Financial Analysis

NOTE 14ACQUISITION 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 Companys common stock, at the Companys 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 h …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 9COMMITMENTS 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 partys claims. Further, the Companys 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 Companys 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 los …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

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 …

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NOTE 11STOCK-BASED COMPENSATION The 2007 Equity Incentive Plan In January 2007, the Companys board of directors approved the 2007 Equity Incentive Plan, (the 2007 Plan), which was subsequently approved by the Companys 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 Companys 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 Companys 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 officers employment that is closest to the date of grant. In the …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

NOTE 5GOODWILL 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. …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 6INCOME 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 Sto …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 8LEASES The Company has operating leases for corporate offices, and research and development facilities. The Companys 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 Companys 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 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

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 Companys 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 foot …

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NOTE 15EMPLOYEE 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. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 12RELATED 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 Companys in-place associative computing product. Haydn Hsieh, a member of the Companys 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. …

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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 Companys 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 Companys 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 considerati …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

NOTE 13SEGMENT 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 Companys 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 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 10COMMON STOCK The Companys Certificate of Incorporation, as amended, authorizes the Company to issue 150,000,000 shares of $0.001 par value common stock. The Companys board of directors has authorized the repurchase, at managements 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. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

"NOTE 18SUBSEQUENT 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."

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NOTE 9COMMITMENTS 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 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 partys claims. Further, the Companys 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 that may be required under these or similar agreements due to the conditional nature of the Companys 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. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Three Months Ended December 31, Nine Months Ended December 31, 2025 2024 2025 2024 (In thousands) (In thousands) Contract manufacturers $ 329 $ 333 $ 1,003 $ 1,403 Distribution 5,617 5,055 17,457 13,161 OEMs 130 26 343 71 $ 6,076 $ 5,414 $ 18,803 $ 14,635 …

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NOTE 10STOCK-BASED COMPENSATION As of December 31, 2025, 2,280,755 shares of common stock were available for grant under the Companys Amended and Restated 2016 Equity Incentive Plan. The following table summarizes the Companys stock option activities for the nine months ended December 31, 2025: Weighted Number of Shares Average Weighted Weighted Shares Underlying Remaining Average Average Grant Available for Options Contractual Exercise Date Fair Grant Outstanding Life (Years) Price Value Per Share Balance at March 31, 2025 3,095,976 7,636,716 $ 5.03 $ 2.11 Granted (954,499) 954,499 $ 4.74 $ 3.76 Exercised (893,963) $ 4.08 $ 1.66 Forfeited 139,278 (509,641) $ 4.60 $ 1.89 Balance at December 31, 2025 2,280,755 7,187,611 5.60 $ 5.13 $ 2.40 Options vested and exercisable 5,055,394 4.44 $ 5.58 $ 2.24 Options vested and expected to vest 7,137,697 5.58 $ 5.14 $ 2.40 Options unvested 2,132,217 8.33 $ 4.08 $ 2.80 The aggregate intrinsic value of options exercised during the nine month period ended December 31, 2025 was $3,983,345. The following table summarizes stock-based compensation expense by line item in the Condensed Consolidated Statements of Operations, all relating to employee stock plans: Three Months Ended December 31, Nine Months Ended December 31, 2025 2024 2025 2024 (In thousands) (In thousands) Cost of revenues $ 61 $ 50 $ 163 $ 157 Research and development 358 121 599 747 Selling, general and administrative 363 258 1,218 846 $ 782 $ 429 $ 1,980 $ 1,750 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

NOTE 5GOODWILL 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 assesses goodwill for impairment on an annual basis on the last day of February in the fourth quarter of its fiscal year. The Company has one reporting unit. The Company had a goodwill balance of $8.0 million as of both December 31, 2025 and March 31, 2025. The goodwill resulted from the acquisition of MikaMonu Group Ltd. in fiscal 2016. The Company completed its annual impairment test during the fourth quarter of fiscal 2025 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. …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 6INCOME TAXES Due to historical losses in the United States, the Company has a full valuation allowance on its United States federal and state deferred tax assets. Management continues to evaluate the realizability of deferred tax assets and the related valuation allowance. Management believes that within the next twelve months there will be no reduction in uncertain tax benefits as a result of the lapse of statutes of limitations. The Companys policy is to include interest and penalties related to unrecognized tax benefits within the provision for income taxes in the Condensed Consolidated Statements of Operations. The Company is subject to taxation in the United States and various state and foreign jurisdictions. Fiscal years 2013 through 2024 remain open to examination by federal tax authorities, and fiscal years 2011 through 2024 remain open to examination by California tax authorities. Fiscal years 2020 through 2024 are subject to audit by the Israeli tax authorities. For the nine months ended December 31, 2025 and December 31, 2024, the Company incurred income tax expense (benefit) of ($156,000) and $124,000 on net losses before income taxes of ($8.6 million) and ($8.3 million), respectively. The provision was calculated using the annualized effective tax rate method. The Companys estimated annual effective income tax rate, excluding discrete items, was approximately 0.84% and (1.66%) for the nine months ended December 31, 2025 and 2024, respectively. The annual ef …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 8LEASES The Company has operating leases for corporate offices and research and development facilities. The Companys leases have remaining lease terms of 8 months to 101 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 Companys 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 increases three percent (3%) per year beginning on June 30, 2025. The transaction was accounted for as a sale and leaseback and operating lease accounting classification. The Company recorded a gain of $5.7 million that was recorded in the gain from sale of assets in the Condensed …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Accounting pronouncements not yet adopted by the Company In December 2023, the FASB issued 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. The Company is currently evaluating the disclosure requirements and its effect on the condensed consolidated financial statements. 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: ( …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

NOTE 11RELATED PARTY TRANSACTIONS The Company incurred manufacturing services of approximately $0 and $55,000 during the three months ended December 31, 2025 and 2024, respectively, and $40,000 and $77,000 for the nine months ended December 31, 2025 and 2024, respectively, from Wistron Neweb Corp (WNC) in connection with the manufacturing of single-APU PCIe boards, to be used in the Companys in-place associative computing product. Haydn Hsieh, a member of the Companys board of directors, is the Chairman and Chief Strategy Officer of WNC. The amount owed to WNC, $0 and $8,000 at December 31, 2025 and March 31, 2025, respectively, is included in accounts payable in the Condensed Consolidated Balance Sheets. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 2REVENUE 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, the Company satisfies a performance obligation. The Companys 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 Companys performance obligations relate to contracts with a duration of less than one year, the Company has 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. Variab …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

NOTE 12SEGMENT 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 CODM to assess performance of and allocate resources to the Companys operating segment is consolidated net income (loss). Net income (loss) is used in monitoring budget versus actual results. This measure is presented on the condensed 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 expense, interest income, other income (expense), net, and income tax provision, which are presented on the condensed consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the condensed 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: Three Months Ended December 31, Nine Months Ended December 31, 2025 2024 2025 2024 (In thousands) (In thousands) United States $ 2,462 $ 2,469 $ 10,348 $ 5,919 China 1,301 1,547 2,700 3,442 Singapore 816 291 1,924 1,571 Netherlands 159 185 368 458 Germany 1,001 784 2,624 2,692 Rest of the world 337 138 839 553 $ 6,076 $ 5,414 $ 18,803 $ 14,635 All …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Significant accounting policies There have been no material changes to our significant accounting policies that were disclosed in the Companys Annual Report on Form 10-K for the fiscal year ended March 31, 2025. …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing