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4. BALANCE SHEET DETAIL

6 Months Ended

Sep. 30, 2025

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.