Annual report pursuant to Section 13 and 15(d)

Inventories

Inventories

12 Months Ended

Mar. 31, 2023

3. Inventories

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


	March 31,		March 31,
	2023		2022
Raw materials	$	29,222	$	20,071
Finished goods		13,695		13,637
Total		42,917		33,708
Less: inventory reserve		(2,477)		(1,861)
Less: non-current portion		(3,112)		(1,680)
Total inventory, net-current portion	$	37,328	$	30,167

The non-current portion of inventories represents that portion of the inventories in excess of amounts expected to be used in the next twelve months. The non-current inventories are primarily comprised of repair parts for older generation products that are still in operation but are not technologically compatible with current configurations. The weighted average age of the non-current portion of inventories on hand as of March 31, 2023 and 2022 were 0.9 years and 1.2 years, respectively. The Company expects to use the non-current portion of the inventories on hand as of March 31, 2023 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	$	1,469
25 to 36 months		1,643
Total	$	3,112