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Stockholders’ Equity
 6 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS’ EQUITY

5. STOCKHOLDERS’ EQUITY

Common Stock

 

As of September 30, 2025 and March 31, 2025, the number of shares of Common Stock authorized for issuance was 275 million shares.


During the three months ended September 30, 2025, the Company issued 2.0 million shares of Common Stock.
This was comprised of 1.9 million shares of common stock issued in connection with employee equity awards, paid preferred stock dividends through the issuance of 19 thousand common shares and issued 50 thousand shares in connection with ATM raises.


During the six months ended September 30, 2025, the Company issued 3.1 million shares of Common Stock. This was comprised of 2.4 million shares, net of treasury shares, issued in connection with employee equity awards and 46 thousand shares for preferred stock dividends. In addition to the above, the Company also issued 677 thousand shares for acquiree deferred consideration.

 

During the three months ended September 30, 2024, the Company issued 208 thousand shares of Common Stock.
This was comprised of 100 thousand shares for preferred stock dividends and 108 thousand shares for payment of an
earnout commitment to former owners of an acquired entity. In addition, the Company purchased 31 thousand shares as part of its share repurchase program.


During the six months ended September 30, 2024 and in addition to the activities cited above, the Company also
purchased 184 thousand shares as part of the share repurchase program, paid preferred stock dividends through the
issuance of 64 thousand common shares and issued 29 thousand shares for acquiree consideration.

 

Common Stock Warrants

 

As of September 30, 2025 and March 31, 2025, the number of warrants exercisable for shares of Common Stock was 0.7 million and 2.7 million, respectively. During the three and six months ended September 30, 2025, 1.9 million warrants were exercised for net proceeds of $5.8 million.

 

Preferred Stock

Cumulative dividends in arrears on Series A Preferred Stock were $89 thousand and $89 thousand as of September 30, 2025 and 2024, respectively. During the three and six months ended September 30, 2025 and 2024, the Company paid preferred stock dividends in arrears of $89 thousand and $89 thousand in the form of shares of Common Stock, respectively. The Company has the right to pay preferred stock dividends in cash or stock, at the Company's discretion.

 

Treasury Stock

We have treasury stock of 830 thousand and 504 thousand shares of Common Stock as of September 30, 2025 and March 31, 2025, respectively. During the six months ended September 30, 2025, the Company retained 326 thousand shares of common stock as treasury stock related to the payment of employee taxes for restricted stock awards issued to employees.

 

Equity Incentive Plans

Stock Based Compensation Awards

The Company has issued awards under the 2017 Equity Incentive Plan (the “2017 Plan").

 

In August 2017, the Company adopted the 2017 Equity Incentive Plan (the “2017 Plan). The 2017 Plan replaced the 2000 Plan, and applies to employees and directors of, and consultants to, the Company. The 2017 Plan provides for the issuance of up to 2,055 thousand shares of Common Stock as of December 8, 2023, in the form of various awards, including stock options, SARs, stock, restricted stock awards ("RSAs"), restricted stock units ("RSUs"), performance awards and cash awards.

 

During the three and six months ended September 30, 2025, 5,000 SARs were forfeited.

 

During the six months ended September 30, 2025, the Company issued 522 thousand RSUs to certain employees. The issued RSUs vest over a 3-year period and had a fair value of $1.5 million, or $2.87 per RSU.

During the six months ended September 30, 2025, approximately 42 thousand RSAs and 42 thousand RSUs were forfeited, and 374 thousand RSAs and 374 thousand RSUs vested during the period. A total of 748 thousand shares of Common Stock were issued in connection with employee equity award activity. To facilitate the payment of employee payroll taxes related to this vesting event, 326 thousand shares of Common Stock were deducted from the shares distributed to employees. The 326 thousand shares of Common Stock were retained by the Company as Treasury stock and the employee payroll taxes were paid with cash on hand.

 

For the three and six months ended September 30, 2025, the Company incurred stock-based compensation expense
of $494 thousand and $912 thousand, respectively, of which $83 thousand and $165 thousand were related to Board of Director compensation. Share-based compensation expense is reported within Selling, General and Administrative expenses in our Condensed Consolidated Statements of Operations.