v3.25.2
INCOME TAXES (Tables)
 12 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of pre-tax income (loss)
Pre-tax loss reflected in the consolidated statements of operations for the years ended March 31, 2025 and 2024 is as follows (in thousands):
Year Ended March 31,
20252024
U.S.$(112,416)$(40,555)
Foreign(1,854)(20)
Total$(114,270)$(40,575)
Schedule of income tax provision
Income tax provision consists of the following (in thousands):
Year Ended March 31,
20252024
Current tax expense
   Federal $— $— 
   State36 14 
   Foreign741 919 
      Total current tax expense777 933 
Deferred tax expense
   Federal20 18 
   State37 21 
   Foreign(13)(261)
      Total deferred tax expense (benefit)44 (222)
Income tax provision$821 $711 
Schedule of federal income tax rate reconciliation
The income tax provision differs from the amount computed by applying the federal statutory rate of 21% to loss before income taxes as follows (in thousands):
For the year ended March 31,
20252024
Expense (benefit) at the federal statutory rate$(24,122)$(8,507)
Equity compensation580 1,102 
Permanent items309 768 
Foreign taxes299 264 
State income taxes36 (860)
Valuation allowance13,907 6,313 
Uncertain tax positions(6,672)(8,010)
Expiration of attributes8,427 10,901 
Research and development credits(844)(1,169)
Warrant fair value adjustments9,507 (1,093)
Other(606)1,002 
Income tax provision$821 $711 
Schedule of components of deferred tax assets and liabilities
Significant components of deferred tax assets and liabilities are as follows (in thousands):
As of March 31,
20252024
Deferred tax assets
Loss carryforwards$61,466 $54,280 
Deferred revenue25,895 27,431 
Capitalized research and development28,824 27,785 
Tax credits15,517 15,888 
Disallowed interest19,696 16,572 
Other accruals and reserves not currently deductible for tax purposes3,913 4,685 
Lease obligations2,016 2,269 
Inventory 3,779 2,426 
Acquired intangibles1,285 1,344 
Accrued warranty expense277 365 
Depreciation
1,755 — 
Gross deferred tax assets164,423 153,045 
Valuation allowance(161,730)(147,674)
   Total deferred tax assets, net of valuation allowance$2,693 $5,371 
Deferred tax liabilities
Depreciation$— $(2,038)
Lease assets(1,711)(1,929)
Other(277)(1,130)
   Total deferred tax liabilities(1,988)(5,097)
           Net deferred tax assets (liabilities)$705 $274 
Reconciliation of gross unrecognized tax benefits
A reconciliation of the gross unrecognized tax benefits is as follows (in thousands):
For the year ended March 31,
20252024
Beginning Balance$88,341 $96,343 
Increase in balances related to tax positions in current period1,558 2,229 
Decrease in balances related to tax positions in prior period(12)(1,364)
Decrease in balances due to lapse in statute of limitations(8,209)(8,867)
Ending balance$81,678 $88,341