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

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net loss $ (101,046) $ (115,091)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,282 5,598
Amortization of debt issuance costs 6,613 5,475
Non-cash lease expense 1,277 1,606
Paid-in-kind interest 6,598 5,179
Provision for manufacturing and service inventories 5,333 4,877
Bad debt expense 2,733 77
Stock-based compensation (849) 2,828
Warrants issued in connection with debt amendments 25,420 0
Change in fair value of warrant liabilities (11,315) 45,270
Change in fair value of convertible note 4,119 0
Non-cash loss on debt extinguishment 34,221 3,003
Other non-cash (331) 16
Changes in assets and liabilities:    
Accounts receivable (19,881) 15,209
Inventories 944 801
Accounts payable (793) 6,154
Prepaid expenses 307 (552)
Operating lease liabilities (931) (1,490)
Deferred revenue 760 (2,764)
Accrued restructuring charges (220) 786
Accrued compensation 2,647 (9,000)
Other assets 686 2,110
Other liabilities 570 6,295
Net cash used in operating activities (37,856) (23,613)
Investing activities    
Purchases of property and equipment (1,706) (4,947)
Net cash used in investing activities (1,706) (4,947)
Financing activities    
Borrowings of long-term debt, net of debt issuance costs 45,045 25,000
Borrowing of convertible note 54,718 0
Repayment of long-term debt 0 (19,129)
Repayments of long-term debt on Assignment (52,270) 0
Repayments of long-term debt on Exchange (56,979) 0
Borrowings of credit facility 102,914 416,418
Repayments of credit facility and payment of amendment fees (129,514) (418,811)
Proceeds from shares related to the SEPA, net 75,174 15,828
Proceeds from issuance of common stock, net 80 0
Net cash provided by financing activities 39,168 19,306
Effect of exchange rate changes on cash and cash equivalents 25 (3)
Net change in cash, cash equivalents, and restricted cash (369) (9,257)
Cash, cash equivalents, and restricted cash at beginning of year 16,603 25,860
Cash, cash equivalents, and restricted cash at end of year 16,234 16,603
Supplemental disclosure of cash flow information    
Cash paid for interest 5,170 11,927
Cash paid for income taxes, net of refunds 1,194 1,814
Non-cash transactions    
Purchases of property and equipment included in accounts payable 116 850
Right-of-use assets obtained in exchange for new lease liabilities 112 678
Warrants issued $ 25,420 $ 0