Annual report [Section 13 and 15(d), not S-K Item 405]

Customer Concentrations and Accounts Receivable

v3.26.1
Customer Concentrations and Accounts Receivable
 12 Months Ended
Mar. 31, 2026
Risks and Uncertainties [Abstract]  
Customer Concentrations and Accounts Receivable

4. Customer Concentrations and Accounts Receivable

The Company recorded credit loss expense of $0.5 million and $0.8 million for the fiscal years ended March 31, 2026 and 2025, respectively. The following table presents the changes in the allowance for expected credit losses for the periods presented (in thousands):

​

​

​

​

​

​

Balance, April 1, 2024

​

$

3,287

​

Provision for credit losses

​

 

823

​

Recoveries

​

​

31

​

Write-offs

​

 

(3,534)

​

Balance, March 31, 2025

​

$

607

​

Provision for credit losses

​

 

524

​

Recoveries

​

​

302

​

Write-offs

​

 

(96)

​

Balance, March 31, 2026

​

$

1,337

​

 

 

Revenue Concentrations

The Company’s revenue is concentrated among a limited number of distributors. For the year ended March 31, 2026, sales to E-Finity Distributed Generation (“E-Finity”), Cal Microturbine, DTC Soluciones SA de CV (“DTC”), and Lone Star Power Solutions, LLC (“Lone Star”) accounted for approximately 17%, 16%, 13%, and 10% of total revenue, respectively.

On August 13, 2025, the Company completed its acquisition of Cal Microturbine. See Note 20 - Business Combination for additional information. Cal Microturbine revenue for Fiscal 2026 reflects the period subsequent to acquisition.

For the year ended March 31, 2025, sales to E-Finity, Lone Star, and Horizon Power Systems accounted for approximately 13%, 12%, and 11% of total revenue, respectively.

Accounts Receivable Concentrations

As of March 31, 2026, E-Finity, Lone Star and RSP Systems accounted for approximately 14%, 14% and 10%, respectively, of total accounts receivable. As of March 31, 2025, Lone Star and Optimal Group Australia accounted for approximately 18% and 10%, respectively, of total accounts receivable.