0001104659-26-070962 | 10-K | XBRL Viewer

11. STOCK-BASED COMPENSATION - Stock option activities (Details) - USD ($)	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
STOCK-BASED COMPENSATION
Shares available for grant, Beginning	3,095,976
Granted (in shares)	(1,356,109)
Forfeited (in shares)	223,528
Shares available for grant, Ending	1,963,395	3,095,976
Number of Shares Underlying Options Outstanding
Balance at the beginning of the period (in shares)	7,636,716
Granted (in shares)	1,356,109
Exercised (in shares)	(1,309,800)
Forfeited (in shares)	(597,891)
Balance at the end of the period (in shares)	7,085,134	7,636,716
Options vested and exercisable (in shares)	4,636,645
Options vested and expected to vest (in shares)	7,037,592
Options unvested (in shares)	2,448,489
Weighted Average Remaining Contractual Life
Options weighted average remaining contractual life	5 years 8 months 26 days
Options vested and exercisable	4 years 4 months 2 days
Options vested and expected to vest	5 years 8 months 19 days
Options unvested	8 years 4 months 20 days
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 5.03
Granted (in dollars per share)	5.48
Exercised (in dollars per share)	4.42
Forfeited (in dollars per share)	4.69
Balance at the end of the period (in dollars per share)	5.25	$ 5.03
Options vested and exercisable (in dollars per share)	5.59
Options vested and expected to vest (in dollars per share)	5.26
Options unvested (in dollars per share)	4.6
Weighted Average Grant Date Fair Value Per Share
Balance at the beginning of the period (in dollars per share)	2.11
Granted (in dollars per share)	4.42	2.23	$ 2.13
Exercised (in dollars per share)	1.77
Forfeited (in dollars per share)	1.95
Balance at the end of the period (in dollars per share)	2.63	$ 2.11
Options vested and exercisable (in dollars per share)	2.26
Options vested and expected to vest (in dollars per share)	2.63
Options unvested (in dollars per share)	$ 3.33
Intrinsic Value
Aggregate intrinsic value of options exercised	$ 5,444,443
Aggregate intrinsic value outstanding	5,852,486
Aggregate intrinsic value of options Exercisable	3,050,272
Aggregate intrinsic value of options Vested and Expected to vest	5,778,180
Aggregate intrinsic value of options unvested	$ 2,802,215

3. NET LOSS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Net loss	$ (13,246)	$ (10,639)	$ (20,087)
Weighted average shares - Basic	31,839	25,498	25,144
Weighted average shares - Dilutive	31,839	25,498	25,144
Net loss per common share - Basic	$ (0.42)	$ (0.42)	$ (0.8)
Net loss per common share - Diluted	$ (0.42)	$ (0.42)	$ (0.8)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net loss	$ (13,246,000)	$ (10,639,000)	$ (20,087,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for credit losses and (recoveries)	106,000	2,000	(16,000)
Provision for excess and obsolete inventories	301,000	305,000	180,000
Non-cash lease expense	1,283,000	1,098,000	576,000
Change in fair value of contingent consideration		(160,000)	(892,000)
Depreciation and amortization	628,000	665,000	927,000
Gain from sale of assets		(5,793,000)
Change in fair value of warrants liability	(6,209,000)
Stock-based compensation	2,803,000	2,262,000	2,838,000
Amortization of premium on investments			(2,000)
Changes in assets and liabilities:
Accounts receivable	(1,174,000)	(53,000)	369,000
Inventories	(489,000)	781,000	1,258,000
Prepaid expenses and other assets	(1,044,000)	(1,091,000)	(536,000)
Accounts payable	2,640,000	306,000	(355,000)
Accrued expenses and other liabilities	(1,522,000)	(658,000)	(1,610,000)
Net cash used in operating activities	(15,923,000)	(12,975,000)	(17,350,000)
Cash flows from investing activities:
Proceeds from sale of assets		11,392,000
Maturities of short-term investments			3,405,000
Purchases of property and equipment	(486,000)	(45,000)	(645,000)
Net cash provided by (used in) investing activities	(486,000)	11,347,000	2,760,000
Cash flows from financing activities:
Proceeds from issuance of warrants	44,973,000
Proceeds from warrants exercised	35,000
Proceeds from issuance of common stock under employee stock plans	6,231,000	633,000	1,654,000
Net cash provided by financing activities	70,187,000	633,000	1,807,000
Net increase in cash and cash equivalents	53,778,000	(995,000)	(12,783,000)
Cash and cash equivalents at beginning of the period	13,434,000	14,429,000	27,212,000
Cash and cash equivalents at end of the period	67,212,000	13,434,000	14,429,000
Non-cash investing and financing activities:
Purchases of property and equipment through accounts payable and accruals			598,000
Operating lease right-of-use assets exchanged for lease obligations		9,092,000	1,445,000
Supplemental cash flow information:
Cash paid for income taxes, net of refunds	203,000	$ 256,000	389,000
At the market offering
Cash flows from financing activities:
Proceeds from issuance of common stock	14,268,000		$ 153,000
Registered direct offering
Cash flows from financing activities:
Proceeds from issuance of common stock	$ 4,680,000

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
	Oct. 21, 2025	Mar. 31, 2026	Mar. 31, 2024
Registered Direct Offering [Member]
Issuance costs	$ 3,100	$ 314
At the market offering
Issuance costs		$ 573	$ 389

17. WARRANTS (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Oct. 21, 2025	Dec. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
WARRANTS
Common stock, par value			$ 0.001	$ 0.001
Gain on change in fair value of warrant liability			$ 6,209
Registered direct offering
WARRANTS
Shares sold (in shares)	1,508,462
Common stock, par value	$ 0.001
Issue price	$ 10
Number of shares issued upon conversion of pre-funded warrants	3,491,538
Number of shares issued per pre-funded warrants	1
Exercise price of pre-funded warrants	$ 0.01
Gain on change in fair value of warrant liability		$ 6,200
Gross proceeds received from offering	$ 50,000
Issuance costs	$ 3,100		$ 314

7. FINANCIAL INSTRUMENTS - Change in contingent consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Changes in fair value of contingent consideration
Contingent consideration, beginning of period	$ 160	$ 1,052
Change due to accretion	8	108
Re-measurement of contingent consideration	$ (168)	(1,000)
Contingent consideration, end of period		$ 160

10. COMMON STOCK (Details) - $ / shares	Mar. 31, 2026	Mar. 31, 2025
COMMON STOCK
Common stock, shares authorized	150,000,000	150,000,000
Common stock, par value	$ 0.001	$ 0.001

11. STOCK-BASED COMPENSATION - Weighted average assumptions (Details) - USD ($)	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Other information
Income tax benefit recognized from allocation of share-based compensation expense	$ 0	$ 0
Windfall tax benefits realized	0	$ 0
Unrecognized compensation costs	$ 6,000,000
Weighted average period of recognition of unrecognized compensation costs	1 year 9 months 25 days
Weighted average fair value per underlying share of options granted (in dollars per share)	$ 4.42	$ 2.23	$ 2.13
Minimum
Stock-based compensation
Expected life	7 years 1 month 6 days	4 years 10 months 24 days	4 years 6 months
Maximum
Stock-based compensation
Expected life	7 years 3 months 18 days	5 years	4 years 10 months 24 days
Employee Stock Option
Stock-based compensation
Risk-free interest rate, low end of range (as a percent)	3.90%	4.05%	3.69%
Risk-free interest rate, high end of range (as a percent)	4.14%	4.48%	4.80%
Volatility, low end of range (as a percent)	84.40%	91.00%	80.70%
Volatility, high end of range (as a percent)	96.70%	96.70%	85.90%
Employee Stock Option \| Minimum
Stock-based compensation
Expected life	7 years 25 days	4 years 10 months 20 days	4 years 5 months 15 days
Employee Stock Option \| Maximum
Stock-based compensation
Expected life	7 years 3 months 18 days	5 years	4 years 11 months 8 days
Employee stock purchase plan options
Stock-based compensation
Risk-free interest rate, low end of range (as a percent)	3.81%	4.44%	5.26%
Risk-free interest rate, high end of range (as a percent)	4.30%	5.41%	5.38%
Expected life	6 months	6 months	6 months
Volatility, low end of range (as a percent)	27.10%	6.10%	28.80%
Volatility, high end of range (as a percent)	34.40%	12.40%	83.90%

3. NET LOSS PER COMMON SHARE - Shares underlying options (Details) - shares shares in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Shares underlying options and ESPP shares	5,305	7,551	7,930

4. BALANCE SHEET DETAIL

12 Months Ended

Mar. 31, 2026

BALANCE SHEET DETAIL

NOTE 4 - BALANCE SHEET DETAIL

NOTE 4—BALANCE SHEET DETAIL


		March 31,
		2026			2025

		(In thousands)
Inventories:
Work-in-progress		$	1,978		$	1,769
Finished goods			2,101			2,122
		$	4,079		$	3,891


	March 31,
	2026			2025

	(In thousands)
Accounts receivable, net:
Accounts receivable	$	4,389		$	3,215
Less: Allowances for credit losses		(152)			(46)
	$	4,237		$	3,169


	March 31,
	2026			2025

	(In thousands)
Prepaid expenses and other current assets:
Prepaid tooling and masks	$	593		$	1,834
Other receivables		88			695
Other prepaid expenses and other current assets		2,978			432
	$	3,659		$	2,961


	March 31,
	2026			2025

	(In thousands)
Property and equipment, net:
Computer and other equipment	$	18,187		$	17,733
Software		4,426			4,426
Furniture and fixtures		102			102
Leasehold improvements		942			927
		23,657			23,188
Less: Accumulated depreciation		(22,774)			(22,380)
	$	883		$	808

Depreciation expense was $394,000, $432,000 and $693,000 for the years ended March 31, 2026, 2025 and 2024, respectively.

The following table summarizes the components of intangible assets and related accumulated amortization balances at March 31, 2026 and 2025, respectively (in thousands):


	As of March 31, 2026
	Gross Carrying Amount			Accumulated Amortization		Net Carrying Amount
Intangible assets:
Product designs	$	590		$	(590)	$	—
Patents		4,220			(3,131)		1,089
Software		80			(80)		—
Total	$	4,890		$	(3,801)	$	1,089


	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 of $234,000, $233,000 and $234,000 was included in cost of revenues for the years ended March 31, 2026, 2025 and 2024, respectively.

As of March 31, 2026, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands):


Fiscal year ending March 31,
2027	$	233
2028		233
2029		233
2030		233
2031		157
Total	$	1,089

The following table summarizes the components of accrued expenses and other liabilities balances as of March 31, 2026 and 2025, respectively (in thousands):


	March 31,
	2026			2025

	(In thousands)
Accrued expenses and other liabilities:
Accrued compensation	$	2,421		$	2,488
Accrued commissions		168			85
Production mask set		—			1,250
Purchased intellectual property		917			—
Others		588			618
	$	4,094		$	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. The Company incurred $356,000 in severance related charges during fiscal 2025, 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 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 March 31, 2025 as severance payments to all impacted employees have been completed as of March 31, 2025.

15. EMPLOYEE BENEFIT PLANS

12 Months Ended

Mar. 31, 2026

EMPLOYEE BENEFIT PLANS

NOTE 15 - EMPLOYEE BENEFIT PLANS

NOTE 15—EMPLOYEE BENEFIT PLANS

The Company provides a defined contribution retirement plan (the “Retirement Plan”), which qualifies under Section 401(k) of the Internal Revenue Code of 1986. The Retirement Plan covers essentially all United States employees. Eligible employees may make contributions to the Retirement Plan up to 15% of their annual compensation, but no greater than the annual IRS limitation for any plan year. The Retirement Plan does not provide for Company contributions.

The Company provides a defined contribution retirement plan (the “Taiwan Pension Plan”) that covers essentially all of its employees located in Taiwan. The Company makes contributions to the Taiwan Pension Plan equal to 6% of eligible compensation and employees can make voluntary contributions of up to 6% of eligible compensation. All contributions are fully vested.

The Company provides a defined contribution retirement plan (the “Pension Plan”) that covers essentially all of its employees located in Israel. Eligible employees may make contributions to the Pension Plan up to 6% of eligible compensation, and the Company contributes up to 15.83% of eligible compensation. All contributions are fully vested.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2026 USD ($) customer item facility subsidiary	Mar. 31, 2025 USD ($) customer	Mar. 31, 2024 USD ($) customer
Basis of consolidation and risks and uncertainties
Number of subsidiaries \| subsidiary	4
Number of principal operations near fault lines \| facility	2
Allowance for doubtful accounts receivable write offs \| $	$ 0	$ 0	$ 0
Number of reporting units \| item	1
Accounts Receivable
Basis of consolidation and risks and uncertainties
Number of customers	2	2
Accounts Receivable \| Customer Concentration Risk \| Major Customer One
Basis of consolidation and risks and uncertainties
Percentage attributable to customers	52.00%	56.00%
Accounts Receivable \| Customer Concentration Risk \| Major Customer Two
Basis of consolidation and risks and uncertainties
Percentage attributable to customers	34.00%	29.00%
Sales Revenue, Net
Basis of consolidation and risks and uncertainties
Number of customers	2	2	2
Sales Revenue, Net \| Customer Concentration Risk \| Major Customer One
Basis of consolidation and risks and uncertainties
Percentage attributable to customers	64.00%	50.00%	51.00%
Sales Revenue, Net \| Customer Concentration Risk \| Major Customer Two
Basis of consolidation and risks and uncertainties
Percentage attributable to customers	14.00%	23.00%	14.00%

2. REVENUE RECOGNITION (Tables)

12 Months Ended

Mar. 31, 2026

REVENUE RECOGNITION

Schedule of revenue disaggregated by customer type


	Year Ended March 31,
	2026			2025		2024

	(In thousands)
Contract manufacturers	$	1,234		$	1,614	$	4,450
Distribution		23,436			18,809		16,636
OEMs		452			95		679
	$	25,122		$	20,518	$	21,765

8. LEASES (Tables)

12 Months Ended

Mar. 31, 2026

LEASES

Summary of balance sheet information related to leases


	As of		As of
	March 31, 2026		March 31, 2025

	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	8,264	$	9,547

Lease liabilities-current	$	1,488	$	1,642
Lease liabilities-non-current		6,978		8,001
Total operating lease liabilities	$	8,466	$	9,643

Summary of components of lease costs


	Year Ended March 31,
	2026		2025

	(In thousands)
Operating lease cost	$	1,873	$	1,607
Short-term lease cost		28		33
	$	1,901	$	1,640

Summary of other information related to leases


	Year Ended March 31,
	2026		2025

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,745	$	1,471

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	—	$	9,092

Weighted-average remaining lease term (years):
Operating leases		7.84		8.58

Weighted-average discount rate:
Operating leases		6.32%		6.24%

Summary of maturities of the lease liabilities


	Operating Lease
	Liabilities
Fiscal Year	(In thousands)
2027	$	1,528
2028		1,192
2029		1,220
2030		1,257
2031		1,294
Thereafter		4,358
Total undiscounted future cash flows		10,849
Less: Imputed interest		(2,383)
Present value of undiscounted future cash flows	$	8,466

Presentation on statement of financial position
Current	$	1,488
Non-current	$	6,978

4. BALANCE SHEET DETAIL (Tables)

12 Months Ended

Mar. 31, 2026

BALANCE SHEET DETAIL

Schedule of inventories


		March 31,
		2026			2025

		(In thousands)
Inventories:
Work-in-progress		$	1,978		$	1,769
Finished goods			2,101			2,122
		$	4,079		$	3,891

Schedule of accounts receivable, net


	March 31,
	2026			2025

	(In thousands)
Accounts receivable, net:
Accounts receivable	$	4,389		$	3,215
Less: Allowances for credit losses		(152)			(46)
	$	4,237		$	3,169

Schedule of prepaid expenses and other current assets


	March 31,
	2026			2025

	(In thousands)
Prepaid expenses and other current assets:
Prepaid tooling and masks	$	593		$	1,834
Other receivables		88			695
Other prepaid expenses and other current assets		2,978			432
	$	3,659		$	2,961

Schedule of property and equipment, net


	March 31,
	2026			2025

	(In thousands)
Property and equipment, net:
Computer and other equipment	$	18,187		$	17,733
Software		4,426			4,426
Furniture and fixtures		102			102
Leasehold improvements		942			927
		23,657			23,188
Less: Accumulated depreciation		(22,774)			(22,380)
	$	883		$	808

Schedule of intangible assets

The following table summarizes the components of intangible assets and related accumulated amortization balances at March 31, 2026 and 2025, respectively (in thousands):


	As of March 31, 2026
	Gross Carrying Amount			Accumulated Amortization		Net Carrying Amount
Intangible assets:
Product designs	$	590		$	(590)	$	—
Patents		4,220			(3,131)		1,089
Software		80			(80)		—
Total	$	4,890		$	(3,801)	$	1,089


	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

Schedule of estimated future amortization expense of intangible assets

As of March 31, 2026, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands):


Fiscal year ending March 31,
2027	$	233
2028		233
2029		233
2030		233
2031		157
Total	$	1,089

Schedule of accrued expenses and other liabilities


	March 31,
	2026			2025

	(In thousands)
Accrued expenses and other liabilities:
Accrued compensation	$	2,421		$	2,488
Accrued commissions		168			85
Production mask set		—			1,250
Purchased intellectual property		917			—
Others		588			618
	$	4,094		$	4,441

3. NET LOSS PER COMMON SHARE (Tables)

12 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of basic and diluted net loss per share


	Year Ended March 31,
	2026			2025			2024

	(In thousands, except per share amounts)
Net loss	$	(13,246)		$	(10,639)		$	(20,087)

Denominators:
Weighted average shares—Basic		31,839			25,498			25,144
Dilutive effect of employee stock options		—			—			—
Dilutive effect of employee stock purchase plan options		—			—			—
Weighted average shares—Dilutive		31,839			25,498			25,144
Net loss per common share—Basic	$	(0.42)		$	(0.42)		$	(0.80)
Net loss per common share—Diluted	$	(0.42)		$	(0.42)		$	(0.80)

Schedule of anti-dilutive shares


		Year Ended March 31,
		2026		2025		2024

		(In thousands)
Shares underlying options and ESPP shares		5,305		7,551		7,930

13. SEGMENT AND GEOGRAPHIC INFORMATION - Revenue (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)
Net revenues by geographic area
Number of reporting units \| segment	1
Net revenues	$ 25,122	$ 20,518	$ 21,765
United States
Net revenues by geographic area
Net revenues	12,294	8,152	11,461
China
Net revenues by geographic area
Net revenues	4,231	5,326	1,262
Singapore
Net revenues by geographic area
Net revenues	2,230	2,009	2,034
Netherlands
Net revenues by geographic area
Net revenues	575	554	2,825
Germany
Net revenues by geographic area
Net revenues	4,599	3,716	3,498
Rest of the world
Net revenues by geographic area
Net revenues	$ 1,193	$ 761	$ 685

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
	Oct. 21, 2025	Mar. 31, 2026	Mar. 31, 2024
At the market offering
Issuance costs		$ 573	$ 389
Registered direct offering
Issuance costs	$ 3,100	$ 314

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Mar. 31, 2026

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K. These risks include, among other things, internal operational risks; system security risks; data protection; risks to proprietary business information; intellectual property theft; fraud; extortion; harm to employees, partners, or customers; violation of privacy or security laws and other litigation and legal risk; and reputational risks. We have implemented several cybersecurity processes, technologies, and controls to aid in our efforts to identify, assess, and manage such material risks.

To aid in identifying and assessing material risks from cybersecurity threats, our Enterprise Risk Management program considers cybersecurity risks alongside other significant company risks as part of our overall risk assessment process. We employ a range of tools and services, including regular network and endpoint monitoring and vulnerability assessments to inform our professionals’ risk identification and assessment.

We manage these known risks by using internal security controls designed to align with standards set by the International Organization for Standardization (“ISO”). In connection with the identification, assessment and management of material risks and cybersecurity threats, we also conduct the following activities at various intervals during the year:

●

monitor emerging data protection laws and implement changes from time-to-time to our processes designed to comply with such laws;

●

undertake regular reviews of our customer facing policies and statements related to cybersecurity;

●

run exercises to simulate a response to a cybersecurity incident and use the findings to improve our processes and technologies;

●

run exercises to simulate a response to a cybersecurity incident to provide training to our cyber incident response team;

●

conduct a variety of information security and privacy trainings, including new employee training, job-specific security training, specialized training for IT and security personnel, and phishing simulations; and

●

carry information security risk insurance to help defray potential losses that might arise from a cybersecurity incident.

Our cybersecurity incident response plan was developed to respond to the threat of security breaches, the threat of cyberattacks, and to protect and preserve the confidentiality, integrity, and continued availability of information owned by, or in the care of, the Company. Our incident response plan coordinates the activities that we take to prepare for, detect, respond to, and recover from cybersecurity incidents, which include processes to triage, assess severity for, escalate material cybersecurity incidents to our global crisis management plan, contain, investigate, and remediate the incident.

We regularly engage with auditors to review our cybersecurity program to help identify areas for continued focus, improvement and compliance.

In our risk factors, we describe how potential risks from cybersecurity threats may affect us, including our business strategy, results of operations, or financial condition. See our risk factor disclosures at Item 1A of this Annual Report on Form 10-K. For the fiscal year ended March 31, 2026, we are not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial condition.

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity is an important part of our risk management processes and an area of focus for our Board of Directors and management. The Board has oversight responsibility for the Company’s Enterprise Risk Management framework. The Board as a whole and through the various Board committees oversees the Company’s management of material enterprise level risk, focusing on four areas of risk: strategic, compliance, operational, and financial.  To fulfill its oversight responsibility, the Board also regularly reviews, consults, and discusses with management on strategic direction, challenges, and risks faced by the Company. Board members, including members of the Audit Committee, have expertise and/or operational experience in cybersecurity matters. We are committed to maintaining

robust governance and oversight of these risks and to implementing mechanisms, controls, technologies, and processes designed to help us assess, identify, and manage these risks.

As part of our entire Board’s operational risk management responsibilities, it has oversight of risks from cybersecurity threats. The Audit Committee has been designated with the responsibility to regularly review the Company’s processes and procedures around managing cybersecurity threat risks and cybersecurity incidents. Asdiscussed below, members of management report to the Audit Committee which reports to the entire Board about cybersecurity threat risks, among other cybersecurity related matters, at least annually.

In support of the Board's oversight of the Company's cybersecurity risk management program, the Audit Committee receives quarterly cybersecurity updates from members of management. These updates include topics, such as threat risk management updates, the results of exercises and response readiness assessments, our incident response plan, and steps management has taken to respond to such threat risks, if any. Day-to-day cybersecurity risk management is led by our Senior Management Information Systems manager, who has over 10 years of information security and risk management experience.

In fiscal 2026, the Board adopted a Responsible Artificial Intelligence Policy establishing a governance framework for the ethical and secure use of AI across the organization, including a set of responsible AI principles, an approved list of AI tools, and a risk-based use case approval and inventory process overseen by management. The Board also adopted Guidelines for Responsible Use of Generative AI, which provide employees with practical guidance on the appropriate use of generative AI tools, including safeguards for the protection of confidential information, intellectual property, and personal data.

Members of the Board and Audit Committee are also encouraged to regularly engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Audit Committee

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Management

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

Day-to-day cybersecurity risk management is led by our Senior Management Information Systems manager, who has over 10 years of information security and risk management experience.

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

11. STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Mar. 31, 2026

STOCK-BASED COMPENSATION

Summary of stock option activities


						Weighted
				Number of Shares		Average		Weighted				Weighted
		Shares		Underlying		Remaining		Average				Average Grant
		Available for		Options		Contractual		Exercise			Date Fair			Intrinsic
		Grant		Outstanding		Life (Years)		Price			Value Per Share			Value
Balance, March 31, 2025		3,095,976		7,636,716				$	5.03		$	2.11
Granted		(1,356,109)		1,356,109				$	5.48		$	4.42
Exercised		—		(1,309,800)				$	4.42		$	1.77	$	5,444,443
Forfeited		223,528		(597,891)				$	4.69		$	1.95
Balance at March 31, 2026		1,963,395		7,085,134		5.74		$	5.25		$	2.63	$	5,852,486
Options vested and exercisable				4,636,645		4.34		$	5.59		$	2.26	$	3,050,272
Options vested and expected to vest				7,037,592		5.72		$	5.26		$	2.63	$	5,778,180
Options unvested				2,448,489		8.39		$	4.60		$	3.33	$	2,802,215

Schedule of options outstanding by exercise price


					Number of		Options Outstanding					Options Exercisable
					Shares		Weighted			Weighted Average				Weighted
					Underlying		Average			Remaining		Number		Average
					Options		Exercise			Contractual		Vested and		Exercise
Exercise Price					Outstanding		Price			Life (Years)		Exercisable		Price
$	0.00	-	2.00		600,960		$	1.91		7.42		493,593		$	1.91
$	2.01	-	4.00		1,687,530		$	3.31		8.46		626,614		$	3.08
$	4.01	-	6.00		2,205,759		$	5.05		5.03		1,467,109		$	5.45
$	6.01	-	8.00		1,830,496		$	7.02		4.03		1,428,886		$	6.97
$	8.01	-	10.00		760,389		$	8.51		4.51		620,443		$	8.24
					7,085,134		$	5.25		5.74		4,636,645		$	5.59

Summary of stock-based compensation expense by line item


		Year Ended March 31,
		2026			2025			2024

		(In thousands)
Cost of revenues		$	231		$	199		$	228
Research and development			945			1,010			1,411
Selling, general and administrative			1,627			1,053			1,199
		$	2,803		$	2,262		$	2,838

Schedule of weighted average assumptions


		Year Ended March 31,
		2026				2025				2024
Stock Option Plans:
Risk-free interest rate		3.90	-	4.14	%	4.05	-	4.48	%	3.69	-	4.80	%
Expected life (in years)		7.07	-	7.30		4.89	-	5.00		4.46	-	4.94
Volatility		84.4	-	96.7	%	91.0	-	96.7	%	80.7	-	85.9	%
Dividend yield				—	%			—	%			—	%
Employee Stock Purchase Plan:
Risk-free interest rate		3.81	-	4.30	%	4.44	-	5.41	%	5.26	-	5.38	%
Expected life (in years)				0.50				0.50				0.50
Volatility		27.1	-	34.4	%	6.1	-	12.4	%	28.8	-	83.9	%
Dividend yield				—	%			—	%			—	%

2. REVENUE RECOGNITION - Revenue disaggregated (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Net revenues	$ 25,122	$ 20,518	$ 21,765
Contract manufacturers
Disaggregation of Revenue [Line Items]
Net revenues	1,234	1,614	4,450
Distribution
Disaggregation of Revenue [Line Items]
Net revenues	23,436	18,809	16,636
OEMs
Disaggregation of Revenue [Line Items]
Net revenues	$ 452	$ 95	$ 679

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (13,246)	$ (10,639)	$ (20,087)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

7. FINANCIAL INSTRUMENTS (Details)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024	Nov. 23, 2015
Fair value measurements
Discount rate			0.161	0.148
Contingent consideration liability	$ 0	$ 0
Minimum
Fair value measurements
Probability rate			0.25
Maximum
Fair value measurements
Probability rate			0.75
Fair Value, Inputs, Level 2 \| Available for sale Securities
Fair value measurements
Long-term investments	0
Fair Value, Measurements, Recurring
Fair value measurements
Assets	49,733,000	4,836,000
Fair Value, Measurements, Recurring \| Money Market Funds
Fair value measurements
Money market funds	49,700,000	4,800,000
Assets	49,733,000	4,836,000
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Fair value measurements
Assets	49,733,000	4,836,000
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| Money Market Funds
Fair value measurements
Money market funds	49,700,000
Assets	$ 49,733,000	$ 4,836,000

8. LEASES - Lease costs (Details) - USD ($) $ in Thousands	12 Months Ended
8. LEASES - Lease costs (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Components of lease costs
Operating lease cost	$ 1,873	$ 1,607
Short-term lease cost	28	33
Lease costs	$ 1,901	$ 1,640

14. ACQUISITION

12 Months Ended

Mar. 31, 2026

ACQUISITION

NOTE 14 - ACQUISITION

NOTE 14—ACQUISITION

On November 23, 2015, the Company acquired all of the outstanding capital stock of MikaMonu, a development-stage, Israel-based company that specialized in in-place associative computing for markets including big data, computer vision and cyber security. MikaMonu, located in Tel Aviv, held 12 United States patents and had a number of pending patent applications.

The acquisition was accounted for as a purchase under authoritative guidance for business combinations. The purchase price of the acquisition was allocated to the intangible assets acquired, with the excess of the purchase price over the fair value of assets acquired recorded as goodwill. The Company performs a goodwill impairment test in February of each fiscal year and if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis.

The acquisition agreement provides for potential “earnout” payments to the former MikaMonu shareholders in cash or shares of the Company’s common stock, at the Company’s discretion, during a period of up to ten years following the closing if certain revenue targets for products based on the MikaMonu technology are achieved. Earnout payments, up to a maximum of $30.0 million, equal to 5% of net revenues from the sale of qualifying products in excess of certain thresholds, will be made quarterly through December 31, 2025. As of March 31, 2026, none of the revenue targets have been achieved and no revenue based earnout payments have been paid to the former MikaMonu shareholders.

The Company determined that the fair value of this contingent consideration liability was $5.8 million at the acquisition date. The contingent consideration liability at both March 31, 2026 and 2025 was $0.

At each reporting period, the contingent consideration liability was re-measured to fair value with changes recorded in selling, general and administrative expenses in the Consolidated Statements of Operations. Re-measurement of the contingent consideration liability resulted in a reduction in fair value for the years ended March 31, 2025 and 2024 of ($168,000) and ($1.0 million), respectively. See Note 7 for the valuation of contingent consideration.

7. FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Mar. 31, 2026

FINANCIAL INSTRUMENTS

Schedule of fair value of financial assets measured on a recurring basis

The fair value of financial assets and liabilities measured on a recurring basis is as follows (in thousands):


					Fair Value Measurements at Reporting Date Using
					Quoted Prices			Significant
					in Active			Other			Significant
					Markets for			Observable			Unobservable
					Identical Assets			Inputs			Inputs
		March 31, 2026			(Level 1)			(Level 2)			(Level 3)
Assets:
Money market funds		$	49,733		$	49,733		$	—		$	—
Total		$	49,733		$	49,733		$	—		$	—


					Fair Value Measurements at Reporting Date Using
					Quoted Prices			Significant
					in Active			Other			Significant
					Markets for			Observable			Unobservable
					Identical Assets			Inputs			Inputs
		March 31, 2025			(Level 1)			(Level 2)			(Level 3)
Assets:
Money market funds		$	4,836		$	4,836		$	—		$	—
Total		$	4,836		$	4,836		$	—		$	—

Schedule of changes in fair value of contingent consideration


		Year Ended March 31,
		2026			2025			2024

		(In thousands)
Contingent consideration, beginning of period		$	—		$	160		$	1,052
Change due to accretion			—			8			108
Re-measurement of contingent consideration			—			(168)			(1,000)
Contingent consideration, end of period		$	—		$	—		$	160

7. FINANCIAL INSTRUMENTS - Available-for-sale investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Short-term Investments
Available-for-sale investments
Available-for-sale investments, fair value	$ 0	$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

4. BALANCE SHEET DETAIL - Accounts receivable, net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Accounts receivable, net:
Accounts receivable	$ 4,389	$ 3,215
Less: Allowances for credit losses	(152)	(46)
Total accounts receivable, net	$ 4,237	$ 3,169

7. FINANCIAL INSTRUMENTS

12 Months Ended

Mar. 31, 2026

FINANCIAL INSTRUMENTS

NOTE 7 - FINANCIAL INSTRUMENTS

NOTE 7—FINANCIAL INSTRUMENTS

Fair value measurements

Authoritative accounting guidance for fair value measurements provides a framework for measuring fair value and related disclosures. The guidance applies to all financial assets and financial liabilities that are measured

on a recurring basis. The guidance requires fair value measurement to be classified and disclosed in one of the following three categories:

Level 1: Valuations based on quoted prices in active markets for identical assets and liabilities. The fair value of available-for-sale securities included in the Level 1 category is based on quoted prices that are readily and regularly available in an active market. As of March 31, 2026, the Level 1 category included money market funds of $49.7 million, which were included in cash and cash equivalents on the Consolidated Balance Sheets.

Level 2: Valuations based on observable inputs (other than Level 1 prices), such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. The fair value of available-for-sale securities included in the Level 2 category is based on the market values obtained from an independent pricing service that were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes from well-established independent pricing vendors and broker-dealers. There were no short-term or long-term investments as of March 31, 2026.

Level 3: Valuations based on inputs that are unobservable and involve management judgment and the reporting entity’s own assumptions about market participants and pricing. As of March 31, 2026 and 2025, the Company had no Level 3 financial instruments measured at fair value on the Consolidated Balance Sheets. As of March 31, 2024, Level 3 financial instruments measured at fair value consisted of the contingent consideration liability related to the MikaMonu acquisition. The fair value of the contingent consideration liability was initially determined as of the acquisition date using unobservable inputs. These inputs include the estimated amount and timing of future revenues, the probability of achievement of the revenue forecast, revenue volatility and a risk-adjusted discount rate of approximately 14.8% used to adjust the probability-weighted cash flow payments to their present value. During the re-measurement of the contingent consideration liability as of March 31, 2025, the Company’s forecasted future revenues prior to the measurement date of December 31, 2025 were not expected to exceed certain revenue targets, thus no valuation inputs were utilized. As of March 31, 2024, the Company used a risk-adjusted discount rate of approximately 16.1% to adjust the probability-weighted cash flows to their present value using probabilities ranging from 25% to 75% for the remaining contingent events. The contingent consideration liability as of March 31, 2026 and 2025 was $0 and $0, respectively.

Refer to Note 14, “Acquisition” for more information.

The fair value of financial assets and liabilities measured on a recurring basis is as follows (in thousands):


					Fair Value Measurements at Reporting Date Using
					Quoted Prices			Significant
					in Active			Other			Significant
					Markets for			Observable			Unobservable
					Identical Assets			Inputs			Inputs
		March 31, 2026			(Level 1)			(Level 2)			(Level 3)
Assets:
Money market funds		$	49,733		$	49,733		$	—		$	—
Total		$	49,733		$	49,733		$	—		$	—


					Fair Value Measurements at Reporting Date Using
					Quoted Prices			Significant
					in Active			Other			Significant
					Markets for			Observable			Unobservable
					Identical Assets			Inputs			Inputs
		March 31, 2025			(Level 1)			(Level 2)			(Level 3)
Assets:
Money market funds		$	4,836		$	4,836		$	—		$	—
Total		$	4,836		$	4,836		$	—		$	—

The following table sets forth the changes in fair value of contingent consideration for the fiscal years ended March 31, 2026, 2025 and 2024, respectively:


		Year Ended March 31,
		2026			2025			2024

		(In thousands)
Contingent consideration, beginning of period		$	—		$	160		$	1,052
Change due to accretion			—			8			108
Re-measurement of contingent consideration			—			(168)			(1,000)
Contingent consideration, end of period		$	—		$	—		$	160

Short-term and long-term investments

The Company had money market funds of $49.7 million and $4.8 million at March 31, 2026 and March 31, 2025, respectively, included in cash and cash equivalents on the Consolidated Balance Sheets. The Company monitors its investments for impairment periodically and records appropriate reductions in carrying values when declines are determined to be other-than-temporary.

There were no available-for-sale investments at March 31, 2026 and 2025, respectively.

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other (Details)	12 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)
Property and equipment, net:
Impairment losses on long-lived equipment	$ 0	$ 0	$ 0
Inventories
Minimum months to determine excess inventory	12 months
Inventory write-downs	$ 301,000	305,000	180,000
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Number of operating segments \| segment	1
Accounting for stock-based compensation
Dividend yield (as a percent)	0.00%
Comprehensive loss	$ (13,246,000)	(10,639,000)	$ (20,047,000)
Income taxes
Deferred tax assets, net	25,700,000	22,800,000
Valuation allowance	$ 25,384,000	$ 22,794,000
Minimum
Property and equipment, net:
Useful life, intangible assets	5 years
Accounting for stock-based compensation
Expected term	7 years 1 month 6 days	4 years 10 months 24 days	4 years 6 months
Maximum
Property and equipment, net:
Useful life, intangible assets	15 years
Accounting for stock-based compensation
Expected term	7 years 3 months 18 days	5 years	4 years 10 months 24 days
Software \| Minimum
Property and equipment, net:
Useful life, property and equipment	3 years
Software \| Maximum
Property and equipment, net:
Useful life, property and equipment	5 years
Computer and other equipment \| Minimum
Property and equipment, net:
Useful life, property and equipment	5 years
Computer and other equipment \| Maximum
Property and equipment, net:
Useful life, property and equipment	10 years
Furniture and fixtures
Property and equipment, net:
Useful life, property and equipment	7 years

6. INCOME TAXES - Deferred tax assets and liabilities (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Deferred tax assets:
Tax credits	$ 10,820,000	$ 10,242,000
Net operating losses	7,369,000	5,933,000
Capitalized research and development	4,222,000	4,429,000
Stock-based compensation	1,189,000	1,187,000
Property and equipment	979,000	209,000
Operating lease liabilities	1,688,000	2,103,000
Other loss carryover	329,000
Other reserves and accruals	739,000	753,000
Total deferred tax assets	27,335,000	24,856,000
Less valuation allowance	(25,384,000)	(22,794,000)
Deferred tax assets, net	1,951,000	2,062,000
Deferred tax liabilities:
Right of use assets	(1,640,000)	(2,078,000)
Total deferred tax liabilities	(1,640,000)	(2,078,000)
Net deferred tax asset	$ 311,000
Net deferred tax liability		$ (16,000)

4. BALANCE SHEET DETAIL - Future amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Fiscal year ending March 31,
2027	$ 233
2028	233
2029	233
2030	233
2031	157
Total	$ 1,089	$ 1,323

6. INCOME TAXES - Provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Loss before income taxes:
U.S.	$ (6,940)	$ (4,511)	$ (12,414)
Foreign	(6,438)	(5,998)	(7,603)
Loss before income taxes	(13,378)	(10,509)	(20,017)
Current income tax expense:
State	2	2	1
Foreign	193	126	67
Current income tax expense (benefit)	195	128	68
Deferred income tax expense (benefit):
U.S. federal	2	2	2
State	(329)
Deferred income tax expense (benefit)	(327)	2	2
Provision (benefit) for income taxes	$ (132)	$ 130	$ 70

4. BALANCE SHEET DETAIL - Property and equipment, net (Details) - USD ($)	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Property and equipment, net:
Property and equipment, gross	$ 23,657,000	$ 23,188,000
Less: Accumulated depreciation	(22,774,000)	(22,380,000)
Total property and equipment, net	883,000	808,000
Depreciation	394,000	432,000	$ 693,000
Computer and other equipment
Property and equipment, net:
Property and equipment, gross	18,187,000	17,733,000
Software
Property and equipment, net:
Property and equipment, gross	4,426,000	4,426,000
Furniture and fixtures
Property and equipment, net:
Property and equipment, gross	102,000	102,000
Leasehold improvements
Property and equipment, net:
Property and equipment, gross	$ 942,000	$ 927,000

6. INCOME TAXES

12 Months Ended

Mar. 31, 2026

INCOME TAXES

NOTE 6 - INCOME TAXES

NOTE 6—INCOME TAXES

Loss before income taxes and the provision for income taxes consists of the following:


		Year Ended March 31,
		2026			2025			2024

		(In thousands)
Loss before income taxes:
U.S.		$	(6,940)		$	(4,511)		$	(12,414)
Foreign			(6,438)			(5,998)			(7,603)
		$	(13,378)		$	(10,509)		$	(20,017)
Current income tax expense:
U.S. federal		$	—		$	—		$	—
State			2			2			1
Foreign			193			126			67
			195			128			68
Deferred income tax expense (benefit):
U.S. federal			2			2			2
State			(329)			—			—
Foreign			—			—			—
			(327)			2			2
Provision (benefit) for income taxes		$	(132)		$	130		$	70

The provision for income tax differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to pre-tax loss as follows:


	Year Ended March 31, 2026
		(in thousands)	Percent
U.S. Federal taxes at statutory rate	$	(2,808)	21.0	%
State taxes, net of federal benefit		2	0.0	%
Foreign tax effects
Israel - foreign tax rate differential between Israel and the US		(325)	2.4	%
Israel - other		35	(0.3)	%
Cayman Islands - foreign tax rate differential between Cayman Islands and the US		1,593	(11.9)	%
Other foreign jurisdictions		(89)	0.7	%
Research and development tax credits		(318)	2.4	%
Change in valuation allowance		2,536	(19.0)	%
Nontaxable or non-deductible items
Net gain on warrants		(710)	5.3	%
Other		(48)	0.4	%
Benefit for income taxes	$	(132)	1.0	%

Texas makes up the majority of state tax expense.


		Year Ended March 31,
		2025			2024

		(In thousands)
U.S. Federal taxes at statutory rate		$	(2,203)		$	(4,204)
State taxes, net of federal benefit			2			1
Stock-based compensation			566			408
Tax credits			(404)			(530)
Foreign tax rate differential			1,382			1,663
GILTI tax			—			232
Lapses of applicable statute of limitations			(767)			—
Non-deductible expenses and other			1			2
			(1,423)			(2,428)
Valuation allowance			1,553			2,498
		$	130		$	70

Deferred tax assets and deferred tax liabilities consist of the following:


		March 31,
		2026			2025

		(In thousands)
Deferred tax assets:
Tax credits		$	10,820		$	10,242
Net operating losses			7,369			5,933
Capitalized research and development			4,222			4,429
Stock-based compensation			1,189			1,187
Property and equipment			979			209
Operating lease liabilities			1,688			2,103
Other loss carryover			329			—
Other reserves and accruals			739			753
Total deferred tax assets			27,335			24,856
Less valuation allowance			(25,384)			(22,794)
Deferred tax assets, net			1,951			2,062
Deferred tax liabilities:
Right of use assets			(1,640)			(2,078)
Total deferred tax liabilities			(1,640)			(2,078)
Net deferred tax asset (liability)		$	311		$	(16)

The cash paid for income taxes, net of refunds, during the year was as follows:


	Fiscal year ended March 31, 2026
		(In thousands)
Federal	$	(5)
State		2
Foreign
Israel		159
Taiwan		47
	$	203

The Company currently intends to indefinitely reinvest earnings in operations outside the United States. No provision has been made for state income taxes that might be payable upon remittance of such earnings, nor is it practicable to determine the amount of such potential liability.

As of March 31, 2026 and 2025, $3.5 million and $3.4 million, respectively, of unrecognized tax benefits had been recorded as a reduction to net deferred tax assets. It is possible, however, that due to lapses of applicable statutes of limitations, that some months or years may elapse before an uncertain position for which the Company has established a reserve is resolved. A reconciliation of unrecognized tax benefits is as follows:


		Year Ended March 31,
		2026			2025			2024

		(In thousands)
Unrecognized tax benefits, beginning of period		$	3,356		$	3,948		$	3,723
Lapses of applicable statute of limitations			—			(767)			—
Additions based on tax positions related to current year			149			175			225
Unrecognized tax benefits, end of period		$	3,505		$	3,356		$	3,948

There is no unrecognized tax benefit balance as of March 31, 2026 that would affect the Company’s effective tax rate if recognized after considering the valuation allowance. There was no net income tax effect related to Global intangible low-taxed income (“GILTI”) in the Company’s fiscal year ended March 31, 2026.

The Company's federal and state net operating loss carryforwards for income tax purposes are approximately $27.8 million and $26.8 million, respectively, at March 31, 2026. The Company's federal net operating loss carryforwards do not expire and the Company’s state tax net operating loss carryforwards expire beginning in 2034. The Company's federal and state tax credit carryforwards for income tax purposes are approximately $5.9 million and $6.2 million respectively, at March 31, 2026. The Company's federal tax credit carryforwards expire beginning in 2033. The Company's state tax credit carryforwards have no expiration date. Utilization of the Company’s net operating loss carryforwards and research tax credit carryforwards may be subject to substantial annual limitations due to the ownership change limitations provided by the Internal Revenue Code and similar state provisions. The annual limitation could result in the expiration of the net operating loss carryforwards and research tax credit carryforwards before utilization. The Company has not performed an analysis to determine if a limitation applies and whether the limitation would cause the net operating losses to expire unutilized.

Due to historical losses in the U.S., the Company has a full valuation allowance on its U.S. federal and state deferred tax assets. As of March 31, 2026 and 2025, the Company’s gross deferred tax assets of $25.7 million and $22.8 million, respectively, were subject to a valuation allowance of $25.4 million and $22.8 million, respectively. The net valuation allowance increased by $2.6 million in fiscal 2026 and 2025. As of March 31, 2026 and 2025, the Company’s net deferred tax assets or (liabilities) were $311,000 and ($16,000), respectively. The deferred tax assets consist primarily of the tax credits and federal and state net operating losses. Realization of deferred tax assets is dependent upon future taxable income, if any, the amount and timing of which are uncertain. In assessing the realizability of certain deferred tax assets, management determined that it is more likely than not that the majority of its deferred tax assets will not be realized. Therefore, the Company has provided a valuation allowance against these deferred tax assets.

The Company is subject to taxation in the United States and various state and foreign jurisdictions. Fiscal years 2013 through 2025 remain open to examination by the federal tax authorities and fiscal years 2011 through 2024 remain open to examination by the state of California. Fiscal years 2020 through 2025 are generally subject to audit by foreign tax authorities.

- Definition

The entire disclosure for income tax.

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+ Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Mar. 31, 2026	May 31, 2026	Sep. 30, 2025
Document And Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Securities Act File Number	001-33387
Entity Registrant Name	GSI TECHNOLOGY INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0398779
Entity Address, Address Line One	1213 Elko Drive
Entity Address, City or Town	Sunnyvale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94089
City Area Code	408
Local Phone Number	331-8800
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	GSIT
Security Exchange Name	NASDAQ
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,246,573
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for its 2026 annual meeting of stockholders are incorporated by reference into Part III hereof.
Entity Public Float			$ 96.2
Entity Central Index Key	0001126741
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2026
Auditor Name	BDO USA, P.C.
Auditor Firm ID	243
Auditor Location	San Jose, California
Amendment Flag	false

4. BALANCE SHEET DETAIL - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Inventories:
Work-in-progress	$ 1,978	$ 1,769
Finished goods	2,101	2,122
Total inventory	$ 4,079	$ 3,891

9. COMMITMENTS AND CONTINGENCIES

12 Months Ended

Mar. 31, 2026

COMMITMENTS AND CONTINGENCIES.

NOTE 9 - COMMITMENTS AND CONTINGENCIES

NOTE 9—COMMITMENTS AND CONTINGENCIES

Indemnification obligations

The Company is a party to a variety of agreements pursuant to which it may be obligated to indemnify the other party with respect to certain matters. Typically, these obligations arise in the context of contracts entered into by the Company, under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations and covenants related to such matters as title to assets sold and certain intellectual property rights. In each of these circumstances, payment by the Company is conditioned on the other party making a claim pursuant to the procedures specified in the particular contract, which procedures typically allow the Company to challenge the other party’s claims. Further, the Company’s obligations under these agreements may be limited in terms of time and/or amount, and in some instances, the Company may have recourse against third parties for certain payments made by it under these agreements.

It is not possible to predict the maximum potential amount of future payments under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements have not had a material effect on its business, financial condition, cash flows or results of operations. The Company believes that if it were to incur a loss in any of these matters, such loss should not have a material effect on its business, financial condition, cash flows or results of operations.

Product warranties

The Company warrants its products to be free of defects generally for a period of three years. The Company estimates its warranty costs based on historical warranty claim experience and includes such costs in cost of revenues. Warranty costs and the accrued warranty liability were not material as of March 31, 2026 and 2025 and for the years ended March 31, 2026, 2025 or 2024.

15. EMPLOYEE BENEFIT PLANS (Details)	12 Months Ended
15. EMPLOYEE BENEFIT PLANS (Details)	Mar. 31, 2026
UNITED STATES
Defined Contribution Plan
Maximum amount employee can contribute (as a percent)	15.00%
Taiwan
Defined Contribution Plan
Maximum amount employee can contribute (as a percent)	6.00%
Maximum amount employer can contribute (as a percent)	6.00%
Israel
Defined Contribution Plan
Maximum amount employee can contribute (as a percent)	6.00%
Maximum amount employer can contribute (as a percent)	15.83%

4. BALANCE SHEET DETAIL - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Prepaid expenses and other current assets:
Prepaid tooling and masks	$ 593	$ 1,834
Other receivables	88	695
Other prepaid expenses and other current assets	2,978	432
Total prepaid expenses and other current assets	$ 3,659	$ 2,961

13. SEGMENT AND GEOGRAPHIC INFORMATION

12 Months Ended

Mar. 31, 2026

SEGMENT AND GEOGRAPHIC INFORMATION

NOTE 13 - SEGMENT AND GEOGRAPHIC INFORMATION

NOTE 13—SEGMENT AND GEOGRAPHIC INFORMATION

Based on its operating management and financial reporting structure, the Company has determined that it has one reportable business segment: the design, development and sale of integrated circuits.

The key measure of segment profit or loss utilized by the chief operating decision maker to assess performance of and allocate resources to the Company’s operating segment is consolidated net income (loss). Net income (loss) is used in monitoring budget versus actual results. This measure is presented on the consolidated statements of operations and comprehensive loss. Significant segment expenses included in net income (loss) include cost of revenue, research and development, selling, general and administrative, interest income, net, other expense, net, and income tax provision (benefit), which are presented on the consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

The following is a summary of net revenues by geographic area based on the location to which product is shipped:


	Year Ended March 31,
	2026			2025		2024

	(In thousands)
United States	$	12,294		$	8,152	$	11,461
China		4,231			5,326		1,262
Singapore		2,230			2,009		2,034
Netherlands		575			554		2,825
Germany		4,599			3,716		3,498
Rest of the world		1,193			761		685
	$	25,122		$	20,518	$	21,765

All sales are denominated in United States dollars.

The locations and net book value of property and equipment and operating lease right-of-use assets are as follows:


	March 31,
	2026			2025

	(In thousands)
United States	$	8,367		$	9,372
Taiwan		400			364
Israel		380			619
	$	9,147		$	10,355

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

13. SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Mar. 31, 2026

SEGMENT AND GEOGRAPHIC INFORMATION

Schedule of net revenues by geographic area


	Year Ended March 31,
	2026			2025		2024

	(In thousands)
United States	$	12,294		$	8,152	$	11,461
China		4,231			5,326		1,262
Singapore		2,230			2,009		2,034
Netherlands		575			554		2,825
Germany		4,599			3,716		3,498
Rest of the world		1,193			761		685
	$	25,122		$	20,518	$	21,765

Schedule of property and equipment and operating lease right-of-use assets by geographic area


	March 31,
	2026			2025

	(In thousands)
United States	$	8,367		$	9,372
Taiwan		400			364
Israel		380			619
	$	9,147		$	10,355

2. REVENUE RECOGNITION (Details)	12 Months Ended
2. REVENUE RECOGNITION (Details)	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract	true
Warranty period	3 years
Sales Revenue, Net \| Customer Concentration Risk \| KYEC
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage	14.00%	22.00%	3.00%
Sales Revenue, Net \| Customer Concentration Risk \| Cadence Design Systems
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage	12.00%	8.00%	8.00%
Sales revenue goods \| Customer Concentration Risk \| Nokia
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage	6.00%	12.00%	21.00%
SRAM Products \| Sales Revenue, Net \| Customer Concentration Risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage	99.00%	99.00%	99.00%
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	30 days
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	60 days

10. COMMON STOCK

12 Months Ended

Mar. 31, 2026

COMMON STOCK

NOTE 10 - COMMON STOCK

NOTE 10—COMMON STOCK

The Company’s Certificate of Incorporation, as amended, authorizes the Company to issue 150,000,000 shares of $0.001 par value common stock.

The Company’s board of directors has authorized the repurchase, at management’s discretion, of shares of its common stock. Under the repurchase program, the Company may repurchase shares from time to time on the open market or in private transactions. The specific timing and amount of the repurchases will be dependent on market conditions, securities law limitations and other factors. The repurchase program may be suspended or terminated at any time without prior notice. Through March 31, 2026, including the shares purchased in a modified “Dutch Auction” self-tender offer, the Company has repurchased and retired a total of 12,004,779 shares at an average cost of $5.06 per share for a total cost of $60.7 million. At March 31, 2026, management was authorized to repurchase additional shares with a value of up to $4.3 million under the repurchase program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Mar. 31, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

2. REVENUE RECOGNITION

12 Months Ended

Mar. 31, 2026

REVENUE RECOGNITION

NOTE 2 - REVENUE RECOGNITION

NOTE 2 —REVENUE RECOGNITION

The Company determines revenue recognition through the following steps: (1) identification of the contract with a customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, we satisfy a performance obligation.

The Company’s customer contracts, which may be in the form of purchase orders, contracts or purchase agreements, contain performance obligations for delivery of agreed upon products. Delivery of all performance obligations contained within a contract with a customer typically occurs at the same time (or within the same accounting period). Transfer of control occurs at the point at which delivery has occurred, title and the risks and rewards of ownership have passed to the customer, and the Company has a right to payment. The Company recognizes revenue upon shipment of the product.

Because all of the Company’s performance obligations relate to contracts with a duration of less than one year, the Company elected to apply the optional exemption practical expedient and, therefore, is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period.

The Company adjusts the transaction price for variable consideration. Variable consideration is not typically significant and primarily results from stock rotation rights and quick pay discounts provided to certain distributors. As a practical expedient, the Company is recognizing the incremental costs of obtaining a contract, specifically commission expenses that have a period of benefit of less than twelve months, as an expense when incurred. Additionally, the Company has adopted an accounting policy to recognize shipping costs that occur after control transfers to the customer as a fulfillment activity.

The Company’s contracts with customers do not typically include extended payment terms. Payment terms vary by contract type and type of customer and generally range from 30 to 60 days from shipment. Additionally, the Company has the right to payment upon shipment.

The Company records revenue net of sales tax, value added tax, excise tax and other taxes collected concurrent with product sales. The impact of such taxes on product sales is immaterial.

Substantially all of the Company’s revenue is derived from sales of SRAM products which represented approximately 99%, 99% and 99% of total revenues in the years ended March 31, 2026, 2025 and 2024, respectively.

KYEC was our largest end user customer in fiscal 2025 and fiscal 2026. Based on information provided to the Company by KYEC’s contract manufacturers and distributors, purchases by KYEC represented approximately 14%, 22% and 3% of our net revenues in fiscal 2026, 2025 and 2024, respectively. Nokia was the Company’s largest end user customer in fiscal 2024 and 2023. Nokia purchases products directly from the Company and through contract manufacturers and distributors. Based on information provided to the Company by Nokia’s contract manufacturers and distributors, purchases by Nokia represented approximately 6%, 12% and 21% of the Company’s net revenues in fiscal 2026, 2025 and 2024, respectively. Based on information provided to the Company by Cadence Design Systems contract manufacturers and distributors, purchases by Cadence Design Systems represented approximately 12%, 8% and 8% of the Company’s net revenues in fiscal 2026, 2025 and 2024, respectively.

See “Note 13 - Segment and Geographic Information” for revenue by shipment destination.

The following table presents the Company’s revenue disaggregated by customer type.


	Year Ended March 31,
	2026			2025		2024

	(In thousands)
Contract manufacturers	$	1,234		$	1,614	$	4,450
Distribution		23,436			18,809		16,636
OEMs		452			95		679
	$	25,122		$	20,518	$	21,765

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

8. LEASES - Operating leases (Details)		3 Months Ended	12 Months Ended
8. LEASES - Operating leases (Details)	Jun. 06, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Leases
Operating lease, option to extend			true
Operating lease, renewal term			10 years
Proceeds from sale of assets	$ 11,300,000			$ 11,392,000
Lease term	10 years
Number of options to renew the lease term	2
Renewal lease term for sale and leaseback transaction	5 years
Amount of base rent per month	$ 90,768
Incremental rental rate percentage	3.00%
Gain from sale and leaseback transaction		$ 5,700,000
Operating lease right-of-use assets			$ 8,264,000	9,547,000
Lease liabilities - current			1,488,000	1,642,000
Lease liabilities, non-current			6,978,000	8,001,000
Total operating lease liabilities			$ 8,466,000	$ 9,643,000
Minimum
Leases
Operating lease, term of lease			5 months
Maximum
Leases
Operating lease, term of lease			98 months

16. GOVERNMENT AGREEMENTS (Details) - USD ($)	12 Months Ended
16. GOVERNMENT AGREEMENTS (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2025	Oct. 31, 2024	Nov. 30, 2023	Jun. 30, 2023
Government Assistance
Milestone payments				$ 250,000
Small Business Innovation Research program
Government Assistance
Milestone payments			$ 2,000,000			$ 1,250,000
Amount recognized	$ 1,000,000	$ 1,200,000
Government Assistance, Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration]	Research and Development Expense	Research and Development Expense
U.S. Air Force Research Laboratory
Government Assistance
Milestone payments					$ 1,100,000

4. BALANCE SHEET DETAIL - Intangible assets (Details) - USD ($)	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,890,000	$ 4,890,000
Accumulated Amortization	(3,801,000)	(3,567,000)
Total	1,089,000	1,323,000
Amortization of intangible assets	234,000	233,000	$ 234,000
Product Designs
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	590,000	590,000
Accumulated Amortization	(590,000)	(590,000)
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,220,000	4,220,000
Accumulated Amortization	(3,131,000)	(2,897,000)
Total	1,089,000	1,323,000
Software.
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	80,000	80,000
Accumulated Amortization	$ (80,000)	$ (80,000)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

8. LEASES - Other information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 1,745	$ 1,471
Right-of-use assets obtained in exchange for lease obligations - Operating leases		$ 9,092
Weighted-average remaining lease term (years) - Operating leases	7 years 10 months 2 days	8 years 6 months 29 days
Weighted-average discount rate - Operating leases	6.32%	6.24%

4. BALANCE SHEET DETAIL - Accrued expenses and other liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Accrued expenses and other liabilities:
Accrued compensation	$ 2,421	$ 2,488
Accrued commissions	168	85
Production mask set		1,250
Purchased intellectual property	917
Others	588	618
Total accrued expenses and other liabilities	$ 4,094	$ 4,441

4. BALANCE SHEET DETAIL - Additional information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2024	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Cost reduction	16.00%
Severance related charges		$ 356,000
Accrued severance		0
Cost of revenues
Restructuring Cost and Reserve [Line Items]
Severance related charges		204,000
Research and development
Restructuring Cost and Reserve [Line Items]
Severance related charges		128,000
Selling, general and administrative expense
Restructuring Cost and Reserve [Line Items]
Severance related charges		$ 24,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
ASSETS
Cash and cash equivalents	$ 67,212	$ 13,434
Accounts receivable, net	4,237	3,169
Inventories	4,079	3,891
Prepaid expenses and other current assets ($281 and $375 from a related party)	3,659	2,961
Total current assets	79,187	23,455
Property and equipment, net	883	808
Operating lease right-of-use assets	8,264	9,547
Goodwill	7,978	7,978
Intangible assets, net	1,089	1,323
Deferred tax asset	329
Other assets	223	206
Total assets	97,953	43,317
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable ($87 and $8 to a related party)	3,614	991
Lease liabilities, current	1,488	1,642
Accrued expenses and other liabilities	4,094	4,441
Total current liabilities	9,196	7,074
Deferred tax liability	18	16
Lease liabilities, non-current	6,978	8,001
Total liabilities	16,192	15,091
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock: $0.001 par value authorized: 5,000,000 shares; issued and outstanding: none
Common Stock: $0.001 par value authorized: 150,000,000 shares; issued and outstanding: 36,602,040 and 25,605,973 shares, respectively	37	26
Additional paid-in capital	130,262	63,492
Accumulated other comprehensive loss	(87)	(87)
Retained deficit	(48,451)	(35,205)
Total stockholders' equity	81,761	28,226
Total liabilities and stockholders' equity	$ 97,953	$ 43,317

6. INCOME TAXES - U.S Statutory income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Amount (in thousands)
U.S. Federal taxes at statutory rate	$ (2,808)	$ (2,203)	$ (4,204)
State taxes, net of federal benefit	2	2	1
Stock-based compensation		566	408
Foreign tax rate differential		1,382	1,663
GILTI tax			232
Lapses of applicable statute of limitations		(767)
Non-deductible expenses and other		1	2
Research and development tax credits	(318)
Tax credits		(404)	(530)
Income tax expense (benefit) before change in valuation allowance		(1,423)	(2,428)
Change in valuation allowance	2,536	1,553	2,498
Nontaxable or non-deductible items
Net gain on warrants	(710)
Other	(48)
Provision (benefit) for income taxes	$ (132)	$ 130	$ 70
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES	UNITED STATES	UNITED STATES
Percent
U.S. Federal taxes at statutory rate	21.00%
State taxes, net of federal benefit	0.00%
Research and development tax credits	2.40%
Change in valuation allowance	(19.00%)
Nontaxable or non-deductible items
Net gain on warrant	5.30%
Other	0.40%
Benefit for income taxes	1.00%
Israel
Amount (in thousands)
Foreign tax rate differential	$ (325)
Other	$ 35
Percent
Foreign tax rate differential	2.40%
Other	(0.30%)
Cayman Islands
Amount (in thousands)
Foreign tax rate differential	$ 1,593
Percent
Foreign tax rate differential	(11.90%)
Other
Amount (in thousands)
Other	$ (89)
Percent
Other	0.70%

9. COMMITMENTS AND CONTINGENCIES - Product warranties (Details)	12 Months Ended
	Mar. 31, 2026
Product warranties
Warranty period	3 years

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 25,122	$ 20,518	$ 21,765
Cost of revenues ($223, $140 and $125 to a related party)	11,427	10,378	9,942
Gross profit	13,695	10,140	11,823
Operating expenses:
Research and development	19,947	16,005	21,689
Selling, general and administrative	11,225	10,763	10,565
Gain from sale of assets		(5,793)
Total operating expenses	31,172	20,975	32,254
Loss from operations	(17,477)	(10,835)	(20,431)
Interest income, net	926	445	541
Gain on change in fair value of warrant liability	6,209
Issuance costs associated with warrant liability	(2,830)
Other expense, net	(206)	(119)	(127)
Loss before income taxes	(13,378)	(10,509)	(20,017)
Provision (benefit) for income taxes	(132)	130	70
Net loss	$ (13,246)	$ (10,639)	$ (20,087)
Net loss per share:
Basic	$ (0.42)	$ (0.42)	$ (0.8)
Diluted	$ (0.42)	$ (0.42)	$ (0.8)
Weighted average shares used in per share calculations:
Basic	31,839	25,498	25,144
Diluted	31,839	25,498	25,144

5. GOODWILL

12 Months Ended

Mar. 31, 2026

GOODWILL.

NOTE 5 - GOODWILL

NOTE 5—GOODWILL

Goodwill represents the difference between the purchase price and the estimated fair value of the identifiable assets acquired and liabilities assumed in a business combination. The Company tests for goodwill impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset is more likely than not impaired. The Company has one reporting unit.

The Company had a goodwill balance of $8.0 million as of both March 31, 2026 and 2025. The goodwill resulted from the acquisition of MikaMonu Group Ltd. (“MikaMonu”) in fiscal 2016.

The Company completed its annual impairment test during the fourth quarter of fiscal 2026 and concluded that there was no impairment, as it was more likely than not that the fair value of its sole reporting unit exceeded its carrying value and the performance of a quantitative impairment test was not required.

11. STOCK-BASED COMPENSATION - Options outstanding by exercise price (Details) - $ / shares	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 5.25	$ 5.03
Number of Shares Underlying Options Outstanding (in shares)	7,085,134
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.25
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 8 months 26 days
Options Exercisable, Number Vested and Exercisable (in shares)	4,636,645
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.59
$0.00 - $2.00
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	0
Exercise Price, high end of range (in dollars per share)	$ 2
Number of Shares Underlying Options Outstanding (in shares)	600,960
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 1.91
Options Outstanding, Weighted Average Remaining Contractual Life	7 years 5 months 1 day
Options Exercisable, Number Vested and Exercisable (in shares)	493,593
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 1.91
$2.01 - $4.00
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	2.01
Exercise Price, high end of range (in dollars per share)	$ 4
Number of Shares Underlying Options Outstanding (in shares)	1,687,530
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 3.31
Options Outstanding, Weighted Average Remaining Contractual Life	8 years 5 months 15 days
Options Exercisable, Number Vested and Exercisable (in shares)	626,614
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 3.08
$4.01 - $6.00
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	4.01
Exercise Price, high end of range (in dollars per share)	$ 6
Number of Shares Underlying Options Outstanding (in shares)	2,205,759
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.05
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 10 days
Options Exercisable, Number Vested and Exercisable (in shares)	1,467,109
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.45
$6.01 - $8.00
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	6.01
Exercise Price, high end of range (in dollars per share)	$ 8
Number of Shares Underlying Options Outstanding (in shares)	1,830,496
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 7.02
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 10 days
Options Exercisable, Number Vested and Exercisable (in shares)	1,428,886
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 6.97
$8.01 - $10.00
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	8.01
Exercise Price, high end of range (in dollars per share)	$ 10
Number of Shares Underlying Options Outstanding (in shares)	760,389
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 8.51
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 6 months 3 days
Options Exercisable, Number Vested and Exercisable (in shares)	620,443
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 8.24

13. SEGMENT AND GEOGRAPHIC INFORMATION - Property and equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Net revenues and property and equipment by geographic area
Property and equipment and operating lease right-of-use assets	$ 9,147	$ 10,355
UNITED STATES
Net revenues and property and equipment by geographic area
Property and equipment and operating lease right-of-use assets	8,367	9,372
TAIWAN
Net revenues and property and equipment by geographic area
Property and equipment and operating lease right-of-use assets	400	364
ISRAEL
Net revenues and property and equipment by geographic area
Property and equipment and operating lease right-of-use assets	$ 380	$ 619

3. NET LOSS PER COMMON SHARE

12 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

NOTE 3 - NET LOSS PER COMMON SHARE

NOTE 3—NET LOSS PER COMMON SHARE

The Company uses the treasury stock method to calculate the weighted average shares used in computing diluted net loss per share. The following table sets forth the computation of basic and diluted net loss per share:


	Year Ended March 31,
	2026			2025			2024

	(In thousands, except per share amounts)
Net loss	$	(13,246)		$	(10,639)		$	(20,087)

Denominators:
Weighted average shares—Basic		31,839			25,498			25,144
Dilutive effect of employee stock options		—			—			—
Dilutive effect of employee stock purchase plan options		—			—			—
Weighted average shares—Dilutive		31,839			25,498			25,144
Net loss per common share—Basic	$	(0.42)		$	(0.42)		$	(0.80)
Net loss per common share—Diluted	$	(0.42)		$	(0.42)		$	(0.80)

The following shares of common stock (determined on a weighted average basis) were excluded from the computation of diluted net loss per common share as they had an anti-dilutive effect:


		Year Ended March 31,
		2026		2025		2024

		(In thousands)
Shares underlying options and ESPP shares		5,305		7,551		7,930

12. RELATED PARTY TRANSACTIONS

12 Months Ended

Mar. 31, 2026

RELATED PARTY TRANSACTIONS

NOTE 12 - RELATED PARTY TRANSACTIONS

NOTE 12—RELATED PARTY TRANSACTIONS

The Company incurred engineering service expense and manufacturing services of approximately $223,000, $140,000 and $500,000 during the fiscal years ended March 31, 2026, 2025 and 2024, respectively, from Wistron Neweb Corp (“WNC”) in connection with the manufacturing of single-APU PCIe boards, to be used in the Company’s in-place associative computing product. Haydn Hsieh, a member of the Company’s board of directors, is the Chairman and Chief Strategy Officer of WNC. The amount owed to WNC, of $87,000 and $8,000 at March 31, 2026 and 2025, respectively, is included in accounts payable in the Consolidated Balance Sheets. Amounts paid to WNC of $281,000 and $375,000 are included in prepaid expenses and other current assets in the Consolidated Balance Sheets at March 31, 2026 and 2025, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

6. INCOME TAXES (Details) - USD ($)	12 Months Ended
6. INCOME TAXES (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
INCOME TAXES
Deferred tax liabilities, undistributed foreign earnings	$ 0
Deferred tax assets unrecognized tax benefit	3,500,000	$ 3,400,000
Unrecognized tax benefits, noncurrent	0
Tax effect, Global intangible low-taxed income	0
Deferred tax assets, net	25,700,000	22,800,000
Less valuation allowance	(25,384,000)	(22,794,000)
Valuation allowance, increase	2,600,000	2,600,000
Net deferred tax asset	311,000
Net deferred tax liability		16,000
Unrecognized Tax Benefits
Unrecognized tax benefits, beginning of period	3,356,000	3,948,000	$ 3,723,000
Lapses of applicable statutes of limitations		(767,000)
Additions based on tax positions related to current year	149,000	175,000	225,000
Unrecognized tax benefits, end of period	3,505,000	$ 3,356,000	$ 3,948,000
Federal
INCOME TAXES
Net operating loss carryforwards for income tax purposes	27,800,000
Tax credit carryforwards for income tax purposes	5,900,000
State
INCOME TAXES
Net operating loss carryforwards for income tax purposes	26,800,000
Tax credit carryforwards for income tax purposes	$ 6,200,000

6. INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2026

INCOME TAXES

Loss before income taxes and provision for income taxes


		Year Ended March 31,
		2026			2025			2024

		(In thousands)
Loss before income taxes:
U.S.		$	(6,940)		$	(4,511)		$	(12,414)
Foreign			(6,438)			(5,998)			(7,603)
		$	(13,378)		$	(10,509)		$	(20,017)
Current income tax expense:
U.S. federal		$	—		$	—		$	—
State			2			2			1
Foreign			193			126			67
			195			128			68
Deferred income tax expense (benefit):
U.S. federal			2			2			2
State			(329)			—			—
Foreign			—			—			—
			(327)			2			2
Provision (benefit) for income taxes		$	(132)		$	130		$	70

Income tax reconciliation


	Year Ended March 31, 2026
		(in thousands)	Percent
U.S. Federal taxes at statutory rate	$	(2,808)	21.0	%
State taxes, net of federal benefit		2	0.0	%
Foreign tax effects
Israel - foreign tax rate differential between Israel and the US		(325)	2.4	%
Israel - other		35	(0.3)	%
Cayman Islands - foreign tax rate differential between Cayman Islands and the US		1,593	(11.9)	%
Other foreign jurisdictions		(89)	0.7	%
Research and development tax credits		(318)	2.4	%
Change in valuation allowance		2,536	(19.0)	%
Nontaxable or non-deductible items
Net gain on warrants		(710)	5.3	%
Other		(48)	0.4	%
Benefit for income taxes	$	(132)	1.0	%


		Year Ended March 31,
		2025			2024

		(In thousands)
U.S. Federal taxes at statutory rate		$	(2,203)		$	(4,204)
State taxes, net of federal benefit			2			1
Stock-based compensation			566			408
Tax credits			(404)			(530)
Foreign tax rate differential			1,382			1,663
GILTI tax			—			232
Lapses of applicable statute of limitations			(767)			—
Non-deductible expenses and other			1			2
			(1,423)			(2,428)
Valuation allowance			1,553			2,498
		$	130		$	70

Deferred tax assets and deferred tax liabilities


		March 31,
		2026			2025

		(In thousands)
Deferred tax assets:
Tax credits		$	10,820		$	10,242
Net operating losses			7,369			5,933
Capitalized research and development			4,222			4,429
Stock-based compensation			1,189			1,187
Property and equipment			979			209
Operating lease liabilities			1,688			2,103
Other loss carryover			329			—
Other reserves and accruals			739			753
Total deferred tax assets			27,335			24,856
Less valuation allowance			(25,384)			(22,794)
Deferred tax assets, net			1,951			2,062
Deferred tax liabilities:
Right of use assets			(1,640)			(2,078)
Total deferred tax liabilities			(1,640)			(2,078)
Net deferred tax asset (liability)		$	311		$	(16)

Income taxes paid, net of refunds


	Fiscal year ended March 31, 2026
		(In thousands)
Federal	$	(5)
State		2
Foreign
Israel		159
Taiwan		47
	$	203

Unrecognized tax benefits


		Year Ended March 31,
		2026			2025			2024

		(In thousands)
Unrecognized tax benefits, beginning of period		$	3,356		$	3,948		$	3,723
Lapses of applicable statute of limitations			—			(767)			—
Additions based on tax positions related to current year			149			175			225
Unrecognized tax benefits, end of period		$	3,505		$	3,356		$	3,948

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Mar. 31, 2026

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of property plant and equipment useful life



Software		3 to 5 years
Computer and other equipment		5 to 10 years
Furniture and fixtures		7 years

11. STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($)	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Stock-based compensation expense by line item
Stock-based compensation expense	$ 2,803,000	$ 2,262,000	$ 2,838,000
Cost of revenues
Stock-based compensation expense by line item
Stock-based compensation expense	231,000	199,000	228,000
Research and development
Stock-based compensation expense by line item
Stock-based compensation expense	945,000	1,010,000	1,411,000
Selling, general and administrative
Stock-based compensation expense by line item
Stock-based compensation expense	1,627,000	1,053,000	1,199,000
Employee Stock Purchase Plan Year 2007
Stock-based compensation expense by line item
Stock-based compensation expense	$ 163,000	$ 176,000	$ 230,000

6. INCOME TAXES - Income taxes paid, net of refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
INCOME TAXES
Federal	$ (5)
State	2
Income Taxes Paid, Net, Total	203	$ 256	$ 389
Israel
INCOME TAXES
Foreign	159
Taiwan
INCOME TAXES
Foreign	$ 47

14. ACQUISITION (Details)		12 Months Ended
14. ACQUISITION (Details)	Nov. 23, 2015 USD ($) patent	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2026 USD ($)
Acquisition disclosure
Contingent consideration liability		$ 0		$ 0
Mika Monu
Acquisition disclosure
Contingent consideration liability	$ 5,800,000	0		$ 0
Change in contingent consideration liability		$ (168,000)	$ (1,000,000)
Mika Monu \| UNITED STATES
Acquisition disclosure
Number of patents held \| patent	12
Mika Monu \| Quarterly payments based on net revenue \| Maximum
Acquisition disclosure
Contingent consideration	$ 30,000,000
Contingent consideration, percent of net revenue	5.00%

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2026

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1—THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company

GSI Technology, Inc. (the “Company”) was incorporated in California in March 1995 and reincorporated in Delaware on June 9, 2004. The Company is a provider of high-performance semiconductor memory solutions to networking, industrial, test equipment, medical, aerospace and military customers. The Company’s products are incorporated primarily in high-performance networking and telecommunications equipment, such as routers, switches, wide area network infrastructure equipment, wireless base stations and network access equipment. In addition, the Company serves the ongoing needs of the military, industrial, test equipment and medical markets for high-performance SRAMs. The Company’s in-place associative computing product line is targeted at low power, low latency inference markets. The associative computing product line is well situated for the growth currently occurring in physical AI, drones, and edge compute. Applications include environment self-aware navigation and security monitoring. These apply fast sensor fusion, and multi-modal LLM processing in applications using but not limited to multi-sensor computer vision, and synthetic aperture radar, for compromised environment navigation and security.

Accounting principles

The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Basis of consolidation

The consolidated financial statements include the accounts of the Company’s four wholly owned subsidiaries, GSI Technology Holdings, Inc., GSI Technology (BVI), Inc., GSI Technology Israel Ltd. and GSI Technology Taiwan, Inc. All inter-company transactions and balances have been eliminated in consolidation.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates are inherent in the preparation of the consolidated financial statements and include obsolete and excess inventory. The challenging global economic environment due to, among other things, increased or new tariffs, export controls and other trade barriers and trade disputes, worldwide inflationary pressures and increasing geopolitical tensions, has made such estimates more difficult and subjective. Actual results could differ materially from those estimates.

Government Agreements

From time to time, the Company may enter into agreements with federal government agencies. GAAP does not have specific accounting standards covering agreements between the government and business entities. The Company applies International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance, by analogy when accounting for agreements entered into with the government. Under IAS 20, government grants or awards are initially recognized when there is reasonable assurance the conditions of the grant or award will be met and the grant or award will be received. After initial recognition,

government grants or awards are recognized on a systematic basis in a manner consistent with the manner in which the Company recognizes the underlying costs for which the grant or award is intended to compensate. The Company follows ASC 832, Disclosures by Business Entities about Government Assistance, with respect to the disclosures of government grants or awards.

Credit Losses—Marketable Securities

For marketable securities in an unrealized loss position, the Company periodically assesses its portfolio for impairment. The assessment first considers the intent or requirement to sell the marketable security. If either of these criteria are met, the amortized cost basis is written down to fair value through earnings.

If the criteria above are not met, the Company evaluates whether the decline resulted from credit losses or other factors by considering the extent to which fair value is less than amortized cost, any changes to the rating of the marketable security by a rating agency, and any adverse conditions specifically related to the marketable security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the marketable security is compared to the amortized cost basis of the marketable security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any other impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive loss.

Credit Losses—Accounts Receivable

Accounts receivable are recorded at the amounts billed less estimated allowances for credit losses for any potential uncollectible amounts. The Company continually monitors customer payments and maintains an allowance for estimated losses resulting from a customer’s inability to make required payments. The Company considers factors such as historical experience, credit quality, age of the accounts receivable balances, and economic conditions that may affect a customer’s ability to pay. Accounts receivable are written-off and charged against an allowance for credit losses when the Company has exhausted collection efforts without success.

Warrant Liabilities

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, including warrant liabilities, the derivative instrument is initially recorded at its fair value on the issuance date and is then re-valued upon exercise or at each reporting date for unexercised warrants, with changes in the fair value reported in the consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. The warrant liability was extinguished by the exercise of the warrants in October 2025.

Risk and uncertainties

The decline in the global economic environment due to, among other things, increased or new tariffs, export controls and other trade barriers and trade disputes, worldwide inflationary pressures and increasing geopolitical tensions, has affected the business activities of the Company, its customers, suppliers, and other business partners in the fiscal year ended March 31, 2026.

Our software development and certain regional sales activities for our APU product offerings occur in Israel. Our Vice President, Associative Computing, along with a team of software development experts are based in our

Israel facility. This team is needed for the development of the various levels of software required in the use of our APU product offering. Proof of concept customers for our Synthetic Aperture Radar image processing acceleration system are also based in Israel. We are closely monitoring developments in the evolving military conflict in Israel including potential impacts to our business, customers, employees and operations in Israel. At this time, the impact on GSI Technology is uncertain and subject to change given the volatile nature of the situation, but adverse changes in the military conditions in Israel could harm our business and our stock price could decline.

The Company believes that during the next 12 months disruptions in the capital markets as a result of increased or new tariffs, export controls and other trade barriers and trade disputes, worldwide inflationary pressures and increasing geopolitical tensions and the decline in the global economic environment could impact general economic activity and demand in the Company’s end markets.

The Company buys all of its SRAM wafers, an integral component of its products, from a single supplier and is also dependent on independent suppliers to assemble and test its products. During the years ended March 31, 2026, 2025 and 2024, all of the wafers used in the Company’s SRAM products were supplied by Taiwan Semiconductor Manufacturing Company Limited, or TSMC. If this supplier fails to satisfy the Company’s requirements on a timely basis at competitive prices, the Company could suffer manufacturing delays, a possible loss of revenues, or higher cost of revenues, any of which could adversely affect operating results.

A significant portion of the Company’s net revenues come from sales to customers in the networking and telecommunications equipment industry. A decline in demand in this industry could have a material adverse effect on the Company’s operating results and financial condition.

Because much of the manufacturing and testing of the Company’s products is conducted in Taiwan, its business performance may be affected by changes in Taiwan’s political, social and economic environment. For example, any political instability or restrictions on transportation logistics for our products that result from the relationship among the United States, Taiwan and the People’s Republic of China could damage the Company’s business. Moreover, the role of the Taiwanese government in the Taiwanese economy is significant. Taiwanese policies toward economic liberalization, and laws and policies affecting technology companies, foreign investment, currency exchange rates, taxes and other matters could change, resulting in greater restrictions on the Company’s and its suppliers' ability to do business and operate facilities in Taiwan. If any of these risks were to occur, the Company’s business could be harmed.

Some of the Company’s suppliers and the Company’s two principal operations are located near fault lines. In the event of a major earthquake, typhoon or other natural disaster near the facilities of any of these suppliers or the Company, the Company’s business could be harmed.

From time to time, the Company is involved in legal actions. There are many uncertainties associated with any litigation, and the Company may not prevail. If information becomes available that causes us to determine that a loss in any of the Company’s pending litigation, or the settlement of such litigation, is probable, and we can reasonably estimate the loss associated with such events, we will record the loss in accordance with GAAP. However, the actual liability in any such litigation may be materially different from the Company’s estimates, which could require us to record additional costs.

Revenue recognition

The Company recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Under this criteria, revenue from the sale of products is generally recognized upon shipment according to the Company’s shipping terms, net of accruals for estimated variable consideration resulting from sales returns and allowances based on historical experience.

Cash and cash equivalents

Cash and cash equivalents include cash in demand accounts and highly liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase, stated at cost, which approximates their fair value.

Short-term investments

All of the Company’s short-term investments are classified as available-for-sale. Available-for-sale debt securities with maturities greater than twelve months are classified as long-term investments when they are not intended for use in current operations. Investments in available-for-sale securities are reported at fair value with unrecognized gains (losses), net of tax, as a component of “Accumulated other comprehensive loss” on the Consolidated Balance Sheets.

Concentration of credit risk

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents and accounts receivable. The Company places its cash primarily in checking, certificate of deposit, and money market accounts with reputable financial institutions. We maintain the majority of our cash and cash equivalents in accounts at banking institutions in the U.S that we believe are of high quality. Cash held in these accounts often exceed the FDIC insurance limits. The Company’s accounts receivables are derived primarily from revenue earned from customers located in the U.S. and Asia. The Company performs ongoing credit evaluations of its customers’ financial condition and, generally, requires no collateral from its customers. The Company maintains an allowance for credit losses based upon the expected collectability of accounts receivable. There were no write offs of accounts receivable in the years ended March 31, 2026, 2025 or 2024.

At March 31, 2026, two customers accounted for 52% and 34% of accounts receivable, and for the year then ended, two customers accounted for 64% and 14% of net revenues. At March 31, 2025, two customers accounted for 56% and 29% of accounts receivable, and for the year then ended, two customers accounted for 50% and 23% of net revenues. For the year ended March 31, 2024, two customers accounted for 51% and 14% of net revenues.

Inventories

Inventories are stated at the lower of cost or net realizable value, cost being determined on a weighted average basis. Inventory write-down allowances are established when conditions indicate that the selling price could be less than cost due to physical deterioration, obsolescence of certain products based on changes in technology and demand, changes in price levels, or other causes. These allowances, once recorded, result in a new cost basis for the related inventory. These allowances are also considered for excess inventory generally based on inventory levels in excess of 12 months of forecasted customer demand based on historical sales and expected future orders, as estimated by management, for each specific product. The allowance is not reversed until the inventory is sold or disposed.

The Company recorded write-downs of excess and obsolete inventories of $301,000, $305,000 and $180,000, respectively, in fiscal 2026, 2025 and 2024.

Property and equipment, net

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as presented below:



Software		3 to 5 years
Computer and other equipment		5 to 10 years
Furniture and fixtures		7 years

Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the remaining lease term of the respective assets. Gains or losses on disposals of property and equipment are recorded within loss from operations. Costs of repairs and maintenance are included as part of operating expenses unless they are incurred in relation to major improvements to existing property and equipment, at which time they are capitalized.

Operating Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, lease liabilities, current and lease liabilities, non-current on the Company's Consolidated Balance Sheets. The Company did not identify any finance leases as of March 31, 2026 and 2025.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As the Company’s leases do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on observed market data and other information available at the lease commencement date. The operating lease ROU assets also include any lease payments made and exclude lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company does not record leases on the Consolidated Balance Sheets with a term of one year or less. The Company does not separate lease and non-lease components but rather accounts for each separate component as a single lease component for all underlying classes of assets. Variable lease payments are expensed as incurred and are not included within the operating lease ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs incurred by lessors for common area maintenance and utilities. Lease expense for minimum operating lease payments is recognized on a straight-line basis over the lease term.

Impairment of long-lived assets

Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. If the sum of the expected future cash flows (undiscounted and before interest) from the use of the assets is less than the net book value of the asset an impairment could exist and the amount of the impairment loss, if any, will generally be measured as the difference between the net book value of the assets and their estimated fair values. There were no impairment losses recognized during the years ended March 31, 2026, 2025 or 2024.

Goodwill and intangible assets

Goodwill is not amortized but is tested for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable.

The Company assesses goodwill for impairment on an annual basis on the last day of February in the fourth quarter of its fiscal year and if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. The Company has one reporting unit. Impairment is recognized if the carrying value of

the net assets of the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit.

Intangible assets with finite useful lives are amortized over their estimated useful lives, generally on a straight-line basis over five to fifteen years. 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 group 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 March 31, 2026.

Research and development

Research and development expenses are related to new product designs, including, salaries, stock-based compensation, contractor fees, preproduction masks, and allocation of corporate costs and are charged to the statement of operations as incurred.

Income taxes

The Company accounts for income taxes under the liability method, whereby deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when it is more likely than not that the deferred tax asset will not be realized. Due to historical losses in the U.S., the Company has a full valuation allowance on its U.S. federal and state deferred tax assets. As of March 31, 2026 and 2025, the Company’s net deferred tax assets of $25.7 and $22.8 million, respectively, were subject to a valuation allowance of $25.4 and $22.8 million, respectively. Management continues to evaluate the realizability of deferred tax assets and the related valuation allowance.

Authoritative guidance prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on a tax return (including a decision whether to file or not to file a return in a particular jurisdiction). Under the guidance, the financial statements will reflect expected future tax consequences of such positions presuming the taxing Authorities’ full knowledge of the position and all relevant facts, but without considering time values. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation process, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement.

The Company’s policy is to include interest and penalties related to unrecognized tax benefits within the provision for income taxes in the Consolidated Statements of Operations.

Shipping and handling costs

The Company records costs related to shipping and handling in cost of revenues.

Advertising expense

Advertising costs are charged to expense in the period incurred. Advertising expense was not material for the years ended March 31, 2026, 2025 and 2024.

Foreign currency transactions

The U.S. dollar is the functional currency for all of the Company’s foreign operations. Foreign currency transaction gains and losses, resulting from transactions denominated in currencies other than U.S. dollars are included in the Consolidated Statements of Operations. These gains and losses were not material for the years ended March 31, 2026, 2025 or 2024.

Segments

Segment reporting is based on the “management approach,” following the method that management organizes the Company’s reportable segments for which separate financial information is made available to, and evaluated regularly by, the chief operating decision maker in allocating resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer (“CEO”), who makes the decision on allocating resources and in assessing performance. The CEO reviews the Company's consolidated results as one operating segment. In making operating decisions, the CEO primarily considers consolidated financial information, accompanied by disaggregated information about revenues by customers and product. All of the Company’s principal operations and decision-making functions are located in the U.S. The Company’s CEO views its operations, manages its business, and uses one measurement of profitability for the one operating segment, which designs, develops and sells integrated circuits.

Accounting for stock-based compensation

Stock-based compensation expense recognized in the Consolidated Statements of Operations is based on options ultimately expected to vest, reduced by the amount of estimated forfeitures. The Company chose the straight-line method of allocating compensation cost over the requisite service period of the related award according to authoritative guidance. The Company calculates the expected term based on the historical average period of time that options were outstanding as adjusted for expected changes in future exercise patterns, which, for options granted in fiscal 2026, 2025 and 2024 resulted in an expected term of approximately 7.1 to 7.3 years, 4.9 to 5.0 years and 4.5 to 4.9 years, respectively. The Company uses its historical volatility to estimate expected volatility. The risk-free interest rate is based on the U.S. Treasury yields in effect at the time of grant for periods corresponding to the expected life of the options. The dividend yield is 0%, based on the fact that the Company has never paid dividends and has no present intention to pay dividends. Changes to these assumptions may have a significant impact on the results of operations.

Authoritative guidance requires cash flows, if any, resulting from the tax benefits from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) to be classified as financing cash flows in the Consolidated Statements of Cash Flows.

Comprehensive loss

Comprehensive loss is defined to include all changes in stockholders’ equity during a period except those resulting from investments by owners and distributions to owners. For the years ended March 31, 2026, 2025 and 2024, comprehensive loss was $13.2 million, $10.6 million and $20.0 million, respectively.

Accounting pronouncements effective for fiscal 2026

In December 2023, the Financial Accounting Standards Board, (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740).” ASU No. 2023-09 improves the transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. It also includes certain other amendments to improve the effectiveness of income tax disclosures regarding (a) income or loss from continuing operations disaggregated between domestic and foreign

and (b) income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024. As permitted by ASU 2023-09, the Company adopted this standard on a prospective basis with its fiscal year 2026 annual reporting period, and it did not have a material effect on the Company’s financial statements.

Accounting pronouncements not yet adopted by the Company

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40).” ASU No. 2024-03 does not change the expense captions an entity presents on the face of the income statement; rather it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU No. 2024-03 requires footnote disclosure about specific expenses to disaggregate, in a tabular presentation, each relevant expense caption on the face of the income statement that includes any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization and (5) depreciation, depletion and amortization recognized as part of oil- and gas-production activities or other types of depletion expenses. The tabular disclosure would also include certain other expenses, when applicable. ASU No. 2024-03 does not change or remove existing expense disclosure requirements; however, it may affect where that information appears in the footnotes to the financial statements. ASU No. 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the disclosure requirements and its effect on the Consolidated Financial Statements.

In July 2025, the FASB issued Accounting Standards Update 2025-05, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05).” ASU 2025-05 provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. We are currently evaluating the potential impact of adopting ASU 2025-05 on our consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (“ASU 2025-10”) to establish authoritative guidance on how to recognize, measure, and present government grants received by business entities. This ASU defines a government grant, establishes when and how a grant related to an asset or income is recognized and measured, and includes presentation and disclosure requirements. ASU 2025-10 is effective for annual periods beginning after December 15, 2028, or our fiscal 2030, and interim reporting periods within those annual reporting periods. We are currently evaluating the potential impact of adopting ASU 2025-10 on our consolidated financial statements and disclosures and is not expected to have a material effect.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock Registered direct offering	Common Stock At the market offering	Common Stock	Additional Paid-in Capital Registered direct offering	Additional Paid-in Capital At the market offering	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Deficit	Registered direct offering	At the market offering	Total
Beginning Balance - Shares at Mar. 31, 2023			24,685,059
Beginning Balance - Amount at Mar. 31, 2023			$ 25			$ 55,953	$ (127)	$ (4,479)			$ 51,372
Issuance of common stock under employee stock option plans, shares			482,313
Issuance of common stock under employee stock option plans, amount						1,654					1,654
Issuance of common stock net of issuance costs, shares		133,000
Issuance of common stock net of issuance costs, amount					$ 153					$ 153
Stock-based compensation expense						2,838					2,838
Net Income (Loss)								(20,087)			(20,087)
Net unrealized gain on available-for-sale investments							40				40
Ending Balance, Shares at Mar. 31, 2024			25,300,372
Ending Balance, Amount at Mar. 31, 2024			$ 25			60,598	(87)	(24,566)			35,970
Issuance of common stock under employee stock option plans, shares			305,601
Issuance of common stock under employee stock option plans, amount			$ 1			632					633
Stock-based compensation expense						2,262					2,262
Net Income (Loss)								(10,639)			(10,639)
Ending Balance, Shares at Mar. 31, 2025			25,605,973
Ending Balance, Amount at Mar. 31, 2025			$ 26			63,492	(87)	(35,205)			28,226
Issuance of common stock under employee stock option plans, shares			1,487,717
Issuance of common stock under employee stock option plans, amount			$ 2			6,231					6,233
Issuance of common stock net of issuance costs, shares	1,508,462	4,508,350
Issuance of common stock net of issuance costs, amount	$ 2	$ 4		$ 4,678	$ 14,264				$ 4,680	$ 14,268
Warrants exercised, net of offering costs, shares			3,491,538
Warrants exercised, net of offering costs, amount			$ 3			38,794					38,797
Stock-based compensation expense						2,803					2,803
Net Income (Loss)								(13,246)			(13,246)
Ending Balance, Shares at Mar. 31, 2026			36,602,040
Ending Balance, Amount at Mar. 31, 2026			$ 37			$ 130,262	$ (87)	$ (48,451)			$ 81,761

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (13,246)	$ (10,639)	$ (20,087)
Net unrealized gain on available-for-sale investments			40
Total comprehensive loss	$ (13,246)	$ (10,639)	$ (20,047)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

11. STOCK-BASED COMPENSATION (Details)	1 Months Ended		12 Months Ended
11. STOCK-BASED COMPENSATION (Details)	Jul. 31, 2021 USD ($) shares	Jun. 30, 2016 shares	Mar. 31, 2026 USD ($) item shares	Mar. 31, 2007 shares
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)			1,356,109
Equity Incentive Plan Year 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Maximum shares authorized				3,000,000
Maximum annual plan shares authorized reserve increase percentage			5.00%
Granted (in shares)			0
Equity Incentive Plan Year 2007 [Member] \| Non Officer Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage			25.00%
Equity Incentive Plan Year 2007 [Member] \| Officer
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			4 years
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Additional shares authorized	4,000,000
Shares available for future award		6,000,000
Previously authorized shares cancelled (in shares)		705,699
Maximum shares subject to stock options and stock appreciation rights granted per employee per fiscal year			300,000
Maximum shares subject to stock restricted stock and restricted stock unit awards granted per employee per fiscal year			100,000
Maximum shares subject to performance share awards granted per employee per fiscal year			50,000
Maximum amount subject to performance unit awards granted per employee per fiscal year \| $			$ 500,000
Maximum amount subject to cash-based or other stock-based awards granted per employee per fiscal year \| $			$ 500,000
Maximum shares subject to cash-based or other stock-based awards granted per employee per fiscal year			50,000
2016 Equity Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Aggregate fair value maximum, amended, annual awards and compensation for services, non-employee director \| $	$ 300,000
Aggregate fair value maximum, annual awards for services, non-employee director \| $	$ 150,000
2016 Equity Incentive Plan \| Non Officer Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage			25.00%
2016 Equity Incentive Plan \| Officer
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			4 years
2016 Equity Incentive Plan \| Director
Share-based Compensation Arrangement by Share-based Payment Award
Maximum total fair market value of a share \| $			$ 150,000
Employee Stock Purchase Plan Year 2007
Share-based Compensation Arrangement by Share-based Payment Award
Maximum shares authorized				500,000
Maximum annual plan shares authorized reserve increase percentage			1.00%
Maximum annual plan shares authorized reserve share increase			250,000
Minimum hours to work per week to qualify for the Employee Stock Purchase Plan \| item			20
Minimum number of months per year needed to work to qualify for the Employee Stock Purchase Plan			5 months
Maximum percentage stock ownership to qualify for the Employee Stock Purchase Plan			5.00%
Maximum annual purchase rights per employee per year to enable granting of additional rights \| $			$ 25,000
Offering period length			6 months
Exercise price percentage of fair value of shares			85.00%
Maximum share purchase per employee per offering period number of shares multiplier			1,000
Maximum share purchase per employee per offering period value multiplier			2,083.33
Shares issued (in shares)			177,917
Employee Stock Purchase Plan Year 2007 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Offering period length			27 months

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
ASSETS
Prepaid expenses and other current assets	$ 3,659,000	$ 2,961,000
Accounts payable	$ 3,614,000	$ 991,000
Stockholders' equity
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	36,602,040	25,605,973
Common stock, shares outstanding	36,602,040	25,605,973
Related party
ASSETS
Prepaid expenses and other current assets	$ 281,000	$ 375,000
Accounts payable	$ 87,000	$ 8,000

18. SUBSEQUENT EVENT

12 Months Ended

Mar. 31, 2026

SUBSEQUENT EVENT

Note 18 - SUBSEQUENT EVENT

NOTE 18—SUBSEQUENT EVENT

On August 1, 2023, we commenced a registered securities offering pursuant to a Sales Agreement (the "Sales Agreement") with Needham & Company, LLC ("Needham"). The Sales Agreement provided that we may offer and sell our common stock having an aggregate offering price of up to $25.0 million from time to time (the "Offering") through Needham, acting as our sales agent. The shares sold in the Offering are registered pursuant to our registration statement on Form S-3, which was filed on June 28, 2023 and declared effective by the SEC on July 19, 2023. In May 2026, we sold 950,401 shares pursuant to the Offering at an average price of $10.10 for proceeds of $9.6 million, less offering costs of $321,000, to complete the Offering.

16. GOVERNMENT AGREEMENTS

12 Months Ended

Mar. 31, 2026

GOVERNMENT AGREEMENTS

NOTE 16 - GOVERNMENT AGREEMENTS

NOTE 16—GOVERNMENT AGREEMENTS

In June 2023, the Company entered into a prototype agreement with the Space Development Agency for the development of a Next-Generation Associative Processing Unit-2 for Enhanced Space-Based Capabilities (“Prototype Agreement”). Under the Prototype Agreement, the Company will receive an award funded by the Small Business Innovation Research program. Pursuant to an agreed-upon schedule, the Company will receive milestone payments totaling an estimated $1.25 million upon successful completion of each milestone. All of the original milestones were completed as of March 31, 2026. In September 2025, the Prototype Agreement was amended to increase the total award amount to $2.0 million by adding milestones related to determining the radiation hardened capability of the Next-Generation Compute-In-Memory Associative Processing Unit (“APU2”) device.

In November 2023, the Company entered into a second prototype agreement with the U.S. Air Force Research Laboratory (“AFRL”) for the development of specialized algorithms for the APU2 device to Enable High-Performance Computing in Space. Pursuant to an agreed-upon schedule, the Company will receive milestone payments totaling an estimated $1.1 million upon successful completion of each milestone. All of the milestones were completed as of March 31, 2026.

In October 2024, the Company was selected by the U.S. Army for a potential contract award of up to $250,000 under the Department of War SBIR program to develop advanced, Army-specific edge computing AI solutions using its Gemini-II technology. All of the milestones were completed as of March 31, 2026.

The Prototype Agreements are unrelated to the Company’s ordinary business activities. The Company has discretion in managing the activities under the Prototype Agreements and retains all developed intellectual property. The Company applies IAS 20, by analogy, and recognizes the award as a reduction of research and development expenses based on a cost incurred method.

During fiscal year 2026 and 2025, the Company recognized $1.0 million and $1.2 million, respectively, as a reduction to research and development expense in the Consolidated Statements of Operations under these agreements.

8. LEASES

12 Months Ended

Mar. 31, 2026

LEASES

NOTE 8 - LEASES

NOTE 8—LEASES

The Company has operating leases for corporate offices, and research and development facilities. The Company’s leases have remaining lease terms of 5 months to 98 months, some of which include options to extend for up to 10 years.

On June 6, 2024, the Company completed a sale and leaseback transaction pursuant to a previously executed purchase and sale agreement (the “Agreement”) with an unrelated party, as purchaser, for the sale of the Company’s 1213 Elko Drive property in Sunnyvale, California (the “Sunnyvale Property”) for a purchase price, net of closing and other expenses payable by the Company, of $11.3 million in cash. Concurrent with the sale, the Company entered into a lease agreement (the “Lease”) to lease all of the Sunnyvale Property that it occupied from the purchaser for an initial term of ten years from the closing of the sale of the Sunnyvale Property. The Company has the option to renew the term of the Lease for two additional five-year periods. Pursuant to the Lease, the Company is responsible for base rent initially at a rate of approximately $90,768 per month and the monthly operational expenses, such as maintenance, insurance, property taxes and utilities. The rental rate will increase three percent (3%) per year beginning on the first anniversary of the closing. The transaction was accounted for as a sale and leaseback and operating lease accounting classification. The Company recorded a gain of $5.7 million which was recorded in the gain from sale of assets in the Consolidated Statements of Operations in the quarter ended June 30, 2024.

Supplemental balance sheet information related to leases was as follows:


	As of		As of
	March 31, 2026		March 31, 2025

	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	8,264	$	9,547

Lease liabilities-current	$	1,488	$	1,642
Lease liabilities-non-current		6,978		8,001
Total operating lease liabilities	$	8,466	$	9,643

The following table provides the details of lease costs:


	Year Ended March 31,
	2026		2025

	(In thousands)
Operating lease cost	$	1,873	$	1,607
Short-term lease cost		28		33
	$	1,901	$	1,640

The following table provides other information related to leases:


	Year Ended March 31,
	2026		2025

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,745	$	1,471

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	—	$	9,092

Weighted-average remaining lease term (years):
Operating leases		7.84		8.58

Weighted-average discount rate:
Operating leases		6.32%		6.24%

The following table provides the maturities of the Company’s operating lease liabilities as of March 31, 2026:


	Operating Lease
	Liabilities
Fiscal Year	(In thousands)
2027	$	1,528
2028		1,192
2029		1,220
2030		1,257
2031		1,294
Thereafter		4,358
Total undiscounted future cash flows		10,849
Less: Imputed interest		(2,383)
Present value of undiscounted future cash flows	$	8,466

Presentation on statement of financial position
Current	$	1,488
Non-current	$	6,978

17. WARRANTS

12 Months Ended

Mar. 31, 2026

WARRANTS

NOTE 17 - WARRANTS

NOTE 17—WARRANTS

On October 21, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with an institutional investor (the “Purchaser”) pursuant to which the Company agreed to issue and sell, in a registered direct offering (the “Registered Direct Offering”) an aggregate of (i) 1,508,462 shares (the “Shares”) of the Company’s common stock, $0.001 par value per share (the “Common Stock”) at a price of $10.00 per Share and (ii) pre-funded warrants to purchase 3,491,538 shares of Common Stock (the “Pre-Funded Warrants” and, collectively with the Shares, the “Offered Securities”). Each of the Pre-Funded Warrants is exercisable for one share of Common Stock at the exercise price of $0.01 per Pre-Funded Warrant, immediately exercisable, and may be exercised at any time. The Purchaser’s ability to exercise its Pre-Funded Warrants in exchange for shares of Common Stock is subject to certain beneficial ownership limitations set forth therein. The Pre-Funded Warrants were classified as a liability upon issuance. All of the Pre-Funded Warrants were exercised during the quarter ended December 31, 2025 resulting in a gain of $6.2 million on the change in the fair value of the Pre-Funded Warrants.

The gross proceeds to the Company from the Registered Direct Offering were $50.0 million, before deducting the placement agents’ fees and other offering expenses payable by the Company of $3.1 million. The Registered Direct Offering closed on October 22, 2025.

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
CONSOLIDATED STATEMENTS OF OPERATIONS
Cost of revenues, related party	$ 223	$ 140	$ 125

12. RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
12. RELATED PARTY TRANSACTIONS (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Related Party Transaction [Line Items]
Engineering and manufacturing services expenses	$ 223,000	$ 140,000	$ 500,000
Operating Cost and Expense, Related Party, Name [Extensible Enumeration]	gsit:WistronNewebCorpMember	gsit:WistronNewebCorpMember	gsit:WistronNewebCorpMember
Accounts payable	$ 3,614,000	$ 991,000
Prepaid expenses and other current assets	3,659,000	2,961,000
Related party
Related Party Transaction [Line Items]
Accounts payable	87,000	8,000
Prepaid expenses and other current assets	$ 281,000	$ 375,000

18. SUBSEQUENT EVENT (Details) - USD ($)	1 Months Ended
18. SUBSEQUENT EVENT (Details) - USD ($)	May 31, 2026	Aug. 01, 2023
Subsequent Event [Line Items]
Maximum aggregate offering price		$ 25,000,000
Subsequent Event
Subsequent Event [Line Items]
Shares sold (in shares)	950,401
Average price	$ 10.1
Proceeds from issuance of common stock	$ 9,600,000
Offering costs	$ 321,000

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Mar. 31, 2026

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounting principles

The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Basis of consolidation

Use of estimates

Government Agreements

Credit Losses-Marketable Securities

Credit Losses—Marketable Securities

Credit Losses-Accounts Receivable

Credit Losses—Accounts Receivable

Warrant Liabilities

Risk and uncertainties

Revenue recognition

Cash and cash equivalents

Short-term investments

Concentration of credit risk

Inventories

The Company recorded write-downs of excess and obsolete inventories of $301,000, $305,000 and $180,000, respectively, in fiscal 2026, 2025 and 2024.

Property and equipment, net

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as presented below:



Software		3 to 5 years
Computer and other equipment		5 to 10 years
Furniture and fixtures		7 years

Operating Leases

Impairment of long-lived assets

Goodwill and intangible assets

Goodwill is not amortized but is tested for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable.

the net assets of the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit.

Research and development

Income taxes

The Company’s policy is to include interest and penalties related to unrecognized tax benefits within the provision for income taxes in the Consolidated Statements of Operations.

Shipping and handling costs

The Company records costs related to shipping and handling in cost of revenues.

Advertising expense

Advertising costs are charged to expense in the period incurred. Advertising expense was not material for the years ended March 31, 2026, 2025 and 2024.

Foreign currency transactions

Segments

Accounting for stock-based compensation

Comprehensive loss

Accounting pronouncements effective for fiscal 2026 or not yet adopted by the Company

Accounting pronouncements effective for fiscal 2026

Accounting pronouncements not yet adopted by the Company

10. COMMON STOCK - Repurchases (Details) - Common Class A [Member] $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Share repurchase program
Repurchase of common stock, shares \| shares	12,004,779
Treasury stock acquired cost per share \| $ / shares	$ 5.06
Repurchase of common stock, amount	$ 60.7
Remaining authorized amount to be repurchased	$ 4.3

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

5. GOODWILL (Details) $ in Thousands	12 Months Ended
5. GOODWILL (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
GOODWILL.
Number of reporting units \| segment	1
Goodwill \| $	$ 7,978	$ 7,978

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

8. LEASES - Maturity of lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Maturity of Lease Liabilities
2027	$ 1,528
2028	1,192
2029	1,220
2030	1,257
2031	1,294
Thereafter	4,358
Total undiscounted future cash flows	10,849
Less: Imputed interest	(2,383)
Total operating lease liabilities	8,466	$ 9,643
Lease liabilities - current	1,488	1,642
Lease liabilities - non-current	$ 6,978	$ 8,001

11. STOCK-BASED COMPENSATION

12 Months Ended

Mar. 31, 2026

STOCK-BASED COMPENSATION

NOTE 11 - STOCK-BASED COMPENSATION

NOTE 11—STOCK-BASED COMPENSATION

The 2007 Equity Incentive Plan

In January 2007, the Company’s board of directors approved the 2007 Equity Incentive Plan, (the “2007 Plan”), which was subsequently approved by the Company’s stockholders in March 2007. A total of 3,000,000 shares of common stock were authorized and reserved for issuance under the 2007 Plan. This reserve automatically increased on April 1 of each year through 2017 by an amount equal to the smaller of (a) five percent of the number of shares of common stock issued and outstanding on the immediately preceding March 31, or (b) a lesser amount determined by the board of directors. As described below, the 2007 Plan was terminated in August 2016 and no further awards may be granted pursuant to the 2007 Plan. In the event of a stock split or other change in the Company’s capital structure, appropriate adjustments will be made in the number of outstanding awards to prevent dilution or enlargement of participants’ rights.

Awards could be granted under the 2007 Plan to the Company’s employees, including officers, directors, or consultants or those of any present or future parent or subsidiary corporation or other affiliated entity. Options granted to non-officer employees generally vested at the rate of 25% on the first anniversary and subsequent anniversaries of the date of grant, while grants to officers vested in full four years after the anniversary date of the officer’s employment that is closest to the date of grant.

In the event of a change in control as described in the 2007 Plan, the acquiring or successor entity may assume or continue all or any awards outstanding under the 2007 Plan or substitute substantially equivalent awards. Any awards that are not assumed or continued in connection with a change in control or exercised or settled prior to the change in control will terminate effective as of the time of the change in control. The administrator may provide for the acceleration of vesting of any or all outstanding awards upon such terms and to such extent as it determines, except that the vesting of all nonemployee director awards will automatically be accelerated in full. The 2007 Plan also authorizes the administrator, in its discretion and without the consent of any participant, to cancel each or any outstanding award denominated in shares upon a change in control in exchange for a payment to the participant with respect to each vested share subject to the cancelled award of an amount equal to the excess of the consideration to be paid per share of common stock in the change in control transaction over the exercise price per share, if any, under the award.

The 2016 Equity Incentive Plan

In June 2016, the Company’s board of directors approved the 2016 Equity Incentive Plan, (the “2016 Plan”), which was subsequently approved by the Company’s stockholders in August 2016. In connection with the stockholders’ approval of the 2016 Plan, 6,000,000 shares available for future award under the 2007 Plan were

transferred to the 2016 Plan, 705,699 shares available for grant under the 2007 plan were canceled and the 2007 Plan was terminated. The Company granted options under the 2007 Plan until August 2016, and the 2007 Plan continues to govern the terms of options that remain outstanding under the 2007 Plan.

In July 2021, the Company’s board of directors approved the amendment and restatement of the 2016 Plan, which was subsequently approved by the Company’s stockholders in August 2021. The following summary highlights the material changes to the 2016 Plan:

●

The number of shares available for issuance was increased by 4,000,000 shares;

●

The sum of the aggregate grant date fair value of all equity awards and cash compensation for services as a director that may be provided to any non-employee director in any fiscal year was limited to $300,000, reflecting an amendment to a provision of the 2016 Plan that applies a limit of $150,000 to the grant of equity awards alone in any fiscal year; and

●

The period during which new awards may be granted under the 2016 Plan was extended to August 25, 2031.

Appropriate and proportionate adjustments will be made to the number of shares authorized and other numerical limits in the 2016 Plan and to outstanding awards in the event of any change in the Company’s common stock through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares or similar change in the Company’s capital structure, or if the Company makes a distribution to its stockholders in a form other than common stock (excluding regular and periodic cash dividends) that has a material effect on the fair market value of the Company’s common stock. In such circumstances, the administrator also has the discretion under the 2016 Plan to adjust other terms of outstanding awards as it deems appropriate.

If any award granted under the 2016 Plan expires or otherwise terminates for any reason without having been exercised or settled in full, or if shares subject to forfeiture or repurchase are forfeited or repurchased by the Company for not more than the participant's purchase price, any such shares reacquired or subject to a terminated award will again become available for issuance under the 2016 Plan. Shares will not be treated as having been issued under the 2016 Plan and will therefore not reduce the number of shares available for issuance to the extent an award is settled in cash or to the extent that shares are withheld or reacquired by the Company in satisfaction of a tax withholding obligation. Upon the exercise of a stock appreciation right, tender of shares in payment of an option's exercise price or net-exercise of an option, the number of shares available under the 2016 Plan will be reduced by number of shares actually issued in settlement of the award.

To enable compensation provided in connection with certain types of awards intended to qualify as “performance-based” within the meaning of Section 162(m) of the Internal Revenue Code, the 2016 Plan establishes limits on the maximum aggregate number of shares or dollar value for which awards may be granted to an employee in any fiscal year, as follows:

●

No more than 300,000 shares subject to stock options and stock appreciation rights.

●

No more than 100,000 shares subject to restricted stock and restricted stock unit awards.

●

For each full fiscal year of the Company contained in the performance period of performance shares or performance unit awards, no more than 50,000 shares subject to performance share awards or more than $500,000 subject to performance unit awards.

●

For each full fiscal year of the Company contained in the performance period of cash-based or other stock-based awards, no more than $500,000 subject to cash-based awards or more than 50,000 shares subject to other stock-based awards.

Awards may be granted under the 2016 Plan to the Company’s employees, including officers, directors and consultants or those of any present or future parent or subsidiary corporation or other affiliated entity of the Company. To date, options granted to non-officer employees generally vest 25% on the first anniversary and subsequent anniversaries of the date of grant, while grants to officers generally vest in full four years after the anniversary date of the officer’s employment that is closest to the date of grant.

While the Company may grant incentive stock options only to employees, the Company may grant nonstatutory stock options, stock appreciation rights, restricted stock and stock units, performance shares and units, other stock-based awards and cash-based awards to any eligible participant. Non-employee director awards may be granted only to members of the Company’s board of directors who, at the time of grant, are not employees.

Only members of the board of directors who are not employees at the time of grant are eligible to participate in the nonemployee director awards component of the 2016 Plan. The board or the compensation committee shall set the amount and type of nonemployee director awards to be awarded on a periodic, non-discriminatory basis. Nonemployee director awards may be granted in the form of non-statutory stock options, stock appreciation rights, restricted stock awards and restricted stock unit awards. Subject to adjustment for changes in the Company's capital structure, no nonemployee director may be awarded, in any fiscal year, one or more nonemployee director awards for more than a number of shares determined by dividing $150,000 by the fair market value of a share of the Company’s stock determined on the last trading day immediately preceding the date on which the applicable nonemployee award is granted.

The 2016 Plan provides that, without the approval of a majority of the votes cast in person or by proxy at a meeting of the Company’s stockholders, the administrator may not provide for any of the following with respect to underwater options or stock appreciation rights: (1) either the cancellation of such outstanding options or stock appreciation rights in exchange for the grant of new options or stock appreciation rights at a lower exercise price or the amendment of outstanding options or stock appreciation rights to reduce the exercise price, (2) the issuance of new full value awards in exchange for the cancellation of such outstanding options or stock appreciation rights, or (3) the cancellation of such outstanding options or stock appreciation rights in exchange for payments in cash.

In the event of a change in control as described in the 2016 Plan, the surviving, continuing, successor or purchasing entity or its parent may, without the consent of any participant, either assume or continue outstanding awards or substitute substantially equivalent awards for its stock. If so determined by the Committee, stock-based awards will be deemed assumed if, for each share subject to the award prior to the change in control, its holder is given the right to receive the same amount of consideration that a stockholder would receive as a result of the change in control. Any awards that are not assumed or continued in connection with a change in control or exercised or settled prior to the change in control will terminate effective as of the time of the Change in Control. The administrator may provide for the acceleration of vesting or settlement of any or all outstanding awards upon such terms and to such extent as it determines, except that the vesting of all nonemployee director awards will automatically be accelerated in full. The 2016 Plan also authorizes the administrator, in its discretion and without the consent of any participant, to cancel each or any outstanding award denominated in shares of stock upon a change in control in exchange for a payment to the participant with respect to each vested share (and each unvested share if so determined by the administrator) subject to the cancelled award of an amount equal to the excess of the consideration to be paid per share of common stock in the change in control transaction over the exercise or purchase price per share, if any, under the award.

The 2007 Employee Stock Purchase Plan

In January 2007, the board of directors approved the 2007 Employee Stock Purchase Plan (the “2007 Purchase Plan”) which was subsequently approved by the Company’s stockholders in March 2007. A total of 500,000 shares of the Company’s common stock was authorized and reserved for sale under the 2007 Purchase Plan. In addition, the 2007 Purchase Plan provides for an automatic annual increase in the number of shares available for issuance under the plan on April 1 of each year beginning in 2008 and continuing through and including April 1, 2017 equal to the lesser of (1) one percent of the number of issued and outstanding shares of common stock on the immediately preceding March 31, (2) 250,000 shares or (3) a number of shares as the board of directors may determine. Appropriate adjustments will be made in the number of authorized shares and in outstanding purchase rights to prevent dilution or enlargement of participants' rights in the event of a stock split or other change in our capital structure. Shares subject to purchase rights that expire or are canceled will again become available for issuance under the 2007 Purchase Plan.

The Company’s employees and employees of any parent or subsidiary corporation designated by the administrator will be eligible to participate in the 2007 Purchase Plan if they are customarily employed by us for more than 20 hours per week and more than five months in any calendar year. However, an employee may not be granted a right to purchase stock under the 2007 Purchase Plan if: (1) the employee immediately after such grant would own stock possessing 5% or more of the total combined voting power or value of all classes of our capital stock or of any parent or subsidiary corporation, or (2) the employee’s rights to purchase stock under all of our employee stock purchase plans would accrue at a rate that exceeds $25,000 in value for each calendar year of participation in such plans.

The 2007 Purchase Plan is designed to be implemented through a series of sequential offering periods, generally six (6) months in duration beginning on the first trading day on or after May 1 and November 1 of each year. The administrator is authorized to establish additional or alternative sequential or overlapping offering periods and offering periods having a different duration or different starting or ending dates, provided that no offering period may have a duration exceeding 27 months.

Amounts accumulated for each participant under the 2007 Purchase Plan are used to purchase shares of the Company’s common stock at the end of each offering period at a price generally equal to 85% of the lower of the fair market value of our common stock at the beginning of an offering period or at the end of the offering period. Prior to commencement of an offering period, the administrator is authorized to reduce, but not increase, this purchase price discount for that offering period, or, under circumstances described in the 2007 Purchase Plan, during that offering period. The maximum number of shares a participant may purchase in any six-month offering period is the lesser of (i) that number of shares determined by multiplying (x) 1,000 shares by (y) the number of months (rounded to the nearest whole month) in the offering period and rounding to the nearest whole share or (ii) that number of whole shares determined by dividing (x) the product of $2,083.33 and the number of months (rounded to the nearest whole month) in the offering period and rounding to the nearest whole dollar by (y) the fair market value of a share of our common stock at the beginning of the offering period. Prior to the beginning of any offering period, the administrator may alter the maximum number of shares that may be purchased by any participant during the offering period or specify a maximum aggregate number of shares that may be purchased by all participants in the offering period. If insufficient shares remain available under the plan to permit all participants to purchase the number of shares to which they would otherwise be entitled, the administrator will make a pro rata allocation of the available shares. Any amounts withheld from participants' compensation in excess of the amounts used to purchase shares will be refunded, without interest. During fiscal 2026, 177,917 shares of common stock were issued under the 2007 Purchase Plan.

In the event of a change in control, an acquiring or successor corporation may assume our rights and obligations under the 2007 Purchase Plan. If the acquiring or successor corporation does not assume such rights and

obligations, then the purchase date of the offering periods then in progress will be accelerated to a date prior to the change in control.

The following table summarizes stock option activities:


						Weighted
				Number of Shares		Average		Weighted				Weighted
		Shares		Underlying		Remaining		Average				Average Grant
		Available for		Options		Contractual		Exercise			Date Fair			Intrinsic
		Grant		Outstanding		Life (Years)		Price			Value Per Share			Value
Balance, March 31, 2025		3,095,976		7,636,716				$	5.03		$	2.11
Granted		(1,356,109)		1,356,109				$	5.48		$	4.42
Exercised		—		(1,309,800)				$	4.42		$	1.77	$	5,444,443
Forfeited		223,528		(597,891)				$	4.69		$	1.95
Balance at March 31, 2026		1,963,395		7,085,134		5.74		$	5.25		$	2.63	$	5,852,486
Options vested and exercisable				4,636,645		4.34		$	5.59		$	2.26	$	3,050,272
Options vested and expected to vest				7,037,592		5.72		$	5.26		$	2.63	$	5,778,180
Options unvested				2,448,489		8.39		$	4.60		$	3.33	$	2,802,215

The options outstanding and by exercise price at March 31, 2026 are as follows:


					Number of		Options Outstanding					Options Exercisable
					Shares		Weighted			Weighted Average				Weighted
					Underlying		Average			Remaining		Number		Average
					Options		Exercise			Contractual		Vested and		Exercise
Exercise Price					Outstanding		Price			Life (Years)		Exercisable		Price
$	0.00	-	2.00		600,960		$	1.91		7.42		493,593		$	1.91
$	2.01	-	4.00		1,687,530		$	3.31		8.46		626,614		$	3.08
$	4.01	-	6.00		2,205,759		$	5.05		5.03		1,467,109		$	5.45
$	6.01	-	8.00		1,830,496		$	7.02		4.03		1,428,886		$	6.97
$	8.01	-	10.00		760,389		$	8.51		4.51		620,443		$	8.24
					7,085,134		$	5.25		5.74		4,636,645		$	5.59

Stock-based compensation

The Company recognized $2.8 million, $2.3 million and $2.8 million of stock-based compensation expense for the years ended March 31, 2026, 2025 and 2024, respectively, as follows:


		Year Ended March 31,
		2026			2025			2024

		(In thousands)
Cost of revenues		$	231		$	199		$	228
Research and development			945			1,010			1,411
Selling, general and administrative			1,627			1,053			1,199
		$	2,803		$	2,262		$	2,838

Stock-based compensation expense in the years ended March 31, 2026, 2025 and 2024 included $163,000, $176,000 and $230,000, respectively, related to the Company’s Employee Stock Purchase Plan.

No tax benefit was recognized in either fiscal 2026 or fiscal 2025 due to a full valuation allowance. There were no windfall tax benefits realized from exercised stock options recognized in fiscal 2026 or fiscal 2025. Compensation cost capitalized within inventory at March 31, 2026 and 2025 was not material. As of March 31, 2026, the Company’s total unrecognized compensation cost was $6.0 million, which will be recognized over the weighted average period of 1.82 years. The Company calculated the fair value of stock-based awards in the periods presented using the Black-Scholes option pricing model and the following weighted average assumptions:


		Year Ended March 31,
		2026				2025				2024
Stock Option Plans:
Risk-free interest rate		3.90	-	4.14	%	4.05	-	4.48	%	3.69	-	4.80	%
Expected life (in years)		7.07	-	7.30		4.89	-	5.00		4.46	-	4.94
Volatility		84.4	-	96.7	%	91.0	-	96.7	%	80.7	-	85.9	%
Dividend yield				—	%			—	%			—	%
Employee Stock Purchase Plan:
Risk-free interest rate		3.81	-	4.30	%	4.44	-	5.41	%	5.26	-	5.38	%
Expected life (in years)				0.50				0.50				0.50
Volatility		27.1	-	34.4	%	6.1	-	12.4	%	28.8	-	83.9	%
Dividend yield				—	%			—	%			—	%

The weighted average fair value of options granted during the years ended March 31, 2026, 2025 and 2024 was $4.42, $2.23 and $2.13, respectively.