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

8. Inventory

 

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

 

  

December 31, 2023

  

March 31, 2023

 

Raw materials

 $21,197  $16,654 

Work-in-process

  16,571   15,200 

Finished goods

  5,092   2,996 

Deferred program costs

  1,337   2,136 

Net inventory

 $44,197  $36,986 

 

The Company recorded inventory write-downs of $0.5 million and $0.2 million for the three months ended December 31, 2023 and 2022, respectively. The Company recorded inventory write-downs of $1.5 million and $1.2 million for the nine months ended  December 31, 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  December 31, 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.