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Note 6 - Goodwill and Other Intangibles

9 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Text Block]

6. Goodwill and Other Intangibles

Goodwill

Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets when accounted for using the purchase method of accounting. Goodwill is not amortized but reviewed for impairment. The Company's goodwill balance relates to the Megatran Acquisition in fiscal 2024, the Neeltran acquisition in fiscal 2021, the Northeast Power Systems, Inc. ("NEPSI") acquisition in fiscal 2020, and the acquisition of Infinia Technology Corporation in fiscal 2017 and is reported in the Grid business segment. Goodwill is reviewed annually on February 28th and whenever events or changes in circumstances indicate that the carrying value of the goodwill might not be recoverable. There were no changes to goodwill during the year ended March 31, 2024.

	*Goodwill*
March 31, 2024	$	43,471
Megatran Acquisition		5,479
December 31, 2024	$	48,950

The Company did not record impairment in the three and nine months ended December 31, 2024.

Other Intangibles

Intangible assets at December 31, 2024 and March 31, 2024 consisted of the following (in thousands):

	December 31, 2024							March 31, 2024
	Gross Amount		Accumulated Amortization			Net Book Value		Gross Amount		Accumulated Amortization			Net Book Value		Estimated Useful Life
Backlog		1,381		(1,118	)		263		681		(681	)		—		2
Trade name and trademarks		1,800		0			1,800		1,800		—			1,800	Indefinite
Customer relationships		10,880		(7,577	)		3,303		9,600		(6,649	)		2,951		7-10
Core technology and know-how		5,970		(4,714	)		1,256		5,970		(4,352	)		1,618		5-10
Intangible assets	$	20,031	$	(13,409	)	$	6,622	$	18,051	$	(11,682	)	$	6,369

The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $0.4 million and $1.3 million in the three and nine months ended December 31, 2024, respectively. The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $0.5 million and $1.6 million in the three and nine months ended December 31, 2023, respectively. The Company recorded $0.3 million and $0.4 million of intangible amortization in cost of revenue related to backlog during the three and nine months ended December 31, 2024, respectively. The Company recorded no amortization expense related to backlog during the three months ended December 31, 2023 and less than $0.1 million related to backlog was reported in cost of revenues during the nine months ended December 31, 2023.

Expected future amortization expense related to intangible assets is as follows (in thousands):

Years ending March 31,	*Total*
2025 (remaining)		706
2026		1,349
2027		1,213
2028		671
2029		201
Thereafter		682
Total	$	4,822

The Company's intangible assets relate entirely to the Grid business segment operations in the United States.