Quarterly report [Sections 13 or 15(d)]

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

v3.25.2
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
 3 Months Ended
Jun. 30, 2025
Accounting Changes and Error Corrections [Abstract]  
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
The unaudited condensed consolidated financial statements for the three months ended June 30, 2024 have been revised.

The nature of the revisions is as follows:

a.Service contract term - The Company identified that there were inconsistencies in the period used to recognize service and subscription revenue, which is deferred under Topic 606 and recognized ratably over the contractual term of the contract. The Company’s management reviewed and updated the periods over which revenue was being recognized to ensure consistent application for all service contracts invoiced in the fiscal year ended March 31, 2025 and the results have been applied to revenue.

b.Application of Topic 606 related to standalone selling price - The Company also determined that the standalone selling price that was being used for the fiscal year ended March 31, 2025 needed to be updated resulting in an adjustment to revenue. Standalone selling price has now been refreshed for all goods and services sold in a bundled contract under Topic 606, maximizing the use of observable inputs.

The following tables present the impact of the revisions to the unaudited condensed consolidated financial statements for the three months ended June 30, 2024 (in thousands, unaudited):
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2024
As previously reported
 Revisions Reference As revised
Liabilities and Stockholders’ Deficit
Deferred revenue, current portion $ 74,802  $ (4,669)
a, b
 $ 70,133 
Total current liabilities 155,608  (4,669) 150,939 
Deferred revenue, net of current portion 36,759  3,747 
a, b
 40,506 
Total liabilities 314,340  (922) 313,418 
Stockholders' deficit
Accumulated deficit (848,200) 922 
a, b
 (847,278)
Total stockholders’ deficit (141,251) 922  (140,329)
Total liabilities and stockholders’ deficit $ 173,089  —  $ 173,089 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three Months Ended June 30, 2024
As previously reported
 Revisions Reference As revised
Revenue:
   Product $ 40,994  $ 1,658 
b
 $ 42,652 
   Service and subscription 27,447  (736)
a, b
 26,711 
Gross profit 26,135  922  27,057 
Loss from operations (17,725) 922  (16,803)
      Net loss before income taxes (20,585) 922  (19,663)
Net loss $ (20,820) $ 922  $ (19,898)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended June 30, 2024
As previously reported Revisions Reference As revised
Operating activities
Net loss $ (20,820) $ 922  $ (19,898)
  Adjustments to reconcile net loss to net cash used in operating activities
Deferred revenue (5,126) (922)
a, b
 (6,048)
Net cash used in operating activities $ (1,896) $ —  $ (1,896)
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
Common Stock Additional
Paid-in Capital		 Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Deficit
Three Months Ended Shares Amount
Balance, March 31, 2024 4,792  $ 48  $ 708,027  $ (827,380) $ (2,193) $ (121,498)
Net loss —  —  —  (19,898) —  (19,898)
Foreign currency translation adjustments, net —  —  —  —  142  142 
Stock-based compensation —  —  925  —  —  925 
Balance, June 30, 2024, as revised 4,792  $ 48  $ 708,952  $ (847,278) $ (2,051) $ (140,329)