Leases

6 Months Ended

Sep. 30, 2025

All the leases in which the Company is the lessee are comprised of corporate office space and tower space. The Company is obligated under certain lease agreements for office space with lease terms expiring on various dates from June 30, 2027 through January 31, 2029, which includes lease extensions for its corporate headquarters ranging from three to ten years. The Company entered into multiple lease agreements for tower space. The lease expiration dates range from October 31, 2025 to June 26, 2032.

Substantially all of the Company’s leases are classified as operating leases. Operating lease agreements are required to be recognized on the Company’s Consolidated Balance Sheets as right of use (“ROU”) assets and corresponding lease liabilities. ROU assets include any prepaid lease payments and exclude any lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option.

Weighted-average remaining lease term and incremental borrowing rate for the Company’s operating leases are as follows:


	Six months ended September 30,
	2025	2024
Weighted average term - operating lease liabilities	3.70 years	3.55 years
Weighted average incremental borrowing rate - operating lease liabilities	8%	9%

The following table presents total lease cost for the three and six months ended September 30, 2025 and 2024 (in thousands):


	Three months ended September 30,				Six months ended September 30,
	2025		2024		2025		2024




Total operating lease cost*	$	475	$	485	$	973	$	986

*Total operating lease cost is included in general and administrative expenses on the Company’s Consolidated Statements of Operations.

The following table presents supplemental balance sheet information as of September 30, 2025 and March 31, 2025 (in thousands):


	September 30, 2025		March 31, 2025
Non-current assets - right of use assets, net	$	4,313	$	4,829
Current liabilities - operating lease liabilities	$	1,430	$	1,643
Non-current liabilities - operating lease liabilities	$	3,300	$	3,747

Future minimum payments under existing non-cancellable leases for office and tower spaces (exclusive of real estate tax, utilities, maintenance and other costs borne by the Company) for the remaining terms of the leases following the six months ended September 30, 2025, are as follows (in thousands):


Fiscal Year	Operating Leases
2026 (excluding the six months ended September 30, 2025)	$	913
2027	1,633
2028	1,300
2029	753
2030	375
After 2030	489
Total future minimum lease payments	5,463
Amount representing interest	(733)
Present value of net future minimum lease payments	$	4,730