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Note 8 - Inventory
 6 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Inventory Disclosure [Text Block]

8. Inventory

 

Inventory, net of reserves, at  September 30, 2023 and  March 31, 2023 consisted of the following (in thousands):

 

  

September 30, 2023

  

March 31, 2023

 

Raw materials

 $19,337  $16,654 

Work-in-process

  22,714   15,200 

Finished goods

  3,709   2,996 

Deferred program costs

  2,075   2,136 

Net inventory

 $47,835  $36,986 

 

The Company recorded inventory write-downs of $0.7 million and $0.7 million for the three months ended September 30, 2023 and 2022, respectively. The Company recorded inventory write-downs of $1.1 million and $1.0 million for the six months ended  September 30, 2023 and 2022, 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, 2023 and  March 31, 2023, primarily represent costs incurred on programs where the Company needs to complete performance obligations before the related revenue and costs will be recognized.