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FAIR VALUE MEASUREMENTS
 3 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS Fair Value Measurements
Cash, cash equivalents, and available-for-sale investments were as follows (in thousands):
As of June 30, 2026
Fair ValueCash and Cash EquivalentsRestricted Cash
(Current and Non-Current)
Cash$72,402 $70,695 $1,707 
Level 1:
Money market funds19,900 19,900 — 
Total assets$92,302 $90,595 $1,707 
As of March 31, 2026
Fair ValueCash and Cash EquivalentsRestricted Cash
(Current and Non-Current)
Cash$74,645 $72,943 $1,702 
Level 1:
Money market funds20,317 20,317 — 
Total assets$94,962 $93,260 $1,702 
As of June 30, 2025, cash, cash equivalents and restricted cash of $82.2 million included $81.3 million and $0.9 million of cash and cash equivalents and restricted cash, respectively.
To support its current operations, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The restricted cash component is related to accrued holdbacks for business combinations.
The Company uses the Black-Scholes option-pricing valuation model to value its detachable warrants from inception and at each reporting period. During the three months ended June 30, 2026, the Company used historical volatility to determine the fair value of the warrants liability due to the low trading volume and moneyness assessment as of June 30, 2026. Changes in the fair values of the detachable warrants liability are recorded as a gain (loss) on warrants remeasurement within other income (expense), net in the condensed consolidated statements of operations and comprehensive income (loss).
The following table presents additional information about valuation techniques and inputs used for the detachable warrants (see Note 8, Convertible Senior Notes and Term Loan) that are measured at fair value and categorized within Level 3 as of June 30, 2026 and March 31, 2026 (dollars in thousands):
June 30, 2026March 31, 2026
Estimated fair value of detachable warrants$161$233
Unobservable inputs:
Stock volatility79.4 %78.8 %
Risk-free rate4.0 %3.7 %
Expected term1.1 years1.3 years
As of June 30, 2026 and March 31, 2026, the estimated fair value of the Company’s convertible senior notes due in 2028 was $186.5 million and $187.7 million, respectively (see Note 8, Convertible Senior Notes and Term Loan). The fair value of the convertible senior notes was determined based on the closing price of each of the securities on the last trading day of the reporting period, and each is Level 2 in the fair value hierarchy due to limited trading activity of the debt instruments. As of June 30, 2026 and March 31, 2026, the carrying value of the Company’s 2024 Term Loan approximates its estimated fair value.