INVENTORIES

12 Months Ended

Mar. 31, 2026

NOTE 5 — INVENTORIES

As of March 31, 2026 and 2025, Orion's inventory balances, net of excess and obsolete reserves of $2.2 million and $1.8 million, respectively, were as follows (dollars in thousands):


	Inventories
As of March 31, 2026
Raw materials and components	$	2,560
Work in process		150
Finished goods		7,594
Total	$	10,304
As of March 31, 2025
Raw materials and components	$	4,691
Work in process		286
Finished goods		6,415
Total	$	11,392

Costs associated with the procurement and warehousing of inventories, such as inbound freight charges and purchasing and receiving costs, are also included in Cost of product revenue.