Current Results

v3.25.4
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Current Assets:    
Cash $ 14,437 $ 8,671
Restricted cash (Note 18) 716  
Accounts receivable, net of allowances of $1,363 at December 31, 2025 and $607 at March 31, 2025 11,423 7,037
Inventories 18,282 16,615
Lease receivable, current 125 113
Prepaid expenses and other current assets 5,213 3,653
Total current assets 50,196 36,089
Property, plant, equipment and rental assets, net 17,859 19,362
Intangible assets, net 3,636  
Finance lease right-of-use assets 4,969 3,787
Operating lease right-of-use assets 4,386 8,282
Non-current portion of inventories 2,922 3,464
Lease receivable, non-current 1,085 1,175
Other assets 2,624 2,705
Total assets 87,677 74,864
Current Liabilities:    
Accounts payable 17,715 14,092
Accrued expenses 3,237 1,447
Accrued salaries and wages 2,209 2,838
Accrued warranty reserve 1,139 1,070
Deferred revenue, current 13,775 13,351
Deferred acquisition costs, current 1,678  
Finance lease liability, current 1,661 2,017
Operating lease liability, current 1,408 3,539
Factory protection plan liability 4,931 6,256
Exit notes, net of discount, current 25,304 7,968
Total current liabilities 73,057 52,578
Deferred revenue, non-current 729 598
Deferred acquisition costs, non-current 1,881  
Finance lease liability, non-current 1,279 248
Operating lease liability, non-current 3,144 4,988
Exit notes, net of discount, non-current   24,213
Total liabilities 80,090 82,625
Commitments and contingencies (Note 18)
Temporary equity:    
Redeemable noncontrolling interests 70,866 13,859
Stockholders' deficit:    
Preferred stock, $.001 par value; 1,000,000 shares authorized, and none issued
Additional paid-in capital 912,592 955,407
Accumulated deficit (975,679) (977,000)
Treasury stock, at cost; 215,338 shares at December 31, 2025 and 57,202 shares at March 31, 2025 (216) (46)
Total stockholders' deficit (63,279) (21,620)
Total liabilities, temporary equity and stockholders' deficit 87,677 74,864
Common Stock    
Stockholders' deficit:    
Common stock 23 18
Non-Voting Common Stock    
Stockholders' deficit:    
Common stock $ 1 $ 1

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v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Revenue, net:        
Revenue, net $ 26,762 $ 20,148 $ 83,018 $ 58,513
Cost of goods sold:        
Total cost of goods sold 16,334 15,154 56,064 42,723
Gross profit 10,428 4,994 26,954 15,790
Operating expenses:        
Research and development 971 744 2,594 1,882
Selling, general and administrative 7,409 6,313 21,125 19,496
Total operating expenses 8,380 7,057 23,719 21,378
Income (loss) from operations 2,048 (2,063) 3,235 (5,588)
Other income, net 208 364 1,185 1,577
Interest income 70 4 177 6
Interest expense (1,136) (986) (3,262) (3,003)
Income (loss) before provision for income taxes 1,190 (2,681) 1,335 (7,008)
Provision for income taxes 5 23 14 56
Net income (loss) $ 1,185 $ (2,704) $ 1,321 $ (7,064)
Net Income (loss) per share of common stock and non-voting common stock - basic (Note 13) (in dollars per share) $ (1.79) $ (0.14) $ (2.79) $ (0.37)
Net Income (loss) per share of common stock and non-voting common stock - dilutive (Note 13) (in dollars per share) $ (1.79) $ (0.14) $ (2.79) $ (0.37)
Weighted average shares used to calculate basic net loss per share of common stock and non-voting common stock (in shares) 21,051 19,049 19,945 19,049
Weighted average shares used to calculate diluted net loss per share of common stock and non-voting common stock (in shares) 21,051 19,049 19,945 19,049
Product and accessories        
Revenue, net:        
Revenue, net $ 13,573 $ 8,272 $ 45,405 $ 24,965
Cost of goods sold:        
Total cost of goods sold 12,714 9,073 41,394 25,622
Parts and services        
Revenue, net:        
Revenue, net 9,327 7,405 25,126 23,166
Cost of goods sold:        
Total cost of goods sold 1,155 3,929 8,115 10,127
Rentals        
Revenue, net:        
Revenue, net 3,862 4,471 12,487 10,382
Cost of goods sold:        
Total cost of goods sold $ 2,465 $ 2,152 $ 6,555 $ 6,974

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v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows from Operating Activities:    
Net income (loss) $ 1,321 $ (7,064)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 3,152 3,023
Amortization of financing costs and discounts 89 71
Paid-in-kind interest expense 1,365 2,714
Interest related to deferred acquisition costs 132  
Non-cash lease expense 2,188 2,957
Provision for credit loss expense 399 621
Inventory write-down 581 639
Provision (benefit) for warranty expenses 145 (203)
Stock-based compensation 590 168
Changes in operating assets and liabilities:    
Accounts receivable (6,659) (6,066)
Inventories (946) 4,279
Lease receivable 443  
Prepaid expenses, other current assets and other assets (1,528) 1,887
Accounts payable 4,878 (552)
Accrued expenses 1,243 (54)
Operating lease liability, net (2,266) (2,988)
Accrued salaries and wages and long-term liabilities (1,239) (166)
Accrued warranty reserve (76) (154)
Deferred revenue (513) 4,083
Factory protection plan liability (1,324) (961)
Net cash provided by operating activities 1,975 2,234
Cash Flows from Investing Activities:    
Total business combination consideration, net of cash acquired 1,410  
Expenditures for property, plant, equipment and rental assets (773) (841)
Net cash provided by (used) in investing activities 637 (841)
Cash Flows from Financing Activities:    
Acquisition of treasury stock (210)  
Proceeds from the PIPE, net (Note 12) 13,592  
Repayment of Exit Note (Note 8) (8,331)  
Repayment of finance lease obligations (1,181) (164)
Net cash provided by (used in) financing activities 3,870 (164)
Net increase in Cash 6,482 1,229
Cash, Beginning of Period 8,671 2,085
Cash and restricted cash, End of Period 15,153 3,314
Supplemental Disclosures of Cash Flow Information - Cash paid during the period for:    
Interest 1,838 97
Supplemental Disclosures of Cash Flow Information - Cash paid during the period for:    
Income taxes 119 100
Supplemental Disclosures of Non-Cash Information:    
Right-of-use assets obtained in exchange for operating lease obligations 1,419  
Right-of-use assets obtained in exchange for finance lease obligations 1,720  
Rental assets transferred to inventory   3,067
Acquisition of treasury stock with accrued liabilities 46  
Settlement of lease liabilities through accounts receivable 979 $ 572
Operating lease modified to finance lease 614  
Accounts payable negotiated in lease modification $ 1,289  

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