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Note 9 - Inventory
 6 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Inventory Disclosure [Text Block]

9. Inventory

 

Inventory, net of reserves, at  September 30, 2022 and  March 31, 2022 consisted of the following (in thousands):

 

  

September 30, 2022

  

March 31, 2022

 

Raw materials

 $17,601  $11,020 

Work-in-process

  14,591   10,462 

Finished goods

  3,254   1,326 

Deferred program costs

  896   858 

Net inventory

 $36,342  $23,666 

 

The Company recorded inventory write-downs of $0.7 million and $0.6 million for the three months ended September 30, 2022 and 2021, respectively. The Company recorded inventory write-downs of $1.0 million and $1.2 million for the six months ended September 30, 2022 and 2021, respectively. These write-downs were based on the Company's evaluation of its inventory on hand for excess quantities and obsolescence.

 

Deferred program costs as of  September 30, 2022 and  March 31, 2022, primarily represent costs incurred on programs where the Company needs to complete performance obligations before the related revenue and costs will be recognized.