v3.25.4
Plant and Equipment
9 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Plant and Equipment
7.
Plant and Equipment

The Company’s plant and equipment as of December 31, 2025 and March 31, 2025 are as follows (in thousands):

 

 

December 31,

 

 

March 31,

 

 

 

2025

 

 

2025

 

MDLE Plant

 

$

29,449

 

 

$

29,429

 

Equipment

 

 

921

 

 

 

544

 

Office equipment

 

 

37

 

 

 

33

 

 

 

30,407

 

 

 

30,006

 

Less: accumulated depreciation

 

 

3,061

 

 

 

1,556

 

 

 

$

27,346

 

 

$

28,450

 

 

Depreciation expense for the three months ended December 31, 2025 and 2024 was $0.5 million and $0.4 million, respectively. Depreciation expense for the nine months ended December 31, 2025 and 2024 was $1.5 million and $1.0 million, respectively. The MDLE Plant was mobilized to a customer site in June 2024, and depreciation began upon commencement.