Stockholders’ Equity

6 Months Ended

Sep. 30, 2025

The Company established the 2023 Stock Plan (the “2023 Stock Plan”) to attract, retain and reward individuals who contribute to the achievement of the Company’s goals and objectives. This 2023 Stock Plan superseded previous stock plans. The 2023 Stock Plan permits the Company to grant equity compensation awards to employees, consultants and non-employee directors of the Company. The 2023 Stock Plan authorizes 1,350,000 shares of common stock of the Company (the “Shares”) for grant, plus remaining available for issuance under previous plans. As of September 30, 2025, under the 2023 Stock Plan, 585,951 Shares are available for future issuance.

During the six months ended September 30, 2025 and the year ended March 31, 2025, a total of 137,811 and 405,204 shares, respectively, were issued in connection with the vesting, conversion and or exercise of grants under the 2023 Stock Plan.

Share Repurchase Program

In September 2023, the Board authorized the 2023 Share Repurchase Program (the “2023 Share Repurchase Program”) pursuant to which the Company may repurchase up to $250.0 million of the Company’s common stock on or before September 21, 2026. The Company may repurchase shares of its common stock via the open market and/or privately negotiated transactions. Repurchases will be made in accordance with applicable securities laws and may be effected pursuant to Rule 10b5-1 trading plans. The manner, timing and amount of any share repurchases will be determined by the Company based on a variety of factors, including proceeds from customer contracts,

the timing of which is unpredictable, as well as general business and market conditions, the Company’s capital position, and other strategic considerations. The 2023 Share Repurchase Program does not obligate the Company to repurchase any particular amount of its common stock.

The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. For the six months ended September 30, 2025, the Company had no excise tax expense. For the six months ended September 30, 2024, excise tax expense was approximately $0.1 million.

The following table presents the share repurchase activity for the three and six months ended September 30, 2025 and 2024 (in thousands, except per share data):


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

Number of shares repurchased and retired	43		—		43		63
Average price paid per share*	$	22.94	$	—	$	22.94	$	32.47
Total cost to repurchase	$	990	$	—	$	990	$	2,027

*Average price paid per share includes costs associated with the repurchases, excluding excise taxes associated with the share repurchases.

As of September 30, 2025, $226.7 million is remaining under the 2023 Share Repurchase Program.