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Note 5 - Leases

12 Months Ended

Mar. 31, 2025

Note 5. Leases

We have operating leases for buildings and office equipment used in manufacturing and distribution, engineering, research and development, sales and marketing, and administration activities. The following table presents the lease balances within the Consolidated Balance Sheets related to our operating leases:

Lease Assets and Liabilities	*Balance Sheet Location*	*March 31, 2025*		*March 31, 2024*
Operating lease ROU asset	Other assets	$	16,382	$	9,671
Current operating lease liabilities	Other accrued expenses		3,523		2,986
Noncurrent operating lease liabilities	Other noncurrent liabilities		12,380		6,613

The components of lease costs, the weighted average remaining lease term and the weighted average discount rate were as follows:

	*Year Ended March 31,*
	*2025*			*2024*			*2023*
Operating lease expense	$	4,025		$	3,453		$	3,064
Variable lease expense		1,316			1,039			1,110
Short term lease expense		571			423			376
Total lease expense	$	5,912		$	4,915		$	4,550
Weighted average remaining lease term in years		6.8			4.6			3.3
Weighted average discount rate		6.2	%		4.1	%		2.0	%

Supplemental cash flow information related to leases was as follows:

	Year Ended March 31,
	2025		2024		2023
Cash paid for amounts included in the measurements of lease liabilities	$	4,534	$	3,392	$	3,017
Operating lease assets obtained in exchange for operating lease liabilities		9,863		4,265		1,426

As of March 31, 2025 maturities of lease liabilities are as follows for future years ending March 31:

2026	$	4,236
2027		3,895
2028		1,795
2029		1,694
2030		1,694
Thereafter		6,712
Future value of lease liabilities		20,026
Less: imputed interest		(4,123	)
Present value of lease liabilities	$	15,903