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Note 9 - Inventory
6 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Inventory Disclosure [Text Block]

9. Inventory

 

Inventory, net of reserves, at  September 30, 2025 and  March 31, 2025 consisted of the following (in thousands):

 

  

September 30, 2025

  

March 31, 2025

 

Raw materials

 $37,803  $35,892 

Work-in-process

  25,842   19,633 

Finished goods

  6,794   9,888 

Deferred program costs

  5,018   5,756 

Net inventory

 $75,457  $71,169 

 

The Company recorded inventory write-downs of $1.1 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively. The Company recorded inventory write-downs of $1.8 million and $0.8 million for the six months ended September 30, 2025 and 2024, 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, 2025 and  March 31, 2025 primarily represent costs incurred on programs where the Company needs to complete performance obligations before the related revenue and costs will be recognized.