Current Results

v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 31, 2025
Current Assets:    
Cash $ 6,981 $ 8,671
Restricted cash (Note 17) 716  
Accounts receivable, net of allowances of $1,249 at September 30, 2025 and $607 at March 31, 2025 14,279 7,037
Inventories 17,103 16,615
Lease receivable, current 246 113
Prepaid expenses and other current assets 3,605 3,653
Total current assets 42,930 36,089
Property, plant, equipment and rental assets, net 18,300 19,362
Intangible assets 3,860  
Finance lease right-of-use assets 5,123 3,787
Operating lease right-of-use assets 5,080 8,282
Non-current portion of inventories 3,221 3,464
Lease receivable, non-current 1,116 1,175
Other assets 2,737 2,705
Total assets 82,367 74,864
Current Liabilities:    
Accounts payable 18,261 14,092
Accrued expenses 1,682 1,447
Accrued salaries and wages 3,273 2,838
Accrued warranty reserve 1,180 1,070
Deferred revenue, current 12,447 13,351
Deferred acquisition costs, current 1,121  
Finance lease liability, current 1,945 2,017
Operating lease liability, current 1,929 3,539
Factory protection plan liability 7,103 6,256
Exit new money notes, net of discount, current 8,236 7,968
Total current liabilities 57,177 52,578
Deferred revenue, non-current 436 598
Deferred acquisition costs, non-current 2,321  
Finance lease liability, non-current 1,426 248
Operating lease liability, non-current 3,337 4,988
Exit new money notes, net of discount, non-current 24,988 24,213
Total liabilities 89,685 82,625
Commitments and contingencies (Note 17)
Temporary equity:    
Redeemable noncontrolling interests 32,042 13,859
Stockholders' deficit:    
Preferred stock, $.001 par value; 1,000,000 shares authorized, and none issued
Additional paid-in capital 937,693 955,407
Accumulated deficit (976,864) (977,000)
Treasury stock, at cost; 208,798 shares at September 30, 2025 and 57,202 shares at March 31, 2025 (209) (46)
Total stockholders' deficit (39,360) (21,620)
Total liabilities, temporary equity and stockholders' deficit 82,367 74,864
Common Stock    
Stockholders' deficit:    
Common stock 19 18
Non-Voting Common Stock    
Stockholders' deficit:    
Common stock $ 1 $ 1

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v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue, net:        
Revenue, net $ 28,385 $ 22,722 $ 56,256 $ 38,364
Cost of goods sold:        
Total cost of goods sold 19,423 15,712 39,730 27,568
Gross profit 8,962 7,010 16,526 10,796
Operating expenses:        
Research and development 809 592 1,624 1,139
Selling, general and administrative 6,794 6,400 13,715 13,183
Total operating expenses 7,603 6,992 15,339 14,322
Income (loss) from operations 1,359 18 1,187 (3,526)
Other income, net 541 622 977 1,213
Interest income 53 1 107 3
Interest expense (1,115) (1,039) (2,126) (2,017)
Income (loss) before provision for income taxes 838 (398) 145 (4,327)
Provision for income taxes 4 25 9 33
Net income (loss) $ 834 $ (423) $ 136 $ (4,360)
Net Income (loss) per share of common stock and non-voting common stock - basic (Note 12) (in dollars per share) $ (0.89) $ (0.02) $ (0.93) $ (0.23)
Net Income (loss) per share of common stock and non-voting common stock - dilutive (Note 12) (in dollars per share) $ (0.89) $ (0.02) $ (0.93) $ (0.23)
Weighted average shares used to calculate basic net loss per share of common stock and non-voting common stock (in shares) 19,412 19,049 19,390 19,049
Weighted average shares used to calculate diluted net loss per share of common stock and non-voting common stock (in shares) 19,412 19,049 19,390 19,049
Product and accessories        
Revenue, net:        
Revenue, net $ 16,112 $ 11,270 $ 31,832 $ 16,692
Cost of goods sold:        
Total cost of goods sold 14,162 10,589 28,680 16,586
Parts and services        
Revenue, net:        
Revenue, net 7,861 7,924 15,799 15,761
Cost of goods sold:        
Total cost of goods sold 3,201 2,714 6,960 6,160
Rentals        
Revenue, net:        
Revenue, net 4,412 3,528 8,625 5,911
Cost of goods sold:        
Total cost of goods sold $ 2,060 $ 2,409 $ 4,090 $ 4,822

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v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows from Operating Activities:    
Net Income (loss) $ 136 $ (4,360)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 1,956 2,076
Amortization of financing costs and discounts 44 35
Paid-in-kind interest expense 999 1,909
Non-cash lease expense 1,492 1,953
Provision for credit loss expense 276 414
Inventory write-down 553 458
Provision (benefit) for warranty expenses 160 (223)
Stock-based compensation 460 109
Changes in operating assets and liabilities:    
Accounts receivable (9,392) (2,870)
Inventories (39) 2,831
Lease receivable 292  
Prepaid expenses, other current assets and other assets (34) 1,452
Accounts payable 5,424 3,661
Accrued expenses (311) (765)
Operating lease liability, net (1,551) (1,973)
Accrued salaries and wages and long-term liabilities (175) (73)
Accrued warranty reserve (49) (69)
Deferred revenue (2,134) (1,974)
Factory protection plan liability 848 (1,693)
Net cash (used in) provided by operating activities (1,045) 898
Cash Flows from Investing Activities:    
Total business combination consideration, net of cash acquired 1,410  
Expenditures for property, plant, equipment and rental assets (381) (162)
Net cash provided by (used) in investing activities 1,029 (162)
Cash Flows from Financing Activities:    
Acquisition of treasury stock (208)  
Repayment of finance lease obligations (750) (108)
Net cash used in financing activities (958) (108)
Net increase (decrease) in Cash (974) 628
Cash, Beginning of Period 8,671 2,085
Cash and restricted cash, End of Period 7,697 2,713
Supplemental Disclosures of Cash Flow Information - Cash paid during the period for:    
Interest 1,114 72
Supplemental Disclosures of Cash Flow Information - Cash paid during the period for:    
Income taxes 116 16
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   1,813
Acquisition of treasury stock with accrued liabilities 46  
Settlement of lease liabilities through accounts receivable 979 $ 375
Operating lease modified to finance lease 614  
Accounts payable negotiated in lease modification $ 1,289  

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