4. BALANCE SHEET DETAIL

12 Months Ended

Mar. 31, 2026

NOTE 4—BALANCE SHEET DETAIL


		March 31,
		2026			2025

		(In thousands)
Inventories:
Work-in-progress		$	1,978		$	1,769
Finished goods			2,101			2,122
		$	4,079		$	3,891


	March 31,
	2026			2025

	(In thousands)
Accounts receivable, net:
Accounts receivable	$	4,389		$	3,215
Less: Allowances for credit losses		(152)			(46)
	$	4,237		$	3,169


	March 31,
	2026			2025

	(In thousands)
Prepaid expenses and other current assets:
Prepaid tooling and masks	$	593		$	1,834
Other receivables		88			695
Other prepaid expenses and other current assets		2,978			432
	$	3,659		$	2,961


	March 31,
	2026			2025

	(In thousands)
Property and equipment, net:
Computer and other equipment	$	18,187		$	17,733
Software		4,426			4,426
Furniture and fixtures		102			102
Leasehold improvements		942			927
		23,657			23,188
Less: Accumulated depreciation		(22,774)			(22,380)
	$	883		$	808

Depreciation expense was $394,000, $432,000 and $693,000 for the years ended March 31, 2026, 2025 and 2024, respectively.

The following table summarizes the components of intangible assets and related accumulated amortization balances at March 31, 2026 and 2025, respectively (in thousands):


	As of March 31, 2026
	Gross Carrying Amount			Accumulated Amortization		Net Carrying Amount
Intangible assets:
Product designs	$	590		$	(590)	$	—
Patents		4,220			(3,131)		1,089
Software		80			(80)		—
Total	$	4,890		$	(3,801)	$	1,089


	As of March 31, 2025
	Gross Carrying Amount			Accumulated Amortization		Net Carrying Amount
Intangible assets:
Product designs	$	590		$	(590)	$	—
Patents		4,220			(2,897)		1,323
Software		80			(80)		—
Total	$	4,890		$	(3,567)	$	1,323

Amortization of intangible assets of $234,000, $233,000 and $234,000 was included in cost of revenues for the years ended March 31, 2026, 2025 and 2024, respectively.

As of March 31, 2026, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands):


Fiscal year ending March 31,
2027	$	233
2028		233
2029		233
2030		233
2031		157
Total	$	1,089

The following table summarizes the components of accrued expenses and other liabilities balances as of March 31, 2026 and 2025, respectively (in thousands):


	March 31,
	2026			2025

	(In thousands)
Accrued expenses and other liabilities:
Accrued compensation	$	2,421		$	2,488
Accrued commissions		168			85
Production mask set		—			1,250
Purchased intellectual property		917			—
Others		588			618
	$	4,094		$	4,441

In August 2024, the Company implemented strategic cost-cutting measures. These initiatives consisted of workforce reductions across all departments and enhanced operational efficiencies. The cost reduction initiatives included an approximate 16% reduction in the Company’s global workforce. The Company incurred $356,000 in severance related charges during fiscal 2025, including $204,000 recorded as cost of revenues, $128,000 recorded as research and development expense and $24,000 recorded as selling, general and administrative expense in the consolidated statements of operations. The Company does not expect to incur any additional severance related charges resulting from these measures. There were no severance charges accrued as of March 31, 2025 as severance payments to all impacted employees have been completed as of March 31, 2025.