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Note 8 - Inventory
12 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Inventory Disclosure [Text Block]

8. Inventory

 

Inventory, net of reserves, at  March 31, 2023 and  March 31, 2022 consisted of the following (in thousands):

 

  

March 31, 2023

  

March 31, 2022

 

Raw materials

 $16,654  $11,020 

Work-in-process

  15,200   10,462 

Finished goods

  2,996   1,326 

Deferred program costs

  2,136   858 

Inventory

 $36,986  $23,666 

 

The Company recorded inventory reserves of $1.5 million and $1.9 million for the fiscal years ended  March 31, 2023 and 2022, respectively.  These reserves were based on evaluating its inventory on hand for excess quantities and obsolescence.

 

Deferred program costs as of  March 31, 2023 and  March 31, 2022 primarily represent costs incurred on programs accounted for upon completion of the project when control has transferred to the customer before revenue and costs will be recognized.