v3.26.1
SUBSEQUENT EVENTS
12 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Tariff Refund
On February 20, 2026, the U.S. Supreme Court held that tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were unconstitutional. On April 20, 2026, CBP launched its Consolidated Administration and Processing of Entries ("CAPE") portal to process refund claims.
The Company paid a total of $15.4 million in IEEPA tariffs on imported goods between February 4, 2025 and February 24, 2026. Our recovery of IEEPA tariffs represents a loss recovery. To date, the Company submitted claims that were accepted by the CAPE portal in the amount of $3.3 million and a corresponding refund receivable was recorded within accounts receivable, net in the Company's consolidated balance sheet as of March 31, 2026. Of the $3.3 million, $2.7 million, and $0.6 million were recorded as reductions of cost of revenue, and inventory, respectively. An additional $7.1 million and $5.0 million of the IEEPA tariffs paid by the Company allocable to cost of revenue and inventory, respectively, for the fiscal year ended March 31, 2026 were not recorded. These amounts are not currently eligible for submission under the CAPE portal and therefore the Company was unable to recognize any receivable or loss recovery with respect to these amounts.
Share Repurchase Program
On June 5, 2026, the Company’s Board of Directors authorized a share repurchase program of up to $40.0 million of the Company’s common stock. Repurchases may be made from time to time through open market transactions, privately negotiated transactions, or otherwise, in accordance with applicable securities laws and regulations. The timing and amount of any repurchases will be determined by management and depend on a number of factors, including, but not limited to, stock price, trading volume, and general market conditions, along with the Company's available cash on hand and any available surplus, working capital requirements, general business conditions, and other factors. The Company expects to fund repurchases with cash on hand and future cash generated from its operations or from raising additional capital. The repurchase program does not obligate the Company to repurchase any specific dollar amount or number of shares and may be modified, suspended, or discontinued at any time.