v3.25.1
Leases (Tables)
 3 Months Ended
Apr. 30, 2025
Leases [Abstract]  
Quantitative Information of Leases
The quantitative information regarding our leases is as follows:

Three Months Ended
4/30/20254/30/2024
(In thousands, except lease term and discount rate)
Operating lease cost$2,358 $1,419 
Short-term lease cost118 104 
Sublease income(10)(10)
Variable lease cost273 (72)
Total lease cost$2,739 $1,441 
Other operating leases information:
Cash paid for amounts included in the measurement of lease liabilities$1,638 $1,621 
Right-of-use assets obtained in exchange for new lease liabilities $237 $954 
Weighted-average remaining lease term (years)5.21.2
Weighted-average discount rate9.82 %6.36 %
Schedule of Minimum Future Lease Payments
Minimum future lease payments for operating leases in effect as of April 30, 2025, are as follows:
Operating Lease
For the year ending January 31, (In thousands)
Remaining of 2026$3,743 
20279,698 
20289,425 
20299,587 
20309,922 
Thereafter6,817 
Remaining balance of lease payments49,192 
Short-term lease liabilities2,562 
Long-term lease liabilities (a)34,628 
Total lease liabilities37,190 
Difference between undiscounted cash flows and discounted cash flows$12,002 

(a) On July 23, 2024, the Company entered into a new lease agreement (the “Lease”) with Starboard Distribution Center, LLC which extends the Company’s tenancy at its 560,000 sq. ft. office, manufacturing and warehouse facility in Torrance, California. The Lease extends the tenancy for 65 months, covering the period from May 1, 2025 through September 30, 2030. Under the Lease, the monthly base rent will be abated for the initial 5-month period from May 1, 2025 to September 30, 2025, then is set at $726,700 for October 1, 2025 through April 30, 2026, with subsequent increases of 3.5% every 12 months thereafter. The Lease also provides for a tenant improvement allowance of up to $1.7 million to be used by December 31, 2026. The Landlord has the right to terminate the Lease upon customary events of default. In connection with this lease agreement, in the second quarter ended July 31, 2024, the Company recorded approximately $33.0 million (the present value of the future lease commitments) as an operating lease liability, and a corresponding ROU asset.