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Note 6 - Goodwill and Other Intangibles

9 Months Ended

Dec. 31, 2025

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 Comtrafo Acquisition in fiscal 2025, the NWL Acquisition in fiscal 2024, the acquisition of Neeltran, Inc. 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. Goodwill increased by $122.2 million during the three and nine months ended December 31, 2025, related to the Comtrafo Acquisition. Changes in the Company’s goodwill are as follows (in thousands):

	*Goodwill*
March 31, 2025	$	48,164
Balance acquired - Comtrafo		122,175
Currency translation adjustment		(3,967	)
December 31, 2025	$	166,373

The Company did not identify any triggers to assess impairment in the three and nine months ended December 31, 2025 or 2024.

Other Intangibles

Intangible assets at December 31, 2025 and March 31, 2025 consisted of the following (in thousands):

	*December 31, 2025*							*March 31, 2025*
	*Gross Amount*		*Accumulated Amortization*			*Net Book Value*		*Gross Amount*		*Accumulated Amortization*			*Net Book Value*		*Estimated Useful Life*
Backlog		3,095		(1,488	)		1,607		1,381		(1,381	)		—		2
Trade name and trademarks		1,800					1,800		1,800		—			1,800	Indefinite
Customer relationships		18,392		(8,720	)		9,671		10,880		(7,901	)		2,980		7-10
Core technology and know-how		5,970		(5,197	)		773		5,970		(4,834	)		1,136		5-10
Intangible assets	$	29,257	$	(15,405	)	$	13,852	$	20,031	$	(14,116	)	$	5,916

The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $0.5 million and $1.2 million in the three and nine months ended December 31, 2025, respectively. 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. The Company recorded intangible amortization expense related to backlog of $0.1 million in the three and nine months ended December 31, 2025. The Company recorded intangible amortization expense related to backlog of $0.3 million and 0.4 million in the three and nine months ended December 31, 2024, respectively.

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

Years ending March 31,	*Total*
2026 (remaining)		1,175
2027		2,735
2028		3,217
2029		2,255
2030		1,372
Thereafter		1,298
Total	$	12,052

The Company's intangible assets relate entirely to the Grid business segment operations in the United States and Brazil. The following tables summarizes the Company’s intangibles by geography (in thousands):

	*December 31, 2025*		*March 31, 2025*
U.S.	$	4,904	$	5,916
Brazil		8,947		—
Total	$	13,852	$	5,916