Segment Reporting

12 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company has a single segment that derives sales from customers through the sale of products which are shipped directly to customers. The accounting policies of the Company's single segment are the same as those described in the Company's Significant Accounting Policies.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM assesses performance for the segment and decides how to allocate resources based on Adjusted EBITDA that is reconciled to GAAP net loss reported on the accompanying Consolidated Statements of Operations below. The CODM uses Adjusted EBITDA to evaluate income generated from segment assets in deciding whether to reinvest profits into the segment or into other parts of the entity. Adjusted EBITDA is used to monitor budget versus actual results and forecast versus actual results and is utilized when establishing management’s compensation in collaboration with the Board of Directors. Adjusted EBITDA should only be considered as supplemental to, and alongside with, other GAAP based financial performance measures, including various cash flow metrics, net income, net margin, and our other GAAP results.

The table below provides a summary of significant expense categories regularly provided to the CODM reconciled to Adjusted EBITDA, as well as a reconciliation of Adjusted EBITDA to net (loss) income, for the years ended March 31. The CODM does not review segment assets at a different asset level or category than those disclosed within the consolidated balance sheets.

	Twelve Months Ended
($ in thousands)	March 31, 2025		3/31/2024 (As Restated)		3/31/2023 (As Restated)
Net Sales	$	226,972	$	274,095	$	247,569
Significant expense categories:
Cost of sales	157,835		189,327		171,068
Advertising	23,781		30,628		25,190
Other segment expenses (1)	44,684		45,895		31,541
Adjusted EBITDA	$672		$8,245		$19,770
(Add) subtract:
Share-based compensation (reversal) expense	(6,586)		6,870		6,617
Income taxes	5,684		1,191		2,305
Depreciation and amortization	7,039		7,056		3,546
Interest income	(185)		(511)		(450)
Acquisition/Partnership transactions and other items	231		1,679		1,904
Employee severance	738		512		364
Sales tax expense (reversal) (2)	(1,178)		(1,088)		344
Impairment loss	1,200		—		—
Net (loss) income	$	(6,271)	$	(7,464)	$	5,140

(1) Consists of all other expenses on an Adjusted EBITDA basis, including salaries and wages, operating expenses such as utilities, insurance, professional fees, etc.

(2) Reversal consists of abatement of certain sales tax accruals.