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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2026
Income Tax Disclosure [Abstract] |
Schedule of Net Deferred Tax Assets and Liabilities | Net deferred tax assets and liabilities consist of the following as of March 31, 2026 and 2025 (in thousands):
| 2026 |  | 2025 |  |
Deferred tax asset |  |  |  |  |
Property and equipment | $ | 670 |  |  | $ | 748 |  |  |
Accrued expenses | 770 |  |  | 346 |  |  |
Deferred revenue | 27,171 |  |  | 26,852 |  |  |
Asset retirement obligations | 16 |  |  | 16 |  |  |
Net operating loss carryforward | 52,623 |  |  | 70,267 |  |  |
Operating lease liabilities | 1,310 |  |  | 1,529 |  |  |
Charitable contributions carryforward | 3 |  |  | 3 |  |  |
Stock compensation expense | 5,688 |  |  | 4,302 |  |  |
Total deferred tax asset | 88,251 |  |  | 104,063 |  |  |
Deferred tax liability |  |  |  |  |
Right of use assets | (1,175) |  |  | (1,345) |  |  |
Indefinite-lived intangible assets | (22,263) |  |  | (19,046) |  |  |
Total deferred tax liability | (23,438) |  |  | (20,391) |  |  |
Total deferred tax assets and liabilities | 64,813 |  |  | 83,672 |  |  |
Valuation allowance | (71,136) |  |  | (90,278) |  |  |
Net deferred tax assets and liabilities | $ | (6,323) |  |  | $ | (6,606) |  |  |
Schedule of Components of Income Tax Expense | The components of the income tax expense for the years ended March 31, 2026 and 2025 are as follows (in thousands):
| 2026 |  | 2025 |  |
Current: |  |  |  |  |
Federal | $ | 2,192 |  |  | $ | — |  |  |
State | 3,162 |  |  | 1,567 |  |  |
Total current | 5,354 |  |  | 1,567 |  |  |
Deferred: |  |  |  |  |
Federal | 309 |  |  | 621 |  |  |
State | (592) |  |  | (296) |  |  |
Total deferred | (283) |  |  | 325 |  |  |
Total income tax expense | $ | 5,071 |  |  | $ | 1,892 |  |  |
Summary of Supplemental Cash Flow Information | The following table presents taxes paid by the Company net of refunds received after the adoption of ASU 2023-09 for the year ended March 31, 2026:
| 2026 |  |
Federal income taxes paid | $ | 2,405 |  |  |
State income taxes paid |  |  |
Colorado | 186 |  |  |
Washington D.C. | 193 |  |  |
Illinois | 1,925 |  |  |
Minnesota | 638 |  |  |
Virginia | 202 |  |  |
Other jurisdictions(1) | 259 |  |  |
Total state income taxes paid | 3,403 |  |  |
Total income taxes paid (2) | $ | 5,808 |  |  |
1.Other jurisdictions include income taxes paid during the year for states that do not meet the 5% disaggregation threshold. 2.Income taxes paid include only taxes within the scope of ASC 740 net of refunds and exclude non-income based taxes such as excise and sales taxes. The following table summarizes the Company’s supplemental cash flow information:
| For the years ended March 31,
(in thousands) | 2026 |  | 2025 |  |
Cash paid during the period: |  |  |  |  |
Taxes paid, including excise tax | $ | 5,808 |  |  | $ | 1,728 |  |  |
Operating leases paid | $ | 2,029 |  |  | $ | 2,311 |  |  |
Non-cash investing activity: |  |  |  |  |
Capitalized change in estimated asset retirement obligations | $ | 55 |  |  | $ | (107) |  |  |
Network equipment provided in exchange for wireless licenses | $ | — |  |  | $ | 190 |  |  |
Narrowband spectrum licenses received in connection with the LCRA Agreement | $ | — |  |  | $ | 1,430 |  |  |
Derecognition of contingent liability related to sale of intangible assets | $ | 21,404 |  |  | $ | — |  |  |
Rights of use asset for new leases | $ | 736 |  |  | $ | 796 |  |  |
Rights of use asset for modifications and renewals | $ | (35) |  |  | $ | 1,258 |  |  |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the United States federal statutory tax rate and the Company’s effective tax rate for the year ended March 31, 2026 after the adoption of ASU 2023-09 are as follows (in thousands):
| 2026 |  |  |  |
Statutory federal tax | $ | 19,909 |  |  | 21 | % |  |  |  |  |  |  |  |
State income taxes, net of federal benefit (1) | 1,955 |  |  | 2 | % |  |  |  |  |  |  |  |
Change in valuation allowance - Federal | (18,952) |  |  | -20 | % |  |  |  |  |  |  |  |
Nontaxable or nondeductible items |  |  |  |  |  |  |  |  |  |  |
Incentive stock option expense | 301 |  |  | — | % |  |  |  |  |  |  |  |
Other permanent differences | 34 |  |  | — | % |  |  |  |  |  |  |  |
162M executive compensation limit | 92 |  |  | — | % |  |  |  |  |  |  |  |
Intangibles - FCC licenses | 1,899 |  |  | 2 | % |  |  |  |  |  |  |  |
Other adjustments | (167) |  |  | — | % |  |  |  |  |  |  |  |
Total income tax expense | $ | 5,071 |  |  | 5 | % |  |  |  |  |  |  |  |
1.State taxes in Illinois made up greater than 50% of the tax effect in this category. The differences between the United States federal statutory tax rate and the Company’s effective tax rate for the year ended March 31, 2025 before the adoption of ASU 2023-09 are as follows (in thousands):
| 2025 |  |  |  |
Statutory federal tax | $ | (1,991) |  |  | 21 | % |  |  |  |  |  |  |  |
State income taxes, net of federal benefit | 952 |  |  | -10 | % |  |  |  |  |  |  |  |
Incentive stock option expense | (195) |  |  | 2 | % |  |  |  |  |  |  |  |
Other permanent differences | (61) |  |  | 1 | % |  |  |  |  |  |  |  |
162M executive compensation limit | 5,001 |  |  | -53 | % |  |  |  |  |  |  |  |
Change in valuation allowance - Federal | (1,692) |  |  | 18 | % |  |  |  |  |  |  |  |
Prior year adjustments | (122) |  |  | 1 | % |  |  |  |  |  |  |  |
Total income tax expense | $ | 1,892 |  |  | -20 | % |  |  |  |  |  |  |  |

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