What changed in this filing

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Item 1. Financial Statements

2026-02-04 compared with 2025-11-05 · 264 added, 225 removed, 634 unchanged (44% of the section changed)

2 unchanged sentences

(In thousands)

September 30, 2025

December 31, 2025

March 31, 2025

16 unchanged sentences

Restricted cash

Deferred tax assets

Deferred tax assets, long-term portion

117,342 1,178

Equity-method investments

5 unchanged sentences

Lease liability, current portion

Debt, current portion

Deferred revenue, current portion

5 unchanged sentences

Deferred tax liabilities, long-term portion

Debt, long-term portion

Contingent consideration

Other liabilities

4 unchanged sentences

Common stock, $ 0.01 par value, 75,000,000 shares authorized;

45,590,140 and 39,887,536 shares issued and 45,186,789 and 39,484,185 shares outstanding at September 30, 2025 and March 31, 2025, respectively

48,015,636 and 39,887,536 shares issued and 47,612,285 and 39,484,185 shares outstanding at December 31, 2025 and March 31, 2025, respectively

Additional paid-in capital

1,475,792 1,259,540

Treasury stock, at cost, 403,351 at September 30, 2025 and March 31, 2025

Treasury stock, at cost, 403,351 at December 31, 2025 and March 31, 2025

( 3,765 ) ( 3,765 )

Accumulated other comprehensive income

Accumulated other comprehensive income (loss)

( 4,326 ) 1,565

Accumulated deficit

9 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

$ 65,862 $ 54,471 $ 138,220 $ 94,761

Nine Months Ended

Cost of revenues

45,423 38,858 93,292 66,923

20,439 15,613 44,928 27,838

Operating expenses:

Research and development

3,729 2,646 8,033 4,931

Selling, general and administrative

13,408 10,525 27,611 19,423

Amortization of acquisition-related intangibles

337 433 674 845

Change in fair value of contingent consideration

— 2,762 — 6,682

Total operating expenses

17,474 16,366 36,318 31,881

Operating income (loss)

2,965 ( 753 ) 8,610 ( 4,043 )

Interest income, net

2,269 979 3,201 2,099

Other expense, net

( 367 ) ( 329 ) ( 21 ) ( 489 )

Income (loss) before income tax expense (benefit)

4,867 ( 103 ) 11,790 ( 2,433 )

Income tax expense (benefit)

117 ( 4,990 ) 316 ( 4,796 )

$ 4,750 $ 4,887 $ 11,474 $ 2,363

Other (expense)/income, net

Income (loss) before income tax benefit

Income tax benefit

Net income per share of common stock

$ 0.11 $ 0.13 $ 0.28 $ 0.07

$ 0.11 $ 0.13 $ 0.27 $ 0.06

Weighted average number of shares of common stock outstanding

43,242 36,952 41,070 36,317

44,210 37,499 41,988 36,951

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

3 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

$ 4,750 $ 4,887 $ 11,474 $ 2,363

Other comprehensive loss, net of tax:

Foreign currency translation loss

Total other comprehensive loss, net of tax

Nine Months Ended

Other comprehensive income, net of tax:

Foreign currency translation gain

Total other comprehensive gain, net of tax

Comprehensive income

$ 4,748 $ 4,799 $ 11,285 $ 2,290

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

1 unchanged sentence

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE Three and Six Months Ended September 30, 2025 AND 2024

FOR THE Three and Nine Months Ended December 31, 2025 AND 2024

(In thousands)

3 unchanged sentences

Treasury Stock

Comprehensive Loss

Comprehensive Income (Loss)

Accumulated Deficit

1 unchanged sentence

Balance at March 31, 2025

39,888 $ 399 $ 1,259,540 $ ( 3,765 ) $ 1,565 $ ( 1,060,625 ) $ 197,114

Issuance of common stock – restricted shares, net of forfeited shares

918 9 ( 9 ) — — — —

Stock-based compensation expense

— — 4,526 — — — 4,526

Issuance of common stock for 401(k) match

14 1 361 — — — 362

Issuance of common stock - equity offering, net of offering expenses

4,744 47 124,530 — — — 124,577

Cumulative translation adjustment

— — — — ( 187 ) — ( 187 )

— — — — — 6,724 6,724

Balance at June 30, 2025

45,564 $ 456 $ 1,388,948 $ ( 3,765 ) $ 1,378 $ ( 1,053,901 ) $ 333,116

Exercise of stock options

10 — 66 — — — 66

Issuance of common stock – restricted shares, net of forfeited shares

7 — — — — — —

Issuance of common stock – ESPP

3 — 176 — — — 176

Stock-based compensation expense

— — 3,766 — — — 3,766

Issuance of common stock for 401(k) match

6 — 310 — — — 310

Cumulative translation adjustment

— — — — ( 2 ) — ( 2 )

— — — — — 4,750 4,750

Balance at September 30, 2025

45,590 $ 456 $ 1,393,266 $ ( 3,765 ) $ 1,376 $ ( 1,049,151 ) $ 342,182

Stock-based compensation expense

Issuance of common stock for 401(k) match

Issuance of common stock - Comtrafo acquisition, net of offering expenses

Cumulative translation adjustment

Balance at December 31, 2025

Accumulated Other

20 unchanged sentences

Balance at September 30, 2024

Issuance of common stock – restricted shares

Stock-based compensation expense

Issuance of common stock for 401(k) match

Cumulative translation adjustment

Balance at December 31, 2024

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

2 unchanged sentences

(In thousands)

Six Months Ended September 30,

Nine Months Ended December 31,

Cash flows from operating activities:

6 unchanged sentences

Deferred income taxes

( 113,769 ) ( 5,171 )

Earnings from equity method investments

( 449 ) ( 152 )

Change in fair value of contingent consideration

3 unchanged sentences

( 12,462 ) ( 1,650 )

( 8,824 ) ( 10,836 )

Prepaid expenses and other assets

3 unchanged sentences

Accounts payable and accrued expenses

2,911 ( 4,455 )

Deferred revenue

5 unchanged sentences

( 3,099 ) ( 1,376 )

Cash paid to settle Megatran contingent consideration liability

Cash paid for Megatran Acquisition, net of cash acquired

Cash paid for acquisition, net of cash acquired

( 72,096 ) ( 29,577 )

Change in other assets

Cash paid to settle Megatran contingent consideration liability

Net cash used in investing activities

3 unchanged sentences

Repayment of debt

( 883 ) ( 25 )

Employee taxes paid related to net settlement of equity awards

4 unchanged sentences

Effect of exchange rate changes on cash

( 720 ) ( 29 )

Net increase (decrease) in cash, cash equivalents and restricted cash

8 unchanged sentences

Issuance of common stock in connection with the purchase of Megatran

Issuance of common stock in connection with the purchase of Comtrafo

Issuance of common stock to settle contingent consideration

Right-of-use assets obtained in exchange for new lease obligations

$ 647 $ 2,247

Issuance of common stock to settle 401k match liabilities

13 unchanged sentences

The year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP.

The unaudited condensed consolidated financial statements, in the opinion of management, reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim periods ended September 30, 2025 and 2024 , and the financial position at September 30, 2025 ;

The unaudited condensed consolidated financial statements, in the opinion of management, reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim periods ended December 31, 2025 and 2024 , and the financial position at December 31, 2025 ;

however, these results are not necessarily indicative of results which may be expected for the full year.

The interim condensed consolidated financial statements, and notes thereto, should be read in conjunction with the audited condensed consolidated financial statements for the year ended March 31, 2025 , and notes thereto, included in the Company’s Annual Report on Form 10 -K for the year ended March 31, 2025 filed with the SEC on May 21, 2025 .

Acquisition of Comtrafo

On December 5, 2025 ( the "Comtrafo Acquisition Date"), the Company entered into a Stock Exchange Agreement (the “Stock Exchange Agreement”) with the selling stockholders named therein.

Pursuant to the terms of the Stock Exchange Agreement and concurrently with entering into such agreement, the Company acquired all of the issued and outstanding shares of capital stock of Comtrafo Indústria de Transformadores Elétricos S.A.

("Comtrafo") (the "Comtrafo Acquisition").

Comtrafo is a Brazil-based manufacturer of large power and distribution transformers primarily for utility customers and also for industrial customers.

The Comtrafo Acquisition has been accounted for under the purchase method of accounting in accordance with ASC 805, Business Combinations .

The Company allocated the purchase price on a preliminary basis using the information available as of December 31, 2025 to the assets acquired and liabilities assumed at their estimated fair values as of the date of acquisition.

Due to the timing of the completion of the acquisition, the purchase price and related allocation are preliminary and could be revised as a result of adjustments made to the purchase price, and additional information obtained regarding assets acquired and liabilities assumed and revisions of provisional estimates of fair values, including, but not limited to the completion of independent appraisals of inventory, customer relationships, backlog, deferred taxes, tangible assets and intangible assets.

Changes to the purchase price allocation could be significant.

The purchase price allocation will be finalized within the measurement period of up to one year from the acquisition.

The excess of the purchase price paid by the Company over the estimated fair value of net assets acquired has been recorded as goodwill.

The total purchase price of approximately $ 202.7 million includes the fair value of the Company's common stock issued at closing, contingent consideration and cash paid, as follows (in millions):

Cash payments

Issuance of 2,417,142 shares of Company’s common stock

Contingent consideration

Total consideration

At the Comtrafo Acquisition Date, in addition to the $ 88.3 million cash, the Company valued the Company's common stock at $ 32.47 per share, which was the closing price on that date.

Comtrafo Acquisition costs of $ 1.2 million were included in SG&A and $ 0.1 million were included in cost of revenues for the three and nine months ended December 31, 2025.

The following table summarizes the allocation of the purchase price based on the estimated fair values of the assets acquired and liabilities assumed and related deferred income taxes in connection with the Comtrafo Acquisition as of the Comtrafo Acquisition Date (in millions):

Cash and cash equivalents

Prepaid expenses and other current assets

Accounts receivable

Property, plant and equipment

Deferred tax asset

Accounts payable and accrued expenses

Debt, current and long-term

Deferred revenue

Net tangible assets/(liabilities)

Customer relationships

Net identifiable intangible assets/(liabilities)

Total purchase consideration

The fair value of the financial assets acquired includes receivables with a fair value of $ 4.1 million.

The gross amount due is $ 8.5 million, of which $ 4.4 million is expected to be uncollectible in order to align with existing AMSC reserve policy.

Inventory includes a $ 1.5 million adjustment to step-up the inventory balance to fair value consistent with the purchase price allocation.

The fair value was determined based on the estimated selling price of the inventory, less the remaining manufacturing and selling cost and a normal profit margin on those manufacturing and selling efforts.

The inventory step-up adjustment increased cost of revenue $ 0.4 million in the three and nine months ended December 31, 2025, as the inventory was sold.

Backlog of $ 1.8 million was evaluated using the multi period excess earnings method under the income approach.

The contracts do not provide for any guarantees to source all future requirements from the Company.

The amortization method being utilized is economic consumption estimated over a sixteen -month period with the expense being allocated to cost of revenues.

Customer relationships of $ 7.7 million relate to customers currently under contract and was based on a multi period excess earnings method under the income approach.

The method of amortization being utilized is the economic consumption over 5 years with the expense being allocated to SG&A.

Goodwill represents the value associated with the acquired workforce and expected synergies related to the business combination of the two companies.

Goodwill resulting from the Comtrafo Acquisition was assigned to the Company's Grid segment.

Goodwill recognized in the Comtrafo Acquisition is not deductible for tax purposes.

The $ 4.1 million of deferred tax asset is primarily related to basis difference of intangibles, inventory and property, plant, and equipment.

Acquisition of NWL

On August 1, 2024 (the "Acquisition Date"), the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with the selling stockholders named therein.

On August 1, 2024 (the "NWL Acquisition Date"), the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with the selling stockholders named therein.

Pursuant to the terms of the Stock Purchase Agreement and concurrently with entering into such agreement, the Company acquired all of the issued and outstanding shares of capital stock of Megatran Industries, Inc.

8 unchanged sentences

Issuance of 1,297,600 shares of Company’s common stock 31.4

At the Acquisition Date, in addition to the $ 30.0 million cash, the Company valued the Company’s common stock, using $ 24.16 per share, which was the closing price on the day prior to the day that the Company completed the NWL Acquisition.

Acquisition costs of $ 1.1 million were included in selling, general and administrative ("SG&A") for the fiscal year ended March 31, 2025.

The following table summarizes the allocation of the purchase price based on the estimated fair values of the assets acquired and liabilities assumed and related deferred income taxes in connection with the NWL Acquisition as of the Acquisition Date and reflective of measurement period adjustments (in millions):

Total consideration $ 61.4

At the NWL Acquisition Date, in addition to the $ 30.0 million cash, the Company valued the Company’s common stock, at $ 24.16 per share, which was the closing price on the day prior to the day that the Company completed the NWL Acquisition.

NWL Acquisition costs of $ 1.1 million were included in selling, general and administrative ("SG&A") for the fiscal year ended March 31, 2025.

The following table summarizes the allocation of the purchase price based on the estimated fair values of the assets acquired and liabilities assumed and related deferred income taxes in connection with the NWL Acquisition as of the NWL Acquisition Date and reflective of measurement period adjustments (in millions):

Cash and cash equivalents

24 unchanged sentences

Unaudited Pro Forma Operating Results

The unaudited pro forma condensed consolidated statement of operations for the three and six months ended September 30, 2024 presented as if the NWL Acquisition had occurred on April 1, 2024, is as follows:

Three Months Ended September 30, 2024

Six Months Ended September 30, 2024

The unaudited pro forma condensed consolidated statement of operations for the three and nine months ended December 31, 2025 and 2024 presented as if the NWL and Comtrafo Acquisitions had occurred on April 1, 2024, is as follows:

Three Months Ended December 31, 2025

Nine Months Ended December 31, 2025

Three Months Ended December 31, 2024

Nine Months Ended December 31, 2024

$ 85,882 $ 248,163 $ 70,190 $ 222,273

Operating income (loss)

Net income (loss)

Operating income

4,986 19,565 454 4,543

$ 119,381 $ 134,171 $ 4,776 $ 12,956

Net income per common share

5 unchanged sentences

46,673 45,163 42,178 40,454

The pro forma amounts include the historical operating results of the Company and NWL with appropriate adjustments that give effect to acquisition related costs, income taxes, intangible amortization resulting from the NWL Acquisition and certain conforming accounting policies of the Company.

The pro forma amounts are not necessarily indicative of the operating results that would have occurred if the NWL Acquisition and related transactions had been completed at the beginning of the applicable periods presented.

The pro forma amounts include the historical operating results of the Company, NWL, and Comtrafo with appropriate adjustments that give effect to acquisition related costs, income taxes, intangible amortization resulting from the NWL and Comtrafo Acquisitions and certain conforming accounting policies of the Company.

The pro forma amounts are not necessarily indicative of the operating results that would have occurred if the NWL and Comtrafo Acquisitions and related transactions had been completed at the beginning of the applicable periods presented.

In addition, the pro forma amounts are not necessarily indicative of operating results in future periods.

NWL contrib uted $ 16.4 million of revenue and $ 2.0 million in net income for the Company for the three months ended September 30, 2025 .

NWL contributed $ 34.1 million of revenue and $ 4.5 million in n et income for the Company for the six months ended September 30, 2025 .

Amortization expense of less than $ 0.1 million and $ 0.1 million is included in the three and six months ended September 30, 2025 , respectively, as a result of the acquired intangible assets from the NWL Acquisition.

NWL contrib uted $ 14.1 million of revenue and $ 0.6 million of net loss for the Company for the three months ended December 31, 2025 .

NWL contributed $ 48.3 million of revenue and $ 3.9 million in n et income for the Company for the nine months ended December 31, 2025 .

Amortization expense of less than $ 0.1 million and $ 0.1 million is included in the three and nine months ended December 31, 2025 , respectively, as a result of the acquired intangible assets from the NWL Acquisition.

Comtrafo contributed $ 4.6 million of revenue and $ 0.9 million in net income for the Company for the three and nine months ended December 31, 2025 .

Amortization expense of $ 0.2 million is included in the three and nine months ended December 31, 2025 , as a result of the acquired intangible assets from the Comtrafo Acquisition.

In addition, $ 0.4 million for the step-up basis assigned to acquired inventory was charged to cost of revenues in the three and nine months ended December 31, 2025 .

Revenue Recognition

3 unchanged sentences

For its customer contracts, the Company identifies the performance obligations, determines the transaction price, allocates the contract transaction price to the performance obligations, and recognizes the revenue when (or as) control of goods or services is transferred to the customer.

For both the three and six months ended September 30, 2025 , 90 % of revenue was recognized at the point in time when control transferred to the customer, with the remainder being recognized over time.

For the three and six months ended September 30, 2024 , 90 % and 89 %, respectively, of revenue was recognized at the point in time when control transferred to the customer, with the remainder being recognized over time.

For the three and nine months ended December 31, 2025 , 86 % and 89 %, respectively, of revenue was recognized at the point in time when control transferred to the customer, with the remainder being recognized over time.

For the three and nine months ended December 31, 2024 , 87 % and 88 %, respectively, of revenue was recognized at the point in time when control transferred to the customer, with the remainder being recognized over time.

In the Company's equipment and system product line, each contract with a customer summarizes each product sold to a customer, which typically represents distinct performance obligations.

29 unchanged sentences

the entity cannot have the ability to use the product or to direct it to another customer.

Revenue for the three and six months ended September 30, 2025 included $ 7.9 million from such held transactions.

There were no such transactions for the three and six months ended September 30, 2024 .

Revenue for the nine months ended December 31, 2025 included $ 7.9 million from such held transactions.

There were no such transactions for the three months ended December 31, 2025 and the three and nine months ended December 31, 2024 .

The Company records revenue net of sales tax, value added tax, excise tax and other taxes collected concurrent with revenue-producing activities.

1 unchanged sentence

The Company has elected to recognize incremental costs of obtaining a contract as expense when incurred except in contracts where the amortization period would exceed twelve months.

As of September 30, 2025 and March 31, 2025 , the Company's capitalized incremental contract costs were not material.

As of December 31, 2025 and March 31, 2025 , the Company's capitalized incremental contract costs were not material.

The Company has elected not to adjust the promised amount of consideration for the effects of a significant financing component if the period of financing is twelve months or less.

3 unchanged sentences

The following tables disaggregate the Company’s revenue by product line and by shipment destination (in thousands):

Three Months Ended September 30, 2025

Six Months Ended September 30, 2025

Three Months Ended December 31, 2025

Nine Months Ended December 31, 2025

Product Line:

8 unchanged sentences

$ 63,187 $ 11,342 $ 177,616 $ 35,133

Three Months Ended September 30, 2024

Six Months Ended September 30, 2024

Three Months Ended December 31, 2024

Nine Months Ended December 31, 2024

Product Line:

8 unchanged sentences

$ 52,306 $ 9,097 $ 131,578 $ 24,585

As of September 30, 2025 and 2024 , the Company’s contract assets and liabilities primarily relate to the timing differences between cash received from a customer in connection with contractual rights to invoicing and the timing of revenue recognition following completion of performance obligations.

As of December 31, 2025 and 2024 , the Company’s contract assets and liabilities primarily relate to the timing differences between cash received from a customer in connection with contractual rights to invoicing and the timing of revenue recognition following completion of performance obligations.

The Company's accounts receivable balance is made up entirely of customer contract related balances.

5 unchanged sentences

$ 6,376 $ 5,757 $ 76,133

Increase for balance acquired

Increases for costs incurred to fulfill performance obligations

6 unchanged sentences

Other changes and FX impact

Ending balance as of September 30, 2025

Ending balance as of December 31, 2025

$ 12,796 $ 7,163 $ 89,363

13 unchanged sentences

Other changes and FX impact

Ending balance as of September 30, 2024

( 18 ) ( 11 ) ( 540 )

Ending balance as of December 31, 2024

$ 5,113 $ 7,255 $ 83,328

The Company’s remaining performance obligations represent the unrecognized revenue value of the Company’s contractual commitments.

The Company’s performance obligations may vary significantly each reporting period based on the timing of major new contractual commitments.

As of September 30, 2025 , the Company had outstanding performance obligations on existing contracts under ASC 606 to be recognized in the next twelve months of approximately $ 209.5 million .

As of December 31, 2025 , the Company had outstanding performance obligations on existing contracts under ASC 606 to be recognized in the next twelve months of approximately $ 253.5 million .

There are also approximately $ 99.7 m illion o f outstanding performance obligations to be recognized over a period of thirteen to sixty months.

The remaining performance obligations are subject to customer actions and therefore the timing of revenue recognition cannot be reasonably estimated.

The following table sets forth customers who represented 10% or more of the Company’s total revenues for the three and six months ended September 30, 2025 , and 2024:

The following table sets forth customers who represented 10% or more of the Company’s total revenues for the three and nine months ended December 31, 2025 , and 2024:

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

Inox Wind Limited

14 % 10 % 15 % 13 %

Innomotics LLC

<10% 14 % <10% <10%

Fuji Bridex Pte Ltd

<10% <10% 11 % <10%

Stock-Based Compensation

The Company accounts for its stock-based compensation at fair value.

The following table summarizes stock-based compensation expense by financial statement line item for the three and six months ended September 30, 2025 , and 2024 (in thousands):

Three Months Ended September 30,

Six Months Ended September 30,

The following table summarizes stock-based compensation expense by financial statement line item for the three and nine months ended December 31, 2025 , and 2024 (in thousands):

Three Months Ended December 31,

Nine Months Ended December 31,

Cost of revenues

5 unchanged sentences

$ 3,822 $ 2,861 $ 12,114 $ 4,933

The Company issued 7,000 shares and 887,000 shares of restricted stock during the three and six months ended September 30, 2025 , respectively.

The Company issued no shares and 39,445 shares of immediately vested common stock during the three and six months ended September 30, 2025 , respectively.

The Company issued 817,500 shares and 842,500 shares of restricted stock during the three and six months ended September 30, 2024 , respectively.

The Company issued no shares and 19,200 shares of immediately vested common stock during the three and six months ended September 30, 2024 , respectively.

The Company issued no shares and 887,000 shares of restricted stock during the three and nine months ended December 31, 2025 , respectively.

The Company issued no shares and 39,445 shares of immediately vested common stock during the three and nine months ended December 31, 2025 , respectively.

The Company issued 30,000 shares and 872,500 shares of restricted stock during the three and nine months ended December 31, 2024 , respectively.

The Company issued no shares and 19,200 shares of immediately vested common stock during the three and nine months ended December 31, 2024 , respectively.

These restricted stock awards generally vest over 2 - 3 years.

2 unchanged sentences

Performance-based awards are expensed over the requisite service period based on probability of achievement.

The Company granted no stock options and 2,112 stock options during the three and six months ended September 30, 2025 , respectively.

The Company granted no stock options during the three and six months ended September 30, 2024 .

The stock options granted during the six months ended September 30, 2025 will vest over 2 years.

The Company granted no stock options and 2,112 stock options during the three and nine months ended December 31, 2025 , respectively.

The Company granted no stock options during the three and nine months ended December 31, 2024 .

The stock options granted during the nine months ended December 31, 2025 will vest over 2 years.

The estimated fair value of the Company’s stock-based awards, less expected annual forfeitures, is amortized over the awards’ service period.

There were less than $ 0.1 million of unrecognized compensation costs for unvested stock options as of September 30, 2025 .

There were less than $ 0.1 million of unrecognized compensation costs for unvested stock options as of December 31, 2025 .

This expense will be recognized over a weighted average period of approximately 1.4 years.

The total unrecognized compensation cost for unvested outstanding restricted stock was $ 28.4 mi llion as of September 30, 2025 .

The total unrecognized compensation cost for unvested outstanding restricted stock was $ 24.9 mi llion as of December 31, 2025 .

This expense will be recognized over a weighted-average expense period of approximately 1.7 years.

The weighted average assumptions used in the Black Scholes valuation model for stock options granted during the six months ended September 30, 2025 are as follows:

Six Months Ended September 30,

The weighted average assumptions used in the Black Scholes valuation model for stock options granted during the nine months ended December 31, 2025 are as follows:

Nine Months Ended December 31,

Expected volatility

7 unchanged sentences

Stock options and warrants that are out-of-the-money with exercise prices greater than the average market price of the underlying common shares and shares of performance-based restricted stock where the contingency was not met are excluded from the computation of diluted EPS as the effect of their inclusion would be anti-dilutive.

For the three months ended September 30, 2025 , 553,740 shares were not included in the calculation of diluted EPS.

For the three months ended December 31, 2025 , 496,105 shares were not included in the calculation of diluted EPS.

Of these, 495,834 were shares of performance-based restricted stock where the contingency was not met and 271 shares relate to outstanding stock options that were considered anti-dilutive.

For the six months ended September 30, 2025 , 514,535 shares were not included in the calculation of diluted EPS.

For the nine months ended December 31, 2025 , 508,391 shares were not included in the calculation of diluted EPS.

Of these, 507,895 were shares of performance-based restricted stock where the contingency was not met and 496 shares relate to outstanding stock options that were considered anti-dilutive.

For the three months ended September 30, 2024 , 535,001 shares were not included in the calculation of diluted EPS.

For the three months ended December 31, 2024 , 475,971 shares were not included in the calculation of diluted EPS.

Of these, 475,971 were shares of performance-based restricted stock where the contingency was not met.

Of the remaining shares, 652 shares relate to outstanding stock awards that were considered anti-dilutive, and 8,016 shares related to ESPP shares and were excluded as they were considered anti-dilutive.

For the six months ended September 30, 2024 , 479,341 shares were not included in the calculation of diluted EPS.

For the nine months ended December 31, 2024 , 471,985 shares were not included in the calculation of diluted EPS.

Of these, 471,768 were shares of performance-based restricted stock where the contingency was not met.

Of the remaining shares, 326 shares relate to outstanding stock awards that were considered anti-dilutive, and 9,348 shares related to ESPP shares and were excluded as they were considered anti-dilutive.

The following table reconciles the numerators and denominators of the earnings per share calculation for the three and six months ended September 30, 2025 , and 2024 (in thousands, except per share data):

Three Months Ended September 30,

Six Months Ended September 30,

Of the remaining shares, 217 shares relate to outstanding stock awards that were considered anti-dilutive.

The following table reconciles the numerators and denominators of the earnings per share calculation for the three and nine months ended December 31, 2025 , and 2024 (in thousands, except per share data):

Three Months Ended December 31,

Nine Months Ended December 31,

$ 117,806 $ 2,465 $ 129,280 $ 4,828

14 unchanged sentences

Goodwill is not amortized but reviewed for impairment.

The Company's goodwill balance relates to the NWL Acquisition in fiscal 2024, the acquisition of Neeltran, Inc.

The Company's goodwill balance relates to the Comtrafo Acquisition in fiscal 2025, the NWL Acquisition in fiscal 2024, the acquisition of Neeltran, Inc.

in fiscal 2021 , the Northeast Power Systems, Inc.

1 unchanged sentence

Goodwill is reviewed annually on February 28th and whenever events or changes in circumstances indicate that the carrying value of the goodwill might not be recoverable.

Goodwill increased by $ 4.7 million during the fiscal year ended March 31, 2025, related to the NWL Acquisition.

There were no changes to Goodwill during the six months ended September 30, 2025 .

The Company did not identify any triggers to assess impairment in the three and six months ended September 30, 2025 or 2024.

Goodwill increased by $ 122.2 million during the three and nine months ended December 31, 2025 , related to the Comtrafo Acquisition.

Changes in the Company’s goodwill are as follows (in thousands):

March 31, 2025

Balance acquired - Comtrafo

Currency translation adjustment

December 31, 2025

The Company did not identify any triggers to assess impairment in the three and nine months ended December 31, 2025 or 2024.

Other Intangibles

Intangible assets at September 30, 2025 and March 31, 2025 consisted of the following (in thousands):

September 30, 2025

Intangible assets at December 31, 2025 and March 31, 2025 consisted of the following (in thousands):

December 31, 2025

March 31, 2025

13 unchanged sentences

$ 29,257 $ ( 15,405 ) $ 13,852 $ 20,031 $ ( 14,116 ) $ 5,916

The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $ 0.3 million and $ 0.7 million in the three and six months ended September 30, 2025 , respectively.

The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $ 0.4 million and $ 0.8 million in the three and six months ended September 30, 2024 .

The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $ 0.5 million and $ 1.2 million in the three and nine months ended December 31, 2025 , respectively.

The Company recorded intangible amortization expense related to customer relationship and core technology and know-how of $ 0.4 million and $ 1.3 million in the three and nine months ended December 31, 2024 .

The Company recorded intangible amortization expense related to backlog of $ 0.1 million in the three and nine months ended December 31, 2025 .

The Company recorded intangible amortization expense related to backlog of $ 0.3 million and 0.4 million in the three and nine months ended December 31, 2024 , respectively.

Expected future amortization expense related to intangible assets is as follows (in thousands):

1 unchanged sentence

2026 (remaining)

The Company's intangible assets relate entirely to the Grid business segment operations in the United States.

The Company's intangible assets relate entirely to the Grid business segment operations in the United States and Brazil.

The following tables summarizes the Company’s intangibles by geography (in thousands):

December 31, 2025

March 31, 2025

$ 4,904 $ 5,916

$ 13,852 $ 5,916

Fair Value Measurements

8 unchanged sentences

Disclosure of the transfer of securities from Level 1 to Level 2 or Level 3 is made in the event that the related security is significant to total cash and investments.

The Company did not have any transfers of assets and liabilities from Level 1, Level 2 or Level 3 of the fair value measurement hierarchy during the three or six months ended September 30, 2025 .

The Company did not have any transfers of assets and liabilities from Level 1, Level 2 or Level 3 of the fair value measurement hierarchy during the three or nine months ended December 31, 2025 .

A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

6 unchanged sentences

Short-term cash instruments consist principally of certificates of deposits.

The following table provides the assets and liabilities carried at fair value on a recurring basis, measured as of September 30, 2025 and March 31, 2025 (in thousands):

Contingent Consideration

Contingent consideration relates to the earnout payment set forth in the Stock Exchange Agreement governing the acquisition of Comtrafo that provides the selling stockholders may receive an additional sum of cash upon the achievement of certain specified earnings before interest, taxes, depreciation, and amortization ("EBITDA") objectives during the three years following the Comtrafo Acquisition Date.

See Note 14, "Contingent Consideration" for further discussion.

The Company relied on a Monte Carlo method to determine the fair value of the contingent consideration on the closing of the acquisition of Comtrafo and continues to revalue the fair value of the contingent consideration using the same method at each subsequent balance sheet date until the contingencies are resolved and the cash to be paid is determined, with the change in fair value recorded in the current period operating loss.

For the period ended December 31, 2025 , the change in fair value from December 5, 2025 was not considered material and as such no adjustment was recorded.

The following table provides the assets and liabilities carried at fair value on a recurring basis, measured as of December 31, 2025 and March 31, 2025 (in thousands):

Total Carrying Value

2 unchanged sentences

Significant Unobservable Inputs (Level 3)

September 30, 2025:

December 31, 2025:

Cash equivalents

2 unchanged sentences

$ 1,335 $ — $ 1,335 $ —

Contingent consideration

$ 34,737 $ — $ — $ 34,737

Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)

4 unchanged sentences

$ 1,404 $ — $ 1,404 $ —

The table below reflects the activity for the Company's contingent consideration derivative liability measured at fair value on a recurring basis (in thousands):

Comtrafo Acquisition Contingent Consideration

Balance at March 31, 2025

Issuance of contingent consideration

Change in fair value

Balance at December 31, 2025

Accounts Receivable

Accounts receivable at September 30, 2025 and March 31, 2025 consisted of the following (in thousands):

September 30, 2025

Accounts receivable at December 31, 2025 and March 31, 2025 consisted of the following (in thousands):

December 31, 2025

March 31, 2025

Accounts receivable (billed)

$ 31,543 $ 39,810

Accounts receivable (unbilled)

Accounts receivable

$ 39,870 $ 46,186

Inventory, net of reserves, at September 30, 2025 and March 31, 2025 consisted of the following (in thousands):

September 30, 2025

Inventory, net of reserves, at December 31, 2025 and March 31, 2025 consisted of the following (in thousands):

December 31, 2025

March 31, 2025

7 unchanged sentences

$ 105,408 $ 71,169

The Company recorded inventory write-downs of $ 1.1 million and $ 0.3 million f or the three months ended September 30, 2025 and 2024 , respectively.

The Company recorded inventory write-downs of $ 1.8 million and $ 0.8 million f or the six months ended September 30, 2025 and 2024 , respectively.

The Company recorded inventory write-downs of $ 0.4 million f or the three months ended December 31, 2025 and 2024 .

The Company recorded inventory write-downs of $ 2.2 million and $ 1.2 million f or the nine months ended December 31, 2025 and 2024 , respectively.

These write-downs were based on the Company's evaluation of its inventory on hand for excess quantities and obsolescence.

Deferred program costs as of September 30, 2025 and March 31, 2025 primarily represent costs incurred on programs where the Company needs to complete performance obligations before the related revenue and costs will be recognized.

Deferred program costs as of December 31, 2025 and March 31, 2025 primarily represent costs incurred on programs where the Company needs to complete performance obligations before the related revenue and costs will be recognized.

Property, Plant and Equipment

The cost and accumulated depreciation of property, plant and equipment at September 30, 2025 and March 31, 2025 are as follows (in thousands):

September 30, 2025

The cost and accumulated depreciation of property, plant and equipment at December 31, 2025 and March 31, 2025 are as follows (in thousands):

December 31, 2025

March 31, 2025

$ 22,650 $ 22,650

Construction in progress – equipment

Equipment and software

49,969 47,774

Furniture and fixtures

1 unchanged sentence

Property, plant and equipment, gross

91,190 88,964

Less accumulated depreciation

( 52,234 ) ( 50,392 )

Property, plant and equipment, net

$ 38,956 $ 38,572

Depreciation expense was $ 0.9 million and $ 0.8 million for the three months ended September 30, 2025 and 2024 , respectively.

Depreciation expense was $ 1.8 million and $ 1.4 million for the six months ended September 30, 2025 and 2024 , respectively.

Depreciation expense was $ 1.0 million and $ 0.9 million for the three months ended December 31, 2025 and 2024 , respectively.

Depreciation expense was $ 2.9 million and $ 2.3 million for the nine months ended December 31, 2025 and 2024 , respectively.

The increase in land, building, and equipment and software relates to the property added as part of the Comtrafo Acquisition.

Equity-Method Investments

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Equity method investments are measured at cost minus impairment, if any, plus or minus the Company’s share of an investee’s income or loss, less distributions received.

As of September 30, 2025 the Compa ny did not have material accounts receivable nor accounts payable balances wi th NWL Pacific.

The Company's investment in NWL Pacific was $ 1.5 million and $ 1.1 million as of September 30, 2025 and March 31, 2025, respectively.

As of December 31, 2025 the Compa ny did not have material accounts receivable nor accounts payable balances wi th NWL Pacific.

The Company's investment in NWL Pacific was $ 1.6 million and $ 1.1 million as of December 31, 2025 and March 31, 2025, respectively.

The table below presents the summarized financial information for periods presented post-acquisition, as provided to the Company by the investee, for the unconsolidated company (in thousands):

Three Months Ended September 30,

Six Months Ended September 30,

$ 1,087 $ 3,686

Three Months Ended December 31,

Nine Months Ended December 31,

Income from operation

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses at September 30, 2025 and March 31, 2025 consisted of the following (in thousands):

September 30, 2025

Accounts payable and accrued expenses at December 31, 2025 and March 31, 2025 consisted of the following (in thousands):

December 31, 2025

March 31, 2025

Accounts payable

$ 7,404 $ 6,733

Accrued inventories in-transit

6 unchanged sentences

Accrued commissions

$ 34,679 $ 32,282

The Company generally provides a one to three year warranty on its products, commencing upon delivery or installation where applicable.

1 unchanged sentence

Product warranty activity was as follows (in thousands):

Three Months Ended September 30,

Six Months Ended September 30,

Three Months Ended December 31,

Nine Months Ended December 31,

Balance at beginning of period

$ 3,240 $ 2,542 $ 3,033 $ 2,363

Acquired warranty obligations

Provisions for warranties during the period

520 298 1,069 774

Settlements during the period

( 426 ) ( 367 ) ( 768 ) ( 664 )

Balance at end of period

$ 3,334 $ 3,110 $ 3,334 $ 3,110

The Company recorded income tax expense of $ 0.1 million and $ 0.3 million for the three and six months ended September 30, 2025 , respectively, and income tax benefit of $ 5.0 million and $ 4.8 million for the three and six months ended September 30, 2024 , respectively.

The Company recorded income tax benefits of $ 112.4 million and $ 112.1 million for the three and nine months ended December 31, 2025 , respectively, and income tax benefit of $ 0.1 million and $ 4.9 million for the three and nine months ended December 31, 2024 , respectively.

On a quarterly basis, the Company reassesses the valuation allowance on deferred income tax assets, weighing positive and negative evidence to assess the recoverability of the deferred tax assets.

As of December 31, 2025 , the Company recorded a $ 113.1 million non-cash income tax benefit related to the release of a substantial portion of its valuation allowance against deferred tax assets.

This was based on the Company's evaluation of the positive evidence, including cumulative income position over the three -year period December 31, 2025 , revenue growth, current profitability, expectations regarding future forecasted income, and negative evidence, including uncertainty in economic and political environments from industry competition and dependence on government contracts.

This release of the valuation allowance resulted in the recognition of a deferred tax asset and a corresponding increase to income tax benefit in the current period, the effect of which is an increase in reported net income.

On July 4, 2025, the reconciliation bill, commonly referred to as the One Big Beautiful Bill ("OBBB") was signed into law, which includes a broad range of tax reform provisions that may affect the company's financial results.

11 unchanged sentences

Any changes in these factors could result in the recognition of a tax benefit or an additional charge to the tax provision.

The Company did not identify any uncertain tax positions in the six months ended September 30, 2025 and did not have any gross unrecognized tax benefits as of September 30, 2025 .

On a quarterly basis, the Company reassesses the valuation allowance on deferred income tax assets, weighing positive and negative evidence to assess the recoverability of the deferred tax assets.

As of September 30, 2025 , the Company continues to maintain a valuation allowance to reduce the U.S.

federal and state deferred tax assets to the amount that will more likely than not be realized.

Given the Company’s positive trend in earnings, the Company will assess during fiscal year 2025 whether sufficient positive evidence will exist to allow the Company to reach a conclusion that some or all of the U.S.

valuation allowance will no longer be needed.

A release of the valuation allowance would result in the recognition of deferred tax assets and a corresponding decrease to income tax expense in the period the release is recorded, the effect of which would be an increase in reported net income.

The Company did not identify any uncertain tax positions in the nine months ended December 31, 2025 and did not have any gross unrecognized tax benefits as of December 31, 2025 .

Contingent Consideration

13 unchanged sentences

As a result, for the periods in which the Company had outstanding contingent consideration, the fair value of the contingent consideration was remeasured and the resulting gain or loss was recognized in operating expenses until the share amount was fixed.

Following is a summary of the key assumptions used in a Monte Carlo simulation to calculate the fair value of contingent consideration related to the NEPSI Acquisition:

Fiscal Year 2024

Revenue risk premium

5.50 % 5.50 %

Revenue volatility

27.5 % 24.8 %

$ 23.39 $ 13.51

Payment delay (days)

Fair value (millions)

NWL Contingent Consideration

4 unchanged sentences

As of September 30, 2024, there were no remaining obligations to the selling stockholders of Megatran.

Following is a summary of the key assumptions used in a Monte Carlo simulation to calculate the fair value of the contingent consideration related to the NEPSI Acquisition:

Comtrafo Contingent Consideration

On December 5, 2025, the Company entered into the Stock Exchange Agreement with the selling stockholders named therein.

Pursuant to the terms of the Stock Exchange Agreement, the Company has agreed to pay the selling stockholders of the Comtrafo Acquisition an additional amount in cash upon the achievement of specified EBITDA objectives during the three years following the Comtrafo Acquisition Date.

The Company evaluated the Comtrafo Acquisition earnout payment set forth in the Comtrafo Stock Exchange Agreement (See Note 2, "Acquisitions" for further details), which will require settlement in cash, and determined the contingent consideration qualified for liability classification.

As a result, for each period, the fair value of the contingent consideration will be remeasured, and the resulting gain or loss will be recognized until the cash amount is fixed.

Following is a summary of the key assumptions used in a Monte Carlo simulation to calculate the fair value of contingent consideration related to the Comtrafo Acquisition:

Fiscal Year 2025

Revenue risk premium

5.50 % 5.50 %

Revenue volatility

27.5 % 24.8 %

$ 23.39 $ 13.51

EBITDA Risk Premium (continuous)

EBITDA Volatility

Credit Spread (semiannual)

Payment delay (days)

Fair value (millions)

The Company did not record any activity related to contingent consideration in the three and six months ended September 30, 2025 as the liability was settled in the prior fiscal year.

The Company recorded a gain resulting from the decrease in fair value of $ 0.5 million and a loss of $ 3.4 million resulting from the increases in the fair value of the contingent consideration in the three and six months ended September 30, 2024 , respectively.

The Company performed an analysis on the change in fair value through December 31, 2025 and concluded the impact was immaterial to the financial statements.

The Company recorded no gains or losses from the changes in fair value of the contingent consideration in the three and nine months ended December 31, 2025 .

The Company recorded a loss of $ 6.7 million resulting from the increases in the fair value of the NEPSI and NWL contingent consideration in the nine months ended December 31, 2024 .

As part of the Comtrafo Acquisition, the Company identified three debt agreements that Comtrafo had entered into prior to the Comtrafo Acquisition Date.

Based on the current maturity schedules of the respective agreements, the Company recorded current and long-term debt of $ 1.6 million and $ 6.1 million, respectively during the three months ended December 31, 2025 .

Operating Leases

10 unchanged sentences

The Company has made the policy election to exclude short-term leases from the condensed consolidated balance sheets.

Supplemental balance sheet information related to leases at September 30, 2025 , and March 31, 2025 are as follows (in thousands):

September 30, 2025

Supplemental balance sheet information related to leases at December 31, 2025 , and March 31, 2025 are as follows (in thousands):

December 31, 2025

March 31, 2025

Right-of-use assets – Operating

$ 3,789 $ 3,829

Total right-of-use assets

2 unchanged sentences

Total lease liabilities

$ 3,649 $ 3,369

Weighted-average remaining lease term

Weighted-average discount rate

14.58 % 14.94 %

The costs related to the Company's operating leases for the three and six months ended September 30, 2025 and 2024 , are as follows (in thousands):

The costs related to the Company's operating leases for the three and nine months ended December 31, 2025 and 2024 , are as follows (in thousands):

Three Months Ended

Six Months Ended

September 30, 2025

Nine Months Ended

December 31, 2025

Operating Leases:

3 unchanged sentences

Total lease costs

$ 508 $ 1,008

Three Months Ended

Six Months Ended

September 30, 2024

Nine Months Ended

December 31, 2024

Operating Leases:

19 unchanged sentences

In addition, the Company has various contractual arrangements in which minimum quantities of goods or services have been committed to be purchased on an annual basis.

As of September 30, 2025 , the Company had $ 3.0 million of restricted cash included in long-term assets and $ 2.9 million of restricted cash included in current assets.

AMSC Brazil, through Comtrafo, entered into an agreement to purchase additional real estate within the twelve months following the Comtrafo Acquisition Date for 37,246,459 Brazilian Real upon successful re-zoning classification of such real estate.

As of December 31, 2025 , the Company had $ 3.3 million of restricted cash included in long-term assets and $ 2.8 million of restricted cash included in current assets.

As of March 31, 2025 , the Company had $ 4.3 million of restricted cash included in long-term assets and $ 1.6 million of restricted cash included in current assets.

19 unchanged sentences

The chief operating decision maker also uses segment operating income or loss to assess the performance for each segment by comparing the results and return on assets of each segment with one another and in the compensation of certain employees.

The following tables (i) summarize total sales by segment and (ii) reconcile each segment's sales to their respective segment operating income, including segment operating expenses, for each of the three and six months ended September 30, 2025 and 2024 (in thousands):

Three Months Ended September 30, 2025

Six Months Ended September 30, 2025

The following tables (i) summarize total sales by segment and (ii) reconcile each segment's sales to their respective segment operating income, including segment operating expenses, for each of the three and nine months ended December 31, 2025 and 2024 (in thousands):

Three Months Ended December 31, 2025

Nine Months Ended December 31, 2025

Segment operating income:

$ 54,342 $ 11,520 $ - $ 65,862 $ 114,429 $ 23,791 $ - $ 138,220

Segment other operating expenses (b)

53,064 9,833 - 62,897 108,994 20,616 - 129,610

Segment operating income

$ 1,278 $ 1,687 $ - $ 2,965 $ 5,435 $ 3,175 $ - $ 8,610

(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(b) Segment other operating expense includes cost of sales, research and development expense, selling general, and administrative expense, and amortization of acquisition related intangibles.

Three Months Ended September 30, 2024

Six Months Ended September 30, 2024

Three Months Ended December 31, 2024

Nine Months Ended December 31, 2024

Segment operating income:

$ 46,936 $ 7,535 $ - $ 54,471 $ 79,272 $ 15,489 $ - $ 94,761

Segment other operating expenses (b)

45,366 7,096 2,762 55,224 77,939 14,183 6,682 98,804

Segment operating income (loss)

$ 1,570 $ 439 $ ( 2,762 ) $ ( 753 ) $ 1,333 $ 1,306 $ ( 6,682 ) $ ( 4,043 )

(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(b) Segment other operating expense includes cost of sales, research and development expense, selling general, and administrative expense, amortization of acquisition related intangibles, and gain/loss on contingent consideration.

Unallocated corporate expenses included a net loss on contingent consideration $ 2.8 million and $ 6.7 million in the three and six months ended September 30, 2024 , respectively.

The reconciliation of segment operating income (loss) to consolidated income (loss) before income taxes for the three and six months ended September 30, 2025 and 2024 is as follows (in thousands):

Three Months Ended September 30,

Six Months Ended September 30, 2025

Unallocated corporate expenses consisted of net losses resulting from activity relating to both the NEPSI earnout and the Megatran make whole payment which resulted in $ 6.7 million in increases in the fair value of contingent consideration in the nine months ended December 31, 2024 .

The reconciliation of segment operating income (loss) to consolidated income (loss) before income taxes for the three and nine months ended December 31, 2025 and 2024 is as follows (in thousands):

Three Months Ended December 31,

Nine Months Ended December 31, 2025

Operating income (loss):

$ 2,965 $ ( 753 ) $ 8,610 $ ( 4,043 )

Interest income, net

2,269 979 3,201 $ 2,099

Other expense, net

( 367 ) ( 329 ) ( 21 ) ( 489 )

Income (loss) before income tax expense (benefit)

$ 4,867 $ ( 103 ) $ 11,790 $ ( 2,433 )

Depreciation and amortization expense by segment for the three and six months ended September 30, 2025 and 2024 is as follows (in thousands):

Three Months Ended September 30,

Six Months Ended September 30, 2025

$ 1,266 $ 1,376 $ 2,468 $ 2,363

31 11 57 $ 32

$ 1,297 $ 1,387 $ 2,525 $ 2,395

Other (expense)/income, net

Income (loss) before income tax benefit

Depreciation and amortization expense by segment for the three and nine months ended December 31, 2025 and 2024 is as follows (in thousands):

Three Months Ended December 31,

Nine Months Ended December 31, 2025

The accounting policies of the business segments are the same as those for the consolidated Company.

3 unchanged sentences

In addition, certain corporate expenses which the Company does not believe are specifically attributable or allocable to either of the two business segments have been excluded from the segment operating income (loss).

Total assets for the two business segments as of September 30, 2025 and March 31, 2025 , are as follows (in thousands):

September 30, 2025

Total assets for the two business segments as of December 31, 2025 and March 31, 2025 , are as follows (in thousands):

December 31, 2025

March 31, 2025

$ 209,101 $ 211,520

17,665 13,697

Corporate assets

218,837 85,304

$ 445,603 $ 310,521

Recent Accounting Pronouncements

3 unchanged sentences

Following the release of ASU 2023 - 09 in December 2023, the effective date was annual reporting periods beginning after December 15, 2024.

As of September 30, 2025 , the Company is evaluating the impact on its consolidated financial statements.

As of December 31, 2025 , the Company is evaluating the impact on its consolidated financial statements.

In March 2024, the FASB issued ASU 2024 - 02, Codification Improvements — Amendments to Remove References to the Concepts Statements .

1 unchanged sentence

Following the release of ASU 2024 - 02 in March 2024, the effective date was annual reporting periods beginning after December 15, 2024.

As of September 30, 2025 , the Company is evaluating the impact on its consolidated financial statements.

As of December 31, 2025 , the Company is evaluating the impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024 - 03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures .

1 unchanged sentence

Following the release of ASU 2024 - 03 in November 2024, the effective date will be annual reporting periods beginning after December 15, 2026.

As of September 30, 2025 , the Company is evaluating the impact on its consolidated financial statements.

As of December 31, 2025 , the Company is evaluating the impact on its consolidated financial statements.

Subsequent Events

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements