Revenue (Tables)

12 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue, net including related parties, disaggregated by contract type is as follows (in thousands):


	Year Ended March 31,
	2023		2022
Commercial product and service (1)	$	14,898	12,173
Government (2)	1,613		3,877
Licensing (3)	—		8,000
Revenue, net	$	16,511	$	24,050

Revenues from related parties were $8.0 million and $12.1 million for the years ended March 31, 2023 and 2022, respectively.

(1) The Company recognized service revenue under commercial product and service contracts of $2.1 million and $2.2 million for the years ended March 31, 2023 and 2022, respectively.

In December 2020, the Company entered into a cooperation and development agreement with Yaskawa Electric Corporation (“Yaskawa”), a related party, pursuant to which Yaskawa agreed to provide $4.0 million over approximately three years to fund development activities related to industrial power conversion applications, with an initial focus on servo motor drive applications. Subsequently, amendments to the contract were executed in April and November 2022 which increased the scope of the project and deliverables. The Company evaluated and concluded that the deliverables are the same and nature of the services to be provided to Yaskawa will be consistent over the period of approximately three years.

Accordingly, the Company recognized $1.2 million and $1.5 million in revenue for the years ended March 31, 2023 and 2022, respectively, which includes $0.3 million and $0.4 million recorded for services rendered but not billed for the years ended March 31, 2023 and 2022, respectively.

(2) Government revenue was primarily derived from contracts with the U.S. Navy. The contract’s expiration dates were initially March and June 2022, but such dates were subsequently extended to June and December 2022, respectively. The Company received new government authorized rates for billing purposes which allowed for retroactive application since inception. The cumulative impact of this rate change as of March 31, 2022 was $0.4 million.

(3) As part of the multi-element commercial arrangement executed with Nexperia on April 4, 2018 (see Note 3 - Nexperia Arrangement), the Company agreed to grant Nexperia the perpetual exclusive right to use the Company’s existing Gen-3 manufacturing process technology. License fees are received upon satisfaction of contractual milestones and recognized upon delivery of the perpetual license or transferred technology without any remaining performance obligations. The Company recognized $8.0 million of perpetual licensing revenue for the year ended March 31, 2022. No perpetual licensing revenue was recognized for the year ended March 31, 2023.