Income Taxes (Tables)
|
12 Months Ended |
Mar. 31, 2026 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of Income Before Provision for Income Taxes |
An analysis of the components of income before provision for income taxes is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
|
2024 |
|
United States |
|
$ |
15,038 |
|
|
$ |
14,381 |
|
|
$ |
5,077 |
|
Asia |
|
|
(278 |
) |
|
|
1,026 |
|
|
|
497 |
|
Income before provision for income taxes |
|
$ |
14,760 |
|
|
$ |
15,407 |
|
|
$ |
5,574 |
|
|
| The Provision for Income Taxes |
The provision for income taxes consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
|
2024 |
|
Current: |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
170 |
|
|
$ |
1,387 |
|
|
$ |
1,133 |
|
State |
|
|
154 |
|
|
|
37 |
|
|
|
100 |
|
Foreign |
|
|
8 |
|
|
|
282 |
|
|
|
257 |
|
|
|
|
332 |
|
|
|
1,706 |
|
|
|
1,490 |
|
Deferred: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
2,030 |
|
|
|
5,429 |
|
|
|
(419 |
) |
State |
|
|
(16 |
) |
|
|
210 |
|
|
|
88 |
|
Foreign |
|
|
(124 |
) |
|
|
25 |
|
|
|
(106 |
) |
Changes in valuation allowance |
|
|
38 |
|
|
|
(4,193 |
) |
|
|
(35 |
) |
|
|
|
1,928 |
|
|
|
1,471 |
|
|
|
(472 |
) |
Total provision for income taxes |
|
$ |
2,260 |
|
|
$ |
3,177 |
|
|
$ |
1,018 |
|
|
| Reconciliation of the Provision for Income Taxes |
Below is a tabular rate reconciliation pursuant to the disclosure requirements of ASU 2023-09, adopted prospectively for the year ended March 31, 2026:
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|
|
|
|
|
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|
Year ended March 31, 2026 |
|
|
|
Amount |
|
|
Percent |
|
|
|
|
|
|
|
|
Provision for income taxes as U.S. federal statutory rate |
|
$ |
3,100 |
|
|
|
21.0 |
% |
State and local income taxes, net of federal income tax effect |
|
|
139 |
|
|
|
0.9 |
% |
Foreign tax effects |
|
|
(60 |
) |
|
|
(0.4 |
)% |
Nontaxable or nondeductible items |
|
|
|
|
|
|
162(m) |
|
|
604 |
|
|
|
4.1 |
% |
Share based compensation |
|
|
(667 |
) |
|
|
(4.5 |
)% |
Other |
|
|
(31 |
) |
|
|
(0.2 |
)% |
Effect of cross-border tax laws |
|
|
(30 |
) |
|
|
(0.2 |
)% |
Tax credits |
|
|
|
|
|
|
R&D tax credit |
|
|
(790 |
) |
|
|
(5.4 |
)% |
Other |
|
|
(5 |
) |
|
|
— |
|
Effective tax rate |
|
$ |
2,260 |
|
|
|
15.3 |
% |
The reconciliation of the provision calculated using the U.S. federal tax rate with the provision for income taxes presented in the consolidated financial statements is as follows:
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|
|
|
|
|
|
|
|
|
Year ended March 31, |
|
|
|
2025 |
|
|
2024 |
|
Provision for income taxes at federal rate |
|
$ |
3,238 |
|
|
$ |
1,170 |
|
State taxes |
|
|
196 |
|
|
|
156 |
|
Charges not deductible for income tax purposes |
|
|
45 |
|
|
|
54 |
|
Stock based compensation |
|
|
(382 |
) |
|
|
(8 |
) |
Research and development tax credits |
|
|
(308 |
) |
|
|
(327 |
) |
Valuation allowance |
|
|
(4,193 |
) |
|
|
(35 |
) |
Effect of foreign tax rate |
|
|
50 |
|
|
|
26 |
|
Uncertain tax positions |
|
|
140 |
|
|
|
— |
|
Nondeductible fringe benefits |
|
|
31 |
|
|
|
30 |
|
162(m) |
|
|
420 |
|
|
|
105 |
|
Foreign withholding tax |
|
|
9 |
|
|
|
— |
|
Foreign-derived intangible income deduction |
|
|
(61 |
) |
|
|
(134 |
) |
Global intangible low-taxed income |
|
|
— |
|
|
|
(20 |
) |
Capital loss expiration |
|
|
4,211 |
|
|
|
— |
|
Earnout revaluation |
|
|
(239 |
) |
|
|
— |
|
Other |
|
|
20 |
|
|
|
1 |
|
Provision for income taxes |
|
$ |
3,177 |
|
|
$ |
1,018 |
|
|
| Summary of Cash Paid for Income Taxes, Net of Refunds |
In accordance with the adoption of ASU 2023-09, the Company paid cash for income taxes, net of refunds, for the year ended March 31, 2026 as follows:
|
|
|
|
|
|
|
March 31, |
|
|
|
2026 |
|
U.S. Federal |
|
$ |
(144 |
) |
U.S. State and local |
|
|
|
New York |
|
|
(25 |
) |
Texas |
|
|
26 |
|
Pennsylvania |
|
|
42 |
|
Other |
|
|
7 |
|
Total U.S. State and local |
|
|
50 |
|
Foreign |
|
|
|
China |
|
|
16 |
|
India |
|
|
42 |
|
Total Foreign |
|
|
58 |
|
Total cash paid for income taxes, net of refunds |
|
$ |
(36 |
) |
|
| Summary of Net Deferred Income Tax Liability |
The net deferred income tax asset (liability) recorded in the Consolidated Balance Sheets results from differences between financial statement and tax reporting of income and deductions. A summary of the composition of the Company's net deferred income tax asset (liability) follows:
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|
|
|
|
|
|
|
|
|
March 31, |
|
|
|
2026 |
|
|
2025 |
|
Depreciation |
|
$ |
(4,796 |
) |
|
$ |
(3,060 |
) |
Accrued compensation |
|
|
377 |
|
|
|
322 |
|
Goodwill |
|
|
(1,460 |
) |
|
|
(1,007 |
) |
Prepaid pension asset |
|
|
(1,461 |
) |
|
|
(1,278 |
) |
Compensated absences |
|
|
695 |
|
|
|
641 |
|
Inventories |
|
|
669 |
|
|
|
645 |
|
Warranty liability |
|
|
188 |
|
|
|
171 |
|
Accrued expenses |
|
|
627 |
|
|
|
445 |
|
Equity-based compensation |
|
|
633 |
|
|
|
475 |
|
Operating lease assets |
|
|
(1,574 |
) |
|
|
(1,460 |
) |
Operating lease liabilities |
|
|
1,686 |
|
|
|
1,557 |
|
Acquisition costs |
|
|
— |
|
|
|
163 |
|
Intangible assets |
|
|
407 |
|
|
|
71 |
|
New York State investment tax credit |
|
|
1,086 |
|
|
|
1,048 |
|
Research and development cost |
|
|
179 |
|
|
|
3,612 |
|
Research and development credit carryforward |
|
|
479 |
|
|
|
— |
|
Net operating loss carryforwards |
|
|
2,697 |
|
|
|
280 |
|
Other |
|
|
(112 |
) |
|
|
(99 |
) |
|
|
|
320 |
|
|
|
2,526 |
|
Less: Valuation allowance |
|
|
(1,086 |
) |
|
|
(1,048 |
) |
Net |
|
$ |
(766 |
) |
|
$ |
1,478 |
|
|
|
|
|
|
|
|
Presented as follows: |
|
|
|
|
|
|
Noncurrent deferred income tax assets |
|
$ |
131 |
|
|
$ |
1,502 |
|
Noncurrent deferred income tax liabilities |
|
|
(897 |
) |
|
|
(24 |
) |
Net |
|
$ |
(766 |
) |
|
$ |
1,478 |
|
|