thousands):

	*Three Months Ended September 30, 2024*				*Six Months Ended September 30, 2024*
Product Line:	*Grid*		*Wind*		*Grid*		*Wind*
Equipment and systems	$	43,747	$	7,166	$	74,452	$	14,591
Services and technology development		3,189		369		4,820		898
Total	$	46,936	$	7,535	$	79,272	$	15,489

Region:
Americas	$	43,479	$	1	$	73,957	$	1
Asia Pacific		790		7,531		1,989		15,483
EMEA		2,667		3		3,326		5
Total	$	46,936	$	7,535	$	79,272	$	15,489

	*Three Months Ended September 30, 2023*				*Six Months Ended September 30, 2023*
Product Line:	*Grid*		*Wind*		*Grid*		*Wind*
Equipment and systems	$	22,682	$	4,879	$	45,808	$	8,862
Services and technology development		5,833		610		8,443		1,145
Total	$	28,515	$	5,489	$	54,251	$	10,007

Region:
Americas	$	24,696	$	27	$	47,856	$	57
Asia Pacific		3,418		5,462		5,129		9,928
EMEA		401		-		1,266		22
Total	$	28,515	$	5,489	$	54,251	$	10,007

As of September 30, 2024 and 2023, the Company’s contract assets and liabilities primarily relate to the timing differences between cash received from a customer in connection with contractual rights to invoicing and the timing of revenue recognition following completion of performance obligations. The Company's accounts receivable balance is made up entirely of customer contract related balances. Changes in the Company’s contract assets, which are included in “Unbilled accounts receivable” and “Deferred program costs” (see Note 8, “Accounts Receivable” and Note 9, “Inventory” for a reconciliation to the condensed consolidated balance sheets) and "Contract liabilities", which are included in the current portion and long-term portion of "Deferred revenue" in the Company’s condensed consolidated balance sheets, are as follows (in thousands):

	*Unbilled Accounts Receivable*			*Deferred Program Costs*			*Contract Liabilities*
Beginning balance as of March 31, 2024	$	6,150		$	2,523		$	57,829
Increase for balance acquired		—			—			5,049
Increases for costs incurred to fulfill performance obligations		—			4,866			—
Increase (decrease) due to customer billings		(6,241	)		—			70,133
Decrease due to cost recognition on completed performance obligations		—			(2,553	)		—
Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations		4,607			—			(52,084	)
Other changes and FX impact		7			12			344
Ending balance as of September 30, 2024	$	4,523		$	4,848		$	81,271

	*Unbilled Accounts Receivable*			*Deferred Program Costs*			*Contract Liabilities*
Beginning balance as of March 31, 2023	$	9,958		$	2,136		$	50,760
Increases for costs incurred to fulfill performance obligations		—			2,110			—
Increase (decrease) due to customer billings		(13,981	)		—			34,284
Decrease due to cost recognition on completed performance obligations		—			(2,160	)		—
Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations		10,351			—			(25,710	)
Other changes and FX impact		7			(11	)		(288	)
Ending balance as of September 30, 2023	$	6,335		$	2,075		$	59,046

The Company’s remaining performance obligations represent the unrecognized revenue value of the Company’s contractual commitments. The Company’s performance obligations may vary significantly each reporting period based on the timing of major new contractual commitments. As of September 30, 2024, the Company had outstanding performance obligations on existing contracts under ASC 606 to be recognized in the next twelve months of approximately $205.0 million. There are also approximately $102.3 million of outstanding performance obligations to be recognized over a period of thirteen to sixty months. The remaining performance obligations are subject to customer actions and therefore the timing of revenue recognition cannot be reasonably estimated.

The following table sets forth customers who represented 10% or more of the Company’s total revenues for the three and six months ended September 30, 2024 and 2023:

Three Months Ended

Six Months Ended

Reportable

September 30,

Segment

2024

2023

2024

2023

Inox Wind Limited

Wind

Gray Construction, Inc.

Grid

<10%

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Note 17 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating lease costs – fixed	$ 336	$ 255	$ 645	$ 514
Operating lease costs – variable	45	40	91	79
Short-term lease costs	39	37	78	74
Total lease costs	$ 420	$ 332	$ 814	$ 667

Note 2 - Acquisition (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended				6 Months Ended
	Sep. 23, 2024	Aug. 01, 2024	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cost of Revenue			$ 38,858		$ 25,418		$ 66,923	$ 49,390
Net Income (Loss) Attributable to Parent			4,887	$ (2,524)	(2,485)	$ (5,398)	2,363	(7,883)
Backlog [Member]
Amortization of Intangible Assets			200		$ 0		200	100
Megatran [Member]
Business Combination, Consideration Transferred		$ 61,400
Business Combination, Maximum Adjustment Before Indebtedness		25,000
Business Combination, Share Purchase Price Quotient Amount		31,400
Business Combination, Potential Additional Cash Payment		5,000
Payment for Contingent Consideration Liability, Investing Activities	$ 3,300		3,300				3,278	$ (0)
Business Combination, Contingent Consideration Arrangements, Remaining Obligation to Stockholders			0				0
Payments to Acquire Businesses, Gross		$ 30,000
Business Acquisition, Share Price (in dollars per share)		$ 24.16
Business Combination, Acquired Receivable, Fair Value		$ 16,100
Business Combination, Acquired Receivables, Gross Contractual Amount		16,900
Business Combination, Acquired Receivables, Estimated Uncollectible		800
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory		700
Cost of Revenue			300				300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		2,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities		6,400
Revenues			14,300				14,300
Net Income (Loss) Attributable to Parent			2,100				2,100
Amortization of Intangible Assets			200				200
Megatran [Member] \| Backlog [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		$ 700
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year)		8 years
Megatran [Member] \| Customer Relationships [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		$ 1,300
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year)		10 years
Megatran [Member] \| Selling, General and Administrative Expenses [Member]
Business Combination, Acquisition Related Costs			$ 900				$ 1,100

Note 7 - Fair Value Measurements (Details Textual) - shares	Sep. 30, 2024	Oct. 01, 2020
Northeast Power Systems, Inc (NEPSI) [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High, Number of Shares (in shares)	1,000,000	1,000,000

Note 8 - Accounts Receivable (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Accounts Receivable [Table Text Block]

	*September 30, 2024*		*March 31, 2024*
Accounts receivable (billed)		35,536	$	20,175
Accounts receivable (unbilled)		4,523		6,150
Accounts receivable	$	40,059	$	26,325

Note 19 - Business Segments (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*Three Months Ended September 30,*				*Six Months Ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Revenues:
Grid	$	46,936	$	28,515	$	79,272	$	54,251
Wind		7,535		5,489		15,489		10,007
Total	$	54,471	$	34,004	$	94,761	$	64,258

	*Three Months Ended September 30,*						*Six Months Ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Operating income (loss):
Grid	$	2,336		$	(679	)	$	3,195		$	(2,649	)
Wind		516			252			1,515			(398	)
Unallocated corporate expenses		(3,605	)		(1,942	)		(8,753	)		(4,655	)
Total	$	(753	)	$	(2,369	)	$	(4,043	)	$	(7,702	)

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	*September 30, 2024*		*March 31, 2024*
Grid	$	212,985	$	125,878
Wind		11,475		14,733
Corporate assets		73,988		92,160
Total	$	298,448	$	232,771

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Sep. 30, 2024

Insider Trading Arr Line Items

Material Terms of Trading Arrangement [Text Block]

ITEM 5.

OTHER INFORMATION

(a) None

(b) None

(c) During the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Rule 10b5-1 Arrangement Adopted [Flag]

false

Non-Rule 10b5-1 Arrangement Adopted [Flag]

false

Rule 10b5-1 Arrangement Terminated [Flag]

false

Non-Rule 10b5-1 Arrangement Terminated [Flag]

false

Note 6 - Goodwill and Other Intangibles

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

6. Goodwill and Other Intangibles

Goodwill

Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets when accounted for using the purchase method of accounting. Goodwill is not amortized but reviewed for impairment. The Company's goodwill balance relates to the Megatran Acquisition in fiscal 2024, the Neeltran acquisition in fiscal 2021, the Northeast Power Systems, Inc. ("NEPSI") acquisition in fiscal 2020, and the acquisition of Infinia Technology Corporation in fiscal 2017 and is reported in the Grid business segment. Goodwill is reviewed annually on February 28th and whenever events or changes in circumstances indicate that the carrying value of the goodwill might not be recoverable. There were no changes to goodwill during the year ended March 31, 2024.

	*Goodwill*
March 31, 2024	$	43,471
Megatran Acquisition		5,479
September 30, 2024	$	48,950

The Company did not record impairment in the three and six months ended September 30, 2024 that would require interim impairment testing of goodwill.

Other Intangibles

Intangible assets at September 30, 2024 and March 31, 2024 consisted of the following (in thousands):

	*September 30, 2024*							*March 31, 2024*
	*Gross Amount*		*Accumulated Amortization*			*Net Book Value*		*Gross Amount*		*Accumulated Amortization*			*Net Book Value*		*Estimated Useful Life*
Backlog		1,381		(856	)		525		681		(681	)		—		2
Trade name and trademarks		1,800		—			1,800		1,800		—			1,800	Indefinite
Customer relationships		10,880		(7,253	)		3,627		9,600		(6,649	)		2,951		7-10
Core technology and know-how		5,970		(4,593	)		1,377		5,970		(4,352	)		1,618		5-10
Intangible assets	$	20,031	$	(12,702	)	$	7,329	$	18,051	$	(11,682	)	$	6,369

The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $0.4 million and $0.8 million in the three and six months ended September 30, 2024, respectively. The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $0.5 million and $1.1 million in the three and six months ended September 30, 2023, respectively. The Company recorded $0.2 million of intangible amortization in cost of revenue related to backlog during both the three and six months ended September 30, 2024. The Company recorded no amortization expense related to backlog during the three months ended September 30, 2023 and less than $0.1 million related to backlog was reported in cost of revenues during the six months ended September 30, 2023.

Expected future amortization expense related to intangible assets is as follows (in thousands):

Years ending March 31,	*Total*
2025		1,413
2026		1,349
2027		1,213
2028		671
2029		201
Thereafter		682
Total	$	5,529

The Company's intangible assets relate entirely to the Grid business segment operations in the United States.

Note 4 - Stock-based Compensation (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	*Three Months Ended September 30,*				*Six Months Ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Cost of revenues	$	39	$	59	$	97	$	169
Research and development		113		156		256		311
Selling, general and administrative		691		896		1,719		1,988
Total	$	843	$	1,111	$	2,072	$	2,468

Note 3 - Revenue Recognition 1 (Details Textual)	3 Months Ended		6 Months Ended
Note 3 - Revenue Recognition 1 (Details Textual)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Performance Obligation Satisfied, Revenue Recognized, Percentage	90.00%	79.00%	89.00%	78.00%
Minimum [Member]
Warranty Period (Year)	1 year
Contract with Customer, Payment Term (Day)	30 days
Maximum [Member]
Warranty Period (Year)	3 years
Extended Service Warranty, Term (Year)	4 years
Contract with Customer, Payment Term (Day)	60 days

Note 6 - Goodwill and Other Intangibles - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Accumulated Amortization	$ (12,702)	$ (11,682)
Net Book Value	5,529
Intangible assets, gross amount	20,031	18,051
Intangible assets, net	7,329	6,369
Trade Names [Member]
Trade name and trademarks	1,800	1,800
Backlog [Member]
Gross Amount	1,381	681
Accumulated Amortization	(856)	(681)
Net Book Value	$ 525	0
Estimated Useful Life (Year)	2 years
Customer Relationships [Member]
Gross Amount	$ 10,880	9,600
Accumulated Amortization	(7,253)	(6,649)
Net Book Value	$ 3,627	2,951
Customer Relationships [Member] \| Minimum [Member]
Estimated Useful Life (Year)	7 years
Customer Relationships [Member] \| Maximum [Member]
Estimated Useful Life (Year)	10 years
Core Technology and Know-how [Member]
Gross Amount	$ 5,970	5,970
Accumulated Amortization	(4,593)	(4,352)
Net Book Value	$ 1,377	$ 1,618
Core Technology and Know-how [Member] \| Minimum [Member]
Estimated Useful Life (Year)	5 years
Core Technology and Know-how [Member] \| Maximum [Member]
Estimated Useful Life (Year)	10 years

Note 16 - Debt

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

16. Debt

As part of the acquisition of Neeltran, the Company identified four equipment financing agreements that Neeltran had entered into prior to the acquisition of Neeltran on May 6, 2021. The Company did not have a current debt balance as of September 30, 2024 and had a balance of less than $0.1 million as of March 31, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 54,471	$ 34,004	$ 94,761	$ 64,258
Cost of revenues	38,858	25,418	66,923	49,390
Gross margin	15,613	8,586	27,838	14,868
Operating expenses:
Research and development	2,646	1,641	4,931	3,493
Selling, general and administrative	10,525	7,946	19,423	15,815
Amortization of acquisition-related intangibles	433	538	845	1,076
Change in fair value of contingent consideration	2,762	850	6,682	2,200
Restructuring	0	(20)	0	(14)
Total operating expenses	16,366	10,955	31,881	22,570
Operating loss	(753)	(2,369)	(4,043)	(7,702)
Interest income, net	979	194	2,099	368
Other expense, net	(329)	(204)	(489)	(321)
Loss before income tax expense (benefit)	(103)	(2,379)	(2,433)	(7,655)
Income tax (benefit) expense	(4,990)	106	(4,796)	228
Net income (loss)	$ 4,887	$ (2,485)	$ 2,363	$ (7,883)
Net income (loss) per common share
Basic (in dollars per share)	$ 0.13	$ (0.09)	$ 0.07	$ (0.28)
Diluted (in dollars per share)	$ 0.13	$ (0.09)	$ 0.06	$ (0.28)
Weighted average number of common shares outstanding
Basic (in shares)	36,952	28,828	36,317	28,545
Diluted (in shares)	37,499	28,828	36,951	28,545

Note 3 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Unbilled AR, ending balance	$ 6,150	$ 9,958
Deferred Program Costs, ending balance	2,523	2,136
Contract Liabilities, ending balance	57,829	50,760
Unbilled AR, increase for balance acquired	0
Deferred Program Costs, increase for balance acquired	0
Contract Liabilities, increase for balance acquired	5,049
Deferred Program Costs, increases for costs incurred to fulfill performance obligations	4,866	2,110
Unbilled AR, increase (decrease) due to customer billings	(6,241)	(13,981)
Increase (decrease) due to customer billings	70,133	34,284
Deferred Program Costs, decrease due to cost recognition on completed performance obligations	(2,553)	(2,160)
Unbilled AR, increase (decrease) due to recognition of revenue based on transfer of control of performance obligations	4,607	10,351
Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations	(52,084)	(25,710)
Other changes and FX impact	7	7
Deferred Program Costs, Other changes and foreign currency exchange impact	12	(11)
Contract Liabilities, Other changes and foreign currency exchange impact	344	(288)
Ending balance as of September 30, 2024	4,523	6,335
Deferred Program Costs, ending balance	4,848	2,075
Contract Liabilities, ending balance	$ 81,271	$ 59,046

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss)	$ 4,887	$ (2,485)	$ 2,363	$ (7,883)
Other comprehensive (loss) gain, net of tax:
Foreign currency translation (loss) gain	(88)	64	(73)	62
Total other comprehensive (loss) gain, net of tax	(88)	64	(73)	62
Comprehensive income (loss)	$ 4,799	$ (2,421)	$ 2,290	$ (7,821)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Note 2 - Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Revenue	$ 58,722	$ 50,929	$ 118,032	$ 99,915
Operating income (loss)	81	(1,783)	(4,079)	(7,193)
Net income (loss)	$ 635	$ (311)	$ (2,748)	$ (633)
Basic (in dollars per share)	$ 0.02	$ (0.01)	$ (0.07)	$ (0.02)
Diluted (in dollars per share)	$ 0.02	$ (0.01)	$ (0.07)	$ (0.02)
Shares - basic (in shares)	37,404	30,126	37,189	29,843
Shares - diluted (in shares)	37,950	30,126	37,189	29,843

Note 5 - Computation of Net Loss Per Common Share (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended September 30,*						*Six Months Ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Numerator:
Net income (loss)	$	4,887		$	(2,485	)	$	2,363		$	(7,883	)
Denominator:
Weighted-average shares of common stock outstanding		37,931			30,283			37,463			29,996
Weighted-average shares subject to repurchase		(979	)		(1,455	)		(1,146	)		(1,451	)
Shares used in per-share calculation ― basic		36,952			28,828			36,317			28,545
Shares used in per-share calculation ― diluted		37,499			28,828			36,951			28,545
Net income (loss) per share ― basic	$	0.13		$	(0.09	)	$	0.07		$	(0.28	)
Net income (loss) per share ― diluted	$	0.13		$	(0.09	)	$	0.06		$	(0.28	)

Note 7 - Fair Value Measurements - Derivative Liability Measured at Fair value (Details) - Derivative Financial Instruments, Liabilities [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024
Northeast Power Systems, Inc (NEPSI) [Member]
Balance	$ 3,100	$ 1,270
Change in fair value	3,404	4,922
Settlement of contingent consideration	(6,504)	(3,092)
Balance	0	3,100
Megatran [Member]
Balance	0	0
Change in fair value	3,278	0
Settlement of contingent consideration	(3,278)	0
Balance	$ 0	$ 0

Note 11 - Property, Plant and Equipment (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Property, Plant and Equipment [Table Text Block]

	*September 30, 2024*			*March 31, 2024*
Land	$	22,650		$	980
Construction in progress – equipment		851			226
Buildings		7,445			5,416
Equipment and software		47,766			44,095
Furniture and fixtures		1,635			1,526
Leasehold improvements		7,813			6,990
Property, plant and equipment, gross		88,160			59,233
Less accumulated depreciation		(49,395	)		(48,372	)
Property, plant and equipment, net	$	38,765		$	10,861

Note 12 - Equity Method Investments (Details Textual)	Sep. 30, 2024
NWL Pacific Inc. Co., LTD [Member]
Equity Method Investment, Ownership Percentage	50.00%

Note 13 - Accounts Payable and Accrued Expenses - Product Warranty Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Balance at beginning of period	$ 2,542	$ 1,926	$ 2,363	$ 2,638
Acquired warranty obligations	637	0	637	0
Provisions for warranties during the period	298	644	774	852
Settlements during the period	(367)	(678)	(664)	(1,598)
Balance at end of period	$ 3,110	$ 1,892	$ 3,110	$ 1,892

Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 54,471	$ 34,004	$ 94,761	$ 64,258
Grid [Member]
Revenues	46,936	28,515	79,272	54,251
Grid [Member] \| Americas [Member]
Revenues	43,479	24,696	73,957	47,856
Grid [Member] \| Asia Pacific [Member]
Revenues	790	3,418	1,989	5,129
Grid [Member] \| EMEA [Member]
Revenues	2,667	401	3,326	1,266
Wind [Member]
Revenues	7,535	5,489	15,489	10,007
Wind [Member] \| Americas [Member]
Revenues	1	27	1	57
Wind [Member] \| Asia Pacific [Member]
Revenues	7,531	5,462	15,483	9,928
Wind [Member] \| EMEA [Member]
Revenues	3	0	5	22
Equipment and Systems [Member] \| Grid [Member]
Revenues	43,747	22,682	74,452	45,808
Equipment and Systems [Member] \| Wind [Member]
Revenues	7,166	4,879	14,591	8,862
Services and Technology Development [Member] \| Grid [Member]
Revenues	3,189	5,833	4,820	8,443
Services and Technology Development [Member] \| Wind [Member]
Revenues	$ 369	$ 610	$ 898	$ 1,145

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Oct. 25, 2024
Document Information [Line Items]
Entity Central Index Key	0000880807
Entity Registrant Name	AMERICAN SUPERCONDUCTOR CORP /DE/
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2025
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	0-19672
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2959321
Entity Address, Address Line One	114 East Main St.
Entity Address, City or Town	Ayer
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01432
City Area Code	978
Local Phone Number	842-3000
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AMSC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,453,215

Note 14 - Income Taxes

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

14. Income Taxes

The Company recorded income tax benefit of $5.0 million and $4.8 million in the three and six months ended September 30, 2024, respectively, and income tax expense of $0.1 million and $0.2 million in the three and six months ended September 30, 2023, respectively.

As a result of a difference in book and tax basis related to the intangible assets acquired in the Acquisition (see Note 2, "Acquisition"), the Company recorded a deferred tax liability of $6.4 million. As a result, the Company was able to benefit from additional deferred tax assets and therefore released a corresponding valuation allowance of $5.2 million during the three months ended September 30, 2024. The purchase price allocation is preliminary and has not been finalized as the analysis on the assets and liabilities acquired, primarily the tax related liability, may require further adjustments to the Company's purchase accounting that could result in measurement period adjustments that would impact the Company's reported net assets and goodwill as of August 1, 2024. Material changes, if any, to the preliminary allocation summarized in Note 2, "Acquisition" will be reported once the related uncertainties are resolved, but no later than August 1, 2025. Goodwill recognized in the Acquisition, is not deductible for tax purposes.

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 six months ended September 30, 2024 and did not have any gross unrecognized tax benefits as of September 30, 2024.

- Definition

The entire disclosure for income tax.

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+ Details

Note 12 - Equity-Method Investments - Schedule of Equity Method Investment Summarized Financial Information (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended				6 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Gross Profit		$ 15,613		$ 8,586		$ 27,838	$ 14,868
Net Income (Loss) Attributable to Parent		$ 4,887	$ (2,524)	$ (2,485)	$ (5,398)	$ 2,363	$ (7,883)
NWL Pacific Inc. Co., LTD [Member]
Revenues	$ 857
Gross Profit	308
Income from operation	157
Net Income (Loss) Attributable to Parent	$ 148

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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+ Details

Note 10 - Prepaid and Other Current Assets

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Prepaid and Other Current Assets [Text Block]

10. Prepaid and Other Current Assets

During fiscal 2022, the Company conducted an analysis as to whether it was entitled to employee retention credits (“ERC”) under the CARES Act as amended by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the American Rescue Plan Act of 2021. Based on the analysis, the Company determined that it was entitled to an ERC of approximately $3.3 million related to payroll taxes paid in the first and second quarters of 2021 and the first quarter of 2020. The Company determined it met all the criteria required under the gross receipts test of the applicable Internal Revenue Service regulations related to ERCs.

As accounting for payroll tax credits are not within the scope of ASC 740, Income Taxes, the Company has chosen to account for the ERCs by analogizing to the International Accounting Standards Board IAS 20, Accounting for Government Grants and Disclosure of Government Assistance. In accordance with IAS 20, an entity recognizes government grants only when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. The Company evaluated its eligibility for the ERC and determined that it met all the criteria to claim a refundable tax credit against the employer portion of Social Security taxes for up to 70% of the qualified wages the Company paid to employees for the three month periods ended March 31, 2021 and June 30, 2021 and for up to 50% of the qualified wages the Company paid to employees for the three month period ended March 31, 2020.

The Company recorded a $3.3 million receivable in prepaid expenses and other current assets and a benefit of $1.8 million to cost of revenues, $0.8 million to selling, general, and administrative and $0.7 million to research and development in the fiscal year ended March 31, 2023 for the ERC that was expected to be received based on the amended filings. During the year ended March 31, 2024, the Company received $3.0 million for the initial claims that were processed. During the six months ended September 30, 2024, the Company did not receive any cash for the remaining $0.3 million balance of initial claims that were processed. The remaining balance is expected to be received during the remainder of fiscal 2024.

Note 17 - Leases

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

17. Leases

Operating Leases

All significant lease arrangements are recognized at lease commencement. Operating lease right–of-use assets and lease liabilities are recognized at commencement. The operating lease right-of-use asset includes any lease payments related to initial direct cost and prepayments and excludes any lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company enters into a variety of operating lease agreements through the normal course of its business, but primarily real estate leases to support its operations. The real estate lease agreements generally provide for fixed minimum rental payments and the payment of real estate taxes and insurance. Many of these real estate leases have one or more renewal options that allow the Company, at its discretion, to renew the lease for varying periods up to five years or to terminate the lease. Only renewal options or termination rights that the Company believed were likely to be exercised were included in the lease calculations.

The Company also enters into leases for vehicles, IT equipment and service agreements, and other leases related to its manufacturing operations that are also included in the right-of-use assets and lease liability accounts if they are for a term of longer than twelve months. However, many of these leases are either short-term in nature or immaterial. The Company has made the policy election to exclude short-term leases from the condensed consolidated balance sheet.

Finance Leases

As of September 30, 2024, the right-of-use asset related to the finance lease is fully amortized, and is included in the property and equipment, net on the Company's condensed consolidated balance sheet.

Finance lease right-of-use assets and lease liabilities are recognized similar to an operating lease, at the lease commencement date or the date the lessor makes the leased asset available for use. Finance lease right-of-use assets are generally amortized on a straight-line basis over the lease term, and the carrying amount of the finance lease liabilities are (1) accreted to reflect interest using the incremental borrowing rate if the rate implicit in the lease is not readily determinable, and (2) reduced to reflect lease payments made during the period. Amortization expense for finance lease right-of-use assets and interest accretion on finance lease liabilities are recorded to depreciation expense and interest expense, respectively in the Company's condensed consolidated statement of operations.

Supplemental balance sheet information related to leases at September 30, 2024, and March 31, 2024 are as follows (in thousands):

	September 30, 2024			March 31, 2024
Leases:
Right-of-use assets – Operating	$	3,744		$	2,557
Total right-of-use assets		3,744			2,557

Lease liabilities – ST Operating	$	555		$	716
Lease liabilities – LT Operating		2,814			1,968
Total lease liabilities	$	3,369		$	2,684

Weighted-average remaining lease term		5.33			3.49
Weighted-average discount rate		14.84	%		9.83	%

The costs related to the Company's finance lease are not material. The costs related to the Company's operating leases for the three and six months ended September 30, 2024 and 2023 are as follows (in thousands):

	*Three Months Ended*		*Six Months Ended*
	*September 30, 2024*		*September 30, 2024*
Operating Leases:
Operating lease costs – fixed	$	336	$	645
Operating lease costs – variable		45		91
Short-term lease costs		39		78
Total lease costs	$	420	$	814

	*Three Months Ended*		*Six Months Ended*
	*September 30, 2023*		*September 30, 2023*
Operating Leases:
Operating lease costs – fixed	$	255	$	514
Operating lease costs – variable		40		79
Short-term lease costs		37		74
Total lease costs	$	332	$	667

The Company’s estimated minimum future lease obligations under the Company's leases are as follows (in thousands):

	*Leases*
Year ending March 31,
2025	$	321
2026		1,113
2027		1,164
2028		805
2029		385
Thereafter		1,497
Total minimum lease payments		5,285
Less: interest		(1,916	)
Present value of lease liabilities	$	3,369

Note 16 - Debt (Details Textual) $ in Thousands	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	May 06, 2021
Debt, Current	$ 0	$ 25
Equipment Financing Agreements Assumed In Business Acquisition [Member]
Debt, Current	$ 0
Equipment Financing Agreements Assumed In Business Acquisition [Member] \| Maximum [Member]
Debt, Current		$ 100
Neeltran Inc. [Member]
Business Combination, Number of Equipment Financing Agreement Assumed			4

Note 5 - Computation of Net Loss Per Common Share - Reconciliation of Numerators and Denominators of EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net loss	$ 4,887	$ (2,524)	$ (2,485)	$ (5,398)	$ 2,363	$ (7,883)
Weighted-average shares of common stock outstanding (in shares)	37,931		30,283		37,463	29,996
Weighted-average shares subject to repurchase (in shares)	(979)		(1,455)		(1,146)	(1,451)
Shares used in per-share calculation - basic (in shares)	36,952		28,828		36,317	28,545
Shares used in per-share calculation - diluted (in shares)	37,499		28,828		36,951	28,545
Net income (loss) per share - basic (in dollars per share)	$ 0.13		$ (0.09)		$ 0.07	$ (0.28)
Net income (loss) per share - diluted (in dollars per share)	$ 0.13		$ (0.09)		$ 0.06	$ (0.28)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Note 9 - Inventory - Summary of Net Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Raw materials	$ 37,336	$ 20,622
Work-in-process	23,819	14,872
Finished goods	4,877	3,840
Deferred program costs	4,848	2,523
Net inventory	$ 70,880	$ 41,857

Note 1 - Nature of the Business and Operations and Liquidity

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1. Nature of the Business and Operations and Liquidity

Nature of the Business and Operations

American Superconductor Corporation (together with its subsidiaries, “AMSC®” or the “Company”) was founded on April 9, 1987. The Company is a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability of the Navy’s fleet. The Company’s system level products leverage its proprietary “smart materials” and “smart software and controls” to provide enhanced resiliency and improved performance of megawatt-scale power flow.

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. Certain prior period amounts were reclassified to conform to the presentation in the current period. 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 condensed consolidated financial statements prepared in accordance with GAAP have been or omitted pursuant to those instructions. The year-end 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 September 30, 2024 and 2023 and the financial position at September 30, 2024; however, these results are not necessarily indicative of results which may be expected for the full year. The interim condensed consolidated financial statements, and notes thereto, should be read in conjunction with the audited condensed consolidated financial statements for the year ended March 31, 2024, and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2024 filed with the SEC on May 29, 2024.

Liquidity

The Company has historically experienced recurring operating losses and as of September 30, 2024, the Company had an accumulated deficit of $1,064.3 million. In addition, the Company has historically experienced recurring negative operating cash flows. At September 30, 2024, the Company had cash and cash equivalents of $72.1 million. Cash provided by operations for the six months ended September 30, 2024 was $16.1 million.

In January 2024, the Company filed a shelf registration statement on Form S-3 that will expire three years from the date on which it was declared effective, March 15, 2027 (the “First Form S-3”). The First Form S-3 allows the Company to offer and sell from time-to-time up to $250 million of common stock, debt securities, warrants or units comprised of any combination of these securities, with $250 million available for future offerings as of September 30, 2024. The First Form S-3 is intended to provide the Company flexibility to conduct registered sales of its securities, subject to market conditions, in order to fund its future capital needs. The terms of any future offering under the First Form S-3 will be established at the time of such offering and will be described in a prospectus supplement filed with the SEC prior to the completion of any such offering.

On January 31, 2024, the Company entered into an underwriting agreement with Oppenheimer & Co. Inc., as a representative of the several underwriters named therein, relating to the issuance and sale (the "2024 Offering") of 6,210,000 shares of the Company's common stock at a public offering price of $11.25 per share. The net proceeds to the Company from the 2024 Offering were approximately $65.2 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. The 2024 Offering closed on February 14, 2024.

On August 1, 2024 (the "Acquisition Date"), the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with the selling stockholders named therein. Pursuant to the terms of the Stock Purchase Agreement and concurrently with entering into such agreement, the Company acquired all of the issued and outstanding shares of Megatran Industries, Inc. ("Megatran") (the "Acquisition"), for aggregate consideration in an amount equal to $61.4 million (the “Purchase Price”), which consideration amount was subject to various adjustments set forth in the Stock Purchase Agreement (including those described below) and consisted of: (a) (i) $25.0 million, minus (ii) the Indebtedness (as defined in the Stock Purchase Agreement) outstanding as of immediately prior to the closing, minus (iii) Company Expenses (as defined in the Stock Purchase Agreement) (collectively, the “Cash Purchase Price”); (b) a number of restricted shares (rounded up or down to the nearest whole share, as applicable) (the “Company Shares”) of the Company’s common stock, $.01 par value per share (“Common Stock”) equal to the quotient obtained by dividing (x) $31.4 million (the “Share Purchase Price”) by (y) the closing price per share of Common Stock on the Nasdaq Global Select Market on the last trading day immediately preceding the Closing Date; and (c) an additional cash payment equal to $5.0 million, as adjusted pursuant to Sections 5.6(c), (d), and (f) of the Stock Purchase Agreement (the “Additional Cash Purchase Price”). Megatran is now a wholly-owned subsidiary of the Company and, together with its wholly-owned subsidiaries and affiliates, is operated and reported as a component of its Grid business unit. On September 23, 2024, the Company paid $3.3 million to the selling stockholders, which was calculated based on the agreed upon formula set forth in the Stock Purchase Agreement. This amount is reflected as the change in fair value of this contingent consideration in the three and six months ended September 30, 2024. As of September 30, 2024, there are no remaining obligations to the selling stockholders of Megatran.

In August 2024, the Company filed an automatically-effective shelf registration statement on Form S-3 that will expire no later than August 12, 2027 (the “Second Form S-3”). The Second Form S-3 allows the Company to offer and sell from time-to-time unspecified amounts of common stock, debt securities, warrants or units comprised of any combination of these securities and allows certain selling stockholders to offer and sell from time-to-time common stock. The Second Form S-3 is intended to assist the selling stockholders in the resale of their common stock and to provide the Company flexibility to conduct registered sales of its securities, subject to market conditions, in order to fund its future capital needs. The terms of any future offering under the Second Form S-3 will be established at the time of such offering and will be described in a prospectus supplement filed with the SEC prior to the completion of any such offering.

In recent periods, the Company has experienced inflationary pressure in its supply chain and some delays in sourcing materials needed for its products resulting in some production disruption, both of which have increased the Company’s cost of revenues and decreased gross margin. While the impact of inflation has been challenging, the Company has taken actions to limit this pressure, including adjusting the pricing of its products and services. Changes in macroeconomic conditions arising from various reasons, such as the ongoing wars between Russia and Ukraine and Israel and Hamas, inflation, rising interest rates, labor force availability, sourcing, material delays and global supply chain disruptions could have a material adverse effect on the Company’s business, financial condition and results of operations.

The Company believes that based on the information presented above and its quarterly management assessment, it has sufficient liquidity to fund its operations and capital expenditures for the next twelve months following the issuance of the unaudited condensed consolidated financial statements for the six months ended September 30, 2024. 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. The impact of global sources of instability, including the wars between Russia and Ukraine and Israel and Hamas, on the global financing markets may reduce the Company's ability to raise additional capital, if necessary, which could negatively impact the Company's liquidity. There can be no assurance that the Company will be able to continue to raise additional capital, on favorable terms or at all, from other sources or execute on any other means of improving liquidity described above.

Note 15 - Contingent Consideration (Details Textual) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended		12 Months Ended	48 Months Ended
	Aug. 23, 2024	Aug. 01, 2024	Oct. 01, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024	Sep. 30, 2024
Gain (Loss) in Change of Fair Value of Contingent Consideration				$ 500		$ (3,400)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability				$ 2,762	$ 850	$ 6,682	$ 2,200
Northeast Power Systems, Inc (NEPSI) [Member]
Payments to Acquire Businesses, Gross			$ 26,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)			873,657	300,000		300,000		399,999
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High, Number of Shares (in shares)			1,000,000	1,000,000		1,000,000			1,000,000
Business Combination, Separately Recognized Transactions, Revenues and Gains Recognized									$ 120,000
Business Combination, Contingent Consideration Arrangements, Number of Issuable Shares (in shares)				300,000		300,000			300,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable				$ 6,500		$ 6,500
Megatran [Member]
Payments to Acquire Businesses, Gross		$ 30,000
Business Combination, Consideration Transferred		61,400
Business Combination, Contingent Consideration Arrangements, Payments to Settle Remaining Obligations	$ 3,300			3,300
Business Combination, Contingent Consideration Arrangements, Remaining Obligation to Stockholders				$ 0		$ 0			$ 0
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 31,400

Note 3 - Revenue Recognition 2 (Details Textual) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month)	12 months
Revenue, Remaining Performance Obligation, Amount	$ 205.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Amount	$ 102.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month)	13 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month)	60 months

Note 6 - Goodwill and Other Intangibles (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill, Impairment Loss	$ 0		$ 0
Customer Relationship, Core Technology and Know-how [Member]
Amortization of Intangible Assets	400	$ 500	800	$ 1,100
Backlog [Member]
Amortization of Intangible Assets	$ 200	$ 0	$ 200	$ 100

Note 2 - Acquisition - Schedule of Business Acquisitions (Details) - Megatran [Member] $ in Millions	Aug. 01, 2024 USD ($)
Cash payments	$ 30.0
Issuance of 1,297,600 shares of Company’s Common Stock	$ 31.4

Note 9 - Inventory (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*September 30, 2024*		*March 31, 2024*
Raw materials	$	37,336	$	20,622
Work-in-process		23,819		14,872
Finished goods		4,877		3,840
Deferred program costs		4,848		2,523
Net inventory	$	70,880	$	41,857

Note 6 - Goodwill and Other Intangibles (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Goodwill [Table Text Block]

	*Goodwill*
March 31, 2024	$	43,471
Megatran Acquisition		5,479
September 30, 2024	$	48,950

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	*September 30, 2024*							*March 31, 2024*
	*Gross Amount*		*Accumulated Amortization*			*Net Book Value*		*Gross Amount*		*Accumulated Amortization*			*Net Book Value*		*Estimated Useful Life*
Backlog		1,381		(856	)		525		681		(681	)		—		2
Trade name and trademarks		1,800		—			1,800		1,800		—			1,800	Indefinite
Customer relationships		10,880		(7,253	)		3,627		9,600		(6,649	)		2,951		7-10
Core technology and know-how		5,970		(4,593	)		1,377		5,970		(4,352	)		1,618		5-10
Intangible assets	$	20,031	$	(12,702	)	$	7,329	$	18,051	$	(11,682	)	$	6,369

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Years ending March 31,	*Total*
2025		1,413
2026		1,349
2027		1,213
2028		671
2029		201
Thereafter		682
Total	$	5,529

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Topic 350
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 72,131	$ 90,522
Accounts receivable, net	40,059	26,325
Inventory, net	70,880	41,857
Prepaid expenses and other current assets	10,806	7,295
Restricted cash	1,201	468
Total current assets	195,077	166,467
Property, plant and equipment, net	38,765	10,861
Intangibles, net	7,329	6,369
Right-of-use assets	3,744	2,557
Goodwill	48,950	43,471
Restricted cash	1,454	1,290
Deferred tax assets	1,201	1,119
Equity-method investments	1,245	0
Other assets	683	637
Total assets	298,448	232,771
Current liabilities:
Accounts payable and accrued expenses	25,158	24,235
Lease liability, current portion	555	716
Debt, current portion	0	25
Contingent consideration	0	3,100
Deferred tax liabilities, current portion	16	0
Deferred revenue, current portion	69,356	50,732
Total current liabilities	95,085	78,808
Deferred revenue, long-term portion	11,915	7,097
Lease liability, long-term portion	2,814	1,968
Deferred tax liabilities, long-term portion	1,591	300
Other liabilities	28	27
Total liabilities	111,433	88,200
Commitments and Contingencies (Note 18)
Stockholders' equity:
Common stock	398	373
Additional paid-in capital	1,253,168	1,212,913
Treasury stock	(3,765)	(3,639)
Accumulated other comprehensive income	1,509	1,582
Accumulated deficit	(1,064,295)	(1,066,658)
Total stockholders' equity	187,015	144,571
Total liabilities and stockholders' equity	$ 298,448	$ 232,771

Note 1 - Nature of the Business and Operations and Liquidity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended
	Sep. 23, 2024	Aug. 01, 2024	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Retained Earnings (Accumulated Deficit)				$ (1,064,295)	$ (1,064,295)		$ (1,066,658)
Cash, Cash Equivalents, and Marketable Securities				72,100	72,100
Net Cash Provided by (Used in) Operating Activities					16,121	$ (1,348)
Shelf Registration, Maximum Amount to be Sold			$ 250,000
Shelf Registration, Amount Available for Future Offerings				250,000	250,000
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 1
Megatran [Member]
Business Combination, Consideration Transferred		$ 61,400
Business Combination, Maximum Adjustment Before Indebtedness		25,000
Business Combination, Share Purchase Price Quotient Amount		31,400
Business Combination, Potential Additional Cash Payment		$ 5,000
Payment for Contingent Consideration Liability, Investing Activities	$ 3,300			3,300	3,278	$ (0)
Business Combination, Contingent Consideration Arrangements, Remaining Obligation to Stockholders				$ 0	$ 0
Public Offering 2024 [Member]
Stock Issued During Period, Shares, New Issues (in shares)			6,210,000
Shares Issued, Price Per Share (in dollars per share)			$ 11.25
Proceeds from Issuance of Common Stock			$ 65,200

Note 12 - Equity Method Investments (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Equity Method Investments [Table Text Block]

	*2024*
Net Revenue	$	857
Gross Profit		308
Income from operation		157
Net income	$	148

Note 17 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Right-of-use assets – Operating	$ 3,744	$ 2,557
Total right-of-use assets	3,744	2,557
Lease liabilities – ST Operating	555	716
Lease liabilities – LT Operating	2,814	1,968
Total lease liabilities	$ 3,369	$ 2,684
Weighted-average remaining lease term (Year)	5 years 3 months 29 days	3 years 5 months 26 days
Weighted-average discount rate	14.84%	9.83%

Note 10 - Prepaid and Other Current Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
Employee Retention Credits Receivable							$ 3,300
Proceeds From Employee Retention Credit				$ 0	$ 3,000
Cost of Sales [Member]
Employee Retention Credits Benefit						$ 1,800
Selling, General and Administrative Expenses [Member]
Employee Retention Credits Benefit						800
Research and Development Expense [Member]
Employee Retention Credits Benefit						700
Prepaid Expenses and Other Current Assets [Member]
Employee Retention Credits Receivable				$ 300		$ 3,300
Maximum [Member]
Percentage of Qualified Wages Paid	70.00%	70.00%	50.00%

Note 2 - Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Aug. 01, 2024	Mar. 31, 2024
Goodwill	$ 48,950		$ 43,471
Megatran [Member]
Cash and cash equivalents		$ 400
Equity-method investments		1,200
Prepaid expenses and other current assets		1,700
Accounts receivable		16,100
Inventory		23,100
Property, plant, and equipment		28,400
Accounts payable and accrued expenses		(5,600)
Deferred revenue		(5,000)
Deferred tax liability		(6,400)
Net tangible assets/(liabilities)		53,900
Intangible assets		2,000
Goodwill		5,500
Total purchase consideration		61,400
Megatran [Member] \| Backlog [Member]
Intangible assets		700
Megatran [Member] \| Customer Relationships [Member]
Intangible assets		$ 1,300

Note 7 - Fair Value Measurements

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Fair Value Disclosures [Text Block]

7. 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, Level 2 or Level 3 of the fair value measurement hierarchy during the six months ended September 30, 2024.

A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

Valuation Techniques

Cash Equivalents

Cash equivalents consist of highly liquid instruments with maturities of three 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.

Contingent Consideration

Contingent consideration related to the earnout payment set forth in the NEPSI Stock Purchase Agreement governing the acquisition of NEPSI provided that the selling stockholders may have received up to an additional 1,000,000 shares of common stock of the Company upon the achievement of certain specified revenue objectives over varying periods of up to four years following the NEPSI acquisition date which must have occurred by September 30, 2024. Contingent consideration related to the make whole payment set forth in the Megatran Stock Purchase Agreement provided that the selling stockholders would be made whole for any costs or taxes as a result of the orderly distribution process. See Note 15, "Contingent Consideration" for further discussion. As of September 30, 2024, the Company has settled all outstanding contingent consideration.

The following table provides the assets and liabilities carried at fair value on a recurring basis, measured as of September 30, 2024 and March 31, 2024 (in thousands):

	*Total Carrying Value*		*Quoted Prices in Active Markets (Level 1)*		*Significant Other Observable Inputs (Level 2)*		*Significant Unobservable Inputs (Level 3)*
September 30, 2024:
Assets:
Cash equivalents	$	41,731	$	41,731	$	—	$	—

	*Total Carrying Value*		*Quoted Prices in Active Markets (Level 1)*		*Significant Other Observable Inputs (Level 2)*		*Significant Unobservable Inputs (Level 3)*
March 31, 2024
Assets:
Cash equivalents	$	72,832	$	72,832	$	—	$	—
Derivative liabilities:
Contingent consideration	$	3,100	$	—	$	—	$	3,100

The table below reflects the activity for the Company’s contingent consideration derivative liability measured at fair value on a recurring basis (in thousands):

	*NEPSI Acquisition Contingent Consideration*			*Megatran Acquisition Contingent Consideration*
Balance at March 31, 2023	$	1,270		$	—
Change in fair value		4,922			—
Settlement of contingent consideration		(3,092	)		—
Balance at March 31, 2024		3,100			—
Change in fair value		3,404			3,278
Settlement of contingent consideration		(6,504	)		(3,278	)
Balance at September 30, 2024	$	—		$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Note 19 - Business Segments (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Number of Reportable Segments			2
Number of Operating Segments			4
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 2,762	$ 850	$ 6,682	$ 2,200
Share-Based Payment Arrangement, Expense	843	1,111	2,072	2,468
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	2,800	900	6,700	2,200
Share-Based Payment Arrangement, Expense	$ 800	$ 1,100	$ 2,100	$ 2,500

Note 18 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Restricted Cash and Cash Equivalents, Noncurrent	$ 1,454	$ 1,290
Restricted Cash and Cash Equivalents, Current	$ 1,200	$ 500

Note 3 - Revenue Recognition - Revenues by Major Customers (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inox Wind Limited [Member] \| Wind [Member]
Inox Wind Limited	12.00%	12.00%	14.00%	12.00%
Gray Construction, Inc. [Member] \| Grid [Member]
Inox Wind Limited		11.00%
Gray Construction, Inc. [Member] \| Grid [Member] \| Maximum [Member]
Inox Wind Limited	10.00%		10.00%	10.00%

Note 6 - Goodwill and Other Intangibles - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2024 USD ($)
Balance	$ 43,471
Balance	48,950
Megatran Acquisition [Member]
Megatran Acquisition	$ 5,479

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Note 20 - Recent Accounting Pronouncements

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

20. Recent Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in ASU 2023-07 improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. Following the release of ASU 2023-07 in November 2023, the effective date will be annual reporting periods beginning after December 15, 2024. As of September 30, 2024, the Company is evaluating the impact on its condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Following the release of ASU 2023-09 in December 2023, the effective date will be annual reporting periods beginning after December 15, 2024. As of September 30, 2024, the Company is evaluating the impact on its condensed consolidated financial statements.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements. The amendments in ASU 2024-02 contain amendments to the Codification that remove references to various FASB Concepts Statements. Following the release of ASU 2024-02 in March 2024, the effective date will be annual reporting periods beginning after December 15, 2024. As of September 30, 2024, the Company is evaluating the impact on its condensed consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Note 13 - Accounts Payable and Accrued Expenses (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

	*September 30, 2024*		*March 31, 2024*
Accounts payable	$	3,831	$	4,476
Accrued inventories in-transit		2,587		539
Accrued other miscellaneous expenses		3,983		2,366
Accrued contract loss		97		97
Advanced deposits		1,540		2,270
Accrued compensation		8,293		10,326
Income taxes payable		220		346
Accrued product warranty		3,110		2,363
Accrued commissions		1,497		1,452
Total	$	25,158	$	24,235

Schedule of Product Warranty Liability [Table Text Block]

	*Three Months Ended September 30,*						*Six Months Ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Balance at beginning of period	$	2,542		$	1,926		$	2,363		$	2,638
Acquired warranty obligations		637			—			637			—
Provisions for warranties during the period		298			644			774			852
Settlements during the period		(367	)		(678	)		(664	)		(1,598	)
Balance at end of period	$	3,110		$	1,892		$	3,110		$	1,892

Note 15 - Contingent Consideration (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]


		*June 30,*
Fiscal Year 2024		*2024*
Revenue risk premium		5.50	%
Revenue volatility		27.5	%
Stock Price	$	23.39
Payment delay (days)		80
Fair value (millions)	$	7.0



	*March 31,*			*December 31,*			*September 30,*			*June 30,*			*March 31,*
Fiscal Year 2023	*2024*			*2023*			*2023*			*2023*			*2023*
Revenue risk premium		5.50	%		5.70	%		5.30	%		5.20	%		5.30	%
Revenue volatility		24.8	%		24.8	%		27.5	%		22.5	%		25	%
Stock Price	$	13.51		$	11.14		$	7.55		$	6.26		$	4.91
Payment delay (days)		80			80			80			80			80
Fair value (millions)	$	3.1		$	1.2		$	3.5		$	2.6		$	1.3

Note 2 - Acquisition

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Business Combination Disclosure [Text Block]

2. Acquisition

Acquisition of Megatran

As described in Note 1, Nature of the Business and Operations and Liquidity, on the Acquisition Date, the Company acquired all of the issued and outstanding shares of capital stock of Megatran. Megatran's wholly-owned subsidiary, NWL, Inc. ("NWL"), is a U.S.-based global provider of engineered power conversion solutions for demanding industrial and military applications.

Pursuant to the Stock Purchase Agreement, the Company acquired all of the issued and outstanding shares of Megatran, for aggregate consideration in an amount equal to $61.4 million, which consideration amount was subject to various adjustments set forth in the Stock Purchase Agreement (including those described below) and consisted of: (a) (i) $25.0 million, minus (ii) the Indebtedness (as defined in the Stock Purchase Agreement) outstanding as of immediately prior to the closing, minus (iii) Company Expenses (as defined in the Stock Purchase Agreement); (b) a number of restricted shares (rounded up or down to the nearest whole share, as applicable) of Common Stock equal to the quotient obtained by dividing (x) $31.4 million by (y) the closing price per share of Common Stock on the Nasdaq Global Select Market on the last trading day immediately preceding the Closing Date; and (c) an additional cash payment equal to $5.0 million, as adjusted pursuant to Sections 5.6(c), (d), and (f) of the Stock Purchase Agreement. Megatran is now a wholly-owned subsidiary of the Company and, together with its wholly-owned subsidiaries and affiliates, is operated and reported as a component of its Grid business unit. On September 23, 2024, the Company paid $3.3 million to the selling stockholders, which was calculated based on the agreed upon formula set forth in the Stock Purchase Agreement. This amount is reflected as the change in fair value of this contingent consideration in the three and six months ended September 30, 2024. As of September 30, 2024, there are no remaining obligations to the selling stockholders of Megatran.

The Acquisition has been accounted for under the purchase method of accounting in accordance with ASC 805, Business Combinations. The Company allocated the purchase price to the assets acquired and liabilities assumed at their estimated fair values as of the date of acquisition. The excess of the purchase price paid by the Company over the estimated fair value of net assets acquired has been recorded as goodwill.

The total purchase price of approximately $61.4 million includes the fair value of shares of the Company’s common stock issued at closing, and cash paid, as follows (in millions):

Cash payments	$30.0
Issuance of 1,297,600 shares of Company’s Common Stock	$31.4

At the Acquisition Date, in addition to the $30.0 million cash, the Company valued the Company’s common stock, using $24.16 per share, which was the closing price on the day prior to the day that the Company acquired Megatran. Acquisition costs of $0.9 million and $1.1 million were included in selling, general and administrative ("SG&A") for the three and six months ended September 30, 2024, respectively.

The following table summarizes the allocation of the purchase price based on the estimated fair values of the assets acquired and liabilities assumed and related deferred income taxes in connection with the Acquisition (in millions):

Cash and cash equivalents	$	0.4
Equity-method investments		1.2
Prepaid expenses and other current assets		1.7
Accounts receivable		16.1
Inventory		23.1
Property, plant, and equipment		28.4
Accounts payable and accrued expenses		(5.6	)
Deferred revenue		(5.0	)
Deferred tax liability		(6.4	)
Net tangible assets/(liabilities)		53.9

Backlog		0.7
Customer relationships		1.3
Net identifiable intangible assets		2.0

Goodwill		5.5

Total purchase consideration	$	61.4

The fair value of the financial assets acquired includes receivables with a fair value of $16.1 million. The gross amount due is $16.9 million, of which $0.8 million is expected to be uncollectible.

Inventory includes a $0.7 million adjustment to step up the inventory balance to fair value consistent with the purchase price allocation. The fair value was determined based on the estimated selling price of the inventory, less the remaining manufacturing and selling cost and a normal profit margin on those manufacturing and selling efforts. The inventory step up adjustment increased cost of revenue $0.3 million in the three month period ended September 30, 2024 as the inventory was sold.

Backlog of $0.7 million was evaluated using the multi period excess earnings method under the income approach. The contracts with customers do not provide for any guarantees to source all future requirements from the Company. The amortization method being utilized is economic consumption estimated over an eight-month period with the expense being allocated to cost of revenues.

Customer relationships of $1.3 million relates to customers currently under contract and was determined based on a multi period excess earnings method under the income approach. The method of amortization being utilized is straight line over 10 years, as the results were not materially different from the economic consumption method, with the expense being allocated to SG&A.

Goodwill represents the value associated with the acquired workforce and expected synergies related to the business combination of the two companies. Goodwill resulting from the Acquisition was assigned to the Company’s Grid segment. Goodwill recognized in the Acquisition is not deductible for tax purposes. This purchase price allocation is preliminary and has not been finalized as the analysis on the assets and liabilities acquired, primarily the tax related liability may require further adjustments to our purchase accounting that could result in a measurement period adjustment that would impact the Company's reported net assets and goodwill as of August 1, 2024. Material changes, if any, to the preliminary allocation summarized above will be reported once the related uncertainties are resolved, but no later than August 1, 2025. The $6.4 million of deferred tax liability is primarily related to basis difference of property, plant, and equipment.

Unaudited Pro Forma Operating Results

The unaudited pro forma condensed consolidated statement of operations for the three and six months ended September 30, 2024 and 2023 presented as if the Acquisition had occurred on April 1, 2024 and 2023, respectively, is as follows:

	*Three Months Ended September 30,*					*Six Months Ended September 30,*
	*2024*		*2023*			*2024*			*2023*
Net Revenue	$	58,722	$	50,929		$	118,032		$	99,915
Operating income (loss)		81		(1,783	)		(4,079	)		(7,193	)
Net income (loss)	$	635	$	(311	)	$	(2,748	)	$	(633	)

Net income (loss) per common share
Basic	$	0.02	$	(0.01	)	$	(0.07	)	$	(0.02	)
Diluted	$	0.02	$	(0.01	)	$	(0.07	)	$	(0.02	)
Shares - basic		37,404		30,126			37,189			29,843
Shares - diluted		37,950		30,126			37,189			29,843

The pro forma amounts include the historical operating results of the Company and Megatran with appropriate adjustments that give effect to acquisition related costs, income taxes, intangible amortization resulting from the Acquisition and certain conforming accounting policies of the Company. The pro forma amounts are not necessarily indicative of the operating results that would have occurred if the Acquisition and related transactions had been completed at the beginning of the applicable periods presented. In addition, the pro forma amounts are not necessarily indicative of operating results in future periods.

In the unaudited consolidated results for the three and six months ended September 30, 2024, Megatran’s operations are included in the Company’s consolidated results from the date of Acquisition of August 1, 2024. Megatran contributed $14.3 million of revenue and $2.1 million in net income for the Company for the three and six month periods ended September 30, 2024. Amortization expense of $0.2 million is included in the three and six months ended September 30, 2024, as a result of the Megatran acquired intangible assets. In addition, $0.3 million for the step-up basis assigned to acquired inventory was charged to cost of revenues in the three and six months ended September 30, 2024.

Note 13 - Accounts Payable and Accrued Expenses (Details Textual)	3 Months Ended
	Sep. 30, 2024
Minimum [Member]
Extended Warranty Trigger Period (Year)	1 year
Maximum [Member]
Extended Warranty Trigger Period (Year)	3 years

Note 7 - Fair Value Measurements - Assets and Liabilities Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Contingent consideration		$ 7,000	$ 3,100	$ 1,200	$ 3,500	$ 2,600	$ 1,300
Fair Value, Recurring [Member] \| Reported Value Measurement [Member]
Cash equivalents	$ 41,731		72,832
Contingent consideration			3,100
Fair Value, Recurring [Member] \| Reported Value Measurement [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash equivalents	41,731		72,832
Contingent consideration			0
Fair Value, Recurring [Member] \| Reported Value Measurement [Member] \| Fair Value, Inputs, Level 2 [Member]
Cash equivalents	0		0
Contingent consideration			0
Fair Value, Recurring [Member] \| Reported Value Measurement [Member] \| Fair Value, Inputs, Level 3 [Member]
Cash equivalents	$ 0		0
Contingent consideration			$ 3,100

Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Expense (Benefit)	$ (4,990)	$ 106	$ (4,796)	$ 228
Deferred Tax Liabilities, Intangible Assets	6,400		6,400
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	5,200
Liability for Uncertainty in Income Taxes, Current	0		0
Unrecognized Tax Benefits	$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

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-Subparagraph (SX 210.7-04(9))
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+ Details

Note 11 - Property, Plant and Equipment - Cost and Accumulated Depreciation of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Property, plant and equipment, gross	$ 88,160	$ 59,233
Less accumulated depreciation	(49,395)	(48,372)
Property, plant and equipment, net	38,765	10,861
Land [Member]
Property, plant and equipment, gross	22,650	980
Construction in Progress [Member]
Property, plant and equipment, gross	851	226
Building [Member]
Property, plant and equipment, gross	7,445	5,416
Equipment and Software [Member]
Property, plant and equipment, gross	47,766	44,095
Furniture and Fixtures [Member]
Property, plant and equipment, gross	1,635	1,526
Leasehold Improvements [Member]
Property, plant and equipment, gross	$ 7,813	$ 6,990

Note 19 - Business Segments - Operating Results for Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 54,471	$ 34,004	$ 94,761	$ 64,258
Operating Income (loss)	(753)	(2,369)	(4,043)	(7,702)
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Operating Income (loss)	(3,605)	(1,942)	(8,753)	(4,655)
Grid [Member]
Revenues	46,936	28,515	79,272	54,251
Grid [Member] \| Operating Segments [Member]
Revenues	46,936	28,515	79,272	54,251
Operating Income (loss)	2,336	(679)	3,195	(2,649)
Wind [Member]
Revenues	7,535	5,489	15,489	10,007
Wind [Member] \| Operating Segments [Member]
Revenues	7,535	5,489	15,489	10,007
Operating Income (loss)	$ 516	$ 252	$ 1,515	$ (398)

- Definition

+ References

+ Details

Note 17 - Leases - Minimum Future Lease Obligation (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2025	$ 321
2026	1,113
2027	1,164
2028	805
2029	385
Thereafter	1,497
Total minimum lease payments	5,285
Less: interest	(1,916)
Present value of lease liabilities	$ 3,369

Note 19 - Business Segments

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

19. Business Segments

The Company reports its financial results in two reportable business segments: Grid and Wind. In accordance with ASC 280, Segment Reporting, the Company aggregates four operating segments into one reporting segment for financial reporting purposes due to their similar operating and financial characteristics. The Company's operating segments reflect the way in which internally-reported financial information is used to make decisions and allocate resources.

Through the Company’s power grid offerings, the Grid business segment enables electric utilities, industrial facilities, and renewable energy project developers to connect, transmit and distribute smarter, cleaner and better power through its transmission planning services, power electronics, and superconductor-based systems. The sales process is enabled by transmission planning services that allow it to identify power grid congestion, poor power quality and other risks, which helps the Company determine how its solutions can improve network performance. These services often lead to sales of grid interconnection solutions for wind farms and solar power plants, power quality systems, and transmission and distribution cable systems. The Company also sells ship protection products to the U.S. Navy through its Grid business segment.

Through the Company’s wind power offerings, the Wind business segment enables manufacturers to field highly competitive wind turbines through its advanced power electronics and control system products, engineered designs, and support services. The Company supplies advanced power electronics and control systems, licenses its highly engineered wind turbine designs, and provides extensive customer support services to wind turbine manufacturers. The Company’s design portfolio includes a broad range of drive trains and power ratings of 2 megawatts ("MWs") and higher. The Company provides a broad range of power electronics and software-based control systems that are highly integrated and designed for optimized performance, efficiency, and grid compatibility.

The operating results for the two business segments are as follows (in thousands):

	*Three Months Ended September 30,*				*Six Months Ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Revenues:
Grid	$	46,936	$	28,515	$	79,272	$	54,251
Wind		7,535		5,489		15,489		10,007
Total	$	54,471	$	34,004	$	94,761	$	64,258

	*Three Months Ended September 30,*						*Six Months Ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Operating income (loss):
Grid	$	2,336		$	(679	)	$	3,195		$	(2,649	)
Wind		516			252			1,515			(398	)
Unallocated corporate expenses		(3,605	)		(1,942	)		(8,753	)		(4,655	)
Total	$	(753	)	$	(2,369	)	$	(4,043	)	$	(7,702	)

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 consisted of net losses resulting from activity relating to both the NEPSI earnout and the Megatran make whole payment which resulted in $2.8 million and $6.7 million in increases in the fair value of contingent consideration in the three and six months ended September 30, 2024, respectively. Unallocated corporate expenses consisted of a loss on contingent consideration of $0.9 million and $2.2 million in the three and six months ended September 30, 2023, respectively. Additionally, unallocated corporate expenses consisted of stock-based compensation expense of $0.8 million and $2.1 million in the three and six months ended September 30, 2024, respectively, and $1.1 million and $2.5 million in the three and six months ended September 30, 2023, respectively.

Total assets for the two business segments as of September 30, 2024 and March 31, 2024, are as follows (in thousands):

	*September 30, 2024*		*March 31, 2024*
Grid	$	212,985	$	125,878
Wind		11,475		14,733
Corporate assets		73,988		92,160
Total	$	298,448	$	232,771

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Note 13 - Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Accounts payable	$ 3,831	$ 4,476
Accrued inventories in-transit	2,587	539
Accrued other miscellaneous expenses	3,983	2,366
Accrued contract loss	97	97
Advanced deposits	1,540	2,270
Accrued compensation	8,293	10,326
Income taxes payable	220	346
Accrued product warranty	3,110	2,363
Accrued commissions	1,497	1,452
Total	$ 25,158	$ 24,235

Note 15 - Contingent Consideration - Summary of the Key Assumptions Used to Calculate Fair Value of Warrants (Details) $ in Millions	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)
Contingent consideration	$ 7.0	$ 3.1	$ 1.2	$ 3.5	$ 2.6	$ 1.3
Measurement Input, Revenue Risk Premium [Member]
Business Combination, Contingent Consideration, Liability, Measurement Input	5.5	5.5	5.7	5.3	5.2	5.3
Measurement Input, Revenue Volatility [Member]
Business Combination, Contingent Consideration, Liability, Measurement Input	27.5	24.8	24.8	27.5	22.5	25
Measurement Input, Share Price [Member]
Business Combination, Contingent Consideration, Liability, Measurement Input	23.39	13.51	11.14	7.55	6.26	4.91
Measurement Input, Payment Delay [Member]
Business Combination, Contingent Consideration, Liability, Measurement Input	80	80	80	80	80	80

Note 13 - Accounts Payable and Accrued Expenses

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

13. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses at September 30, 2024 and March 31, 2024 consisted of the following (in thousands):

	*September 30, 2024*		*March 31, 2024*
Accounts payable	$	3,831	$	4,476
Accrued inventories in-transit		2,587		539
Accrued other miscellaneous expenses		3,983		2,366
Accrued contract loss		97		97
Advanced deposits		1,540		2,270
Accrued compensation		8,293		10,326
Income taxes payable		220		346
Accrued product warranty		3,110		2,363
Accrued commissions		1,497		1,452
Total	$	25,158	$	24,235

The Company generally provides a one to three year warranty on its products, commencing upon delivery or installation where applicable. 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 September 30,*						*Six Months Ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Balance at beginning of period	$	2,542		$	1,926		$	2,363		$	2,638
Acquired warranty obligations		637			—			637			—
Provisions for warranties during the period		298			644			774			852
Settlements during the period		(367	)		(678	)		(664	)		(1,598	)
Balance at end of period	$	3,110		$	1,892		$	3,110		$	1,892

Note 2 - Acquisition (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Cash payments	$30.0
Issuance of 1,297,600 shares of Company’s Common Stock	$31.4

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Cash and cash equivalents	$	0.4
Equity-method investments		1.2
Prepaid expenses and other current assets		1.7
Accounts receivable		16.1
Inventory		23.1
Property, plant, and equipment		28.4
Accounts payable and accrued expenses		(5.6	)
Deferred revenue		(5.0	)
Deferred tax liability		(6.4	)
Net tangible assets/(liabilities)		53.9

Backlog		0.7
Customer relationships		1.3
Net identifiable intangible assets		2.0

Goodwill		5.5

Total purchase consideration	$	61.4

Business Acquisition, Pro Forma Information [Table Text Block]

	*Three Months Ended September 30,*					*Six Months Ended September 30,*
	*2024*		*2023*			*2024*			*2023*
Net Revenue	$	58,722	$	50,929		$	118,032		$	99,915
Operating income (loss)		81		(1,783	)		(4,079	)		(7,193	)
Net income (loss)	$	635	$	(311	)	$	(2,748	)	$	(633	)

Net income (loss) per common share
Basic	$	0.02	$	(0.01	)	$	(0.07	)	$	(0.02	)
Diluted	$	0.02	$	(0.01	)	$	(0.07	)	$	(0.02	)
Shares - basic		37,404		30,126			37,189			29,843
Shares - diluted		37,950		30,126			37,189			29,843

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Megatran [Member] Common Stock [Member]	Megatran [Member] Additional Paid-in Capital [Member]	Megatran [Member] Treasury Stock, Common [Member]	Megatran [Member] AOCI Attributable to Parent [Member]	Megatran [Member] Retained Earnings [Member]	Megatran [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Mar. 31, 2023							29,937,000
Balance at Mar. 31, 2023							$ 299	$ 1,139,113	$ (3,639)	$ 1,571	$ (1,055,547)	$ 81,797
Issuance of common stock – restricted shares (in shares)							699,000
Issuance of common stock – restricted shares							$ 7	(7)	0	0	0	0
Stock-based compensation expense								1,357				1,357
Issuance of common stock for 401(k) match (in shares)							33,000
Issuance of common stock for 401(k) match							$ 1	163	0	0	0	164
Cumulative translation adjustment										(2)		(2)
Net loss											(5,398)	(5,398)
Cumulative translation adjustment										(2)		(2)
Net income (loss)											(5,398)	(5,398)
Balance (in shares) at Jun. 30, 2023							30,669,000
Balance at Jun. 30, 2023							$ 307	1,140,626	(3,639)	1,569	(1,060,945)	77,918
Balance (in shares) at Mar. 31, 2023							29,937,000
Balance at Mar. 31, 2023							$ 299	1,139,113	(3,639)	1,571	(1,055,547)	81,797
Net loss												(7,883)
Net income (loss)												(7,883)
Balance (in shares) at Sep. 30, 2023							30,716,000
Balance at Sep. 30, 2023							$ 307	1,142,023	(3,639)	1,633	(1,063,430)	76,894
Balance (in shares) at Jun. 30, 2023							30,669,000
Balance at Jun. 30, 2023							$ 307	1,140,626	(3,639)	1,569	(1,060,945)	77,918
Issuance of common stock – restricted shares (in shares)							9,000
Issuance of common stock – restricted shares							$ 0	0	0	0	0	0
Stock-based compensation expense							$ 0	1,111	0	0	0	1,111
Issuance of common stock for 401(k) match (in shares)							17,000
Issuance of common stock for 401(k) match							$ 0	150	0	0	0	150
Cumulative translation adjustment							0	0	0	64	0	64
Net loss							$ 0	0	0	0	(2,485)	(2,485)
Issuance of common stock – ESPP (in shares)							21,000
Issuance of common stock – ESPP							$ 0	136	0	0	0	136
Cumulative translation adjustment							0	0	0	64	0	64
Net income (loss)							$ 0	0	0	0	(2,485)	(2,485)
Balance (in shares) at Sep. 30, 2023							30,716,000
Balance at Sep. 30, 2023							$ 307	1,142,023	(3,639)	1,633	(1,063,430)	76,894
Balance (in shares) at Mar. 31, 2024							37,343,000
Balance at Mar. 31, 2024							$ 373	1,212,913	(3,639)	1,582	(1,066,658)	144,571
Issuance of common stock – restricted shares (in shares)							44,000
Issuance of common stock – restricted shares							$ 1	(1)	0	0	0	0
Stock-based compensation expense								1,229				1,229
Issuance of common stock for 401(k) match (in shares)							12,000
Issuance of common stock for 401(k) match							$ 0	179	0	0	0	179
Repurchase of treasury stock							$ 0	0	(126)	0	0	(126)
Cumulative translation adjustment										15		15
Net loss											(2,524)	(2,524)
Cumulative translation adjustment										15		15
Net income (loss)											(2,524)	(2,524)
Balance (in shares) at Jun. 30, 2024							37,399,000
Balance at Jun. 30, 2024							$ 374	1,214,320	(3,765)	1,597	(1,069,182)	143,344
Balance (in shares) at Mar. 31, 2024							37,343,000
Balance at Mar. 31, 2024							$ 373	1,212,913	(3,639)	1,582	(1,066,658)	144,571
Net loss						$ 2,100						2,363
Net income (loss)						2,100						2,363
Balance (in shares) at Sep. 30, 2024							39,827,000
Balance at Sep. 30, 2024							$ 398	1,253,168	(3,765)	1,509	(1,064,295)	187,015
Balance (in shares) at Jun. 30, 2024							37,399,000
Balance at Jun. 30, 2024							$ 374	1,214,320	(3,765)	1,597	(1,069,182)	143,344
Issuance of common stock – restricted shares (in shares)							815,000
Issuance of common stock – restricted shares							$ 8	(8)	0	0	0	0
Stock-based compensation expense							$ 0	843	0	0	0	843
Issuance of common stock for 401(k) match (in shares)							7,000
Issuance of common stock for 401(k) match							$ 0	166	0	0	0	166
Cumulative translation adjustment							0	0	0	(88)	0	(88)
Net loss						2,100	$ 0	0	0	0	4,887	4,887
Issuance of common stock – ESPP (in shares)							8
Issuance of common stock – ESPP							$ 0	157	0	0	0	157
Issuance of common stock - Megatran acquisition, net of offering expenses (in shares)	1,298,000
Issuance of common stock - Megatran acquisition, net of offering expenses	$ 13	$ 31,189	$ 0	$ 0	$ 0	31,202
Issuance of common stock to settle contingent consideration (in shares)							300,000
Issuance of common stock to settle contingent consideration							$ 3	6,501	0	0	0	6,504
Cumulative translation adjustment							0	0	0	(88)	0	(88)
Net income (loss)						$ 2,100	$ 0	0	0	0	4,887	4,887
Balance (in shares) at Sep. 30, 2024							39,827,000
Balance at Sep. 30, 2024							$ 398	$ 1,253,168	$ (3,765)	$ 1,509	$ (1,064,295)	$ 187,015

Note 4 - Stock-based Compensation

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

4. 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 and six months ended September 30, 2024 and 2023 (in thousands):

	*Three Months Ended September 30,*				*Six Months Ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Cost of revenues	$	39	$	59	$	97	$	169
Research and development		113		156		256		311
Selling, general and administrative		691		896		1,719		1,988
Total	$	843	$	1,111	$	2,072	$	2,468

The Company issued 817,500 shares and 842,500 shares of restricted stock during the three and six months ended September 30, 2024, respectively. The Company issued no shares and 19,200 shares of immediately vested common stock during the three and six months ended September 30, 2024, respectively. The Company issued 9,000 shares and 681,500 shares of restricted stock during the three and six months ended September 30, 2023, respectively. No shares of immediately vested common stock were issued during the three months ended September 30, 2023 and 53,675 shares of immediately vested common stock during the six months ended September 30, 2023. 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 restricted stock 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.

The estimated fair value of the Company’s stock-based awards, less expected annual forfeitures, is amortized over the awards’ service period. There were no unrecognized compensation costs for unvested stock options as of September 30, 2024. The total unrecognized compensation cost for unvested outstanding restricted stock was $17.8 million as of September 30, 2024. This expense will be recognized over a weighted-average expense period of approximately 1.8 years.

The Company granted no stock options during the three and six months ended September 30, 2024 and 2023.

Note 11 - Property, Plant and Equipment

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

11. Property, Plant and Equipment

The cost and accumulated depreciation of property, plant and equipment at September 30, 2024 and March 31, 2024 are as follows (in thousands):

	*September 30, 2024*			*March 31, 2024*
Land	$	22,650		$	980
Construction in progress – equipment		851			226
Buildings		7,445			5,416
Equipment and software		47,766			44,095
Furniture and fixtures		1,635			1,526
Leasehold improvements		7,813			6,990
Property, plant and equipment, gross		88,160			59,233
Less accumulated depreciation		(49,395	)		(48,372	)
Property, plant and equipment, net	$	38,765		$	10,861

Depreciation expense was $0.8 million and $0.6 million for the three months ended September 30, 2024 and 2023, respectively. Depreciation expense was $1.4 million and $1.2 million for the six months ended September 30, 2024 and 2023, respectively. The increase in land relates to the property added as part of the Megatran Acquisition.

Note 5 - Computation of Net Loss Per Common Share

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

5. Computation of Net Income (Loss) per Common Share

Basic net income (loss) per share (“EPS”) is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Where applicable, diluted EPS is computed by dividing the net income by the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares include the effect of restricted stock, exercise of stock options and warrants and contingently issuable shares. Stock options and warrants that are out-of-the-money with exercise prices greater than the average market price of the underlying common shares and shares of performance-based restricted stock where the contingency was not met are excluded from the computation of diluted EPS as the effect of their inclusion would be anti-dilutive. For the three months ended September 30, 2024, 535,001 shares were not included in the calculation of diluted EPS. Of these, 526,333 were shares of performance-based restricted stock where the contingency was not met. Of the remaining shares, 652 shares relate to outstanding stock awards that were considered anti-dilutive, and 8,016 shares related to ESPP shares and were excluded as they were considered anti-dilutive. For the six months ended September 30, 2024, 479,341 shares were not included in the calculation of diluted EPS. Of these, 469,667 were shares of performance-based restricted stock where the contingency was not met. Of the remaining shares, 326 shares relate to outstanding stock awards that were considered anti-dilutive, and 9,348 shares related to ESPP shares and were excluded as they were considered anti-dilutive. For each of the three and six months ended September 30, 2023, 1,036,206 shares were not included in the calculation of diluted EPS. Of these, 1,000,000 relate to shares associated with the contingent consideration derivative liability for which the contingency has not yet been met, and 36,206 relate to outstanding stock options as they were considered anti-dilutive.

The following table reconciles the numerators and denominators of the earnings per share calculation for the three and six months ended September 30, 2024 and 2023 (in thousands, except per share data):

	*Three Months Ended September 30,*						*Six Months Ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Numerator:
Net income (loss)	$	4,887		$	(2,485	)	$	2,363		$	(7,883	)
Denominator:
Weighted-average shares of common stock outstanding		37,931			30,283			37,463			29,996
Weighted-average shares subject to repurchase		(979	)		(1,455	)		(1,146	)		(1,451	)
Shares used in per-share calculation ― basic		36,952			28,828			36,317			28,545
Shares used in per-share calculation ― diluted		37,499			28,828			36,951			28,545
Net income (loss) per share ― basic	$	0.13		$	(0.09	)	$	0.07		$	(0.28	)
Net income (loss) per share ― diluted	$	0.13		$	(0.09	)	$	0.06		$	(0.28	)