Current Results

v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Current Assets:    
Cash and cash equivalents $ 28,179 $ 8,671
Restricted cash 715  
Accounts receivable, net of allowances of $1,337 at March 31, 2026 and $607 at March 31, 2025 12,911 7,037
Inventories 22,106 16,615
Lease receivable, current 377 113
Prepaid expenses and other current assets 3,547 3,653
Total current assets 67,835 36,089
Property, plant, equipment and rental assets, net 16,185 19,362
Intangible assets, net 5,546 0
Finance lease right-of-use assets 4,789 3,787
Operating lease right-of-use assets 9,859 8,282
Non-current portion of inventories 2,736 3,464
Lease receivable, non-current 1,868 1,175
Other assets 2,632 2,705
Total assets 111,450 74,864
Current Liabilities:    
Accounts payable 17,614 14,092
Accrued expenses 3,796 1,447
Accrued salaries and wages 3,233 2,838
Accrued warranty reserve 971 1,070
Deferred revenue, current 10,040 13,351
Deferred acquisition costs, current 1,726  
Finance lease liability, current 1,520 2,017
Operating lease liability, current 1,862 3,539
Factory protection plan liability 4,698 6,256
Exit notes, net of discount, current 25,320 7,968
Total current liabilities 70,780 52,578
Deferred revenue, non-current 648 598
Deferred acquisition costs, non-current 1,430  
Finance lease liability, non-current 991 248
Operating lease liability, non-current 8,132 4,988
Exit notes, net of discount, non-current   24,213
Total liabilities 81,981 82,625
Commitments and contingencies (Note 12)
Temporary equity:    
Temporary equity 73,936 13,859
Stockholders' deficit:    
Additional paid-in capital 930,234 955,407
Accumulated deficit (974,175) (977,000)
Treasury stock, at cost; 269,603 shares at March 31, 2026 and 57,202 shares at March 31, 2025 (557) (46)
Total stockholders' deficit (44,467) (21,620)
Total liabilities, temporary equity and stockholders' deficit 111,450 74,864
Redeemable Preferred Units    
Temporary equity:    
Temporary equity   13,859
Redeemable Convertible Preferred Stock    
Temporary equity:    
Temporary equity 73,936  
Common Stock    
Stockholders' deficit:    
Common stock 30 18
Non-Voting Common Stock    
Stockholders' deficit:    
Common stock $ 1 $ 1

Source

PDF HTML
10-K Filing
ZIP XLS HTML
XBRL
v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue, net:    
Revenue, net $ 106,004 $ 85,564
Cost of goods sold:    
Cost of goods sold 72,133 62,266
Gross profit 33,871 23,298
Operating expenses:    
Research and development 3,621 2,667
Selling, general and administrative 26,858 26,205
Total operating expenses 30,479 28,872
Income (loss) from operations 3,392 (5,574)
Other income 3,284 2,317
Interest income 242 186
Interest expense (4,147) (3,944)
Income (loss) before provision for income taxes 2,771 (7,015)
Provision (benefit) for income taxes (54) 175
Net income (loss) $ 2,825 $ (7,190)
Net loss per share of common stock and non-voting common stock - basic (in dollars per share) $ (3.21) $ (0.38)
Net loss per share of common stock and non-voting common stock - diluted (in dollars per share) $ (3.21) $ (0.38)
Weighted average shares used to calculate basic net income (loss) per common stock and non-voting common stock (in shares) 20,833 19,056
Weighted average shares used to calculate diluted net income (loss) per common stock and non-voting common stock (in shares) 20,833 19,056
Product and Accessories    
Revenue, net:    
Revenue, net $ 56,949 $ 40,281
Cost of goods sold:    
Cost of goods sold 51,500 39,191
Parts and Services    
Revenue, net:    
Revenue, net 33,200 30,877
Cost of goods sold:    
Cost of goods sold 11,806 13,669
Rentals    
Revenue, net:    
Revenue, net 15,855 14,406
Cost of goods sold:    
Cost of goods sold $ 8,827 $ 9,406

Source

PDF HTML
10-K Filing
ZIP XLS HTML
XBRL
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net income (loss) $ 2,825 $ (7,190)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 4,281 3,858
Amortization of financing costs and discounts 105 71
Paid-in-kind interest expense 1,365 3,199
Interest related to deferred acquisition costs 229  
Non-cash lease expense 2,862 3,996
Provision for credit losses 151 823
Inventory write-down 480 900
Provision (benefit) for warranty expenses 195 (184)
Loss on disposal of equipment   67
Stock-based compensation (excludes $11 thousand recorded directly to equity; see Note 14) 777 262
Changes in operating assets and liabilities:    
Accounts receivable (7,051) (2,083)
Inventories (4,150) 7,628
Lease receivable (591) (1,288)
Prepaid expenses, other current assets and other assets 149 2,128
Accounts payable 5,173 (1,002)
Accrued expenses 1,810 (268)
Operating lease liability, net (2,972) (4,041)
Accrued salaries and wages and long-term liabilities (332) (94)
Accrued warranty reserve (294) (183)
Deferred revenue 138 2,092
Deposits (6,121)  
Factory protection plan liability (1,558) (1,003)
Net cash (used in) provided by operating activities (2,529) 7,688
Cash Flows from Investing Activities:    
Cash acquired in acquisitions, net of cash paid 410  
Payment of deferred acquisition costs (500)  
Expenditures for property, plant, equipment and rental assets (835) (879)
Net cash used in investing activities (925) (879)
Cash Flows from Financing Activities:    
Proceeds from the issuance of common stock and warrants 43,660  
Shares withheld related to employee tax withholding obligations (512)  
Payment of Exit Note, net (8,331)  
Settlement of redeemable noncontrolling interests (83,465)  
Issuance of new redeemable preferred stock 73,936  
Repayment of finance lease obligations (1,611) (223)
Net cash provided by (used in) financing activities 23,677 (223)
Net increase in cash, cash equivalents, and restricted cash 20,223 6,586
Cash, cash equivalents, and restricted cash, Beginning of Period 8,671 2,085
Cash, cash equivalents, and restricted cash, End of Period 28,894 8,671
Supplemental Disclosures of Cash Flow Information - Cash paid during the period for:    
Interest 2,369 533
Supplemental Disclosures of Cash Flow Information - Cash paid during the period for:    
Income taxes 101 126
Supplemental Disclosures of Non-Cash Information:    
Right-of-use assets obtained in exchange for operating lease obligations 4,729  
Right-of-use assets obtained in exchange for finance lease obligations 1,101  
Settlement of lease obligations with accounts receivable due 360 775
Rental assets transferred to inventory   3,067
Conversion of inventory to rental assets 0 0
Sales type lease 333 981
Operating lease modified to finance lease 614  
Accounts payable negotiated in lease modification $ 1,289  
Acquisition of treasury stock by incurring a liability   $ 46

Source

PDF HTML
10-K Filing
ZIP XLS HTML
XBRL