Annual report [Section 13 and 15(d), not S-K Item 405]

FIXED ASSETS, NET

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FIXED ASSETS, NET
 12 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
FIXED ASSETS, NET FIXED ASSETS, NET
As of March 31, 2026 and 2025, fixed assets, net of the Company included the following:
March 31, 2026 March 31, 2025
Construction in progress $ 126,487  $ 40,002 
Processing and storage data centers 63,094  21,848 
Buildings 53,537  36,270 
Office equipment 52,927  29,293 
Telecommunications network infrastructure 33,146  37,663 
Vehicles 22,132  9,021 
Capital expenditures on leasehold improvements 18,745  12,789 
Land 18,246  11,820 
Furniture 11,731  12,045 
Other 17,950  5,584 
Less: Accumulated depreciation (59,599) (25,232)
Total fixed assets, net $ 358,396  $ 191,103 
Depreciation expense totaled $26,368, $12,138 and $6,806 for the years ended March 31, 2026, 2025 and 2024, respectively.
During the year ended March 31, 2026, the Company's additions to fixed assets were primarily driven by continued investments in telecommunications network infrastructure, processing and storage data center infrastructure, and expansion
of operating premises and equipment to support the growth of the Company's digital ecosystem and related businesses. Investments in telecommunications network infrastructure principally consisted of the installation and expansion of fiber-optic communication lines and related supporting equipment, which are recorded within construction in progress until the related assets are placed into service, at which point they are reclassified to telecommunications network infrastructure. Accordingly, the most significant additions during the year were reflected within construction in progress and processing and storage data center infrastructure.
Construction in progress as of March 31, 2026 and March 31, 2025, was $126.5 million and $40.0 million, respectively, and primarily consists of costs incurred in connection with the installation of fiber-optic communication lines, including construction services, labor, travel, and materials, which will be capitalized upon project completion and placement into service.
Telecommunications network infrastructure consists primarily of fiber-optic communication lines and related supporting equipment.