In November 2025, the Company advanced $156 thousand in connection with a proposed joint venture arrangement with Japan’s Meihodo Co., Ltd. and Euka Power Japan Co., Ltd., which are not related parties. The amount represents a refundable investment commitment (refundable if the transaction is not completed, subject to the terms of the arrangement) and is recorded at cost as an advance for investment. Due to foreign currency translation, the carrying amount was presented as $155 thousand as of March 31, 2026. As of March 31, 2026, the Company has not obtained ownership interests, voting rights, or the ability to participate in the management or governance of the investee. Accordingly, the advance continues to be recorded as an advance for investment in a joint venture.

The joint venture is intended to support the Company’s Energy Storage Systems (“ESS”) initiatives in the Japan power market. The Company will assess its ownership interest and the appropriate accounting model, including whether the investment will be accounted for under the equity method, upon completion of the transaction.

Subsequent to March 31, 2026, the Company entered into agreements related to the joint venture and made an additional investment payment of $380 thousand. The transaction remains subject to closing conditions, and ownership transfer has not yet been completed.