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

SEGMENT INFORMATION

v3.25.2
SEGMENT INFORMATION
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Disaggregation of Revenue
The following table depicts the disaggregation of revenue by geographic areas and major product offerings and geographies and is consistent with how the Company evaluates its financial performance (in thousands):
Year Ended March 31,
2025 % 2024 %
Americas1
   Product revenue $ 82,772  $ 92,907 
   Service and subscription 59,277  71,317 
Total revenue 142,049  52  % 164,224  53  %
EMEA
   Product revenue 53,742  59,465 
   Service and subscription 40,818  47,372 
Total revenue 94,560  35  % 106,837  34  %
APAC
   Product revenue 17,668  22,507 
   Service and subscription 10,563  7,901 
Total revenue 28,231  10  % 30,408  10  %
Consolidated
   Product revenue 154,182  174,879 
   Service and subscription 110,658  126,590 
   Royalty2
9,218  3  % 10,131  3  %
Total revenue $ 274,058  100  % $ 311,600  100  %
1 Revenue for Americas geographic region outside of the United States is not significant.
2 Royalty revenue is not allocable to geographic regions.


Revenue by Solution
Year Ended March 31,
2025 % 2024 %
Primary storage systems $ 58,127  21  % $ 53,525  17  %
Secondary storage systems 73,772  27  % 100,599  32  %
Device and media 34,352  13  % 33,477  11  %
Service 98,589  36  % 113,868  37  %
Royalty 9,218  3  % 10,131  3  %
Total revenue1
$ 274,058  100  % $ 311,600  100  %
1 Subscription revenue of $12.1 million and $7.3 million allocated to Primary and Secondary storage systems for the fiscal years ended 2025 and 2024, respectively.

Net Loss
The following table shows reported segment revenue, segment profit or loss, and significant segment expenses were as follows: (in thousands):
Year Ended March 31,
2025 2024
Total revenue
 $ 274,058  $ 311,600 
Total cost of revenue
 164,226  186,711 
Gross profit
 109,832  124,889 
Gross margin
 40.1  % 40.1  %
Operating expenses
     Salaries & fringe1
80,882  94,871 
     Outside services2
37,171  21,635 
     Infrastructure3
10,783  15,295 
     Operational costs4
9,874  8,985 
     Restructuring
 4,090  3,280 
     Other segment items5
8,712  9,700 
          Total operating expenses
 151,512  153,766 
Loss from operations
 (41,680) (28,877)
Other expense, net
 (710) (1,746)
Interest expense (23,607) (15,089)
Change in fair value of warrant liability (45,270) 5,137 
Loss on debt extinguishment, net (3,003) — 
Net loss before income taxes
 (114,270) (40,575)
Income tax provision 821  711 
Net loss
 $ (115,091) $ (41,286)
1 Salaries & fringe includes spend on contractors.
2 Outside services includes contractor, recruiting and legal expenses.
3 Infrastructure includes property related expenses, including fixed and variable lease expense, telecommunications and depreciation.
4 Operational costs include due and subscriptions, computer expenses, office supplies and other miscellaneous items.
5 Other segment items includes travel related spend, marketing expense, taxes, fees and other miscellaneous items.

Long-lived assets

The following table summarizes property and equipment, net by geographic region (in thousands):

  For the year ended March 31,
2025 2024
United States $ 11,160  $ 11,759 
International 218  269 
Total $ 11,378  $ 12,028