Revenue (Tables)

9 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

The following table provides information regarding the Company’s revenue for each of the services it provides pursuant to its spectrum revenue agreements for the three and nine months ended December 31, 2023 and 2022 (in thousands):


	Three months ended December 31,				Nine months ended December 31,
	2023		2022		2023		2022
Spectrum revenues
900 MHz Broadband Spectrum Revenue
Ameren Corporation	$	152	$	152	$	456	$	457
Evergy	274		244		822		308
Xcel Energy (1)	663		—		1,107		—
Narrowband Spectrum Revenue
Motorola	182		182		546		546
Total spectrum revenue (2)	$	1,271	$	578	$	2,931	$	1,311

1.The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to Xcel Energy during the three months ended September 2023.

2.Revenue recognized during the three and nine months ended December 31, 2023 and 2022 was included in deferred revenue at the beginning of the respective periods.

Schedule of Contract Assets

The Company’s capitalized contract costs consisted of the following activity during the three and nine months ended December 31, 2023 and 2022 (in thousands):


	Three months ended December 31,				Nine months ended December 31,
	2023		2022		2023		2022
Balance at the beginning of the period	$	884	$	693	$	870	$	638
Additions	12		47		45		109
Amortization	(13)		(4)		(32)		(11)

Balance at the end of the period	883		736		883		736
Less amount classified as current assets (1)	(425)		(347)		(425)		(347)
Noncurrent assets (1)	$	458	$	389	$	458	$	389

1.Current assets are recorded as prepaid expenses and other current assets and noncurrent assets are recorded as other assets on the Company’s Consolidated Balance Sheets.

Schedule of Contract Liabilities

The Company’s contract liabilities consisted of the following activity during the three and nine months ended December 31, 2023 and 2022 (in thousands):


	Three months ended December 31,				Nine months ended December 31,
	2023		2022		2023		2022
Balance at the beginning of the period	$	80,265	$	53,945	$	60,759	$	54,678
Additions (1)	28,066		8,000		49,232		8,000
Revenue recognized	(1,271)		(578)		(2,931)		(1,311)
Balance at the end of the period	107,060		61,367		107,060		61,367
Less amount classified as current liabilities (2)	(6,163)		(2,656)		(6,163)		(2,656)
Noncurrent liabilities (2)	$	100,897	$	58,711	$	100,897	$	58,711

1.Represents milestone payments of received from customer contracts pursuant to the terms of the associated spectrum lease agreements.

2.Current liabilities and noncurrent liabilities are recorded as deferred revenue on the Company’s Consolidated Balance Sheets.