v3.26.1
Stock-Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
Stock option activity for the fiscal year ended March 31, 2026 was as follows:
Number of OptionsWeighted-Average Exercise Price per ShareWeighted-Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding as of March 31, 2025
8,666,219$14.08 7.18$98,734 
Granted630,56014.08 
Exercised—— 
Forfeited and expired488,01614.08 
Outstanding as of March 31, 2026
8,808,763$14.08 5.65$— 
Vested and expected to vest8,808,76314.08 5.65— 
Exercisable as of March 31, 2026
3,528,96914.08 4.54— 
Stock option activity for the fiscal year ended March 31, 2026, was as follows:
Number of OptionsWeighted-Average Exercise Price per ShareWeighted-Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding as of March 31, 2025
—$— — $— 
Granted400,96017.00 
Exercised—— 
Forfeited and expired49,33417.00 
Outstanding as of March 31, 2026
351,626$17.00 9.32$— 
Vested and expected to vest351,62617.00 9.32— 
Exercisable as of March 31, 2026
29,47417.00 9.32— 
Schedule of Valuation Assumptions for Stock Options 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,
202620252024
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)
0.866
______________
(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.
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,
20252024
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.
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.
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.
Schedule of RSU Activity
RSU and PSU activity for the fiscal year ended March 31, 2026 was as follows:
RSUsPSUs
Number of Units
Weighted Average Grant Date Fair ValueNumber of UnitsWeighted Average Grant Date Fair Value
Non-vested balance as of March 31, 2025— $— — $— 
Granted418,612 13.34 277,585 5.49 
Vested36,127 13.84 — — 
Forfeited— — — — 
Non-vested balance as of March 31, 2026382,485 $13.29 277,585 $5.49 
Schedule of PSU Activity
RSU and PSU activity for the fiscal year ended March 31, 2026 was as follows:
RSUsPSUs
Number of Units
Weighted Average Grant Date Fair ValueNumber of UnitsWeighted Average Grant Date Fair Value
Non-vested balance as of March 31, 2025— $— — $— 
Granted418,612 13.34 277,585 5.49 
Vested36,127 13.84 — — 
Forfeited— — — — 
Non-vested balance as of March 31, 2026382,485 $13.29 277,585 $5.49 
Schedule of Valuation Assumptions for PSUs 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.
Schedule of Stock-based Compensation Expense
Stock-based compensation expense included in the consolidated statements of operations was as follows:
Year Ended March 31,
202620252024
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 $— $—