Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net loss $ (63,662) $ (32,048)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 1,857 3,347
Amortization of debt issuance costs 3,998 2,081
Non-cash lease expense 697 934
Gain (loss) on debt extinguishment 5,275 3,003
Provision for product and manufacturing inventories 3,633 1,167
Stock-based compensation (205) 1,641
Paid-in-kind interest 3,579 1,844
Warrants issued in connection with debt amendments 25,420 0
Change in fair value of warrant liabilities (1,525) (5,216)
Other non-cash 1,936 851
Changes in assets and liabilities:    
Accounts receivable, net 8,429 16,638
Inventories (150) (1,625)
Prepaid expenses (1,786) (1,446)
Operating lease liabilities (587) (500)
Accounts payable (7,794) 5,253
Accrued compensation (393) (4,350)
Accrued restructuring charges 69 0
Deferred revenue (12,021) (12,452)
Other current assets 1,085 (780)
Other non-current assets 1,077 1,280
Other current liabilities (241) 2,122
Other non-current liabilities (1,180) 1,062
Net cash used in operating activities (32,489) (17,194)
Investing activities    
Purchases of property and equipment (1,606) (3,228)
Net cash used in investing activities (1,606) (3,228)
Financing activities    
Borrowings of long-term debt, net of debt issuance costs (6,317) 24,655
Repayments of long-term debt (909) (13,537)
Borrowings of credit facility 71,625 209,852
Repayments of credit facility (98,682) (209,445)
Proceeds from shares issued related to the SEPA, net 66,993 0
Proceeds from the issuance of common stock, net 81 0
Net cash provided by financing activities 32,791 11,525
Effect of exchange rate changes on cash, cash equivalents and restricted cash 30 (3)
Net change in cash, cash equivalents and restricted cash (1,274) (8,900)
Cash, cash equivalents and restricted cash at beginning of period 16,603 25,860
Cash, cash equivalents and restricted cash at end of period 15,329 16,960
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:    
Cash and cash equivalents 14,670 16,719
Restricted cash 659 241
Cash, cash equivalents and restricted cash at the end of period 15,329 16,960
Supplemental disclosure of cash flow information    
Cash paid for interest 4,591 5,539
Cash paid for income taxes, net 327 1,304
Non-cash transactions    
Purchases of property and equipment included in accounts payable 117  
Purchases of property and equipment included in accounts payable   312
Right-of-use assets obtained in exchange for new lease liabilities $ 9 $ 472