Stock-Based Compensation

12 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

14. Stock-Based Compensation

2021 Stock Incentive Plan

In 2021, the Company adopted the Management Stock Incentive Plan (the "2021 Plan"), under which stock options were granted to employees, directors and consultants of the Company and its subsidiaries. The board of directors authorized up to 10,665,117 shares for issuance under the 2021 Plan. In connection with the initial public offering, no further awards may be granted under the 2021 Plan, however, the 2021 Plan continues to govern the terms and conditions of the outstanding awards granted pursuant thereto.

Stock options granted under the 2021 Plan consisted of (i) awards subject to a service condition, which vest in five equal annual installments beginning on the first anniversary of the vesting commencement date, and subject to a performance condition, defined as the occurrence of a qualifying event (i.e., an initial public offering or change in control), and (ii) awards subject to a service condition, and a performance condition, defined as the occurrence of a qualifying event (i.e., an initial public offering or change in control) and a market condition (defined as Platinum realizing a multiple of at least 2.0 times its invested capital in the Company). All stock options under the 2021 Plan are exercisable only if vested and following the occurrence of a qualifying event (i.e., an initial public offering or change in control). The stock options terminate on the tenth anniversary from the date of the grant if they have not been exercised on or prior to that date.

Consistent with ASC 718, no stock-based compensation expense was recognized in periods prior to the initial public offering, as the performance condition for the awards was not considered probable of achievement until the initial public offering was consummated. Upon the completion of the initial public offering, this condition was satisfied and the Company recognized cumulative stock-based compensation expense for these stock options using the accelerated attribution method.

Stock Options

Stock option activity for the fiscal year ended March 31, 2026 was as follows:


	Number of Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of March 31, 2025	8,666,219	$	14.08	7.18	$	98,734
Granted	630,560	14.08
Exercised	—	—
Forfeited and expired	488,016	14.08
Outstanding as of March 31, 2026	8,808,763	$	14.08	5.65	$	—
Vested and expected to vest	8,808,763	14.08		5.65	—
Exercisable as of March 31, 2026	3,528,969	14.08		4.54	—

The total fair value of options vested during the fiscal years ended March 31, 2026, 2025 and 2024 was $6,616, $3,135 and $3,300, respectively.

As of March 31, 2026, the total unrecognized compensation cost related to 2021 Plan stock options was $3,356, which is expected to be recognized over a weighted-average period of 0.5 years.

Valuation Assumptions

For stock options subject to a service condition and a performance condition, the Company estimated the grant date fair value using a Black-Scholes option-pricing model. The weighted average grant date fair

value of stock options granted during the fiscal year ended March 31, 2026, 2025 and 2024, were determined using the following weighted-average assumptions:


	Year Ended March 31,
	2026			2025			2024
Weighted-average grant date fair value	$	4.04		$	7.80		$	8.03
Weighted-average assumptions:
Expected dividend yield	—		%	—		%	—		%
Expected stock price volatility (a)	40.00		%	50.00		%	50.00		%
Risk-free interest rate (b)	4.20		%	3.76		%	4.71		%
Expected option term (years) (c)	0.8			6			6

______________

(a)The Company bases its expected volatility on a group of companies believed to be a representative peer group, selected based on industry and market capitalization.

(b)The risk-free rate is based on the U.S. Government Bond yield in effect at the grant date for a period equal to the awards' expected term.

(c)The expected option term represents the midpoint of time until expiration and average vesting period.

For stock options subject to a market condition, the Company estimated the grant date fair value using a Monte Carlo simulation model. No such awards were granted during the fiscal year ended March 31, 2026. The weighted average grant date fair value of stock options granted during the fiscal year ended March 31, 2025 and 2024, were determined using the following weighted-average assumptions:


	Year Ended March 31,
	2025			2024
Weighted-average grant date fair value	$	5.54		$	5.45
Weighted-average assumptions:
Expected dividend yield	—		%	—		%
Expected stock price volatility (a)	50.00		%	50.00		%
Risk-free interest rate (b)	3.91		%	3.48		%

____________

(a)The Company bases its expected volatility on a group of companies believed to be a representative peer group, selected based on industry and market capitalization.

(b)The risk-free rate is based on the U.S. Constant Maturity Treasury rate in effect at the time of grant for a period equal to the awards' expected term.

2025 Stock Incentive Plan

On July 14, 2025, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2025 Stock Incentive Plan (the “2025 Plan”), which became effective upon the consummation of the initial public offering and succeeded the 2021 Plan. The 2025 Plan authorizes the Company to grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based awards or other stock-based awards, to employees, directors or consultants of the Company and its subsidiaries to acquire shares of the Company’s Common Stock. As of March 31, 2026, the board of directors has authorized up to 15,500,000 shares for issuance under the 2025 Plan, of which 14,294,462 shares remained available for future grants. In addition, the shares reserved for issuance under the 2025 Plan include shares of Common Stock that are undelivered pursuant to awards outstanding under the 2021 Plan (under which no further awards will be granted) that are canceled, forfeited, or otherwise terminated without delivery to the holder of the full number of shares underlying such awards.

Stock Options

The Company grants stock options that consist of (i) awards subject to a service condition, which vest in five equal annual installments beginning on the first anniversary of the vesting commencement date, and (ii) awards subject to a service condition, and a performance condition, defined as the occurrence of a qualifying event (i.e., a change in control or investor disposition), and a market condition (defined as Platinum realizing a multiple of at least 2.0 times its invested capital in the Company). The stock options terminate on the tenth anniversary of the grant date if they have not been exercised on or prior to that date. The exercise price of stock options granted is equal to the market price of the Company’s Common Stock on the date of grant.

Stock option activity for the fiscal year ended March 31, 2026, was as follows:


	Number of Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of March 31, 2025	—	$	—	—	$	—
Granted	400,960	17.00
Exercised	—	—
Forfeited and expired	49,334	17.00
Outstanding as of March 31, 2026	351,626	$	17.00	9.32	$	—
Vested and expected to vest	351,626	17.00		9.32	—
Exercisable as of March 31, 2026	29,474	17.00		9.32	—

The total fair value of options vested during the fiscal years ended March 31, 2026 was $223.

As of March 31, 2026, the total unrecognized compensation cost related to 2025 Plan stock options was $1,333, which is expected to be recognized over a weighted-average period of 3.2 years.

Valuation Assumptions

For the stock options subject only to a service condition, the Company estimated the grant date fair value using a Black-Scholes option pricing model. The weighted average grant date fair value of stock options granted during the year ended March 31, 2026, was determined using the following weighted-average assumptions:


	Year Ended March 31,
	2026
Weighted-average grant date fair value	$	7.56
Weighted-average assumptions:
Expected dividend yield	—		%
Expected stock price volatility (a)	40.00		%
Risk-free interest rate (b)	4.04		%
Expected option term (years) (c)	5.8

______________

(a)The Company bases its expected volatility on a group of companies believed to be a representative peer group, selected based on industry and market capitalization.

(b)The risk-free rate is based on the U.S. Government Bond yield in effect at the grant date for a period equal to the awards' expected term.

(c)The expected option term represents the midpoint of time until expiration and average vesting period.

For stock options subject to a market condition, the Company estimated the grant date fair value using a Monte Carlo simulation model. The weighted average grant date fair value of stock options

granted during the year ended March 31, 2026, was determined using the following weighted-average assumptions:


	Year Ended March 31,
	2026
Weighted-average grant date fair value	$	4.41
Weighted-average assumptions:
Expected dividend yield	—		%
Expected stock price volatility (a)	40.00		%
Risk-free interest rate (b)	4.40		%

______________

(a)The Company bases its expected volatility on a group of companies believed to be a representative peer group, selected based on industry and market capitalization.

(b)The risk-free rate is based on the U.S. Constant Maturity Treasury rate in effect at the grant date for a period equal to the awards' expected term.

Restricted Stock Units and Performance Stock Units

The Company grants restricted stock units (the “RSUs”) to certain employees which generally vest in three equal annual installments beginning on the first anniversary of the grant date, subject to continued service. In addition, the Company grants RSUs to certain non-employee members of the board of directors, which generally vest on the one-year anniversary of the grant date, subject to continued service. The fair value of RSUs granted is determined using the fair market value of the Company’s Common Stock on the grant date.

The Company grants performance stock units (“PSUs”) to certain employees which generally vest on the third anniversary of the grant date (the “PSU Vesting Date”), subject to both a service condition and a market condition. The market condition is based on the achievement of specified Company stock price targets, as defined in the applicable plan agreement. The number of PSUs that ultimately vest may range from 0% to 100% of the target award depending on the level of achievement of the market condition. PSUs that do not vest on the PSU Vesting Date remain eligible to vest on the last day of each of the first 8 quarterly anniversaries immediately following the PSU Vesting Date, generally in accordance with the same market condition and continued service described above.

RSU and PSU activity for the fiscal year ended March 31, 2026 was as follows:


	RSUs			PSUs
	Number of Units	Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value
Non-vested balance as of March 31, 2025	—	$	—	—	$	—
Granted	418,612	13.34		277,585	5.49
Vested	36,127	13.84		—	—
Forfeited	—	—		—	—
Non-vested balance as of March 31, 2026	382,485	$	13.29	277,585	$	5.49

The total fair value of RSUs that vested during the fiscal year ended March 31, 2026 was $500. No PSUs vested during the fiscal year ended March 31, 2026.

As of March 31, 2026, the total unrecognized compensation cost related to RSUs and PSUs was $4,318 and $1,462, respectively, which is expected to be recognized over a weighted-average period of 2.5 years and 3.3 years, respectively.

Valuation Assumptions

For PSUs subject to a market condition, the Company estimated the grant date fair value using a Monte Carlo simulation model. The weighted average grant date fair value of PSUs granted during the fiscal year ended March 31, 2026, was determined using the following weighted-average assumptions:


	Year Ended March 31,
	2026
Weighted-average grant date fair value	$	5.49
Weighted-average assumptions:
Expected dividend yield	—		%
Expected stock price volatility (a)	40.00		%
Risk-free interest rate (b)	3.75		%

______________

(a)The Company bases its expected volatility on a group of companies believed to be a representative peer group, selected based on industry and market capitalization.

(b)The risk-free rate for periods is based on the U.S. Constant Maturity Treasury rate in effect at the grant date for a period equal to the awards' expected term.

Stock Based Compensation Expense

Stock-based compensation expense included in the consolidated statements of operations was as follows:


	Year Ended March 31,
	2026		2025		2024
2021 Plan Stock Options	$	31,624	$	—	$	—
2025 Plan Stock Options	772		—		—
Restricted Stock Units	1,265		—		—
Performance Stock Units	62		—		—
Total stock-based compensation expense	$	33,723	$	—	$	—