Quarterly report pursuant to Section 13 or 15(d)

Inventories

v3.22.4
Inventories
9 Months Ended
Dec. 31, 2022
Inventories  
Inventories

5.  Inventories

Inventories are valued at the lower of cost (determined on a first in first out (“FIFO”) basis) or net realizable value and consisted of the following (in thousands):

December 31,

March 31,

    

2022

    

2022

 

Raw materials

$

30,648

$

20,071

Finished goods

399

1,935

Total

31,047

22,006

Less: inventory reserve

(2,390)

(1,861)

Less: non-current portion

(3,055)

(1,680)

Total inventory, net-current portion

$

25,602

$

18,465

The non-current portion of inventories represent the portion of inventories in excess of amounts expected to be sold or used in the next twelve months and is primarily comprised of repair parts for older generation products still in operation but not technologically compatible with current configurations. The non-current portion also includes inventory that has long lead times. The weighted average age of the non-current portion of inventories on hand as of December 31, 2022 is 0.8 years. The Company expects to use the non-current portion of the inventories on hand as of December 31, 2022 over the periods presented in the following table (in thousands):

Non-current Inventory

 

Balance Expected

Expected Period of Use

    

to be Used

 

13 to 24 months

$

1,645

25 to 36 months

 

1,410

Total

$

3,055