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4. BALANCE SHEET DETAIL | 6 Months Ended
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Sep. 30, 2025
BALANCE SHEET DETAIL |
NOTE 4 - BALANCE SHEET DETAIL | NOTE 4—BALANCE SHEET DETAIL ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
​ | ​ | September 30, 2025 | ​ | March 31, 2025
​ | ​ | (In thousands)
Inventories: | ​ | ​
Work-in-progress |  | $ | 1,746 |  | $ | 1,769
Finished goods | ​ |  | 1,888 | ​ |  | 2,122
​ |  | $ | 3,634 |  | $ | 3,891
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025 | ​ | March 31, 2025
​ | ​ | (In thousands)
Accounts receivable, net: | ​ | ​ | ​ | ​ | ​ | ​
Accounts receivable |  | $ | 1,630 |  | $ | 3,215
Less: Allowances for credit losses | ​ |  | (21) | ​ |  | (46)
​ |  | $ | 1,609 |  | $ | 3,169
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025 | ​ | March 31, 2025
​ | ​ | (In thousands)
Prepaid expenses and other current assets: | ​ | ​ | ​ | ​ | ​ | ​
Prepaid tooling and masks | ​ | $ | 1,315 | ​ | $ | 1,834
Other receivables | ​ | ​ | 112 | ​ | ​ | 695
Other prepaid expenses and other current assets | ​ | ​ | 740 | ​ | ​ | 432
​ | ​ | $ | 2,167 | ​ | $ | 2,961
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025 | ​ | March 31, 2025
​ | ​ | (In thousands)
Property and equipment, net: | ​ | ​ | ​ | ​ | ​ | ​
Computer and other equipment | ​ | $ | 18,045 | ​ | $ | 17,733
Software | ​ | ​ | 4,426 | ​ | ​ | 4,426
Furniture and fixtures | ​ | ​ | 102 | ​ | ​ | 102
Leasehold improvements | ​ | ​ | 927 | ​ | ​ | 927
​ | ​ | ​ | 23,500 | ​ | ​ | 23,188
Less: Accumulated depreciation | ​ | ​ | (22,564) | ​ | ​ | (22,380)
​ | ​ | $ | 936 | ​ | $ | 808
​ Depreciation expense was $95,000 and $102,000 for the three months ended September 30, 2025 and 2024, respectively and $185,000 and $236,000 for the six months ended September 30, 2025 and 2024, respectively. ​ ​ The following tables summarize the components of intangible assets and related accumulated amortization balances at September 30, 2025 and March 31, 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of September 30, 2025
​ |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Intangible assets: | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​
Product designs | ​ | $ | 590 | ​ | $ | (590) | ​ | $ | —
Patents | ​ | ​ | 4,220 | ​ | ​ | (3,014) | ​ | ​ | 1,206
Software | ​ | ​ | 80 | ​ | ​ | (80) | ​ | ​ | —
Total | ​ | $ | 4,890 | ​ | $ | (3,684) | ​ | $ | 1,206
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, 2025
​ |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Intangible assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product designs | ​ | $ | 590 | ​ | $ | (590) | ​ | $ | —
Patents | ​ | ​ | 4,220 | ​ | ​ | (2,897) | ​ | ​ | 1,323
Software | ​ | ​ | 80 | ​ | ​ | (80) | ​ | ​ | —
Total | ​ | $ | 4,890 | ​ | $ | (3,567) | ​ | $ | 1,323
​ Amortization of intangible assets included in cost of revenues was $58,000 and $58,000 for the three months ended September 30, 2025 and 2024, respectively and $117,000 and $116,000 for the six months ended September 30, 2025 and 2024, respectively. ​ The Company reviews identifiable amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset and its eventual disposition. Measurement of any impairment loss is based on the excess of the carrying value of the asset over its fair value. There were no impairment indicators noted as of September 30, 2025. ​ As of September 30, 2025, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands): ​
​ | ​ | ​ | ​
Fiscal year ending March 31, | ​ | ​
2026 (remaining six months) | ​ | $ | 117
2027 | ​ | ​ | 233
2028 | ​ | ​ | 233
2029 | ​ | ​ | 233
2030 | ​ | ​ | 233
Thereafter | ​ | ​ | 157
Total | ​ | $ | 1,206
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025 | ​ | March 31, 2025
​ | ​ | (In thousands)
Accrued expenses and other liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Accrued compensation | ​ | $ | 2,448 | ​ | $ | 2,488
Accrued commissions | ​ | ​ | 133 | ​ | ​ | 85
Production mask set | ​ | ​ | — | ​ | ​ | 1,250
Miscellaneous accrued expenses | ​ | ​ | 587 | ​ | ​ | 618
​ | ​ | $ | 3,168 | ​ | $ | 4,441
​ In August 2024, the Company implemented strategic cost-cutting measures. These initiatives consisted of workforce reductions across all departments and enhanced operational efficiencies. The cost reduction initiatives included an approximate 16% reduction in the Company’s global workforce. There were no severance related charges in the three and six months ended September 30, 2025. The Company incurred $357,000 in severance related charges during the three and six months ended September 30, 2024, including $204,000 recorded as cost of revenues, $128,000 recorded as research and development expense and $24,000 recorded as selling, general and administrative expense in the condensed consolidated statements of operations. The Company does not expect to incur any additional severance related charges resulting from these measures. There were no severance charges accrued as of September 30, 2025 and March 31, 2025 as severance payments to all impacted employees have been completed as of March 31, 2025.

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