INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The total provision (benefit) for income taxes consists of the following for the fiscal years ended (dollars in thousands):

	Fiscal Year Ended March 31,
	2025		2024			2023
Current	$	35	$	46		$	97
Deferred		7		(5	)		17,881
Total	$	42	$	41		$	17,978
	2025		2024			2023
Federal, Current	$	—	$	—		$	—
Federal, Deferred		2		(1	)		14,557
Total Federal	$	2		(1	)		14,557
State, Current		35		46			97
State, Deferred		5		(4	)		3,324
Total State	$	40		42			3,421
Total	$	42	$	41		$	17,978

Reconciliation of the Statutory Federal Income Tax Rate and the Effective Income Tax Rate

A reconciliation of the statutory federal income tax rate and effective income tax rate is as follows:

	Fiscal Year Ended March 31,
	2025			2024			2023
Statutory federal tax rate		21.0	%		21.0	%		21.0	%
State taxes, net		4.1	%		3.2	%		4.0	%
State tax credits, net		(0.2	)%		(0.2	)%		(1.9	)%
Federal tax credit		(0.5	)%		(0.4	)%		—	%
Change in valuation reserve		(23.7	)%		(22.7	)%		(131.3	)%
Permanent items		(0.9	)%		(0.8	)%		(1.0	)%
Change in tax contingency reserve		(0.1	)%		(0.1	)%		(0.1	)%
Equity compensation cancellations		—			(0.2	)%		(0.1	)%
State return to provision		0.1	%		0.1	%		(0.9	)%
Other, net		(0.2	)%		(0.3	)%		0.4	%
Effective income tax rate		(0.4	)%		(0.4	)%		(109.9	)%

Schedule of Deferred Tax Assets

The net deferred tax assets reported in the accompanying consolidated financial statements include the following components (dollars in thousands):

	March 31,
	2025			2024
Deferred tax assets:
Inventory, accruals and reserves		742			737
Interest deduction carry-forward		495			248
Federal and state operating loss carry-forwards		22,332			20,515
Tax credit carry-forwards		1,367			1,459
Equity compensation		272			200
Deferred revenue		19			21
Lease liability		922			527
Intangible assets		1,871			1,296
Other		1,206			1,164
Total deferred tax assets		29,226			26,167
Valuation allowance		(28,149	)		(25,367	)
Deferred tax assets, net of valuation allowance		1,077			800
Deferred tax liabilities:
Lease ROU asset		(880	)		(442	)
Fixed assets		(276	)		(430	)
Total deferred tax liabilities		(1,156	)		(872	)
Total net deferred tax (liabilities) assets	$	(79	)	$	(72	)

Unrecognized Tax Benefit Activity

Orion had the following unrecognized tax benefit activity (dollars in thousands):

	Fiscal Year Ended March 31,
	2025		2024		2023
Unrecognized tax benefits as of beginning of fiscal year	$	237	$	225	$	215
Additions based on tax positions related to the current period positions		1		1		1
Additions for tax positions of prior years		10		11		9
Unrecognized tax benefits as of end of fiscal year	$	248	$	237	$	225