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13. GOVERNMENT AGREEMENTS | 6 Months Ended
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Sep. 30, 2025
GOVERNMENT AGREEMENTS |
NOTE 13 - GOVERNMENT AGREEMENTS | NOTE 13—GOVERNMENT AGREEMENTS ​ In June 2023, the Company entered into a prototype agreement with the Space Development Agency for the development of a Next-Generation Associative Processing Unit-2 for Enhanced Space-Based Capabilities (“SDA Agreement”). Under the SDA Agreement, the Company will receive an award funded by the Small Business Innovation Research program. Pursuant to an agreed-upon schedule, the Company will receive milestone payments which total an estimated $1.25 million upon successful completion of each milestone, of which $180,000 remains at September 30, 2025. In September 2025, the prototype agreement was amended to increase the total award amount to $2.0 million by adding milestones related to determining the radiation hardened capability of the APU2 device. ​ In November 2023, the Company entered into a second prototype agreement with the U.S. Air Force Research Laboratory (“AFRL”) for the development of specialized algorithms for a Next-Generation Compute-In-Memory Associative Processing Unit (APU2) to Enable High-Performance Computing in Space. Pursuant to an agreed-upon schedule, the Company will receive milestone payments which total an estimated $1.1 million upon successful completion of each milestone, of which $48,000 remains at September 30, 2025. In October 2024, the Company was selected by the U.S. Army for a potential contract award of up to $250,000 under the DoD SBIR program to develop advanced, Army-specific edge computing AI solutions using its groundbreaking Gemini-II technology. The prototype agreements are unrelated to the Company’s ordinary business activities. The Company has discretion in managing the activities under the prototype agreements and retains all developed intellectual property. The Company applies IAS 20, by analogy, and recognizes the award as a reduction of research and development expenses based on a cost incurred method. During the three and six months ended September 30, 2025, the Company recognized $279,000 and $822,000, respectively, as a reduction to research and development expense in the Condensed Consolidated Statements of Operations compared to $0 and $318,000, respectively, in the three and six months ended September 30, 2024. During the six months ended September 30, 2025 and 2024, the Company received total milestone payments of $1.4 million and $281,000, respectively.

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