0001304492-26-000027 | 10-K | XBRL Viewer

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Stock Compensation - Activity of Restricted Stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value per unit granted (in dollars per share)	$ 26.45	$ 34.30
Fair value of restricted stock units vested (in thousands)	$ 7,348	$ 9,951

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Revenue - Spectrum Sale Agreements (Details) $ in Thousands	12 Months Ended
Revenue - Spectrum Sale Agreements (Details) $ in Thousands	Mar. 31, 2026 USD ($) license	Jan. 31, 2026 USD ($)	Jan. 30, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Prepayments received	$ 161,178			$ 124,672	$ 122,212
CPS Energy (“CPS”) \| License
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount		$ 13,000
Prepayments received	6,500		$ 13,000
Payments remaining	$ 6,500
Broadband license(s) remaining \| license	1
Texas-New Mexico Power Company (“TNMP”) \| License
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 3,200
Prepayments received	0
Payments remaining	$ 3,200
Broadband license(s) remaining \| license	2
NorthWestern Energy (“NWE”) \| License
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 7,700
Prepayments received	0
Payments remaining	$ 7,700
Broadband license(s) remaining \| license	65

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Nature of Operations	12 Months Ended
Nature of Operations	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Anterix Inc. (the “Company”) is the nation’s largest holder of licensed 900 MHz spectrum (896-901/935-940 MHz) with coverage spanning the contiguous United States, Hawaii, Alaska, and Puerto Rico. The Company’s mission is to transform critical infrastructure connectivity, commercialize its spectrum assets and deliver advanced intelligent infrastructure solutions, including private broadband networks, tower access, and turnkey connectivity management, to utility and critical infrastructure enterprises seeking to enhance operational efficiency, strengthen grid resilience, and accelerate digital transformation. The Company was originally incorporated in California in 1997 and reincorporated in Delaware in 2014. In November 2015, the Company changed its name from Pacific DataVision, Inc. to pdvWireless, Inc. In August 2019, the Company changed its name from pdvWireless, Inc. to Anterix Inc. The Company maintains offices in Woodland Park, New Jersey, McLean, Virginia and Abilene, Texas. Business Developments During fiscal 2026, the Company evolved its business strategy. Building on its foundational 900 MHz spectrum position, the Company transitioned from a model focused predominantly on long-term spectrum leasing to a broader operating model. In the ordinary course of business, the Company now secures and expands its spectrum position, clears and retunes spectrum, monetizes spectrum through both sales and long-term leases, and develops a growing portfolio of products and services offerings around its spectrum that are designed to generate recurring revenue. Together, these activities form the foundation of how the Company generates revenue today and how it expects to generate revenue over time. The Company’s new brand and visual identity, introduced during the fourth quarter, reflects this evolution. On March 30, 2026, the Company entered into a spectrum license sale agreement with NorthWestern Energy (“NWE”) to provide 900 MHz Broadband Spectrum in the 10 MHz broadband configuration, (the “NWE Agreement”) for a total consideration of $7.7 million. This agreement marks the Company’s first deployment of 10 MHz broadband configuration in the 900 MHz band providing the foundation NWE needs to build a secure platform for a modern grid, enabling the delivery of safe, reliable energy for the communities they serve. On March 25, 2026, the Company entered into a spectrum license sale agreement with Texas-New Mexico Power Company (“TNMP”) to provide 900 MHz Broadband Spectrum covering Brazoria County and Galveston County, Texas, (the “TNMP Agreement”) for a total consideration of $3.2 million, facilitating TNMP to deploy a mission- critical private wireless network designed to strengthen grid reliability and support essential service improvements across its territory. On February 18, 2026, the Federal Communications Commission (the “FCC”) adopted the 2026 Report and Order to expand 900 MHz band to 10 MHz. On January 30, 2026, the Company entered into a spectrum license sale agreement with CPS Energy (“CPS”) to provide 900 MHz broadband license covering Bexar County, Texas, (the “CPS Agreement”) for a total payment of $13.0 million, facilitating CPS to deploy a utility private wireless broadband network that will strengthen its grid operations, enhance reliability, and accelerate innovation at scale. In November 2025, the Company and Crown Castle, one of the nation’s largest tower companies, announced a new turnkey tower service, TowerXTM, that helps utilities accelerate buildout timelines by providing access to pre-negotiated tower sites, centralized data and expert support. Additionally, the Company also relaunched CatalyX®, a turnkey SIM provisioning, connectivity management and roaming solution that helps utilities efficiently and securely activate and manage devices across public and private networks.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 98,533	$ 47,374
Escrow deposits	6,130	7,650
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation, Total	$ 104,663	$ 55,024

Subsequent Events (Details) $ in Millions	Apr. 16, 2026 USD ($)
Public Utility District No. 1 of Benton County \| Subsequent Event \| License
Subsequent Event [Line Items]
Remaining performance obligation, amount	$ 0.8

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Total operating lease cost	$ 1,821	$ 1,997

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Amount
Statutory federal tax	$ 19,909	$ (1,991)
State income taxes, net of federal benefit	1,955	952
Change in valuation allowance - Federal	(18,952)	(1,692)
Incentive stock option expense	301	(195)
Other permanent differences	34	(61)
162M executive compensation limit	92	5,001
Intangibles - FCC licenses	1,899
Other adjustments	(167)
Prior year adjustments		(122)
Income tax expense	$ 5,071	$ 1,892
Percent
Statutory federal tax	21.00%	21.00%
State income taxes, net of federal benefit	2.00%	(10.00%)
Change in valuation allowance - Federal	(20.00%)	18.00%
Incentive stock option expense	0.00%	2.00%
Other permanent differences	0.00%	1.00%
162M executive compensation limit	0.00%	(53.00%)
Intangibles - FCC licenses	2.00%
Other adjustments	0.00%
Prior year adjustments		1.00%
Total income tax expense, percent	5.00%	(20.00%)

Stock Compensation - Summary of Performance Stock Options (Details) - Performance-Based Stock Options	12 Months Ended
	Mar. 31, 2026 $ / shares shares
Performance Options
Beginning options outstanding (in shares) \| shares	156,706
Options granted (in shares) \| shares	0
Options exercised (in shares) \| shares	0
Options forfeited/expired (in shares) \| shares	(125,975)
Ending options outstanding (in shares) \| shares	30,731
Weighted Average Exercise Price
Beginning outstanding (in dollars per share) \| $ / shares	$ 38.07
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0
Forfeited/expired (in dollars per share) \| $ / shares	38.66
Ending outstanding (in dollars per share) \| $ / shares	$ 35.66

Revenue - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2014
Disaggregation of Revenue [Line Items]
Prepaid expenses and other current assets	$ 4,684	$ 2,801
Maximum
Disaggregation of Revenue [Line Items]
Contractual term	10 years
Total spectrum revenue
Disaggregation of Revenue [Line Items]
Prepaid expenses and other current assets			$ 7,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 198,900
Remaining performance obligation, expected timing of satisfaction, period	30 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property and Equipment

12 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following at March 31, 2026 and 2025 (in thousands):


	Estimated useful life	2026		2025
Network sites and equipment	5-10 years	$	4,518	$	9,614
Computer software	1-7 years	861		861
Computer equipment	5-7 years	292		303
Furniture and fixture and other equipment	2-5 years	440		489
Leasehold improvements	Shorter of the lease term or 10 years	819		819
		6,930		12,086
Less accumulated depreciation		6,103		10,784


Property and equipment, net		$	827	$	1,302

Depreciation expense for the years ended March 31, 2026 and 2025 amounted to approximately $0.5 million and $0.5 million, respectively.

There were no impairment charges during the years ended March 31, 2026 and 2025.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue (Tables)

12 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table provides information regarding the Company’s revenue for each of the services it provides pursuant to its spectrum revenue agreements for the years ended March 31, 2026 and 2025 (in thousands):


	2026		2025
Spectrum revenue
900 MHz Broadband Spectrum Revenue
Ameren Corporation	$	824	$	737
Evergy	1,541		1,542
Xcel Energy	3,524		3,205
TECO (1)	612		—
Narrowband Spectrum Revenue
Motorola (2)	—		547



Total spectrum revenue	$	6,501	$	6,031

1.The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to TECO in June 2025.

2.As of December 31, 2024, the Company recognized all the revenue associated with the 2014 Motorola spectrum agreement.

Schedule of Lessor, Operating Lease Agreements

The following table provides information regarding the Company’s spectrum lease agreements (as defined in the table below and collectively referred to as the “Spectrum Lease Agreements”) as of March 31, 2026:

Spectrum Lease Agreements (1)

Agreement Date

Initial Term

Renewal Options

Total Consideration (2)

Payments Received

Payments Remaining

Ameren Corporation (“Ameren”)

December 2020

30 - years

10 - years

$47.7 million

$31.4 million

$16.3 million (3)

Evergy Services, Inc. (“Evergy”)

September 2021

20 - years

2 x 10 - years

$30.2 million

$—

Xcel Energy Services Inc. (“Xcel Energy”)

October 2022

20 - years

2 x 10 - years

$80.0 million

$76.0 million

$4.0 million (4)

Tampa Electric Company (“TECO”)

November 2023

20 - years

2 x 10 - years

$34.5 million

$—

1.The Spectrum Lease Agreements are subject to customary provisions regarding remedies for non-delivery, including termination rights and refund of amounts paid, if the Company fails to perform its other contractual obligations, including failure to deliver the relevant cleared 900 MHz Broadband Spectrum in accordance with the terms of the Agreements.

2.In accordance with ASC 606, the payments of prepaid fees under the spectrum lease agreements will be accounted for as deferred revenue on the Company’s Consolidated Balance Sheets. Revenue is recognized over time as the performance obligations of clearing the 900 MHz Broadband Spectrum and the associated broadband leases are delivered by the respective county, over the contractual term.

3.The remaining payments of $16.3 million, excluding potential penalties, for the 30-year initial term are due by mid-2026, per the terms of the Ameren Agreements and as the Company delivers the relevant cleared 900 MHz Broadband Spectrum and the associated broadband leases.

4.The remaining payments of $4.0 million, excluding potential penalties, for the 20-year initial term are due by mid-2028, per the terms of the Xcel Energy Agreement and as the Company delivers the relevant cleared 900 MHz Broadband Spectrum and the associated broadband leases.

Schedule of Spectrum Sale Agreements

The following table provides information regarding the Company’s spectrum sale agreements entered into after December 2025 (as defined in the table below and collectively referred to as the “Spectrum Sale Agreements”) as of March 31, 2026:

Spectrum Sale Agreements (1)

Agreement Date

Total Consideration (2)

Payments Received

Payments remaining

Broadband license(s) delivered

Broadband license(s) remaining

CPS Energy (“CPS”)

January 2026

$13.0 million

$6.5 million

—

Texas-New Mexico Power Company (“TNMP”)

March 2026

$3.2 million

$—

$3.2 million

—

NorthWestern Energy (“NWE”)

March 2026

$7.7 million

$—

$7.7 million

—

2.In accordance with ASC 606, the payments of prepaid fees under the spectrum sale agreements will be accounted for as deferred revenue on the Company’s Consolidated Balance Sheets. Revenue will be recognized for each county once we deliver the cleared 900 MHz Broadband Spectrum and the associated broadband licenses.

The following table provides information regarding the Company’s spectrum sale agreements entered into prior to December 2025 (as defined in the table below and collectively referred to as the “Spectrum Sale Agreements”) as of March 31, 2026:

Spectrum Sale Agreements (1)

Agreement Date

Total Consideration

Payments Received

Payments remaining

Broadband license(s) delivered

Broadband license(s) remaining

San Diego Gas & Electric (“SDG&E”) Agreement

February 2021

$50.0 million

$45.6 million (2)

$3.1 million

LCRA Agreement

April 2023

$30.0 million

$29.3 million

$0.7 million

LCRA Expansion Agreement

January 2025

$13.5 million

$6.0 million

$6.5 million (3)

—

Oncor Agreement

June 2024

$102.5 million (4)

$100.6 million (4)

$—

—

1.The Spectrum Sale Agreements are subject to customary provisions regarding remedies for non-delivery, including termination rights and refund of amounts paid, if the Company fails to perform its other contractual obligations, including failure to deliver the relevant cleared 900 MHz Broadband Spectrum in accordance with the terms of the Agreements. A gain or loss on the sale of spectrum will be recognized for each county once we deliver the cleared 900 MHz Broadband Spectrum and the associated broadband licenses.

2.Net of delivery delay adjustments.

3.Includes a $1.0 million credit, which was applied against the remaining balance pursuant to the LCRA Expansion Agreement in recognition of their contributions to our business efforts.

4.Includes reimbursable clearing costs and Anti-Windfall Payments made in connection with the transfer of the associated broadband licenses. Total consideration included $7.5 million in estimated reimbursable clearing costs and Anti-Windfall Payments of which $5.6 million was realized.

The following table summarizes the Company’s short-term and long-term contingent liabilities related to certain spectrum sale agreements based on the estimated timing of license deliveries (in thousands) as of March 31, 2026:


	2026				2025
Spectrum Sale Agreements	Current		Long Term		Current		Long Term
SDG&E	$	1,000	$	—	$	1,000	$	—
LCRA Agreement	1,220		—		1,093		15,336
LCRA Expansion Agreement	—		6,000		—		—
Oncor	—		—		6,000		—
Total contingent liabilities (1)	$	2,220	$	6,000	$	8,093	$	15,336

1.A reduction in the contingent liability and a gain or loss on the sale of spectrum will be recognized for each county once the Company delivers the 900 MHz Broadband Spectrum and the associated broadband licenses.

Schedule of Contract Assets

The Company capitalizes incremental costs associated with obtaining a spectrum agreement with a customer, which generally includes sales commissions. Capitalized incremental costs are amortized over the contractual term beginning on the first delivery of a broadband lease. The Company’s capitalized contract costs consisted of the following activity (in thousands):


	2026		2025
Balance at the beginning of the year	$	1,241	$	1,027
Additions	226		339
Amortization (1)	(962)		(125)

Balance at the end of the year	505		1,241
Less amount classified as current assets (2)	(24)		(132)
Noncurrent assets (2)	$	481	$	1,109

1.Due to the change in commission plan and the Company’s approach to monetizing its spectrum, the Company accelerated the amortization of approximately $0.9 million of certain outstanding capitalized assets as of March 31, 2026.

2.Current assets are recorded as prepaid expenses and other current assets and noncurrent assets are recorded as other assets on the Company’s Consolidated Balance Sheets.

Schedule of Contract Liabilities

Contract liabilities primarily relate to advanced consideration received from customers in connection with spectrum revenue agreements, for which revenue is recognized over the term of each delivered broadband lease. The Company’s contract liabilities consisted of the following activity (in thousands):


	2026		2025
Balance at the beginning of the year	$	124,672	$	122,212
Net additions (1)	43,007		8,491
Revenue recognized	(6,501)		(6,031)
Balance at the end of the year	161,178		124,672
Less amount classified as current liabilities (2)	(14,513)		(6,095)
Noncurrent liabilities (2)	$	146,665	$	118,577

1.Represents milestone payments received from customer contracts pursuant to the terms of the associated spectrum revenue agreements, net of delivery delay adjustments.

2.Current liabilities and noncurrent liabilities are recorded as deferred revenue on the Company’s Consolidated Balance Sheets.

Summary of Significant Accounting Policies - Summary of Changes in Liability For Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of the year	$ 520	$ 632
Liabilities settled	(410)	(5)
Revision of estimate	(110)	(112)
Accretion expense	0	5
Balance at end of the year	0	520
Asset Retirement Obligation [Abstract]
Less amount classified as current - included in accounts payable and other accrued expenses	0	395
Noncurrent liabilities - included in other liabilities	$ 0	$ 125

Accrued Severance and Other Related Charges (Tables)

12 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Schedule of Accrued Liabilities

For the years ended March 31, 2026 and 2025, total accrued severance and other related charges were as follows (in thousands):


	2026		2025
Balance at beginning of the year	$	2,265	$	—
Cash accruals	4,596		2,714
Cash payments	(4,051)		(449)
Balance at the end of the year (1)	$	2,810	$	2,265

1.The Company expects to make disbursements totaling $2.2 million over the next 12 months.

Contingencies and Guaranty (Tables)

12 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Spectrum Sale Agreements

Spectrum Sale Agreements (1)

Agreement Date

Total Consideration (2)

Payments Received

Payments remaining

Broadband license(s) delivered

Broadband license(s) remaining

CPS Energy (“CPS”)

January 2026

$13.0 million

$6.5 million

—

Texas-New Mexico Power Company (“TNMP”)

March 2026

$3.2 million

$—

$3.2 million

—

NorthWestern Energy (“NWE”)

March 2026

$7.7 million

$—

$7.7 million

—

Spectrum Sale Agreements (1)

Agreement Date

Total Consideration

Payments Received

Payments remaining

Broadband license(s) delivered

Broadband license(s) remaining

San Diego Gas & Electric (“SDG&E”) Agreement

February 2021

$50.0 million

$45.6 million (2)

$3.1 million

LCRA Agreement

April 2023

$30.0 million

$29.3 million

$0.7 million

LCRA Expansion Agreement

January 2025

$13.5 million

$6.0 million

$6.5 million (3)

—

Oncor Agreement

June 2024

$102.5 million (4)

$100.6 million (4)

$—

—

2.Net of delivery delay adjustments.

3.Includes a $1.0 million credit, which was applied against the remaining balance pursuant to the LCRA Expansion Agreement in recognition of their contributions to our business efforts.


	2026				2025
Spectrum Sale Agreements	Current		Long Term		Current		Long Term
SDG&E	$	1,000	$	—	$	1,000	$	—
LCRA Agreement	1,220		—		1,093		15,336
LCRA Expansion Agreement	—		6,000		—		—
Oncor	—		—		6,000		—
Total contingent liabilities (1)	$	2,220	$	6,000	$	8,093	$	15,336

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Net Deferred Tax Assets and Liabilities

Net deferred tax assets and liabilities consist of the following as of March 31, 2026 and 2025 (in thousands):


	2026		2025
Deferred tax asset

Property and equipment	$	670	$	748
Accrued expenses	770		346

Deferred revenue	27,171		26,852
Asset retirement obligations	16		16
Net operating loss carryforward	52,623		70,267
Operating lease liabilities	1,310		1,529
Charitable contributions carryforward	3		3
Stock compensation expense	5,688		4,302
Total deferred tax asset	88,251		104,063
Deferred tax liability

Right of use assets	(1,175)		(1,345)
Indefinite-lived intangible assets	(22,263)		(19,046)
Total deferred tax liability	(23,438)		(20,391)
Total deferred tax assets and liabilities	64,813		83,672
Valuation allowance	(71,136)		(90,278)
Net deferred tax assets and liabilities	$	(6,323)	$	(6,606)

Schedule of Components of Income Tax Expense

The components of the income tax expense for the years ended March 31, 2026 and 2025 are as follows (in thousands):


	2026		2025
Current:
Federal	$	2,192	$	—
State	3,162		1,567
Total current	5,354		1,567

Deferred:
Federal	309		621
State	(592)		(296)
Total deferred	(283)		325

Total income tax expense	$	5,071	$	1,892

Summary of Supplemental Cash Flow Information

The following table presents taxes paid by the Company net of refunds received after the adoption of ASU 2023-09 for the year ended March 31, 2026:


	2026
Federal income taxes paid	$	2,405
State income taxes paid
Colorado	186
Washington D.C.	193
Illinois	1,925
Minnesota	638
Virginia	202
Other jurisdictions(1)	259
Total state income taxes paid	3,403
Total income taxes paid (2)	$	5,808

1.Other jurisdictions include income taxes paid during the year for states that do not meet the 5% disaggregation threshold.

2.Income taxes paid include only taxes within the scope of ASC 740 net of refunds and exclude non-income based taxes such as excise and sales taxes.

The following table summarizes the Company’s supplemental cash flow information:


	For the years ended March 31,
(in thousands)	2026		2025
Cash paid during the period:
Taxes paid, including excise tax	$	5,808	$	1,728
Operating leases paid	$	2,029	$	2,311
Non-cash investing activity:
Capitalized change in estimated asset retirement obligations	$	55	$	(107)
Network equipment provided in exchange for wireless licenses	$	—	$	190
Narrowband spectrum licenses received in connection with the LCRA Agreement	$	—	$	1,430

Derecognition of contingent liability related to sale of intangible assets	$	21,404	$	—
Rights of use asset for new leases	$	736	$	796
Rights of use asset for modifications and renewals	$	(35)	$	1,258

Schedule of Effective Income Tax Rate Reconciliation

The differences between the United States federal statutory tax rate and the Company’s effective tax rate for the year ended March 31, 2026 after the adoption of ASU 2023-09 are as follows (in thousands):


	2026
Statutory federal tax	$	19,909	21	%
State income taxes, net of federal benefit (1)	1,955		2	%

Change in valuation allowance - Federal	(18,952)		-20	%
Nontaxable or nondeductible items
Incentive stock option expense	301		—	%
Other permanent differences	34		—	%
162M executive compensation limit	92		—	%
Intangibles - FCC licenses	1,899		2	%
Other adjustments	(167)		—	%
Total income tax expense	$	5,071	5	%

1.State taxes in Illinois made up greater than 50% of the tax effect in this category.

The differences between the United States federal statutory tax rate and the Company’s effective tax rate for the year ended March 31, 2025 before the adoption of ASU 2023-09 are as follows (in thousands):


	2025
Statutory federal tax	$	(1,991)	21	%
State income taxes, net of federal benefit	952		-10	%
Incentive stock option expense	(195)		2	%
Other permanent differences	(61)		1	%
162M executive compensation limit	5,001		-53	%


Change in valuation allowance - Federal	(1,692)		18	%
Prior year adjustments	(122)		1	%
Total income tax expense	$	1,892	-20	%

Leases (Tables)

12 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Additional Lease Cost Information

Weighted-average remaining lease term and incremental borrowing rate for the Company’s operating leases are as follows:


	2026		2025
Weighted average term - operating lease liabilities	3.71 years		3.71 years
Weighted average incremental borrowing rate - operating lease liabilities	8	%	8	%

Schedule of Lease Cost

The following table presents total lease cost for the years ended March 31, 2026 and 2025 (in thousands):


	2026		2025




Total operating lease cost*	$	1,821	$	1,997

*Total operating lease cost is included in general and administrative expenses on the Company’s Consolidated Statements of Operations.

Schedule of Supplemental Lease Information

The following table presents supplemental balance sheet information as of March 31, 2026 and 2025 (in thousands):


	2026		2025
Non-current assets - right of use assets, net	$	4,069	$	4,829
Current liabilities - operating lease liabilities	$	1,424	$	1,643
Non-current liabilities - operating lease liabilities	$	2,995	$	3,747

Schedule of Future Minimum Payments

Future minimum payments under existing non-cancellable leases for office and tower spaces (exclusive of real estate tax, utilities, maintenance and other costs borne by the Company) for the remaining terms of the leases following the year ended March 31, 2026 are as follows (in thousands):


Fiscal Year	Operating Leases
2027	$	1,727
2028	1,373
2029	828
2030	455
2031	396
After 2031	345
Total future minimum lease payments	5,124
Amount representing interest	(705)
Present value of net future minimum lease payments	$	4,419

Stock Compensation - Share Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Number of shares repurchased and retired (in shares)	43	245
Average price paid per share (in dollars per share)	$ 22.94	$ 33.71
Total cost to repurchase	$ 990	$ 8,398

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Use of Estimates

The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the valuation of awards and forfeiture rates for its share-based award programs, the estimated useful lives of depreciable assets, lease discount rates, asset retirement obligations (the “ARO”), valuation allowance on the Company’s deferred tax assets and the recoverability of intangible assets among other estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the applicable period. Accordingly, actual results could materially differ from those estimates.

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Revision to Spectrum Sale Transaction Presentation

The Company generates income primarily through long-term leases and sales of spectrum assets. For spectrum lease agreements, payments received from customers were recorded as deferred revenue on the Company’s Consolidated Balance Sheets, with revenue recognized ratably over the contractual term beginning on the date the Company delivered cleared 900 MHz Broadband Spectrum and the associated broadband leases to the customer on a county-by-county basis in accordance with Revenue from Contracts with Customers (“ASC 606”). Historically, for spectrum sale agreements, payments received in advance of closing were recorded as contingent liabilities on the Company’s Consolidated Balance Sheets. Upon closing of the sale and delivery of the cleared 900 MHz Broadband Spectrum and associated broadband licenses to the customer by county, the Company derecognized the contingent liability and recorded a gain on sale of intangible assets within operating expenses under Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610”).

During fiscal 2026, the Company evolved its business strategy, transitioning from a model focused predominantly on long-term spectrum leasing to a broader operating model that now includes securing and expanding its spectrum position, clearing and retuning spectrum, monetizing spectrum through both sales and long-term leases, and developing a growing portfolio of products and services offerings around its spectrum that are designed to generate recurring revenue.

Prior to December 31, 2025, sale agreements were deemed an exception to the Company’s business model and were entered into with utilities containing Complex Systems on a case by case basis not in the ordinary course of business, resulting in sale agreements being accounted for under ASC 610. However, as a result of the Company’s business strategy evolution, the Company determined that sale agreements entered into after December 31, 2025 were completed in the ordinary course of business. The shift in business model will result in the recognition of such transactions as revenue under ASC 606, with the associated broadband costs reflected within operating expenses.

Segments

The Company operates as a single operating and reportable segment. The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer, who manages the business on a consolidated basis.

All of the Company’s identifiable assets are located in the United States. The Company did not generate any revenue from sources outside of the United States.

Cash and Cash Equivalents and Restricted Cash

All highly liquid investments with maturities of three months or less at the time of purchase are considered cash equivalents. Cash equivalents are stated at cost, which approximates the quoted market value and includes amounts held in money market funds. Restricted cash includes amounts classified as escrow deposits.

Concentration of Credit Risk and Significant Customers

Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments with financial institutions for which credit loss is not anticipated. As of March 31, 2026 and 2025, substantially all of the Company’s cash balances exceeded the federally insured limits. During the years ended March 31, 2026 and 2025, each of the Company’s customers related to spectrum agreements accounted for greater than 10% of total revenue, except for Tampa Electric Company (“TECO”).

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the applicable lease term. The carrying amount at the balance sheet date of long-lived assets under construction in process includes assets purchased, constructed, or being developed internally that are not yet in service. Depreciation commences when the assets are placed in service. Depreciation rates for assets are updated periodically to account for changes, if any, in the estimated useful lives of the assets, lease terms, management’s strategic objectives, estimated residual values or obsolescence. Changes in estimates will result in adjustments to depreciation expense prospectively.

Accounting for Asset Retirement Obligations

An Asset Retirement Obligations (“ARO”) is evaluated and recorded, as appropriate, on assets for which the Company has a legal obligation to retire. The Company records a liability for an ARO and the associated asset retirement cost at the time the underlying asset is acquired and put into service. Subsequent to the initial measurement of the ARO, the obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation, if any. Over time, the liability is accreted to its present value and the capitalized cost is depreciated over the estimated useful life of the asset.

The Company entered into long-term leasing arrangements primarily for tower site locations. The Company constructed assets at these locations and, in accordance with the terms of many of these agreements, the Company is obligated to restore the premises to their original condition at the conclusion of the agreements, generally at the demand of the other party to these agreements. The Company recognizes the fair value of a liability for an ARO and capitalizes that cost as part of the cost basis of the related asset, depreciating it over the useful life of the related asset. Upon settlement of the obligation, any difference between the cost to retire the asset and the recorded liability is recognized on the Company’s Consolidated Statements of Operations.

As of March 31, 2026 and 2025, the Company settled approximately $0.4 million and $5 thousand, respectively of its obligations to restore the leased premises to their original condition and decreased its ARO accrual by $0.1 million and $0.1 million, respectively based on estimated future cash flows.

Changes in the liability for the ARO for the years ended March 31, 2026 and 2025 are summarized below (in thousands):


	2026		2025
Balance at beginning of the year	$	520	$	632
Liabilities settled	(410)		(5)
Revision of estimate	(110)		(112)
Accretion expense	—		5
Balance at end of the year (1)	—		520
Less amount classified as current - included in accounts payable and other accrued expenses	—		395
Noncurrent liabilities - included in other liabilities	$	—	$	125

1.During the year ended March 31, 2026, the Company cleared its tower site locations that were associated with its ARO and based on an evaluation of lease terms and site restoration requirements, the Company determined that no additional obligation was required.

Intangible Assets

Intangible assets are wireless licenses that are used to provide the Company with the exclusive right to utilize designated radio frequency spectrum to provide wireless communication services. While licenses are issued for only a fixed time, generally ten years, such licenses are subject to renewal by the FCC. License renewals have occurred routinely and are expensed as incurred. There are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of the Company’s wireless licenses. As a result, the Company has determined that the wireless licenses should be treated as an indefinite-lived intangible asset. The Company will evaluate the useful life determination for its wireless licenses each year to determine whether events and circumstances continue to support their treatment as an indefinite useful life asset.

Evaluation of Indefinite-Lived Intangible Assets for Impairment

The Company determined that its unit of accounting should be based on geographic markets and deal markets. Unit of accounting of wireless licenses not associated with closed deals is based on geographic markets. Unit of accounting of wireless licenses associated with closed deals is based on the deal markets. The Company’s wireless licenses not associated with closed deals are tested for impairment based on the geographic markets, as the Company will be utilizing the existing wireless narrowband licenses, or broadband licenses if applicable, as part of facilitating broadband spectrum networks at a geographic market level. The Company’s wireless licenses associated with closed deals are tested for impairment based at the deal market level. The Company may elect to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of an intangible asset is less than its carrying value. If the Company does not perform the qualitative assessment, or if the qualitative assessment indicates it is more likely than not that the fair value of the intangible asset is less than its carrying amount, the Company will calculate the estimated fair value of the intangible asset. If the estimated fair value of the spectrum licenses is lower than their carrying amount, an impairment loss is recognized. The Company will use a market-based approach or a transaction specific market approach to estimate the fair value of spectrum licenses depending on whether the license is associated with an executed contract with a customer. Under the market-based approach, the fair value of licenses without an executed contract is based on the prevailing 600 MHz auction price as determined by the FCC. Under the transaction-specific market approach, the fair value of licenses with an executed contract is based on cash flows expected to be generated under the contract over its contractual term, as adjusted by a market participant discount rate.

During the year ended March 31, 2026, the Company performed a step zero qualitative approach impairment test as of January 1, 2026, for each geographical market or deal market, to test indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform quantitative impairment testing. Per the results of

the step zero test, the Company was not required to perform a step one analysis. During the year ended March 31, 2025, the Company performed a step one quantitative approach impairment test as of January 1, 2025, to determine if the fair value of the combined licenses by the associated geographical or deal market exceeds the carrying value for each geographical or deal market. Based on the results of the impairment tests, there were no impairment charges recorded during the years ended March 31, 2026 and 2025. As of March 31, 2026 and 2025, the fair value materially exceeds carrying value of the Company’s intangible assets.

Exchanges of Intangible Assets

At times, the Company enters into agreements to exchange or cancel spectrum licenses. Upon entering into the arrangement, if the transaction has been deemed to have commercial substance, spectrum licenses are reviewed for impairment. The licenses are exchanged or cancelled at their carrying value and adjusted for any gain or loss recognized. Upon receipt of FCC approval, the spectrum licenses acquired as part of an exchange of nonmonetary assets are recorded at their fair value as of the exchange date (i.e., the lower of the 600 MHz auction or estimated contract price). The difference between the fair value of the spectrum licenses obtained, carrying value of the spectrum licenses transferred and cash paid, if any, is recognized as a gain or loss on exchange of spectrum licenses reported separately on the Company’s Consolidated Statements of Operations. For the purpose of the valuation of broadband licenses received in connection with nonmonetary exchanges, the Company utilizes the 600 MHz Auction price per MHzPop, which represents level two of the fair value hierarchy. If the transaction lacks commercial substance or the fair value of the acquired asset cannot be determined, the acquired spectrum licenses are recorded at the carrying value of the spectrum assets transferred, cancelled or exchanged.

See Note 7 Intangible Assets for a discussion on the Company’s spectrum exchanges during the years ended March 31, 2026 and 2025.

Broadband Licenses Held for Sale

As a result of the Company’s evolved business strategy and the change in the accounting for its spectrum sale agreements, the Company now classifies its broadband licenses associated with signed spectrum sale agreements entered into after December 31, 2025 as held for sale in the period in which all specified GAAP criteria are met. Pursuant to these criteria, the Company classifies its broadband licenses as held for sale upon the completion of the exchange of a narrowband licenses for the broadband license associated with a county included in a signed sale agreement, with an expected closing date within one year. The Company measures its broadband licenses that are held for sale at their fair value as of the classification date, which is the lower of the 600 MHz auction or estimated contract price. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. As of March 31, 2026 and 2025, the Company had no licenses deemed held for sale.

Spectrum Receivable and Deferred Broadband Costs

Spectrum receivable represents prepayments made to acquire, retune or swap narrowband wireless licenses for cash consideration. The initial deposits to incumbents are recorded as spectrum receivable on the Company’s Consolidated Balance Sheets and are refundable if the FCC does not approve the sale, retuning or swap of the spectrum. Upon closing the associated deal, the costs are transferred to intangible assets on the Company’s Consolidated Balance Sheets for purchases of licenses and to deferred broadband costs on the Company’s Consolidated Balance Sheets for deals related to swap or retuning of narrowband licenses. If it is determined that there is an impairment, the Company will expense the assets to the extent of the potential loss. Upon exchanging the Company’s narrowband licenses for broadband licenses, the Company will transfer the deferred broadband costs to intangible assets.

Long-Lived Assets and Right of Use Assets Impairment

The Company evaluates long-lived assets and right of use (“ROU”) assets, other than intangible assets with indefinite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Asset groups are determined at the lowest level for which identifiable cash flows are largely independent of cash flows of other groups of assets and liabilities. When the carrying amount of the asset groups are not recoverable and exceeds its fair value, an impairment loss is recognized equal to the excess of the asset group’s carrying value over the estimated fair value. There were no impairment charges during the years ended March 31, 2026 and 2025.

Fair Value Measurement

A Level 1, Level 2 or Level 3 fair value hierarchy is used to categorize fair value amounts depending on the quality of inputs used to measure the fair value. Level 1 fair value derived inputs utilize quoted prices in active markets for identical assets or liabilities. Level 2 fair value derived inputs are based on quoted prices for similar assets and liabilities in active markets or

based on inputs other than quoted prices for the assets or liability that are either directly or indirectly observable. Level 3 fair value derived inputs are unobservable for the asset or liability as a result of little, if any, market activity for the asset or liability.

The Company uses appropriate valuation techniques for the fair values of the applicable assets or liabilities based on the available inputs. When available, the Company measures fair value using Level 1 inputs as they generally provide the most reliable evidence of fair value. The inputs may fall into different levels within the hierarchy in some valuations. In these cases, the fair value hierarchy of the asset or liability level is based on the lowest level of input that is significant to the fair value measurements.

Financial Instruments

The carrying values of the Company’s financial instruments, including cash and cash equivalents, non-trade receivable, escrow deposits, accounts payable and other accrued expenses approximate their fair values.

Leases

Leases in which the Company is the lessee are comprised of corporate office space and tower space. All of the leases are classified as operating leases. The Company is obligated under certain lease agreements for office space with lease terms expiring on various dates from June 30, 2027 through January 31, 2029, which includes lease extensions ranging from three to ten-years for its corporate offices. The Company entered into multiple lease agreements for tower space related to its spectrum holdings. These lease expiration dates range from April 8, 2026 to February 28, 2033.

In accordance with Financial Accounting Standards Board, (“FASB”) Accounting Standards Codification, Leases (“ASC 842”), the Company recognized ROU assets and corresponding lease liabilities on the Company’s Consolidated Balance Sheets for its operating lease agreements with contractual terms greater than 12 months. Lease liabilities are based on the present value of remaining lease payments over the lease term. As the discount rate implied in the Company’s leases is not readily determinable, the present value is calculated using the Company’s incremental borrowing rate, which is estimated to approximate the interest rate on a collateralized basis with similar terms.

Revenue Recognition

Revenues are recognized when a contract with a customer exists and control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services.

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in Accounting Standards Codification, Revenue from Contracts with Customers (“ASC 606”). A contract’s transaction price is allocated to each distinct performance obligation and is recognized as revenue when, or as, the performance obligation is satisfied, which typically occurs when the services are rendered. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. The Company’s contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. It generally determines standalone selling prices based on the prices charged to customers under contracts involving only the relevant performance obligation. Judgment may be used to determine the standalone selling prices for items that are not sold separately, including services provided at no additional charge. For the Company’s customer agreements, most of the performance obligations involve delivering cleared 900 MHz Broadband Spectrum and the associated broadband license or lease on a county-by-county basis. For broadband license transfers, the performance obligation is satisfied at a point in time when control of the broadband license is transferred to the customer upon delivery. Accordingly, revenue is recognized upon delivery of the broadband license. For broadband spectrum lease arrangements, the performance obligation is satisfied over time as the customer receives the leased spectrum regardless of whether the customer uses the spectrum or not throughout the contractual term. As a result, revenue will be recognized ratably over the contractual term beginning on the date when the Company delivers cleared 900 MHz Broadband Spectrum and the associated broadband leases to the customer on a county-by-county basis.

Since a contract has payment terms that differ from the timing of revenue recognition, the Company will assess whether the transaction price for those contracts include a significant financing component. The Company expects that the period between the transfer of a promised good or service to a customer and the customer payment for that good or service will not constitute a significant financing component. Most of the Company’s spectrum agreements have milestone payments, which align the payment schedule with the clearing and delivery of broadband spectrum. The Company may be entitled to receive an initial deposit, which is not considered a significant financing component because it is used to obtain exclusive rights to the spectrum upon clearing and delivery. As a result, the prepayment structure does not result in a financing component as it mitigates the risk for both parties and secures the exclusive use of the Company’s 900 MHz Broadband Spectrum.

Historically, the Company recognized an asset for the incremental costs of obtaining a contract with a customer if it expects the benefit of those costs to be longer than one year. The Company determined that certain previously paid sales commissions met the requirements to be capitalized and were recorded as an asset upon the Company’s adoption of ASC 606. For the years ended March 31, 2026 and 2025, the Company capitalized commission costs required to obtain long-term 900 MHz Broadband Spectrum lease agreements which will be amortized over the contractual term. Due to the change in commission plan and the Company’s approach to monetizing its spectrum, the Company accelerated the amortization of the outstanding capitalized assets as of March 31, 2026.

Contract Assets and Liabilities

The Company records a contract asset when the Company has satisfied a performance obligation but does not yet have an unconditional right to consideration. Contract assets are included in prepaid expenses and other current assets in the Consolidated Balance Sheets. The Company will review the contract asset on a periodic basis to determine if an impairment exists as a result of a potential credit loss exposure. If it is determined that there is an impairment, the Company will expense the contract asset to the extent of the potential credit loss.

Contract liabilities primarily relate to advance consideration received from customers for spectrum services, for which the control of these services has not been transferred to the customer. These contract liabilities are recorded as deferred revenue on the Consolidated Balance Sheets.

Product Development Costs

The Company charges all product and development costs to expense as incurred. Types of expense incurred in product and development costs include employee compensation, consulting, travel, equipment and technology costs.

Advertising and Promotional Expense

The Company expenses advertising and promotional costs as incurred. Advertising and promotional expense was approximately $56 thousand and $0.1 million for the years ended March 31, 2026 and 2025, respectively.

Stock Compensation

The Company accounts for stock options in accordance with U.S. GAAP, which requires the measurement and recognition of compensation expense, based on the estimated fair value of awards granted to employees, directors and consultants. The Company estimates the fair value of share-based awards on the date of grant using an option-valuation models such as Black-Scholes or Monte Carlo. The value of the portion of the award that is ultimately expected to vest is recognized as expense in the Company’s Consolidated Statements of Operations over the requisite service periods. In the event the participant’s employment by or engagement with (as a director or otherwise) the Company terminates before exercise of the options granted, the stock options granted to the participant shall immediately expire and all rights to purchase shares thereunder shall immediately cease and expire and be of no further force or effect, other than applicable exercise rights for vested shares that may extend past the termination date as provided for in the participant’s applicable option award agreement. Additionally, the Company’s Compensation Committee (the “Compensation Committee”) adopted an Executive Severance Plan (the “Severance Plan”) in February 2015, and as most recently amended in December 2024, and the Company subsequently entered into Severance Plan Participation Agreements with its executive officers. In addition to providing participants with severance payments, the Severance Plan provides for accelerated vesting and extends the exercise period for outstanding equity awards if the Company terminates a participant’s service for reasons other than cause, death or disability or the participant terminates his or her service for good reason, whether before or after a change of control (each of such terms as defined in the Severance Plan). In addition to the Severance Plan, the equity awards issued to the Company’s President and Chief Executive Officer provide for accelerated vesting upon termination of service for reasons other than cause or a resignation for good reason; involuntary termination in connection with a change in control; or a change in control with a purchase price at or above $100 per share (each of such terms defined in the equity award agreements).

To calculate option-based compensation, the Company uses the Black-Scholes option valuation model. The compensation cost for the stock options with a graded vesting schedule is recognized using an accelerated method over the explicit vesting period. Stock options have a maximum term of ten years from the date they are granted, and vest over a requisite service period of three years, or four years for grants prior to July 2023, subject to acceleration in certain circumstances. The Company’s determination of fair value of option-based awards on the date of grant using the Black-Scholes model is affected by assumptions regarding a number of subjective variables. These variables include the expected volatility of the Company’s stock price, which is based on the weighted-average historical volatility of its stock, expected term, which is based on option history with adjustments for vesting schedule and contractual terms, risk-free interest rate, which is based on the treasury zero-coupon yield appropriate for the term of the option-based award as of the grant date; and expected dividends as applicable, which is zero, as the Company has never paid any cash dividends. Any future determination to pay dividends will be at the discretion of the Board and will depend on the Company’s financial condition, results of operations, capital

requirements, restrictions contained in any financing instruments and such other factors as the Board deems relevant in its sole discretion. Therefore, the Company uses an expected dividend yield of zero in the option-pricing model.

The fair value of restricted stock, restricted stock units and performance units without market conditions are measured based upon the quoted closing market price for the stock on the date of grant. The compensation cost for the restricted stock and restricted stock units is recognized on a straight-line basis over the explicit vesting period. Restricted stock granted to the Company employees vest over a requisite services period of three years, or four years for grants prior to July 2023, subject to acceleration in certain circumstances. Vested restricted stock units are settled and issuable upon the earlier of the date the employee ceases to be an employee of the Company or a date certain in the future. The compensation cost for the performance units without market conditions is recognized ratably over the service period if it is probable that the performance conditions will be met.

The Company uses a Monte Carlo simulation model to determine the fair value of performance units with market conditions at grant date. The Monte Carlo simulation model is based on a discounted cash flow approach, with the simulation of a large number of possible stock price outcomes for the Company’s stock and the target composite index. The use of the Monte Carlo simulation model requires the input of a number of assumptions including expected volatility of the Company’s stock price, which is based on the weighted-average historical volatility of its stock; correlation between changes in the Company’s stock price and changes in the target composite index, which is based on the historical relationship between the Company’s stock price and the target composite index average; risk-free interest rate, which is based on the treasury zero-coupon yield appropriate for the term of the performance unit as of the grant date; and expected dividends as applicable, which is zero, as the Company has never paid any cash dividends. Any future determination to pay dividends will be at the discretion of the Board and will depend on the Company’s financial condition, results of operations, capital requirements, restrictions contained in any financing instruments and such other factors as the Board deems relevant in its sole discretion. Therefore, the Company has used an expected dividend yield of zero in the Monte Carlo simulation model. The compensation cost for the performance units with market condition is recognized ratably over the service period.

No tax benefits have been attributed to the share-based compensation expense because the Company maintains a full valuation allowance for all net deferred tax assets.

All excess tax benefits and tax deficiencies, including tax benefits of dividends on share-based payment awards, are recognized as income tax expense or benefit in the Company’s Consolidated Statements of Operations, eliminating the notion of the additional paid-in capital (“APIC”) pool. The excess tax benefits are classified as operating activities along with other income tax cash flows rather than financing activities in the Company’s Consolidated Statements of Cash Flows. The tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. Cash payments to tax authorities in connection with shares withheld to meet statutory tax withholding requirements are presented as a financing activity in the statement of cash flows.

Retirement of common stock

From time to time, the Company may acquire its common stock through share repurchases or option exercise swaps and return these shares to authorized and unissued. If the Company elects to retire these shares, the Company’s policy is to allocate a portion of the repurchase price to par value of common stock with the excess over par value allocated to accumulated deficit.

Income Taxes

The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities as well as from net operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is established when it is estimated that it is more likely than not that the tax benefit of a deferred tax asset will not be realized.

Changes in valuation allowance for the years ended March 31, 2026 and 2025 are summarized below (in thousands):


	2026		2025
Balance at beginning of the year	$	90,278	$	89,742
Charged to costs and expenses	(283)		325
Changes in net loss carryforward and other	(18,859)		211
Balance at end of the year	$	71,136	$	90,278

Accounting for Uncertainty in Income Taxes

The Company recognizes the effect of tax positions only when they are more likely than not to be sustained. Management has determined that the Company had no uncertain tax positions that would require financial statement recognition or disclosure. The Company is no longer subject to U.S. federal, state or local income tax examinations for periods prior to 2019. When applicable, the Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense.

Net Income (Loss) Per Share of Common Stock

Basic net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. For purposes of the diluted net income (loss) per share calculation, stock options, restricted stock units and awards are considered to be potentially dilutive securities. Diluted earnings per share is computed using the treasury stock method.

For the year ended March 31, 2026, there were 1,975,287 stock options and restricted stock units outstanding, excluded from the calculation of diluted weighted-average shares because the effect was anti-dilutive. For the year ended March 31, 2025, the Company reported a net loss, accordingly, diluted net loss per common share is the same as basic net loss per common share. Common stock equivalents resulting from potentially dilutive securities approximated 221,802 at March 31, 2025 and have not been included in the diluted weighted average shares of common stock outstanding, as their effects are anti-dilutive.

Recently Issued Accounting Pronouncements

In October 2023, the FASB issued Accounting Standards Updates (“ASU”) 2023-06, Disclosure Improvements: Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative. The ASU incorporates several disclosure and presentation requirements currently residing in the SEC Regulations S-X and S-K. The amendments will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. As the Company is currently subject to the SEC requirements, this ASU is not expected to have a material impact on its consolidated financial statements or related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures and subsequently amended with ASU 2025-01, which was issued in January 2025. This update requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. This update is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This update improves the navigability and applicability of the required interim disclosures. This update provides additional guidance on what disclosures should be provided in interim reporting periods and requires public business entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This update is effective for interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements. The amendments in this ASU include technical corrections and other amendments intended to clarify and improve the Accounting Standards Codification across various topics. The amendments related to Accounting Standards Codification, Earnings per Share (“ASC 260”) are required to be applied retrospectively, while all other amendments may be applied either prospectively or retrospectively. This update is effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods. Early adoption is permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (“ASC 740”): Improvements to Income Tax Disclosures, which enhances transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid and to improve the effectiveness of income tax disclosures. This update is effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 in fiscal

2026 on a prospective basis. The adoption did not have a material impact on the Company’s consolidated financial statements but resulted in expanded disclosures within the income tax footnote. See Note 12 Income Taxes for further information.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements: this Codification amendment was issued to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. The amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities and are not expected to have a material impact on the Company’s consolidated financial statements or related disclosures. This update is effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2024-02 during fiscal 2026. The adoption did not have a material impact on the Company’s consolidated financial statements or disclosures.

Property and Equipment (Tables)

12 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment

Property and equipment consists of the following at March 31, 2026 and 2025 (in thousands):


	Estimated useful life	2026		2025
Network sites and equipment	5-10 years	$	4,518	$	9,614
Computer software	1-7 years	861		861
Computer equipment	5-7 years	292		303
Furniture and fixture and other equipment	2-5 years	440		489
Leasehold improvements	Shorter of the lease term or 10 years	819		819
		6,930		12,086
Less accumulated depreciation		6,103		10,784


Property and equipment, net		$	827	$	1,302

Nature of Operations (Details) - USD ($) $ in Thousands	Mar. 30, 2026	Mar. 25, 2026	Mar. 31, 2026	Jan. 30, 2026	Mar. 31, 2025	Mar. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Prepayments received			$ 161,178		$ 124,672	$ 122,212
NorthWestern Energy (“NWE”) \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Prepayments received			0
NorthWestern Energy (“NWE”) \| Wireless Licenses
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total Consideration	$ 7,700
Texas-New Mexico Power Company (“TNMP”) \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Prepayments received			0
Texas-New Mexico Power Company (“TNMP”) \| Wireless Licenses
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total Consideration		$ 3,200
CPS Energy (“CPS”) \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Prepayments received			$ 6,500	$ 13,000

Revenue - Spectrum Lease Agreements (Details) $ in Millions	12 Months Ended	29 Months Ended	42 Months Ended	55 Months Ended	64 Months Ended
Revenue - Spectrum Lease Agreements (Details) $ in Millions	Mar. 31, 2026 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2026 USD ($)	Nov. 30, 2023 USD ($) term	Oct. 31, 2022 USD ($) term	Sep. 30, 2021 USD ($) term	Dec. 31, 2020 USD ($)
Disaggregation of Revenue [Line Items]
Operating Lease Income Comprehensive Income Extensible List Not Disclosed Flag	true
Minimum
Disaggregation of Revenue [Line Items]
Lease extension	3 years	3 years	3 years	3 years	3 years
Maximum
Disaggregation of Revenue [Line Items]
Lease extension	10 years	10 years	10 years	10 years	10 years
Ameren Corporation
Disaggregation of Revenue [Line Items]
Initial Term	30 years	30 years	30 years	30 years	30 years				30 years
Lease extension									10 years
Total Consideration	$ 16.3	$ 16.3	$ 16.3	$ 16.3	$ 16.3				$ 47.7
Payments Received					31.4
Evergy
Disaggregation of Revenue [Line Items]
Initial Term								20 years
Lease extension								10 years
Total Consideration	$ 0.0	$ 0.0	$ 0.0	0.0	$ 0.0			$ 30.2
Payments Received				$ 30.2
Lessor, Operating Lease, Renewal Term, Number \| term								2
Xcel Energy
Disaggregation of Revenue [Line Items]
Initial Term	20 years	20 years	20 years	20 years	20 years		20 years
Lease extension							10 years
Total Consideration	$ 4.0	$ 4.0	$ 4.0	$ 4.0	$ 4.0		$ 80.0
Payments Received			76.0
Lessor, Operating Lease, Renewal Term, Number \| term							2
Tampa Electric Company
Disaggregation of Revenue [Line Items]
Initial Term						20 years
Lease extension						10 years
Total Consideration	$ 0.0	0.0	$ 0.0	$ 0.0	$ 0.0	$ 34.5
Payments Received		$ 34.5
Lessor, Operating Lease, Renewal Term, Number \| term						2

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Changes in Liability For Asset Retirement Obligations

Changes in the liability for the ARO for the years ended March 31, 2026 and 2025 are summarized below (in thousands):


	2026		2025
Balance at beginning of the year	$	520	$	632
Liabilities settled	(410)		(5)
Revision of estimate	(110)		(112)
Accretion expense	—		5
Balance at end of the year (1)	—		520
Less amount classified as current - included in accounts payable and other accrued expenses	—		395
Noncurrent liabilities - included in other liabilities	$	—	$	125

Schedule of Valuation Allowance

Changes in valuation allowance for the years ended March 31, 2026 and 2025 are summarized below (in thousands):


	2026		2025
Balance at beginning of the year	$	90,278	$	89,742
Charged to costs and expenses	(283)		325
Changes in net loss carryforward and other	(18,859)		211
Balance at end of the year	$	71,136	$	90,278

Leases - Additional Lease Cost Information (Details)	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Weighted average term - operating lease liabilities	3 years 8 months 15 days	3 years 8 months 15 days
Weighted average incremental borrowing rate - operating lease liabilities	8.00%	8.00%

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Line Items]
Deferred tax asset	$ 64,800	$ 83,600
Deferred tax liability	23,438	20,391
Deferred federal income tax expense	309	621
Deferred state and local income tax benefit	592	296
Indefinite-lived Intangible Assets
Income Tax Disclosure [Line Items]
Deferred tax liability	6,300	6,600
Federal
Income Tax Disclosure [Line Items]
Net NOL carryforwards	194,200	275,100
Net operating loss carryforwards, no expiration	194,200	241,100
State
Income Tax Disclosure [Line Items]
Net NOL carryforwards	195,100	207,000
Net operating loss carryforwards	162,200
Net operating loss carryforwards, no expiration	$ 32,900	$ 40,300

Subsequent Events	12 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 16, 2026, the Company entered into a 10 MHz 900 MHz spectrum license sale agreement with Public Utility District No. 1 of Benton County (“Benton PUD”) to provide 900 MHz Broadband Spectrum in the 10 MHz broadband configuration, covering Benton County, Washington, (the “Benton Agreement”) for a total consideration of $0.8 million. This will enable Benton PUD to deploy a private wireless broadband network that will provide the taxpayer-owned utility and the community it serves with transformative communications capabilities to support its energy leadership, cooperation, and stewardship.

Supplemental Disclosure of Cash Flow Information (Tables)

12 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Elements [Abstract]

Summary of Supplemental Cash Flow Information

The following table presents taxes paid by the Company net of refunds received after the adoption of ASU 2023-09 for the year ended March 31, 2026:


	2026
Federal income taxes paid	$	2,405
State income taxes paid
Colorado	186
Washington D.C.	193
Illinois	1,925
Minnesota	638
Virginia	202
Other jurisdictions(1)	259
Total state income taxes paid	3,403
Total income taxes paid (2)	$	5,808

1.Other jurisdictions include income taxes paid during the year for states that do not meet the 5% disaggregation threshold.

2.Income taxes paid include only taxes within the scope of ASC 740 net of refunds and exclude non-income based taxes such as excise and sales taxes.

The following table summarizes the Company’s supplemental cash flow information:


	For the years ended March 31,
(in thousands)	2026		2025
Cash paid during the period:
Taxes paid, including excise tax	$	5,808	$	1,728
Operating leases paid	$	2,029	$	2,311
Non-cash investing activity:
Capitalized change in estimated asset retirement obligations	$	55	$	(107)
Network equipment provided in exchange for wireless licenses	$	—	$	190
Narrowband spectrum licenses received in connection with the LCRA Agreement	$	—	$	1,430

Derecognition of contingent liability related to sale of intangible assets	$	21,404	$	—
Rights of use asset for new leases	$	736	$	796
Rights of use asset for modifications and renewals	$	(35)	$	1,258

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Non-current assets - right of use assets, net	$ 4,069	$ 4,829
Current liabilities - operating lease liabilities	1,424	1,643
Non-current liabilities - operating lease liabilities	$ 2,995	$ 3,747

Revenue - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 124,672	$ 122,212
Net additions	43,007	8,491
Revenue recognized	(6,501)	(6,031)
Ending balance	161,178	124,672
Less amount classified as current liabilities	(14,513)	(6,095)
Noncurrent liabilities	$ 146,665	$ 118,577

Accrued Severance and Other Related Charges

12 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Accrued Severance and Other Related Charges

During the year ended March 31, 2026, the Company undertook a broader restructuring initiative to align with its evolving marketing and product strategy. These charges consist primarily of severance and employee-related costs associated with workforce reductions, as well as retention payments provided to key employees to support continuity during the reorganization. As a result, the Company incurred $4.6 million of severance and other related charges for the year ended March 31, 2026, on the Company’s Consolidated Statements of Operations. As of March 31, 2026, the Company accrued $2.8 million severance and other related charges on the Company’s Consolidated Balance Sheets.

During the year ended March 31, 2025, the Company successfully identified several measures to reduce its operating expense run rate. These cost reduction measures are expected to increase the Company’s cash flows while maintaining operational efficiency. The reductions primarily impacted the Company’s general and administrative expenses mainly through significant cuts in consulting fees. Furthermore, as of March 31, 2025, the Company also reduced its workforce by 7 employees. As a result, the Company incurred $0.3 million of severance and other related charges as of and for the year ended March 31, 2025, on the Company’s Consolidated Balance Sheets and Consolidated Statements of Operations.

Additionally, on November 1, 2024, Robert H. Schwartz stepped down from his role as the Company’s President and Chief Executive Officer. In connection with Mr. Schwartz’s resignation, the Company negotiated a Transition and Separation Agreement (the “Transition Agreement”), which provided the following benefits (subject to effectiveness and the terms and conditions of the Transition Agreement), (i) two times the sum of his annualized salary and target bonus, for an aggregate

amount of approximately $2.2 million, (ii) a pro-rata target bonus for fiscal year 2025, less any bonus amount previously paid for fiscal year 2025, for an aggregate amount of approximately $0.2 million and (iii) a subsidized COBRA continuation coverage for 18 months. Additionally, in connection with the Transition Agreement, a portion of Mr. Schwartz’s unvested time-based awards and performance-based awards accelerated and vested on a pro-rated basis, and Mr. Schwartz received an option exercise period extension. See Note 13 Stockholders’ Equity for further discussion. For the year ended March 31, 2025, the Company recorded $3.5 million severance and other related charges related to the Transition Agreement on the Company’s Consolidated Statements of Operations. As of March 31, 2025, the Company accrued $2.0 million severance and other related charges on the Company’s Consolidated Balance Sheets.

For the years ended March 31, 2026 and 2025, total accrued severance and other related charges were as follows (in thousands):


	2026		2025
Balance at beginning of the year	$	2,265	$	—
Cash accruals	4,596		2,714
Cash payments	(4,051)		(449)
Balance at the end of the year (1)	$	2,810	$	2,265

1.The Company expects to make disbursements totaling $2.2 million over the next 12 months.

Summary of Significant Accounting Policies - Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Change in Valuation Allowance [Roll Forward]
Balance at beginning of the year	$ 90,278	$ 89,742
Charged to costs and expenses	(283)	325
Changes in net loss carryforward and other	(18,859)	211
Balance at end of the year	$ 71,136	$ 90,278

Accrued Severance and Other Related Charges - Accrued Severance and Other Related Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring Reserve [Roll Forward]
Beginning balance	$ 2,265	$ 0
Cash accruals	4,596	3,771
Cash accruals		2,714
Cash payments	(4,051)	(449)
Ending balance	2,810	$ 2,265
Restructuring, expected cost remaining	$ 2,200

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,930	$ 12,086
Less accumulated depreciation	6,103	10,784
Property and equipment, net	827	1,302
Network sites and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,518	9,614
Network sites and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Network sites and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 861	861
Computer software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	1 year
Computer software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 292	303
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Furniture and fixture and other equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 440	489
Furniture and fixture and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Furniture and fixture and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Property and equipment, gross	$ 819	$ 819

Accounts Payable and Other Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Payables and Accruals [Abstract]
Accounts payable	$ 695	$ 1,130
Accrued employee related expenses	5,060	5,079
Accrued expenses	9,023	1,582
Accrued taxes	250	890
Other	0	394
Total accounts payable and other accrued expenses	$ 15,028	$ 9,075

Segment Reporting - Reconciliation of Revenue to Net Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total spectrum revenue	$ 6,501	$ 6,031
Significant segment expenses and other segment items
Depreciation and amortization	464	548
Gain on exchange of intangible assets, net	(105,419)	(22,799)
Gain on sale of intangible assets, net	(34,780)	(18,294)
Interest income	(1,633)	(2,159)
Other income	(143)	(75)
Income tax expense	5,071	1,892
Net income (loss)	90,635	(11,372)
Reportable Segment
Segment Reporting Information [Line Items]
Total spectrum revenue	6,501	6,031
Significant segment expenses and other segment items
Adjusted general and administrative	25,721	30,654
Adjusted sales and support	6,472	5,878
Adjusted product development	3,982	5,489
Depreciation and amortization	464	548
Gain on exchange of intangible assets, net	(105,419)	(22,799)
Gain on sale of intangible assets, net	(34,780)	(18,294)
Interest income	(1,633)	(2,159)
Other income	(143)	(75)
Income tax expense	5,071	1,892
Other segment items	16,131	16,269
Net income (loss)	$ 90,635	$ (11,372)

Accounts Payable and Other Accrued Expenses

12 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accounts Payable and Other Accrued Expenses

The table below provides additional information related to the Company’s accounts payable and other accrued expenses at March 31, 2026 and 2025 (in thousands):


	2026		2025
Accounts payable	$	695	$	1,130
Accrued employee related expenses	5,060		5,079
Accrued expenses	9,023		1,582
Accrued taxes	250		890
Other	—		394
Total accounts payable and other accrued expenses	$	15,028	$	9,075

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Mar. 31, 2026	Jun. 19, 2026	Sep. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2026
Current Fiscal Year End Date	--03-31
Document Transition Report	false
Entity File Number	001-36827
Entity Registrant Name	Anterix Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0745043
Entity Address, Address Line One	3 Garret Mountain Plaza
Entity Address, Address Line Two	Suite 401
Entity Address, City or Town	Woodland Park,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07424
City Area Code	973
Local Phone Number	771-0300
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	ATEX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 241,938,984
Entity Common Stock, Shares Outstanding		19,498,473
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the registrant’s 2026 Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference into Part III of this Form 10-K where indicated. Such definitive proxy statement will be filed with the Securities and Exchange Commission no later than 120 days following the end of the registrant’s fiscal year ended March 31, 2026.
Document Fiscal Year Focus	2026
Amendment Flag	false
Document Fiscal Period Focus	FY
Entity Central Index Key	0001304492

Revenue - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Capitalized Contract Costs [Roll Forward]
Beginning balance	$ 1,241	$ 1,027
Additions	226	339
Amortization	(962)	(125)
Ending balance	505	1,241
Less amount classified as current assets	(24)	(132)
Noncurrent assets	481	$ 1,109
Accelerated amortization	$ 900

Leases

12 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

All the leases in which the Company is the lessee are comprised of corporate office space and tower space. The Company is obligated under certain lease agreements for office space with lease terms expiring on various dates from June 30, 2027 through January 31, 2029, which includes lease extensions for its corporate offices ranging from three to ten-years. The Company entered into multiple lease agreements for tower space. The lease expiration dates range from April 8, 2026 to February 28, 2033.

All of the Company’s leases are classified as operating leases. Operating lease agreements are required to be recognized on the Company’s Consolidated Balance Sheets as right of use (“ROU”) assets and corresponding lease liabilities.

ROU assets include any prepaid lease payments and exclude any lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option.

Weighted-average remaining lease term and incremental borrowing rate for the Company’s operating leases are as follows:


	2026		2025
Weighted average term - operating lease liabilities	3.71 years		3.71 years
Weighted average incremental borrowing rate - operating lease liabilities	8	%	8	%

The following table presents total lease cost for the years ended March 31, 2026 and 2025 (in thousands):


	2026		2025




Total operating lease cost*	$	1,821	$	1,997

*Total operating lease cost is included in general and administrative expenses on the Company’s Consolidated Statements of Operations.

The following table presents supplemental balance sheet information as of March 31, 2026 and 2025 (in thousands):


	2026		2025
Non-current assets - right of use assets, net	$	4,069	$	4,829
Current liabilities - operating lease liabilities	$	1,424	$	1,643
Non-current liabilities - operating lease liabilities	$	2,995	$	3,747


Fiscal Year	Operating Leases
2027	$	1,727
2028	1,373
2029	828
2030	455
2031	396
After 2031	345
Total future minimum lease payments	5,124
Amount representing interest	(705)
Present value of net future minimum lease payments	$	4,419

Contingencies and Guaranty - Schedule of Short-Term and Long-Term Contingent Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Other Commitments [Line Items]
Current	$ 2,220	$ 8,093
Long Term	6,000	15,336
SDG&E
Other Commitments [Line Items]
Current	1,000	1,000
Long Term	0	0
LCRA Agreement
Other Commitments [Line Items]
Current	1,220	1,093
Long Term	0	15,336
LCRA Expansion Agreement
Other Commitments [Line Items]
Current	0	0
Long Term	6,000	0
Oncor
Other Commitments [Line Items]
Current	0	6,000
Long Term	$ 0	$ 0

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Contingencies and Guaranty

12 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Guaranty

Contingent Liabilities

Spectrum Sale Agreements Entered into Prior to December 31, 2025

As a result of the Company’s business strategy evolution and the introduction of the Company’s new brand and visual identity in the fourth quarter of fiscal 2026, as described in Note 2 Summary of Significant Accounting Policies, sales agreements entered into in subsequent to this shift are considered completed in the ordinary course of business and are included in Note 3 Revenue.

Spectrum Sale Agreements (1)

Agreement Date

Total Consideration

Payments Received

Payments remaining

Broadband license(s) delivered

Broadband license(s) remaining

San Diego Gas & Electric (“SDG&E”) Agreement

February 2021

$50.0 million

$45.6 million (2)

$3.1 million

LCRA Agreement

April 2023

$30.0 million

$29.3 million

$0.7 million

LCRA Expansion Agreement

January 2025

$13.5 million

$6.0 million

$6.5 million (3)

—

Oncor Agreement

June 2024

$102.5 million (4)

$100.6 million (4)

$—

—

2.Net of delivery delay adjustments.

3.Includes a $1.0 million credit, which was applied against the remaining balance pursuant to the LCRA Expansion Agreement in recognition of their contributions to our business efforts.


	2026				2025
Spectrum Sale Agreements	Current		Long Term		Current		Long Term
SDG&E	$	1,000	$	—	$	1,000	$	—
LCRA Agreement	1,220		—		1,093		15,336
LCRA Expansion Agreement	—		6,000		—		—
Oncor	—		—		6,000		—
Total contingent liabilities (1)	$	2,220	$	6,000	$	8,093	$	15,336

Guaranties

In October 2022, the Company entered into an agreement with Xcel Energy providing Xcel Energy dedicated long-term usage of the Company’s 900 MHz Broadband Spectrum for a term of 20 years throughout Xcel Energy’s service territory in eight states (the “Xcel Energy Agreement”). In connection with the Xcel Energy Agreement, the Company entered into a guaranty agreement, under which the Company guaranteed the delivery of the relevant 900 MHz Broadband Spectrum and the associated broadband licenses in Xcel Energy’s service territory in eight states along with other commercial obligations. In the event of default or non-delivery of the specific territory’s 900 MHz Broadband Spectrum, the Company is required to refund payments it has received. In addition, to the extent the Company has performed any obligations, the Company’s liability and remaining obligations under the Xcel Energy Agreement will extend only to the remaining unperformed obligations. The Company recorded $76.0 million in deferred revenue in connection with the prepayments received as of March 31, 2026. The

Company commenced delivery of the relevant cleared 900 MHz Broadband Spectrum and the associated broadband leases in the first quarter of fiscal year 2024 and will continue through 2029. As of March 31, 2026, the maximum potential liability of future undiscounted payments under this agreement is approximately $67.4 million, reflecting a reduction in liability due to the obligations it has performed to date and revenue recognized.

In June 2025, the Company entered into an agreement to retune and acquire wireless licenses for approximately $28.0 million. In connection with this agreement, the Company entered into a guaranty agreement with the incumbent, under which the Company guaranteed the payment and performance of all obligations under the agreement to the incumbent in the event of default. In addition, to the extent the Company has performed any obligations under the agreement, the Company’s liability and remaining obligations will extend only to the remaining obligations. As of March 31, 2026, the maximum potential liability of future undiscounted payments under this agreement is approximately $18.2 million.

Defined Contribution Plan - Employer Contributions

The Company sponsors defined contribution plans (the “Plans”) that cover our employees following the completion of an eligibility period. Under the Plans, participating employees may defer a portion of their pretax and post tax earnings up to the limits provided by local statutory requirements. The Company makes matching contributions, subject to limits of the base compensation that a participant contributes to the Plan. The Company records its portion of matching contributions within general and administrative expenses on the Company’s Consolidated Statement of Operations. The Company contributed $0.4 million and $0.5 million for the years ended March 31, 2026 and 2025, respectively.

Litigation

In addition to commitments and obligations in the ordinary course of business as reflected in the lease footnote above, the Company may be subject, from time to time, to various claims and pending and potential legal actions arising out of the normal conduct of its business. The Company assesses contingencies to determine the degree of probability and range of possible loss for potential accrual in its financial statements. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing litigation contingencies is highly subjective and requires judgments about future events. When evaluating contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories and/or the ongoing discovery and development of information important to the matters. In addition, damage amounts claimed in litigation against it may be unsupported, exaggerated or unrelated to possible outcomes, and as such are not meaningful indicators of its potential liability.

The Company regularly reviews contingencies to determine the adequacy of its accruals and related disclosures. During the period presented, the Company has not recorded any accrual for loss contingencies associated with any claims or legal proceedings; determined that an unfavorable outcome is probable or reasonably possible; or determined that the amount or range of any possible loss is reasonably estimable. However, the outcome of legal proceedings and claims brought against the Company is subject to significant uncertainty. Therefore, although management considers the likelihood of a material adverse outcome to be remote, if one or more of these legal matters were resolved against the Company in a reporting period, the Company’s consolidated financial statements for that reporting period could be materially adversely affected.

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, license in Millions	12 Months Ended
	Mar. 31, 2026 USD ($) license segment $ / shares shares	Mar. 31, 2025 USD ($) license shares
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments \| segment	1
Number of operating segments \| segment	1
Asset retirement obligation, liabilities settled	$ (410,000)	$ (5,000)
Decrease in asset retirement obligations accrual	$ (110,000)	(112,000)
Wireless licenses term	10 years
Impairment charges	$ 0	$ 0
Broadband license, held-for-sale, term	1 year
Broadband license, held-for-sale \| license	0.0	0.0
Impairment of long-lived assets	$ 0	$ 0
Tax benefits attributed to share-based compensation expense	$ 0
Potentially dilutive securities outstanding but excluded from computation of earnings per share \| shares	1,975,287	221,802
Stock Options
Summary Of Significant Accounting Policies [Line Items]
Award expiration period	10 years
Award requisite service period	3 years
Dividend yield	0.00%	0.00%
Stock Options \| Grants Prior to July 2023
Summary Of Significant Accounting Policies [Line Items]
Award requisite service period	4 years
Restricted Stock
Summary Of Significant Accounting Policies [Line Items]
Dividend yield	0.00%
Advertising
Summary Of Significant Accounting Policies [Line Items]
Advertising and promotional expense	$ 56,000	$ 100,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Lease extension	3 years
Accelerated vesting provision, change in control, purchase price (in dollars per share) \| $ / shares	$ 100
Maximum
Summary Of Significant Accounting Policies [Line Items]
Lease extension	10 years
Sales Revenue, Services, Net \| Each Customer \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%	10.00%

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total spectrum revenue	$ 6,501	$ 6,031
Total spectrum revenue
Disaggregation of Revenue [Line Items]
Total spectrum revenue	6,501	6,031
Total spectrum revenue \| Ameren Corporation
Disaggregation of Revenue [Line Items]
Total spectrum revenue	824	737
Total spectrum revenue \| Evergy
Disaggregation of Revenue [Line Items]
Total spectrum revenue	1,541	1,542
Total spectrum revenue \| Xcel Energy
Disaggregation of Revenue [Line Items]
Total spectrum revenue	3,524	3,205
Total spectrum revenue \| TECO
Disaggregation of Revenue [Line Items]
Total spectrum revenue	612	0
Total spectrum revenue \| Motorola
Disaggregation of Revenue [Line Items]
Total spectrum revenue	$ 0	$ 547

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Income Taxes

12 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

For the year ended March 31, 2026, the Company had federal and state NOL carryforwards of approximately $194.2 million and $195.1 million, respectively. Of these state NOLs, approximately $162.2 million, are expiring in various amounts from 2026 through 2045. The remaining federal and state NOLs of approximately $194.2 million and $32.9 million, respectively, have an indefinite life but the federal NOLs may only offset 80% of taxable income when used. For the year ended March 31, 2025, the Company incurred federal and state operating losses of approximately $275.1 million and $207.0 million, respectively, to offset future taxable income of which $241.1 million federal NOL and $40.3 million of state NOLs can be carried forward indefinitely but can only offset 80% of taxable income when used.

The Company has net deferred tax assets, before applying the valuation allowance, of approximately $64.8 million and $83.6 million relating principally to the NOLs as of March 31, 2026 and 2025, respectively. Federal NOL carryforwards may be subject to limitations as a result of the change in ownership that occurred in the year ended March 31, 2015, as defined under Internal Revenue Code Section 382. State NOL carryforwards are subject to limitations which differ from federal law in that they may not allow the carryback of net operating losses and have shorter carryforward periods.

Accounting Standards Codification Topic 740, Income Taxes (“ASC 740”), requires that a valuation allowance be recorded to reduce deferred tax assets when it is more likely than not that the tax benefit of the deferred tax assets will not be realized. The evaluation includes the consideration of all available evidence, both positive and negative, regarding historical operating results including recent years with reported losses, the estimated timing of future reversals of existing taxable temporary differences, estimated future taxable income exclusive of reversing temporary differences and carryforwards, and potential tax planning strategies which may be employed to prevent an operating loss or tax credit carryforward from expiring unused. In situations where a three-year cumulative loss condition exists, accounting standards limit the ability to consider projections of future results as positive evidence to assess the realizability of deferred tax assets. Since inception, the Company has mainly incurred tax losses which represents significant negative evidence toward the realizability of its deferred tax assets. Therefore, the Company continues to apply a full valuation allowance against its deferred tax assets as of March 31,

2026 and 2025, with the exception of the net deferred tax liability of approximately $6.3 million and $6.6 million, respectively, regarding indefinite-lived intangibles.

All remaining federal NOL carryforwards are indefinite lived. Utilization of these NOLs will be limited to 80% of future taxable income. The Company recorded $0.3 million and $0.6 million, respectively, of federal deferred tax expense during the years March 31, 2026 and 2025 and increased the federal deferred tax liability by the same amount due to the naked tax credit related to the indefinite-lived intangible. An analysis of the state NOL carryforwards revealed that most of them are not indefinite. The Company recorded $0.6 million and $0.3 million of state deferred tax benefit during the years March 31, 2026 and 2025 and decreased the state deferred tax liability by the same amount from the ability to use the state NOL carryforwards against the indefinite-lived intangible. This valuation allowance has no effect on the Company’s ability to utilize the deferred tax assets to offset future taxable income, if generated. As required by U.S. GAAP, the Company will continue to assess the likelihood that the deferred tax assets will be realizable in the future, and the valuation allowance will be adjusted accordingly. The tax benefits relating to any reversal of the valuation allowance on the net deferred tax assets in a future period will be recognized as a reduction of future income tax expense in that period.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA” or the “Act”) was signed into law. The Act introduces a broad range of changes to U.S. federal income tax law affecting corporations, including, among other provisions, the permanent reinstatement of 100% bonus depreciation for qualifying property acquired after January 19, 2025; the restoration of immediate expensing of domestic research and experimental expenditures; modifications to the business interest expense limitation under Section 163(j) and revisions to the international tax provisions.

In accordance with ASC 740, the Company recognizes the effects of changes in tax law in the period of enactment. The Company has evaluated the provisions of the OBBBA and, based on its current operations and tax position, does not expect the Act to have a material impact on its consolidated financial statements, results of operations, cash flows, or effective tax rate. The Company will continue to monitor forthcoming regulatory guidance, technical corrections, and state conformity developments, and will reassess the impact of the Act as additional information becomes available.

Net deferred tax assets and liabilities consist of the following as of March 31, 2026 and 2025 (in thousands):


	2026		2025
Deferred tax asset

Property and equipment	$	670	$	748
Accrued expenses	770		346

Deferred revenue	27,171		26,852
Asset retirement obligations	16		16
Net operating loss carryforward	52,623		70,267
Operating lease liabilities	1,310		1,529
Charitable contributions carryforward	3		3
Stock compensation expense	5,688		4,302
Total deferred tax asset	88,251		104,063
Deferred tax liability

Right of use assets	(1,175)		(1,345)
Indefinite-lived intangible assets	(22,263)		(19,046)
Total deferred tax liability	(23,438)		(20,391)
Total deferred tax assets and liabilities	64,813		83,672
Valuation allowance	(71,136)		(90,278)
Net deferred tax assets and liabilities	$	(6,323)	$	(6,606)

The components of the income tax expense for the years ended March 31, 2026 and 2025 are as follows (in thousands):


	2026		2025
Current:
Federal	$	2,192	$	—
State	3,162		1,567
Total current	5,354		1,567

Deferred:
Federal	309		621
State	(592)		(296)
Total deferred	(283)		325

Total income tax expense	$	5,071	$	1,892

The following table presents taxes paid by the Company net of refunds received after the adoption of ASU 2023-09 for the year ended March 31, 2026:


	2026
Federal income taxes paid	$	2,405
State income taxes paid
Colorado	186
Washington D.C.	193
Illinois	1,925
Minnesota	638
Virginia	202
Other jurisdictions(1)	259
Total state income taxes paid	3,403
Total income taxes paid (2)	$	5,808

1.Other jurisdictions include income taxes paid during the year for states that do not meet the 5% disaggregation threshold.

2.Income taxes paid include only taxes within the scope of ASC 740 net of refunds and exclude non-income based taxes such as excise and sales taxes.


	2026
Statutory federal tax	$	19,909	21	%
State income taxes, net of federal benefit (1)	1,955		2	%

Change in valuation allowance - Federal	(18,952)		-20	%
Nontaxable or nondeductible items
Incentive stock option expense	301		—	%
Other permanent differences	34		—	%
162M executive compensation limit	92		—	%
Intangibles - FCC licenses	1,899		2	%
Other adjustments	(167)		—	%
Total income tax expense	$	5,071	5	%

1.State taxes in Illinois made up greater than 50% of the tax effect in this category.


	2025
Statutory federal tax	$	(1,991)	21	%
State income taxes, net of federal benefit	952		-10	%
Incentive stock option expense	(195)		2	%
Other permanent differences	(61)		1	%
162M executive compensation limit	5,001		-53	%


Change in valuation allowance - Federal	(1,692)		18	%
Prior year adjustments	(122)		1	%
Total income tax expense	$	1,892	-20	%

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting (Tables)

12 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Operating Financial Results

Segment expenses were disaggregated based on the information the CODM is provided on a quarterly basis considering both quantitative and qualitative factors.

The table below summarizes significant segment expenses and other items, which represent the difference between segment revenue and segment net income (loss) (in thousands):


	2026		2025
Spectrum revenue	$	6,501	$	6,031
Significant segment expenses and other segment items
Adjusted general and administrative (1)	25,721		30,654
Adjusted sales and support (2)	6,472		5,878
Adjusted product development (3)	3,982		5,489
Depreciation and amortization	464		548
Gain on exchange of intangible assets, net	(105,419)		(22,799)
Gain on sale of intangible assets, net	(34,780)		(18,294)
Interest income	(1,633)		(2,159)
Other income	(143)		(75)
Income tax expense	5,071		1,892
Other segment items (4)	16,131		16,269
Net income (loss)	$	90,635	$	(11,372)

1.Adjusted general and administrative includes expenses related to certain corporate functions, such as, executive, legal, finance, information technology, human resources and others, public company costs, bonus expense for all employees, insurance costs and other costs.

2.Adjusted sales and support includes expenses related to sales and marketing functions.

3.Adjusted product development includes expenses related to technology and product development functions.

4.Other segment items include items not deemed significant or regularly provided to the CODM, such as severance and other related charges, stock compensation and loss from disposal of long-lived assets.

Segment Reporting

12 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

Accounting Standards Codification, Segment Reporting (“ASC 280”) defines operating segments as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s CODM in deciding how to allocate resources and assess performance. The accounting policies of the segment are the same as those described in Note 2 Summary of Significant Accounting Policies.

The measure of segment profit or loss for the Company’s single segment is net income (loss). Additionally, the CODM uses cash and cash equivalents as a measure of segment assets, which is included on the Company’s consolidated financial statements. Cash and cash equivalents and Net income (loss) are reviewed and monitored by CODM to ensure enough capital is available for investing in purchases of intangible assets, refundable deposits, retuning costs and swaps, and the Company’s share repurchase program. Segment expenses were disaggregated based on the information the CODM is provided on a quarterly basis considering both quantitative and qualitative factors.

The table below summarizes significant segment expenses and other items, which represent the difference between segment revenue and segment net income (loss) (in thousands):


	2026		2025
Spectrum revenue	$	6,501	$	6,031
Significant segment expenses and other segment items
Adjusted general and administrative (1)	25,721		30,654
Adjusted sales and support (2)	6,472		5,878
Adjusted product development (3)	3,982		5,489
Depreciation and amortization	464		548
Gain on exchange of intangible assets, net	(105,419)		(22,799)
Gain on sale of intangible assets, net	(34,780)		(18,294)
Interest income	(1,633)		(2,159)
Other income	(143)		(75)
Income tax expense	5,071		1,892
Other segment items (4)	16,131		16,269
Net income (loss)	$	90,635	$	(11,372)

2.Adjusted sales and support includes expenses related to sales and marketing functions.

3.Adjusted product development includes expenses related to technology and product development functions.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Future Minimum Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
2027	$ 1,727
2028	1,373
2029	828
2030	455
2031	396
After 2031	345
Total future minimum lease payments	5,124
Amount representing interest	(705)
Present value of net future minimum lease payments	$ 4,419

Contingencies and Guaranty - Narrative (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2025 USD ($)	Oct. 31, 2022 state	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
Prepayments received			$ 161,178	$ 124,672	$ 122,212
Employer contribution amount			400	$ 500
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Wireless Licenses
Other Commitments [Line Items]
Consideration transferred	$ 28,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Maximum \| Wireless Licenses
Other Commitments [Line Items]
Prepayments received			18,200
Xcel Energy \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Other Commitments [Line Items]
Agreement term		20 years
Number of states in service territory \| state		8
Prepayments received			76,000
Xcel Energy \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Maximum
Other Commitments [Line Items]
Prepayments received			$ 67,400

Escrow Deposits (Details) - USD ($) $ in Thousands	1 Months Ended
Escrow Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2023	Mar. 31, 2026	Mar. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Increase in deposit assets		$ 7,500
Escrow deposit, current			$ 6,130	$ 547
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Wireless Licenses
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Escrow deposit, current			5,700
Consideration transferred	$ 28,000
Escrow deposit, cumulative			15,400
LCRA Agreement \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Initial payment received		$ 15,000
Escrow deposit, current			$ 400

Income Taxes - Schedule of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Deferred tax asset
Property and equipment	$ 670	$ 748
Accrued expenses	770	346
Deferred revenue	27,171	26,852
Asset retirement obligations	16	16
Net operating loss carryforward	52,623	70,267
Operating lease liabilities	1,310	1,529
Charitable contributions carryforward	3	3
Stock compensation expense	5,688	4,302
Total deferred tax asset	88,251	104,063
Deferred tax liability
Right of use assets	(1,175)	(1,345)
Indefinite-lived intangible assets	(22,263)	(19,046)
Total deferred tax liability	(23,438)	(20,391)
Valuation allowance	(71,136)	(90,278)	$ (89,742)
Net deferred tax assets and liabilities	(6,323)	(6,606)
Definite-Lived Intangible Assets
Deferred tax liability
Total deferred tax assets and liabilities	$ 64,813	$ 83,672

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation	$ 500	$ 500
Impairment of long-lived assets	$ 0	$ 0

Intangible Assets - Narrative (Details)	12 Months Ended		22 Months Ended
Intangible Assets - Narrative (Details)	Mar. 31, 2026 USD ($) county	Mar. 31, 2025 USD ($) county	Mar. 31, 2026 USD ($)
Acquired Indefinite-lived Intangible Assets [Line Items]
Impairment charges	$ 0	$ 0
Broadband licenses granted, number of counties \| county	219	67
Licenses received	$ 139,608,000	$ 27,030,000
Licenses exchanged	(34,189,000)	(4,231,000)
Payments to acquire intangible assets	27,172,000	18,095,000
Reduction of contingent liability	(6,195,000)	(5,999,000)
Gain on sale of intangible assets	34,780,000	18,294,000
Wireless Licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Licenses received	139,600,000	27,000,000.0
Licenses exchanged	$ (34,200,000)	$ (4,200,000)
Wireless Licenses \| Lower Colorado River Authority
Acquired Indefinite-lived Intangible Assets [Line Items]
Broadband licenses granted, number of counties \| county	64
Broadband licenses transferred, total consideration	$ 29,500,000
Payments to acquire intangible assets	14,100,000
Reduction of contingent liability	15,400,000
Reduction in indefinite-lived intangible assets	16,600,000
Gain on sale of intangible assets	$ (12,800,000)
Wireless Licenses \| Oncor
Acquired Indefinite-lived Intangible Assets [Line Items]
Broadband licenses granted, number of counties \| county	91	4
Broadband licenses transferred, total consideration	$ 59,700,000	$ 40,900,000
Payments to acquire intangible assets	53,700,000	34,000,000.0
Reduction in indefinite-lived intangible assets	37,700,000	22,600,000
Previously received, amount		4,000,000.0
Deposits		10,000,000.0
Reimbursable clearing costs and anti windfall payments	6,000,000.0	2,900,000	$ 7,500,000
Gain on sale of intangible assets	$ (22,000,000.0)	$ 18,300,000

Audit Information	12 Months Ended
Audit Information	Mar. 31, 2026
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Morristown, New Jersey

Accrued Severance and Other Related Charges - Narrative (Details) $ in Thousands		12 Months Ended
	Nov. 01, 2024 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($) employee	Mar. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 4,600	$ 300
Accrued severance and other related charges		2,810	$ 2,265	$ 0
Positions eliminated \| employee			7
Accrued severance and other related charges		$ 2,810	$ 2,265
President and Chief Executive Officer
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 2,200
Arrangement with individual, compensation expense	$ 200
Severance costs, continued health care coverage	18 months
Severance and other related charges			3,500
Accrued severance and other related charges			$ 2,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Income Taxes Paid (Details) $ in Thousands	12 Months Ended
Income Taxes - Income Taxes Paid (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal income taxes paid	$ 2,405
State income taxes paid	3,403
Total income taxes paid	5,808
Colorado
Income Tax Paid, by Individual Jurisdiction [Line Items]
State income taxes paid	186
Washington D.C.
Income Tax Paid, by Individual Jurisdiction [Line Items]
State income taxes paid	193
Illinois
Income Tax Paid, by Individual Jurisdiction [Line Items]
State income taxes paid	1,925
Minnesota
Income Tax Paid, by Individual Jurisdiction [Line Items]
State income taxes paid	638
Virginia
Income Tax Paid, by Individual Jurisdiction [Line Items]
State income taxes paid	202
Other jurisdictions
Income Tax Paid, by Individual Jurisdiction [Line Items]
State income taxes paid	$ 259

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Mar. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	18,914,271	18,612,804
Common stock, shares outstanding (in shares)	18,914,271	18,612,804

Intangible Assets

12 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Wireless licenses are considered indefinite-lived intangible assets. Indefinite-lived intangible assets are not subject to amortization but instead are tested for impairment annually, or more frequently if an event indicates that the asset might be impaired. There were no impairment charges related to the Company’s indefinite-lived intangible assets during the years ended March 31, 2026 and 2025.

Intangible assets consist of the following at March 31, 2026 and 2025 (in thousands):


	2026		2025
Balance at the beginning of the year	$	228,983	$	216,743
Acquisitions	30,655		12,082
Sale of intangible assets	(54,345)		(22,641)
Exchanges - licenses received	139,608		27,030
Exchanges - licenses surrendered	(34,189)		(4,231)
Balance at the end of the year	$	310,712	$	228,983

Purchases of intangible assets, including refundable deposits, retuning costs and swaps

During the years ended March 31, 2026 and 2025, the Company entered into agreements with several third parties in multiple U.S. markets to acquire, retune or swap wireless licenses for cash consideration (“deals”) and made Anti-Windfall Payments to the U.S. Treasury Department. The initial deposits to incumbents are recorded as spectrum receivable on the Company’s Consolidated Balance Sheets and are refundable if the FCC does not approve the sale, retuning or swap of the spectrum. The initial deposits are transferred to deferred broadband costs or intangible assets on the Company’s Consolidated Balance Sheets, as applicable, upon meeting the relevant deal milestones. The final payments related to closed retuning or swap deals are recorded as deferred broadband costs on the Company’s Consolidated Balance Sheets. The final payments for license purchases or Anti-Windfall Payments are recorded as intangible assets on the Company’s Consolidated Balance Sheets.

Broadband License Exchanges

During the year ended March 31, 2026, the FCC granted the Company broadband licenses for 219 counties. The Company recorded the new broadband licenses received in the amount of $139.6 million. In connection with receiving the broadband licenses, the Company disposed of $34.2 million related to the value ascribed to the narrowband licenses it relinquished to the FCC for the same 219 counties. The total carrying value of the narrowband licenses included the cost to acquire the original narrowband licenses, Anti-Windfall Payments paid to cover the shortfall in each county and the clearing costs (including additional clearing cost for previously exchanged narrowband licenses). As a result of the exchange of narrowband licenses for broadband licenses, the Company recorded a gain on exchange of intangible assets of $105.4 million, for the year ended March 31, 2026.

During the year ended March 31, 2025, the FCC granted the Company broadband licenses for 67 counties. The Company recorded the new broadband licenses received in the amount of $27.0 million. In connection with receiving the

broadband licenses, the Company disposed of $4.2 million related to the value ascribed to the narrowband licenses it relinquished to the FCC for the same 67 counties. The total carrying value of the narrowband licenses included the cost to acquire the original narrowband licenses, Anti-Windfall Payments paid to cover the shortfall in each county and the clearing costs (including additional clearing cost for previously exchanged narrowband licenses). As a result of the exchange of narrowband licenses for broadband licenses, the Company recorded a gain on exchange of intangible assets of $22.8 million, for the year ended March 31, 2025.

Broadband License Sale

During the year ended March 31, 2026, the Company transferred to LCRA the 900 MHz Broadband Spectrum and associated broadband licenses related to 64 counties for the total consideration of $29.5 million. The total consideration included milestone payments of $14.1 million received as of March 31, 2026 and $15.4 million reduction of contingent liability. As a result, the Company recognized a reduction in intangible assets of $16.6 million and recorded a $12.8 million gain on sale of intangible assets on the Company’s Consolidated Statements of Operations.

During the year ended March 31, 2026, the Company transferred to Oncor Electric Delivery Company LLC (“Oncor”) the 900 MHz Broadband Spectrum and associated broadband licenses related to 91 counties for the total consideration of $59.7 million received as of March 31, 2026. The total consideration included milestone payments of $53.7 million received as of March 31, 2026, inclusive of reimbursable clearing costs and Anti-Windfall Payments and $6.0 million reduction of contingent liability. As a result, the Company recognized a reduction in intangible assets of $37.7 million and recorded a $22.0 million gain on sale of intangible assets on the Company’s Consolidated Statements of Operations.

During the year ended March 31, 2025, the Company transferred to Oncor the 900 MHz Broadband Spectrum and the associated broadband licenses related to four counties for the total consideration of $40.9 million. The total consideration included a $34.0 million milestone payment received in January 2025, $4.0 million allocated from the previously received $10.0 million deposit and $2.9 million non-trade receivable on the Company’s Consolidated Balance Sheets related to reimbursable clearing costs and Anti-Windfall Payments. As a result, the Company recognized a reduction in intangible assets of $22.6 million and recorded a $18.3 million gain on sale of intangible assets on the Company’s Consolidated Statements of Operations.

Stock Compensation - Summary of Stock Option Activity (Details) - Stock Options	12 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Options
Beginning options outstanding (in shares) \| shares	1,665,765
Options granted (in shares) \| shares	488,116
Options exercised (in shares) \| shares	(189,972)
Options forfeited/expired (in shares) \| shares	(319,703)
Ending options outstanding (in shares) \| shares	1,644,206
Exercisable at period end (in shares) \| shares	885,696
Total vested or expected to vest at period end (in shares) \| shares	1,643,064
Weighted Average Exercise Price
Beginning outstanding (in dollars per share) \| $ / shares	$ 38.31
Granted (in dollars per share) \| $ / shares	38.59
Exercised (in dollars per share) \| $ / shares	28.71
Forfeited/expired (in dollars per share) \| $ / shares	39.18
Ending outstanding (in dollars per share) \| $ / shares	38.79
Exercisable at period end (in dollars per share) \| $ / shares	43.27
Total vested and expected to vest (in dollars per share) \| $ / shares	$ 38.79
Additional Disclosures [Abstract]
Weighted average contractual term, options outstanding	6 years 29 days
Weighted average contractual term, exercisable	3 years 9 months 3 days
Weighted average contractual term, total vested and expected to vest	6 years 29 days
Aggregate intrinsic value, options outstanding \| $	$ 4,283,583
Aggregate intrinsic value, exercisable \| $	1,749,508
Aggregate intrinsic value, total vested and expected to vest \| $	$ 4,283,583

Supplemental Disclosure of Cash Flow Information - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash paid during the period:
Taxes paid, including excise tax	$ 5,808	$ 1,728
Operating leases paid	2,029	2,311
Non-cash investing activity:
Capitalized change in estimated asset retirement obligations	55	(107)
Network equipment provided in exchange for wireless licenses	0	190
Narrowband spectrum licenses received in connection with the LCRA Agreement	0	1,430
Derecognition of contingent liability related to sale of intangible assets	21,404	0
Rights of use asset for new leases	736	796
Rights of use asset for modifications and renewals	$ (35)	$ 1,258

Escrow Deposits	12 Months Ended
Escrow Deposits	Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow Deposits	Escrow Deposits Escrow deposits are considered restricted cash as the deposits are restricted from use until the terms of the escrow agreement are met. Restricted cash is recorded as escrow deposits and a contingent liability on the Company’s Consolidated Balance Sheets. A reduction in the contingent liability and escrow deposits will be recognized for each county as the Company delivers the cleared 900 MHz Broadband Spectrum and the associated broadband licenses. Escrow deposits classified as current assets on the Company’s Consolidated Balance Sheets are related to the portion of the obligations of the escrow agreement that are expected to be met within a twelve-month period beginning March 31, 2026. Obligations not expected to be completed within this twelve-month period are classified as non-current assets. In connection with the Lower Colorado River Authority Agreement in April 2023 (the “LCRA Agreement”), the Company and Lower Colorado River Authority (“LCRA”) entered into an escrow agreement. Pursuant to the escrow agreement, the escrow funds deposited from LCRA payments to the Company shall be held and invested in a money market deposit account. All interest and other income earned shall be allocated to the Company, payable with the final distribution of the escrow funds. The escrow funds shall be distributed upon written request by both the Company and LCRA pursuant to the terms within the Original LCRA Agreement. In December 2023, the Company received $15.0 million, of which $7.5 million was deposited in an escrow account. As of March 31, 2026, the Company has classified $0.4 million as short-term deposits on the Consolidated Balance Sheets, inclusive of accrued interest and escrow releases for delivered 900 MHz Broadband Spectrum and the associated broadband licenses. In June 2025, the Company entered into an agreement with an incumbent to retune and acquire wireless licenses for approximately $28.0 million. In connection with this agreement, the Company entered into an escrow agreement. Pursuant to the escrow agreement, the escrow funds deposited from the Company payments due to the incumbent shall be held and invested in a money market deposit account. All interest and other income earned shall be allocated to the incumbent, payable with the final distribution of the escrow funds. The escrow funds shall be distributed upon written request by both the Company and the incumbent pursuant to the terms within the escrow agreement. Once the escrow funds are distributed to the incumbent, the payments are recorded as spectrum receivable on the Company’s Consolidated Balance Sheets. As of March 31, 2026, the Company has deposited $15.4 million into the escrow account. As of March 31, 2026, the Company has classified $5.7 million as short-term escrow deposits on the Consolidated Balance Sheets, inclusive of accrued interest and escrow releases to the incumbent, which are subsequently recorded as spectrum receivable on the Company’s Consolidated Balance Sheets.

Supplemental Disclosure of Cash Flow Information

12 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure of Cash Flow Information

The following table summarizes the Company’s supplemental cash flow information:


	For the years ended March 31,
(in thousands)	2026		2025
Cash paid during the period:
Taxes paid, including excise tax	$	5,808	$	1,728
Operating leases paid	$	2,029	$	2,311
Non-cash investing activity:
Capitalized change in estimated asset retirement obligations	$	55	$	(107)
Network equipment provided in exchange for wireless licenses	$	—	$	190
Narrowband spectrum licenses received in connection with the LCRA Agreement	$	—	$	1,430

Derecognition of contingent liability related to sale of intangible assets	$	21,404	$	—
Rights of use asset for new leases	$	736	$	796
Rights of use asset for modifications and renewals	$	(35)	$	1,258

Leases - Narrative (Details)	Mar. 31, 2026
Minimum
Lease [Line Items]
Lease extension	3 years
Maximum
Lease [Line Items]
Lease extension	10 years

Stock Compensation (Tables)

12 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock and Restricted Stock Units Activity

A summary of non-vested restricted stock activity for the year ended March 31, 2026 is as follows:


	Restricted Stock	Weighted Average Grant Day Fair Value
Non-vested restricted stock outstanding at March 31, 2025	269,799	$	41.47
Granted	153,001	26.45
Vested	(175,016)	41.99
Forfeited	(52,132)	38.21
Non-vested restricted stock outstanding at March 31, 2026	195,652	$	30.12

Schedule of Restricted Stock Activity

The following table reflects activity related to the Company’s restricted stock for the years ended March 31, 2026 and 2025:


	2026		2025
Weighted-average grant-date fair value per unit granted	$	26.45	$	34.30
Fair value of restricted stock units vested (in thousands)	$	7,348	$	9,951

Summary of Stock Option Activity

A summary of Stock Option activity for the year ended March 31, 2026 is as follows:


	Options	Weighted Average Exercise Price		Weighted Average Contractual Term	Aggregate Intrinsic Value
Options outstanding at March 31, 2025	1,665,765	$	38.31
Options granted	488,116	38.59
Options exercised	(189,972)	28.71
Options forfeited/expired/cancelled	(319,703)	39.18
Options outstanding at March 31, 2026	1,644,206	$	38.79	6.08	$	4,283,583
Exercisable at March 31, 2026	885,696	$	43.27	3.76	$	1,749,508
Total vested or expected to vest at March 31, 2026	1,643,064	$	38.79	6.08	$	4,283,583

Summary of Assumptions used to Calculate Fair Value of Options

The following assumptions were used to calculate the fair value of stock options:

Year Ended

March 31, 2026

March 31, 2025

Risk-free interest rate

3.74% to 4.53%

3.72% to 4.43%

Dividend yield

—%

Volatility

48.52% to 48.68%

47.11% to 48.33%

Expected term

5.42 years to 6.21 years

5.79 years to 6.21 years

Forfeiture rate

—% to 6%

—% to 4%

Weighted-average grant-date fair value per option granted

38.59

31.31

Summary of Performance Stock Options

A summary of the Performance-Based Stock Options for the year ended March 31, 2026 is as follows:


	Performance Options	Weighted Average Exercise Price
Performance Options outstanding at March 31, 2025	156,706	$	38.07
Performance Options granted	—	—
Performance Options exercised	—	—
Performance Options forfeited/expired/cancelled	(125,975)	38.66
Performance Options outstanding at March 31, 2026	30,731	$	35.66

Summary of Assumptions used to Calculate Fair Value of Performance-Based Restricted Units

The following assumptions were used to calculate the grant date fair value of performance-based stock options with market price condition using the Monte Carlo simulation model:


						October 4, 2024
Risk-free interest rate						3.83%
Dividend yield						—%
Volatility						48.42%
Expected term						6.5 years
Forfeiture rate						—%

Summary of Share Repurchase Activity

The following table presents the share repurchase activity for Fiscal 2026 and Fiscal 2025 (in thousands, except per share data):


	For the years ended March 31,
	2026		2025
Number of shares repurchased and retired	43		245
Average price paid per share*	$	22.94	$	33.71
Total cost to repurchase	$	990	$	8,398

* Average price paid per share includes costs associated with the repurchases, excluding excise taxes associated with the share repurchases.

Accounts Payable and Other Accrued Expenses (Tables)

12 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

The table below provides additional information related to the Company’s accounts payable and other accrued expenses at March 31, 2026 and 2025 (in thousands):


	2026		2025
Accounts payable	$	695	$	1,130
Accrued employee related expenses	5,060		5,079
Accrued expenses	9,023		1,582
Accrued taxes	250		890
Other	—		394
Total accounts payable and other accrued expenses	$	15,028	$	9,075

Stock Compensation - Schedule of Assumptions used to Calculate Fair Value of Options (Details) - Stock Options - $ / shares	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Dividend yield	0.00%	0.00%
Weighted average grant-date fair value per option granted (in dollars per share)	$ 38.59	$ 31.31
Minimum
Risk-free interest rate	3.74%	3.72%
Volatility	48.52%	47.11%
Expected term	5 years 5 months 1 day	5 years 9 months 14 days
Forfeiture rate	0.00%	0.00%
Maximum
Risk-free interest rate	4.53%	4.43%
Volatility	48.68%	48.33%
Expected term	6 years 2 months 15 days	6 years 2 months 15 days
Forfeiture rate	6.00%	4.00%

Related Party Transactions (Details) - USD ($)		12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 30, 2024	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Due to related parties		$ 0	$ 30,000
Related Party
Related Party Transaction [Line Items]
Consulting services minimum period	6 months
Cash compensation	$ 30,000
Consulting fees		$ 100,000	$ 100,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Contingencies and Guaranty - Schedule of Spectrum Sale Agreements (Details) - Wireless Licenses $ in Millions	1 Months Ended				12 Months Ended		15 Months Ended	22 Months Ended	36 Months Ended	62 Months Ended
	Jan. 31, 2025 USD ($)	Jun. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Feb. 28, 2021 USD ($)	Mar. 31, 2026 USD ($) license	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2026 USD ($) license	Mar. 31, 2026 USD ($) license	Mar. 31, 2026 USD ($) license
SDG&E
Other Commitments [Line Items]
Total Consideration				$ 50.0
Payments Received										$ 45.6
Payments remaining					$ 3.1		$ 3.1	$ 3.1	$ 3.1	$ 3.1
Broadband license(s) delivered \| license										2
Broadband license(s) remaining \| license					1
LCRA Agreement
Other Commitments [Line Items]
Total Consideration			$ 30.0
Payments Received									29.3
Payments remaining					$ 0.7		0.7	0.7	$ 0.7	$ 0.7
Broadband license(s) delivered \| license									64
Broadband license(s) remaining \| license					4
LCRA Expansion Agreement
Other Commitments [Line Items]
Total Consideration	$ 13.5
Payments Received							6.0
Payments remaining					$ 6.5		6.5	6.5	$ 6.5	6.5
Broadband license(s) remaining \| license					34
Customer credit					$ 1.0		1.0	1.0	1.0	1.0
Oncor
Other Commitments [Line Items]
Total Consideration		$ 102.5
Payments Received								100.6
Payments remaining					0.0		$ 0.0	$ 0.0	$ 0.0	$ 0.0
Broadband license(s) delivered \| license								95
Reimbursable clearing costs and anti windfall payments					6.0	$ 2.9		$ 7.5
Realized clearing costs and anti-windfall payments					$ 5.6

Revenue

12 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue


	2026		2025
Spectrum revenue
900 MHz Broadband Spectrum Revenue
Ameren Corporation	$	824	$	737
Evergy	1,541		1,542
Xcel Energy	3,524		3,205
TECO (1)	612		—
Narrowband Spectrum Revenue
Motorola (2)	—		547



Total spectrum revenue	$	6,501	$	6,031

1.The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to TECO in June 2025.

2.As of December 31, 2024, the Company recognized all the revenue associated with the 2014 Motorola spectrum agreement.

900 MHz Broadband Spectrum Lease Agreements

Spectrum Lease Agreements (1)

Agreement Date

Initial Term

Renewal Options

Total Consideration (2)

Payments Received

Payments Remaining

Ameren Corporation (“Ameren”)

December 2020

30 - years

10 - years

$47.7 million

$31.4 million

$16.3 million (3)

Evergy Services, Inc. (“Evergy”)

September 2021

20 - years

2 x 10 - years

$30.2 million

$—

Xcel Energy Services Inc. (“Xcel Energy”)

October 2022

20 - years

2 x 10 - years

$80.0 million

$76.0 million

$4.0 million (4)

Tampa Electric Company (“TECO”)

November 2023

20 - years

2 x 10 - years

$34.5 million

$—

900 MHz Broadband Spectrum Sale Agreements

As a result of the Company’s business strategy evolution and the introduction of the Company’s new brand and visual identity in the fourth quarter of fiscal 2026, as described in the Note 2 Summary of Significant Accounting Policies, sale agreements entered into in subsequent to this shift are considered completed in the ordinary course of business and are included as revenue agreements.

Spectrum Sale Agreements (1)

Agreement Date

Total Consideration (2)

Payments Received

Payments remaining

Broadband license(s) delivered

Broadband license(s) remaining

CPS Energy (“CPS”)

January 2026

$13.0 million

$6.5 million

—

Texas-New Mexico Power Company (“TNMP”)

March 2026

$3.2 million

$—

$3.2 million

—

NorthWestern Energy (“NWE”)

March 2026

$7.7 million

$—

$7.7 million

—

Narrowband Spectrum Revenue

In September 2014, Motorola paid the Company an upfront, fully paid fee of $7.5 million in order to use a portion of the Company’s narrowband spectrum licenses. The payment of the fee is accounted for as deferred revenue on the Company’s Consolidated Balance Sheets and is recognized ratably as the service is provided over the contractual term of approximately ten years. As of December 31, 2024, the Company recognized all the revenue associated with the 2014 Motorola spectrum agreement.

Capitalized Contract Costs


	2026		2025
Balance at the beginning of the year	$	1,241	$	1,027
Additions	226		339
Amortization (1)	(962)		(125)

Balance at the end of the year	505		1,241
Less amount classified as current assets (2)	(24)		(132)
Noncurrent assets (2)	$	481	$	1,109

2.Current assets are recorded as prepaid expenses and other current assets and noncurrent assets are recorded as other assets on the Company’s Consolidated Balance Sheets.

Contract Liabilities


	2026		2025
Balance at the beginning of the year	$	124,672	$	122,212
Net additions (1)	43,007		8,491
Revenue recognized	(6,501)		(6,031)
Balance at the end of the year	161,178		124,672
Less amount classified as current liabilities (2)	(14,513)		(6,095)
Noncurrent liabilities (2)	$	146,665	$	118,577

1.Represents milestone payments received from customer contracts pursuant to the terms of the associated spectrum revenue agreements, net of delivery delay adjustments.

2.Current liabilities and noncurrent liabilities are recorded as deferred revenue on the Company’s Consolidated Balance Sheets.

Remaining Performance Obligations

Revenue allocated to remaining performance obligations of the Company’s contracts represents contracted revenue that will be recognized in future periods. Total performance obligations include deferred revenue (i.e., contract liabilities) as well as amounts that will be invoiced and recognized in future periods. Revenue allocated to remaining performance obligations was $198.9 million as of March 31, 2026, which will be recognized over the remaining contract terms up to 30 years.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 90,635	$ (11,372)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	464	548
Stock compensation expense	11,491	13,531
Deferred income taxes	(283)	325
Right of use assets	760	1,657
Gain on exchange of intangible assets, net	(105,419)	(22,799)
Gain on sale of intangible assets, net	(34,780)	(18,294)
Loss from disposal of long-lived assets, net	44	3
Changes in operating assets and liabilities
Non-trade receivable	2,926	(2,926)
Prepaid expenses and other assets	(738)	1,126
Accounts payable and other accrued expenses	(1,707)	550
Accrued severance and other related charges	545	2,265
Due to related parties	(30)	30
Operating lease liabilities	(971)	(1,960)
Contingent liability	6,195	5,999
Deferred revenue	36,506	2,460
Other liabilities	(127)	(406)
Net cash provided by (used in) operating activities	5,511	(29,263)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of intangible assets and other related costs	(27,172)	(18,095)
Proceeds from sale of spectrum	67,737	40,935
Purchases of equipment	(31)	(87)
Net cash provided by investing activities	40,534	22,753
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock option exercises	5,354	3,651
Repurchases of common stock	(990)	(8,398)
Payments of withholding tax on net issuance of restricted stock	(770)	(1,843)
Net cash provided by (used in) financing activities	3,594	(6,590)
Net change in cash and cash equivalents and restricted cash	49,639	(13,100)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents and restricted cash at beginning of the year	55,024	68,124
Cash and cash equivalents and restricted cash at end of the year	$ 104,663	$ 55,024

Consolidated Statements of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated deficit
Beginning balance (in shares) at Mar. 31, 2024		18,453
Beginning balance at Mar. 31, 2024	$ 161,032	$ 2	$ 533,203	$ (372,173)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation expense	13,531		13,531
Restricted shares issued (in shares)		271
Stock option exercises (in shares)		184
Stock option exercises	3,651		3,651
Shares withheld for taxes (in shares)		(50)
Shares withheld for taxes	$ (1,843)		(1,843)
Retirement of common stock (in shares)	(245)	(245)
Retirement of common stock	$ (8,398)			(8,398)
Net income (loss)	(11,372)			(11,372)
Ending balance (in shares) at Mar. 31, 2025		18,613
Ending balance at Mar. 31, 2025	156,601	$ 2	548,542	(391,943)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation expense	11,491		11,491
Restricted shares issued (in shares)		185
Stock option exercises (in shares)		186
Stock option exercises	5,354		5,354
Shares withheld for taxes (in shares)		(27)
Shares withheld for taxes	$ (770)		(770)
Retirement of common stock (in shares)	(43)	(43)
Retirement of common stock	$ (990)			(990)
Net income (loss)	90,635			90,635
Ending balance (in shares) at Mar. 31, 2026		18,914
Ending balance at Mar. 31, 2026	$ 262,321	$ 2	$ 564,617	$ (302,298)

Stock Compensation - Summary of Restricted Stock and Restricted Stock Units Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restricted Stock
Beginning stock outstanding (in shares)	269,799
Granted (in shares)	153,001
Vested (in shares)	(175,016)
Forfeited (in shares)	(52,132)
Ending stock outstanding (in shares)	195,652	269,799
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning outstanding (in dollars per share)	$ 41.47
Granted (in dollars per share)	26.45	$ 34.30
Vested (in dollars per share)	41.99
Forfeited (in dollars per share)	38.21
Ending outstanding (in dollars per share)	$ 30.12	$ 41.47

Consolidated Balance Sheets - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Current assets
Cash and cash equivalents	$ 98,533,000	$ 47,374,000
Non-trade receivable	0	2,926,000
Spectrum receivable	10,638,000	7,107,000
Escrow deposits	6,130,000	547,000
Prepaid expenses and other current assets	4,684,000	2,801,000
Total current assets	119,985,000	60,755,000
Escrow deposits	0	7,103,000
Property and equipment, net	827,000	1,302,000
Right of use assets, net	4,069,000	4,829,000
Intangible assets	310,712,000	228,983,000
Deferred broadband costs	29,069,000	28,944,000
Other assets	548,000	1,188,000
Total assets	465,210,000	333,104,000
Current liabilities
Accounts payable and other accrued expenses	15,028,000	9,075,000
Accrued severance and other related charges	2,810,000	2,265,000
Due to related parties	0	30,000
Operating lease liabilities	1,424,000	1,643,000
Contingent liability	2,220,000	8,093,000
Deferred revenue	14,513,000	6,095,000
Total current liabilities	35,995,000	27,201,000
Operating lease liabilities	2,995,000	3,747,000
Contingent liability	6,000,000	15,336,000
Deferred revenue	146,665,000	118,577,000
Deferred gain on sale of intangible assets	4,911,000	4,911,000
Deferred income tax	6,323,000	6,606,000
Other liabilities	0	125,000
Total liabilities	202,889,000	176,503,000
Commitments and contingencies (See Note 15)
Stockholders’ equity
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and no shares outstanding at March 31, 2026 and March 31, 2025	0	0
Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 18,914,271 shares issued and outstanding at March 31, 2026 and 18,612,804 shares issued and outstanding at March 31, 2025	2,000	2,000
Additional paid-in capital	564,617,000	548,542,000
Accumulated deficit	(302,298,000)	(391,943,000)
Total stockholders’ equity	262,321,000	156,601,000
Total liabilities and stockholders’ equity	$ 465,210,000	$ 333,104,000

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Use of Estimates The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the valuation of awards and forfeiture rates for its share-based award programs, the estimated useful lives of depreciable assets, lease discount rates, asset retirement obligations (the “ARO”), valuation allowance on the Company’s deferred tax assets and the recoverability of intangible assets among other estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the applicable period. Accordingly, actual results could materially differ from those estimates.
Use of Estimates	Basis of Presentation and Use of Estimates The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the valuation of awards and forfeiture rates for its share-based award programs, the estimated useful lives of depreciable assets, lease discount rates, asset retirement obligations (the “ARO”), valuation allowance on the Company’s deferred tax assets and the recoverability of intangible assets among other estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the applicable period. Accordingly, actual results could materially differ from those estimates.
Consolidation	The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Segments	Segments The Company operates as a single operating and reportable segment. The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer, who manages the business on a consolidated basis. All of the Company’s identifiable assets are located in the United States. The Company did not generate any revenue from sources outside of the United States.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash All highly liquid investments with maturities of three months or less at the time of purchase are considered cash equivalents. Cash equivalents are stated at cost, which approximates the quoted market value and includes amounts held in money market funds. Restricted cash includes amounts classified as escrow deposits.
Concentrations of Credit Risk and Significant Customers	Concentration of Credit Risk and Significant Customers Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments with financial institutions for which credit loss is not anticipated. As of March 31, 2026 and 2025, substantially all of the Company’s cash balances exceeded the federally insured limits. During the years ended March 31, 2026 and 2025, each of the Company’s customers related to spectrum agreements accounted for greater than 10% of total revenue, except for Tampa Electric Company (“TECO”).
Property and Equipment	Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the applicable lease term. The carrying amount at the balance sheet date of long-lived assets under construction in process includes assets purchased, constructed, or being developed internally that are not yet in service. Depreciation commences when the assets are placed in service. Depreciation rates for assets are updated periodically to account for changes, if any, in the estimated useful lives of the assets, lease terms, management’s strategic objectives, estimated residual values or obsolescence. Changes in estimates will result in adjustments to depreciation expense prospectively.
Accounting for Asset Retirement Obligations	Accounting for Asset Retirement Obligations An Asset Retirement Obligations (“ARO”) is evaluated and recorded, as appropriate, on assets for which the Company has a legal obligation to retire. The Company records a liability for an ARO and the associated asset retirement cost at the time the underlying asset is acquired and put into service. Subsequent to the initial measurement of the ARO, the obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation, if any. Over time, the liability is accreted to its present value and the capitalized cost is depreciated over the estimated useful life of the asset. The Company entered into long-term leasing arrangements primarily for tower site locations. The Company constructed assets at these locations and, in accordance with the terms of many of these agreements, the Company is obligated to restore the premises to their original condition at the conclusion of the agreements, generally at the demand of the other party to these agreements. The Company recognizes the fair value of a liability for an ARO and capitalizes that cost as part of the cost basis of the related asset, depreciating it over the useful life of the related asset. Upon settlement of the obligation, any difference between the cost to retire the asset and the recorded liability is recognized on the Company’s Consolidated Statements of Operations.
Intangible Assets	Intangible Assets Intangible assets are wireless licenses that are used to provide the Company with the exclusive right to utilize designated radio frequency spectrum to provide wireless communication services. While licenses are issued for only a fixed time, generally ten years, such licenses are subject to renewal by the FCC. License renewals have occurred routinely and are expensed as incurred. There are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of the Company’s wireless licenses. As a result, the Company has determined that the wireless licenses should be treated as an indefinite-lived intangible asset. The Company will evaluate the useful life determination for its wireless licenses each year to determine whether events and circumstances continue to support their treatment as an indefinite useful life asset. Evaluation of Indefinite-Lived Intangible Assets for Impairment The Company determined that its unit of accounting should be based on geographic markets and deal markets. Unit of accounting of wireless licenses not associated with closed deals is based on geographic markets. Unit of accounting of wireless licenses associated with closed deals is based on the deal markets. The Company’s wireless licenses not associated with closed deals are tested for impairment based on the geographic markets, as the Company will be utilizing the existing wireless narrowband licenses, or broadband licenses if applicable, as part of facilitating broadband spectrum networks at a geographic market level. The Company’s wireless licenses associated with closed deals are tested for impairment based at the deal market level. The Company may elect to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of an intangible asset is less than its carrying value. If the Company does not perform the qualitative assessment, or if the qualitative assessment indicates it is more likely than not that the fair value of the intangible asset is less than its carrying amount, the Company will calculate the estimated fair value of the intangible asset. If the estimated fair value of the spectrum licenses is lower than their carrying amount, an impairment loss is recognized. The Company will use a market-based approach or a transaction specific market approach to estimate the fair value of spectrum licenses depending on whether the license is associated with an executed contract with a customer. Under the market-based approach, the fair value of licenses without an executed contract is based on the prevailing 600 MHz auction price as determined by the FCC. Under the transaction-specific market approach, the fair value of licenses with an executed contract is based on cash flows expected to be generated under the contract over its contractual term, as adjusted by a market participant discount rate. During the year ended March 31, 2026, the Company performed a step zero qualitative approach impairment test as of January 1, 2026, for each geographical market or deal market, to test indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform quantitative impairment testing. Per the results of the step zero test, the Company was not required to perform a step one analysis. During the year ended March 31, 2025, the Company performed a step one quantitative approach impairment test as of January 1, 2025, to determine if the fair value of the combined licenses by the associated geographical or deal market exceeds the carrying value for each geographical or deal market. Based on the results of the impairment tests, there were no impairment charges recorded during the years ended March 31, 2026 and 2025. As of March 31, 2026 and 2025, the fair value materially exceeds carrying value of the Company’s intangible assets. Exchanges of Intangible Assets At times, the Company enters into agreements to exchange or cancel spectrum licenses. Upon entering into the arrangement, if the transaction has been deemed to have commercial substance, spectrum licenses are reviewed for impairment. The licenses are exchanged or cancelled at their carrying value and adjusted for any gain or loss recognized. Upon receipt of FCC approval, the spectrum licenses acquired as part of an exchange of nonmonetary assets are recorded at their fair value as of the exchange date (i.e., the lower of the 600 MHz auction or estimated contract price). The difference between the fair value of the spectrum licenses obtained, carrying value of the spectrum licenses transferred and cash paid, if any, is recognized as a gain or loss on exchange of spectrum licenses reported separately on the Company’s Consolidated Statements of Operations. For the purpose of the valuation of broadband licenses received in connection with nonmonetary exchanges, the Company utilizes the 600 MHz Auction price per MHzPop, which represents level two of the fair value hierarchy. If the transaction lacks commercial substance or the fair value of the acquired asset cannot be determined, the acquired spectrum licenses are recorded at the carrying value of the spectrum assets transferred, cancelled or exchanged.
Broadband Licenses Held for Sale	Broadband Licenses Held for Sale As a result of the Company’s evolved business strategy and the change in the accounting for its spectrum sale agreements, the Company now classifies its broadband licenses associated with signed spectrum sale agreements entered into after December 31, 2025 as held for sale in the period in which all specified GAAP criteria are met. Pursuant to these criteria, the Company classifies its broadband licenses as held for sale upon the completion of the exchange of a narrowband licenses for the broadband license associated with a county included in a signed sale agreement, with an expected closing date within one year. The Company measures its broadband licenses that are held for sale at their fair value as of the classification date, which is the lower of the 600 MHz auction or estimated contract price. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. As of March 31, 2026 and 2025, the Company had no licenses deemed held for sale.
Spectrum Receivable and Deferred Broadband Costs	Spectrum Receivable and Deferred Broadband Costs Spectrum receivable represents prepayments made to acquire, retune or swap narrowband wireless licenses for cash consideration. The initial deposits to incumbents are recorded as spectrum receivable on the Company’s Consolidated Balance Sheets and are refundable if the FCC does not approve the sale, retuning or swap of the spectrum. Upon closing the associated deal, the costs are transferred to intangible assets on the Company’s Consolidated Balance Sheets for purchases of licenses and to deferred broadband costs on the Company’s Consolidated Balance Sheets for deals related to swap or retuning of narrowband licenses. If it is determined that there is an impairment, the Company will expense the assets to the extent of the potential loss. Upon exchanging the Company’s narrowband licenses for broadband licenses, the Company will transfer the deferred broadband costs to intangible assets.
Long-Lived Assets and Right of Use Assets Impairment	Long-Lived Assets and Right of Use Assets Impairment The Company evaluates long-lived assets and right of use (“ROU”) assets, other than intangible assets with indefinite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Asset groups are determined at the lowest level for which identifiable cash flows are largely independent of cash flows of other groups of assets and liabilities. When the carrying amount of the asset groups are not recoverable and exceeds its fair value, an impairment loss is recognized equal to the excess of the asset group’s carrying value over the estimated fair value.
Fair Value Measurement of Financial Instruments	Fair Value Measurement A Level 1, Level 2 or Level 3 fair value hierarchy is used to categorize fair value amounts depending on the quality of inputs used to measure the fair value. Level 1 fair value derived inputs utilize quoted prices in active markets for identical assets or liabilities. Level 2 fair value derived inputs are based on quoted prices for similar assets and liabilities in active markets or based on inputs other than quoted prices for the assets or liability that are either directly or indirectly observable. Level 3 fair value derived inputs are unobservable for the asset or liability as a result of little, if any, market activity for the asset or liability. The Company uses appropriate valuation techniques for the fair values of the applicable assets or liabilities based on the available inputs. When available, the Company measures fair value using Level 1 inputs as they generally provide the most reliable evidence of fair value. The inputs may fall into different levels within the hierarchy in some valuations. In these cases, the fair value hierarchy of the asset or liability level is based on the lowest level of input that is significant to the fair value measurements. Financial Instruments The carrying values of the Company’s financial instruments, including cash and cash equivalents, non-trade receivable, escrow deposits, accounts payable and other accrued expenses approximate their fair values.
Leases	Leases Leases in which the Company is the lessee are comprised of corporate office space and tower space. All of the leases are classified as operating leases. The Company is obligated under certain lease agreements for office space with lease terms expiring on various dates from June 30, 2027 through January 31, 2029, which includes lease extensions ranging from three to ten-years for its corporate offices. The Company entered into multiple lease agreements for tower space related to its spectrum holdings. These lease expiration dates range from April 8, 2026 to February 28, 2033. In accordance with Financial Accounting Standards Board, (“FASB”) Accounting Standards Codification, Leases (“ASC 842”), the Company recognized ROU assets and corresponding lease liabilities on the Company’s Consolidated Balance Sheets for its operating lease agreements with contractual terms greater than 12 months. Lease liabilities are based on the present value of remaining lease payments over the lease term. As the discount rate implied in the Company’s leases is not readily determinable, the present value is calculated using the Company’s incremental borrowing rate, which is estimated to approximate the interest rate on a collateralized basis with similar terms.
Revenue Recognition	Revenue Recognition Revenues are recognized when a contract with a customer exists and control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in Accounting Standards Codification, Revenue from Contracts with Customers (“ASC 606”). A contract’s transaction price is allocated to each distinct performance obligation and is recognized as revenue when, or as, the performance obligation is satisfied, which typically occurs when the services are rendered. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. The Company’s contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. It generally determines standalone selling prices based on the prices charged to customers under contracts involving only the relevant performance obligation. Judgment may be used to determine the standalone selling prices for items that are not sold separately, including services provided at no additional charge. For the Company’s customer agreements, most of the performance obligations involve delivering cleared 900 MHz Broadband Spectrum and the associated broadband license or lease on a county-by-county basis. For broadband license transfers, the performance obligation is satisfied at a point in time when control of the broadband license is transferred to the customer upon delivery. Accordingly, revenue is recognized upon delivery of the broadband license. For broadband spectrum lease arrangements, the performance obligation is satisfied over time as the customer receives the leased spectrum regardless of whether the customer uses the spectrum or not throughout the contractual term. As a result, revenue will be recognized ratably over the contractual term beginning on the date when the Company delivers cleared 900 MHz Broadband Spectrum and the associated broadband leases to the customer on a county-by-county basis. Since a contract has payment terms that differ from the timing of revenue recognition, the Company will assess whether the transaction price for those contracts include a significant financing component. The Company expects that the period between the transfer of a promised good or service to a customer and the customer payment for that good or service will not constitute a significant financing component. Most of the Company’s spectrum agreements have milestone payments, which align the payment schedule with the clearing and delivery of broadband spectrum. The Company may be entitled to receive an initial deposit, which is not considered a significant financing component because it is used to obtain exclusive rights to the spectrum upon clearing and delivery. As a result, the prepayment structure does not result in a financing component as it mitigates the risk for both parties and secures the exclusive use of the Company’s 900 MHz Broadband Spectrum. Historically, the Company recognized an asset for the incremental costs of obtaining a contract with a customer if it expects the benefit of those costs to be longer than one year. The Company determined that certain previously paid sales commissions met the requirements to be capitalized and were recorded as an asset upon the Company’s adoption of ASC 606. For the years ended March 31, 2026 and 2025, the Company capitalized commission costs required to obtain long-term 900 MHz Broadband Spectrum lease agreements which will be amortized over the contractual term. Due to the change in commission plan and the Company’s approach to monetizing its spectrum, the Company accelerated the amortization of the outstanding capitalized assets as of March 31, 2026.
Contract Assets and Liabilities	Contract Assets and Liabilities The Company records a contract asset when the Company has satisfied a performance obligation but does not yet have an unconditional right to consideration. Contract assets are included in prepaid expenses and other current assets in the Consolidated Balance Sheets. The Company will review the contract asset on a periodic basis to determine if an impairment exists as a result of a potential credit loss exposure. If it is determined that there is an impairment, the Company will expense the contract asset to the extent of the potential credit loss. Contract liabilities primarily relate to advance consideration received from customers for spectrum services, for which the control of these services has not been transferred to the customer. These contract liabilities are recorded as deferred revenue on the Consolidated Balance Sheets.
Product Development Costs	Product Development Costs The Company charges all product and development costs to expense as incurred. Types of expense incurred in product and development costs include employee compensation, consulting, travel, equipment and technology costs.
Advertising and Promotional Expense	Advertising and Promotional Expense The Company expenses advertising and promotional costs as incurred.
Stock Compensation	Stock Compensation The Company accounts for stock options in accordance with U.S. GAAP, which requires the measurement and recognition of compensation expense, based on the estimated fair value of awards granted to employees, directors and consultants. The Company estimates the fair value of share-based awards on the date of grant using an option-valuation models such as Black-Scholes or Monte Carlo. The value of the portion of the award that is ultimately expected to vest is recognized as expense in the Company’s Consolidated Statements of Operations over the requisite service periods. In the event the participant’s employment by or engagement with (as a director or otherwise) the Company terminates before exercise of the options granted, the stock options granted to the participant shall immediately expire and all rights to purchase shares thereunder shall immediately cease and expire and be of no further force or effect, other than applicable exercise rights for vested shares that may extend past the termination date as provided for in the participant’s applicable option award agreement. Additionally, the Company’s Compensation Committee (the “Compensation Committee”) adopted an Executive Severance Plan (the “Severance Plan”) in February 2015, and as most recently amended in December 2024, and the Company subsequently entered into Severance Plan Participation Agreements with its executive officers. In addition to providing participants with severance payments, the Severance Plan provides for accelerated vesting and extends the exercise period for outstanding equity awards if the Company terminates a participant’s service for reasons other than cause, death or disability or the participant terminates his or her service for good reason, whether before or after a change of control (each of such terms as defined in the Severance Plan). In addition to the Severance Plan, the equity awards issued to the Company’s President and Chief Executive Officer provide for accelerated vesting upon termination of service for reasons other than cause or a resignation for good reason; involuntary termination in connection with a change in control; or a change in control with a purchase price at or above $100 per share (each of such terms defined in the equity award agreements). To calculate option-based compensation, the Company uses the Black-Scholes option valuation model. The compensation cost for the stock options with a graded vesting schedule is recognized using an accelerated method over the explicit vesting period. Stock options have a maximum term of ten years from the date they are granted, and vest over a requisite service period of three years, or four years for grants prior to July 2023, subject to acceleration in certain circumstances. The Company’s determination of fair value of option-based awards on the date of grant using the Black-Scholes model is affected by assumptions regarding a number of subjective variables. These variables include the expected volatility of the Company’s stock price, which is based on the weighted-average historical volatility of its stock, expected term, which is based on option history with adjustments for vesting schedule and contractual terms, risk-free interest rate, which is based on the treasury zero-coupon yield appropriate for the term of the option-based award as of the grant date; and expected dividends as applicable, which is zero, as the Company has never paid any cash dividends. Any future determination to pay dividends will be at the discretion of the Board and will depend on the Company’s financial condition, results of operations, capital requirements, restrictions contained in any financing instruments and such other factors as the Board deems relevant in its sole discretion. Therefore, the Company uses an expected dividend yield of zero in the option-pricing model. The fair value of restricted stock, restricted stock units and performance units without market conditions are measured based upon the quoted closing market price for the stock on the date of grant. The compensation cost for the restricted stock and restricted stock units is recognized on a straight-line basis over the explicit vesting period. Restricted stock granted to the Company employees vest over a requisite services period of three years, or four years for grants prior to July 2023, subject to acceleration in certain circumstances. Vested restricted stock units are settled and issuable upon the earlier of the date the employee ceases to be an employee of the Company or a date certain in the future. The compensation cost for the performance units without market conditions is recognized ratably over the service period if it is probable that the performance conditions will be met. The Company uses a Monte Carlo simulation model to determine the fair value of performance units with market conditions at grant date. The Monte Carlo simulation model is based on a discounted cash flow approach, with the simulation of a large number of possible stock price outcomes for the Company’s stock and the target composite index. The use of the Monte Carlo simulation model requires the input of a number of assumptions including expected volatility of the Company’s stock price, which is based on the weighted-average historical volatility of its stock; correlation between changes in the Company’s stock price and changes in the target composite index, which is based on the historical relationship between the Company’s stock price and the target composite index average; risk-free interest rate, which is based on the treasury zero-coupon yield appropriate for the term of the performance unit as of the grant date; and expected dividends as applicable, which is zero, as the Company has never paid any cash dividends. Any future determination to pay dividends will be at the discretion of the Board and will depend on the Company’s financial condition, results of operations, capital requirements, restrictions contained in any financing instruments and such other factors as the Board deems relevant in its sole discretion. Therefore, the Company has used an expected dividend yield of zero in the Monte Carlo simulation model. The compensation cost for the performance units with market condition is recognized ratably over the service period. No tax benefits have been attributed to the share-based compensation expense because the Company maintains a full valuation allowance for all net deferred tax assets. All excess tax benefits and tax deficiencies, including tax benefits of dividends on share-based payment awards, are recognized as income tax expense or benefit in the Company’s Consolidated Statements of Operations, eliminating the notion of the additional paid-in capital (“APIC”) pool. The excess tax benefits are classified as operating activities along with other income tax cash flows rather than financing activities in the Company’s Consolidated Statements of Cash Flows. The tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. Cash payments to tax authorities in connection with shares withheld to meet statutory tax withholding requirements are presented as a financing activity in the statement of cash flows. Retirement of common stock From time to time, the Company may acquire its common stock through share repurchases or option exercise swaps and return these shares to authorized and unissued. If the Company elects to retire these shares, the Company’s policy is to allocate a portion of the repurchase price to par value of common stock with the excess over par value allocated to accumulated deficit.
Income Taxes	Income Taxes The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities as well as from net operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is established when it is estimated that it is more likely than not that the tax benefit of a deferred tax asset will not be realized.
Accounting for Uncertainty in Income Taxes	Accounting for Uncertainty in Income Taxes The Company recognizes the effect of tax positions only when they are more likely than not to be sustained. Management has determined that the Company had no uncertain tax positions that would require financial statement recognition or disclosure. The Company is no longer subject to U.S. federal, state or local income tax examinations for periods prior to 2019. When applicable, the Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense.
Net Income (Loss) Per Share of Common Stock	Net Income (Loss) Per Share of Common Stock Basic net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. For purposes of the diluted net income (loss) per share calculation, stock options, restricted stock units and awards are considered to be potentially dilutive securities. Diluted earnings per share is computed using the treasury stock method.
Recently Issued Accounting Pronouncements and Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In October 2023, the FASB issued Accounting Standards Updates (“ASU”) 2023-06, Disclosure Improvements: Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative. The ASU incorporates several disclosure and presentation requirements currently residing in the SEC Regulations S-X and S-K. The amendments will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. As the Company is currently subject to the SEC requirements, this ASU is not expected to have a material impact on its consolidated financial statements or related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures and subsequently amended with ASU 2025-01, which was issued in January 2025. This update requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. This update is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This update improves the navigability and applicability of the required interim disclosures. This update provides additional guidance on what disclosures should be provided in interim reporting periods and requires public business entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This update is effective for interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-12, Codification Improvements. The amendments in this ASU include technical corrections and other amendments intended to clarify and improve the Accounting Standards Codification across various topics. The amendments related to Accounting Standards Codification, Earnings per Share (“ASC 260”) are required to be applied retrospectively, while all other amendments may be applied either prospectively or retrospectively. This update is effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods. Early adoption is permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures. Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (“ASC 740”): Improvements to Income Tax Disclosures, which enhances transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid and to improve the effectiveness of income tax disclosures. This update is effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 in fiscal 2026 on a prospective basis. The adoption did not have a material impact on the Company’s consolidated financial statements but resulted in expanded disclosures within the income tax footnote. See Note 12 Income Taxes for further information. In March 2024, the FASB issued ASU 2024-02, Codification Improvements: this Codification amendment was issued to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. The amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities and are not expected to have a material impact on the Company’s consolidated financial statements or related disclosures. This update is effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2024-02 during fiscal 2026. The adoption did not have a material impact on the Company’s consolidated financial statements or disclosures.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Mar. 31, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Related Party Transactions	12 Months Ended
Related Party Transactions	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On December 30, 2024, in connection with Morgan O’Brien’s retirement as Executive Chairman of the Board, the Company entered into a consulting agreement with Mr. O’Brien under which he has agreed to provide consulting services to the Company for a minimum of six months and receive cash compensation of $30 thousand per month beginning on January 1, 2025 through June 30, 2025 (the “minimum term”), and continuing thereafter on a month-to month basis until terminated by either party (the “Consulting Agreement”). For the years ended March 31, 2026 and 2025, the Company incurred $0.1 million and $0.1 million, respectively, in consulting fees to Mr. O’Brien included in general and administrative expenses on the Company’s Consolidated Statements of Operations. As of March 31, 2026 and 2025, the Company had zero and $30 thousand, respectively, in outstanding liabilities to Mr. O’Brien included in due to related parties on the Company’s Consolidated Balance Sheets. Mr. O’Brien’s consulting agreement was terminated as of June 30, 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 6
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Mar. 31, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have implemented and we maintain a cybersecurity program that includes a well-defined set of security controls and measures designed to identify, assess, and manage material cybersecurity risks. The cybersecurity program is a part of our broader enterprise risk management program which includes risk assessment, third party risk management, risk mitigation strategy and a clearly defined incident response methodology. The program is led by our executive officers, with support from a working group of senior management with functional and operational expertise. Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with our Director of Information Technology (“IT”), who reports directly to our Chief Financial Officer. Our Director of IT has more than 20 years of experience working with enterprises to protect their systems from cybersecurity risks and to address other areas of risk management. We also engage other consultants and third parties in connection with our risk assessment and mitigation processes. These service providers assist with the design and implementation of our cybersecurity policies and procedures, as well as monitor and test our safeguards. We require each third-party service provider to certify that it has the ability to implement and maintain appropriate security measures, consistent with all applicable laws, to implement and maintain reasonable security measures in connection with their work with us, and to promptly report any suspected breach of its security measures that may affect our company.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented and we maintain a cybersecurity program that includes a well-defined set of security controls and measures designed to identify, assess, and manage material cybersecurity risks.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Oversight for this program is provided by the Audit Committee of the Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Oversight for this program is provided by the Audit Committee of the Board. Each quarter our executive officers review matters, including any cybersecurity matters, that may present material risks to our strategy, mission or objectives, and where appropriate, engage third parties to conduct assessments of the risks and gaps that require attention.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Oversight for this program is provided by the Audit Committee of the Board. Each quarter our executive officers review matters, including any cybersecurity matters, that may present material risks to our strategy, mission or objectives, and where appropriate, engage third parties to conduct assessments of the risks and gaps that require attention. Risk events are classified based on the evaluated likelihood of the risk materializing and its potential impact on the enterprise, and for each material risk a definitive risk mitigation strategy is developed, executed, and shared with the Audit Committee and the Board by our Chief Legal Officer and Corporate Secretary, working closely with our Chief Financial Officer and Director of IT, at least quarterly to ensure appropriate monitoring and management of the relevant risks.
Cybersecurity Risk Role of Management [Text Block]	Risk events are classified based on the evaluated likelihood of the risk materializing and its potential impact on the enterprise, and for each material risk a definitive risk mitigation strategy is developed, executed, and shared with the Audit Committee and the Board by our Chief Legal Officer and Corporate Secretary, working closely with our Chief Financial Officer and Director of IT, at least quarterly to ensure appropriate monitoring and management of the relevant risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Risk events are classified based on the evaluated likelihood of the risk materializing and its potential impact on the enterprise, and for each material risk a definitive risk mitigation strategy is developed, executed, and shared with the Audit Committee and the Board by our Chief Legal Officer and Corporate Secretary, working closely with our Chief Financial Officer and Director of IT, at least quarterly to ensure appropriate monitoring and management of the relevant risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Director of IT has more than 20 years of experience working with enterprises to protect their systems from cybersecurity risks and to address other areas of risk management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Risk events are classified based on the evaluated likelihood of the risk materializing and its potential impact on the enterprise, and for each material risk a definitive risk mitigation strategy is developed, executed, and shared with the Audit Committee and the Board by our Chief Legal Officer and Corporate Secretary, working closely with our Chief Financial Officer and Director of IT, at least quarterly to ensure appropriate monitoring and management of the relevant risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Total spectrum revenue	$ 6,501	$ 6,031
Operating expenses
General and administrative	36,063	42,671
Sales and support	6,900	6,110
Product development	4,703	5,735
Severance and other related charges	4,596	3,771
Depreciation and amortization	464	548
Operating expenses	52,726	58,835
Gain on exchange of intangible assets, net	(105,419)	(22,799)
Gain on sale of intangible assets, net	(34,780)	(18,294)
Loss from disposal of long-lived assets, net	44	3
Income (loss) from operations	93,930	(11,714)
Interest income	1,633	2,159
Other income	143	75
Income (loss) before income taxes	95,706	(9,480)
Income tax expense	5,071	1,892
Net income (loss)	$ 90,635	$ (11,372)
Net income (loss) per common share basic (in dollars per share)	$ 4.85	$ (0.61)
Net income (loss) per common share diluted (in dollars per share)	$ 4.83	$ (0.61)
Weighted-average common shares used to compute basic net income (loss) per share (in shares)	18,688,175	18,562,446
Weighted-average common shares used to compute diluted net income (loss) per share (in shares)	18,755,739	18,562,446

Stock Compensation - Schedule of Assumptions used to Calculate Fair Value of Performance-Based Stock Options (Details) - Performance-Based Stock Options	Oct. 04, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.83%
Dividend yield	0.00%
Volatility	48.42%
Expected term	6 years 6 months
Forfeiture rate	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Intangible Assets (Tables)

12 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consist of the following at March 31, 2026 and 2025 (in thousands):


	2026		2025
Balance at the beginning of the year	$	228,983	$	216,743
Acquisitions	30,655		12,082
Sale of intangible assets	(54,345)		(22,641)
Exchanges - licenses received	139,608		27,030
Exchanges - licenses surrendered	(34,189)		(4,231)
Balance at the end of the year	$	310,712	$	228,983

Stock Compensation - Narrative (Details) - USD ($)			1 Months Ended		12 Months Ended
Stock Compensation - Narrative (Details) - USD ($)	Feb. 01, 2021	Jun. 24, 2020	Jan. 31, 2025	Oct. 31, 2024	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available (in shares)					762,367
General and administrative					$ 36,063,000	$ 42,671,000
Product development					4,703,000	5,735,000
Sales and support					6,900,000	6,110,000
Stock compensation expense (reversal)					11,491,000	13,531,000
Stock repurchase program, authorized amount							$ 250,000,000.0
Excise tax expense					0	0
Stock repurchase program, remaining authorized repurchase amount					$ 226,700,000
President and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period					2 years
Stock or unit option plan expense						1,100,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense					$ 4,600,000	7,900,000
General and administrative					3,600,000	7,500,000
Product development					600,000	200,000
Sales and support					400,000	200,000
Unvested compensation expense					$ 3,300,000	$ 6,000,000.0
Weighted average period of recognition of unrecognized compensation cost					1 year 9 months	1 year 3 months 3 days
Awards issued (in shares)					195,652	269,799
Vested in period (in shares)					175,016
Awards issued					153,001
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense					$ 0	$ 500,000
Unvested compensation expense						$ 1,700,000
Weighted average period of recognition of unrecognized compensation cost						2 years 6 months 3 days
Awards issued (in shares)					0	0
Annual compound growth rate used to calculate stock price levels	4 years
Common stock trading day period	60 days
Performance-Based Restricted Stock Units \| President and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)						33,417
Performance-Based Restricted Stock Units \| Cumulative Spectrum Proceeds Monetized
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period		4 years
Vesting if target metric achieved (in shares)		30,049
Vested in period (in shares)						15,800
Performance-Based Restricted Stock Units \| Cumulative Spectrum Proceeds Monetized \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting if target metric achieved (in shares)		15,025
Performance-Based Restricted Stock Units \| Cumulative Spectrum Proceeds Monetized \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting if target metric achieved (in shares)		60,098
Performance-Based Restricted Stock Units \| TSR \| President and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting if target metric achieved (in shares)	45,000
Performance-Based Restricted Stock Units \| TSR \| Minimum \| President and Chief Executive Officer \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting for stock granted to employees	25.00%
Performance-Based Restricted Stock Units \| TSR \| Maximum \| President and Chief Executive Officer \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting for stock granted to employees	350.00%
Unvested Time-Based \| President and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued (in shares)						68,788
Performance Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued				97,631
Incremental fair value						$ 1,400,000
Incremental fair value immediately						100,000
Time Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued			191,326
Contractual life				10 years
Time Based Stock Options \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting for stock granted to employees				33.00%
Time Based Stock Options \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting for stock granted to employees				33.00%
Time Based Stock Options \| Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting for stock granted to employees				33.00%
Service-Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense					$ 7,000,000.0	$ 4,500,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General and administrative					6,800,000
Product development					200,000
Sales and support					$ 20,000
Weighted average period of recognition of unrecognized compensation cost					1 year 1 month 28 days	2 years 6 months 3 days
Intrinsic value of options exercised					$ 900,000	$ 2,900,000
Weighted average grant-date fair value per option granted (in dollars per share)					$ 38.59	$ 31.31
Unrecognized compensation cost related to non-vested share options granted					$ 5,800,000	$ 10,200,000
Performance-Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested compensation expense					$ 300,000
Weighted average period of recognition of unrecognized compensation cost					1 year 6 months 3 days
Share-based compensation arrangement by share-based payment award, stock price period for award vesting						60 days
Share-based compensation arrangement by share-based payment award, target award vesting percentage						100.00%
Stock compensation expense (reversal)					$ (100,000)	$ 600,000
Performance-Based Stock Options \| Senior Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life				10 years
Incremental fair value						1,000,000.0
Incremental fair value immediately						$ 100,000
Performance-based stock options (in shares)				213,487
2023 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized and reserved for issuance (in shares)					1,350,000

Intangible Assets - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Indefinite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 228,983	$ 216,743
Acquisitions	30,655	12,082
Sale of intangible assets	(54,345)	(22,641)
Exchanges - licenses received	139,608	27,030
Exchanges - licenses surrendered	(34,189)	(4,231)
Ending balance	$ 310,712	$ 228,983

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Current:
Federal	$ 2,192	$ 0
State	3,162	1,567
Total current	5,354	1,567
Deferred:
Federal	309	621
State	(592)	(296)
Total deferred	(283)	325
Income tax expense	$ 5,071	$ 1,892

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Stock Compensation

12 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock Compensation

The 2023 Stock Plan permits the Company to grant equity compensation awards to employees, consultants and non-employee directors of the Company. The 2023 Stock Plan authorizes 1,350,000 shares of common stock of the Company (the “Shares”) for grant, plus remaining available for issuance under previous plans. As of March 31, 2026, under the 2023 Stock Plan, 762,367 Shares are available for future issuance.

Restricted Stock and Restricted Stock Units

A summary of non-vested restricted stock activity for the year ended March 31, 2026 is as follows:


	Restricted Stock	Weighted Average Grant Day Fair Value
Non-vested restricted stock outstanding at March 31, 2025	269,799	$	41.47
Granted	153,001	26.45
Vested	(175,016)	41.99
Forfeited	(52,132)	38.21
Non-vested restricted stock outstanding at March 31, 2026	195,652	$	30.12

The following table reflects activity related to the Company’s restricted stock for the years ended March 31, 2026 and 2025:


	2026		2025
Weighted-average grant-date fair value per unit granted	$	26.45	$	34.30
Fair value of restricted stock units vested (in thousands)	$	7,348	$	9,951

Stock compensation expense related to restricted stock was approximately $4.6 million for the year ended March 31, 2026, which included $3.6 million in general and administrative expenses, $0.6 million in product development and the remainder of approximately $0.4 million included in sales and support reported on the Company’s Consolidated Statements of Operations. Stock compensation expense related to restricted stock was approximately $7.9 million for the year ended March 31, 2025, which included $7.5 million in general and administrative expenses, $0.2 million in product development and the remainder of approximately $0.2 million included in sales and support reported on the Company’s Consolidated Statements of Operations.

As of March 31, 2026 and 2025, there was $3.3 million and $6.0 million, respectively, of unrecognized compensation expense for the restricted stock, which is expected to be recognized over a weighted average period of 1.75 years and 1.26 years, respectively.

Performance-Based Restricted Stock Units

There were no performance-based restricted stock units outstanding as of March 31, 2026 and 2025.

The Company recorded approximately zero and $0.5 million of stock compensation expense relating to performance-based restricted stock units for the years ended March 31, 2026 and 2025, respectively, included in general and administrative expenses reported on the Company’s Consolidated Statements of Operations. As of March 31, 2026 and 2025, the performance-based shares were fully vested.

Cumulative Spectrum Proceeds Monetized

On December 31, 2020, the Compensation Committee awarded performance-based restricted units to Mr. Schwartz as part of the then CEO succession plan. The performance-based restricted units were to vest on a determination date of June 24, 2024 (“Determination Date”), based on the Cumulative Spectrum Proceeds Monetized (“CSPM”) metric over a four-year measurement period commencing on June 24, 2020, with 15,025 units vesting if the minimum CSPM level is achieved, 30,049 units vesting if the target CSPM metric is achieved and up to 60,098 vesting if the maximum CSPM metric is achieved. Due to the timing of the execution of the Oncor Agreement, the Company entered into an amendment agreement, effectively extending the Determination Date to June 27, 2024. The amendment resulted in 15,800 shares vesting based on the CSPM level achieved.

Chief Executive Officer Transition

In connection with Mr. Schwartz’s Transition Agreement, 68,788 unvested time-based awards and 33,417 performance-based awards accelerated and vested on a pro-rated basis. Mr. Schwartz was also granted an option exercise period extension for each of his outstanding stock option awards equal to the lesser of two years from the Separation Date (as defined in the Transition Agreement) or the applicable expiration term of the stock option awards, which resulted in additional stock compensation expense of $1.1 million included in severance and other related charges expense reported on the Company’s Consolidated Statements of Operations for the year ended March 31, 2025.

Total Stockholder Return

The performance-based restricted units will vest upon continued service and achievement of certain stock price levels calculated using a four-year compound annual growth rate and based on the average closing bid price per share of the Company’s common stock measured over a sixty-trading day period (“Stock Price Levels”). Shares will vest in a range of 25% to 350% of the 45,000 target reported units based on achieving specified Stock Price Levels. The vesting end measurement date is February 1, 2025, with earlier vesting determination dates upon a change in control of the Company, involuntary termination of the CEO or twelve months following the achievement of the maximum stock price level. The performance-based restricted units accelerated and vested on a pro-rated basis in connection with the CEO Transition noted above.

Performance-based restricted stock units modification

In October 2024, the Company awarded the newly appointed President and Chief Executive Officer 97,631 performance-based restricted stock units. In January 2025, the Board approved the replacement of the performance-based units with 191,326 time-based stock options. The time-based stock options have a contractual life of 10 years and the shares will vest in three equal annual installments, based on continuous service of such officer to the Company through the applicable vesting dates. As a result of the change, the Company accounted for the modification as a Type I modification, resulting in $1.4 million of incremental fair value, of which $0.1 million was recorded immediately during the year ended March 31, 2025. The incremental compensation cost is measured as the excess of the fair value of the modified award over the fair value of the original award immediately before its terms were modified and recognized over the period from the modification date through the end of the requisite service period of the newly granted awards.

Stock Options

A summary of Stock Option activity for the year ended March 31, 2026 is as follows:


	Options	Weighted Average Exercise Price		Weighted Average Contractual Term	Aggregate Intrinsic Value
Options outstanding at March 31, 2025	1,665,765	$	38.31
Options granted	488,116	38.59
Options exercised	(189,972)	28.71
Options forfeited/expired/cancelled	(319,703)	39.18
Options outstanding at March 31, 2026	1,644,206	$	38.79	6.08	$	4,283,583
Exercisable at March 31, 2026	885,696	$	43.27	3.76	$	1,749,508
Total vested or expected to vest at March 31, 2026	1,643,064	$	38.79	6.08	$	4,283,583

The intrinsic value of stock options exercised was approximately $0.9 million and $2.9 million for the years ended March 31, 2026 and 2025, respectively.

The following assumptions were used to calculate the fair value of stock options:

Year Ended

March 31, 2026

March 31, 2025

Risk-free interest rate

3.74% to 4.53%

3.72% to 4.43%

Dividend yield

—%

Volatility

48.52% to 48.68%

47.11% to 48.33%

Expected term

5.42 years to 6.21 years

5.79 years to 6.21 years

Forfeiture rate

—% to 6%

—% to 4%

Weighted-average grant-date fair value per option granted

38.59

31.31

Stock compensation expense related to the amortization of the fair value of service-based stock options issued was approximately $7.0 million for the year ended March 31, 2026, which included $6.8 million in general and administrative expenses, $0.2 million in product development and the remainder of approximately $20 thousand included in sales and support reported on the Company’s Consolidated Statements of Operations. Stock compensation expense related to the amortization of the fair value of service-based stock options issued was approximately $4.5 million for the year ended March 31, 2025, which was included in general and administrative reported on the Company’s Consolidated Statements of Operations.

The weighted average fair value for the stock option awards granted for the year ended March 31, 2026 was $38.59 per share. As of March 31, 2026 and 2025, there was approximately $5.8 million and $10.2 million, respectively, of unrecognized compensation cost related to non-vested stock options granted under the Company’s stock option plans which is expected to be recognized over a weighted-average period of 1.16 years and 2.51 years, respectively.

Performance-Based Stock Options

A summary of the Performance-Based Stock Options for the year ended March 31, 2026 is as follows:


	Performance Options	Weighted Average Exercise Price
Performance Options outstanding at March 31, 2025	156,706	$	38.07
Performance Options granted	—	—
Performance Options exercised	—	—
Performance Options forfeited/expired/cancelled	(125,975)	38.66
Performance Options outstanding at March 31, 2026	30,731	$	35.66

The following assumptions were used to calculate the grant date fair value of performance-based stock options with market price condition using the Monte Carlo simulation model:


						October 4, 2024
Risk-free interest rate						3.83%
Dividend yield						—%
Volatility						48.42%
Expected term						6.5 years
Forfeiture rate						—%

The vesting of the performance-based stock options issued during the year ended March 31, 2025 were subject to the attainment of a performance goal. The performance-based stock options (the “Stock Price Award”) will vest based on the target average stock price achieved by the Company during any sixty-day period beginning on the grant date and ending on October 4, 2027. If the target stock price level is achieved, 100% of the Stock Price Award will vest, otherwise the Stock Price Award will be forfeited in its entirety.

The Company recorded a reversal of approximately $0.1 million of stock compensation expense related to performance-based options due to forfeitures for the year ended March 31, 2026, included in general and administrative expenses reported on the Company’s Consolidated Statements of Operations. The Company recorded approximately $0.6 million, of stock compensation expense relating to performance-based options, for the year ended March 31, 2025, included in general and administrative expenses reported on the Company’s Consolidated Statements of Operations.

As of March 31, 2026 and 2025, there was approximately $0.3 million and $1.7 million, respectively, of unrecognized compensation expense for the outstanding performance-based restricted stock options, which is expected to be recognized over a weighted average period of 1.51 years and 2.51 years, respectively.

Performance-based stock option modification

In October 2024, the Company awarded 213,487 performance-based stock options to various senior executive officers. In January 2025, the Board approved changes to the vesting conditions of these outstanding common stock option awards. The vesting criteria were modified from performance-based to time-based. The awards have a contractual life of 10 years and the shares will vest in three equal annual installments, based on continuous service of such officer to the Company through the applicable vesting dates. As a result of the change, the Company accounted for the modification as a Type I modification, resulting in $1.0 million of incremental fair value, of which $0.1 million was recorded immediately during the year ended March 31, 2025. The incremental compensation cost is measured as the excess of the fair value of the modified award over the fair value of the original award immediately before its terms were modified and recognized over the period from the modification date through the end of the requisite service period of the newly granted awards.

Share Repurchase Program

In September 2023, the Board authorized the 2023 Share Repurchase Program (the “2023 Share Repurchase Program”) pursuant to which the Company may repurchase up to $250.0 million of the Company’s common stock on or before September 21, 2026. The Company may repurchase shares of its common stock via the open market and/or privately negotiated transactions. Repurchases will be made in accordance with applicable securities laws and may be effected pursuant to Rule 10b5-1 trading plans. The manner, timing and amount of any share repurchases will be determined by the Company based on a variety of factors, including proceeds from customer contracts, the timing of which is unpredictable, as well as general business and market conditions, the Company’s capital position, and other strategic considerations. The 2023 Share Repurchase Program does not obligate the Company to repurchase any particular amount of its common stock.

The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. For the years ended March 31, 2026 and 2025, the Company had no excise tax expense.

The following table presents the share repurchase activity for Fiscal 2026 and Fiscal 2025 (in thousands, except per share data):


	For the years ended March 31,
	2026		2025
Number of shares repurchased and retired	43		245
Average price paid per share*	$	22.94	$	33.71
Total cost to repurchase	$	990	$	8,398

* Average price paid per share includes costs associated with the repurchases, excluding excise taxes associated with the share repurchases.

As of March 31, 2026, $226.7 million is remaining under the 2023 Share Repurchase Program.