| Schedule of Revenue from External Customers by Geographic Areas |
The following table depicts the disaggregation of revenue by geographic areas and major product offerings and geographies and is consistent with how the CODM evaluates its financial performance (in thousands):
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Three Months Ended June 30, |
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2025 |
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2024 |
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Americas1
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| Product revenue |
$ |
22,750 |
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$ |
24,580 |
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| Service and subscription |
14,359 |
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14,710 |
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| Total revenue |
37,109 |
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57 |
% |
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39,290 |
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54 |
% |
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| EMEA |
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| Product revenue |
9,983 |
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13,518 |
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| Service and subscription |
8,482 |
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9,402 |
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| Total revenue |
18,465 |
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29 |
% |
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22,920 |
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32 |
% |
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| APAC |
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| Product revenue |
4,802 |
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4,554 |
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| Service and subscription |
2,102 |
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2,599 |
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| Total revenue |
6,904 |
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11 |
% |
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7,153 |
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10 |
% |
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| Consolidated |
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| Product revenue |
37,535 |
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42,652 |
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| Service and subscription |
24,943 |
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26,711 |
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Royalty2
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1,808 |
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3 |
% |
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2,902 |
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4 |
% |
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| Total revenue |
$ |
64,286 |
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100 |
% |
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$ |
72,265 |
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100 |
% |
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1 Revenue for the Americas geographic region outside of the United States is not significant.
2 Royalty revenue is not allocatable to geographic regions.
Revenue by Solution
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Three Months Ended June 30, |
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2025 |
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% |
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2024 |
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% |
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| Primary storage systems |
$ |
12,529 |
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19 |
% |
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$ |
17,594 |
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24 |
% |
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| Secondary storage systems |
18,506 |
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30 |
% |
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16,412 |
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23 |
% |
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| Device and media |
9,941 |
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15 |
% |
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9,601 |
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13 |
% |
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| Service |
21,502 |
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33 |
% |
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25,756 |
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36 |
% |
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| Royalty |
1,808 |
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3 |
% |
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2,902 |
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4 |
% |
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Total revenue1
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$ |
64,286 |
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100 |
% |
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$ |
72,265 |
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100 |
% |
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| Schedule of Significant Segment-Level Expenses |
Net Loss
The following table shows reported segment revenue, segment profit or loss, and significant segment expenses were as follows: (in thousands):
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Three Months Ended June 30, |
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2025 |
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2024 |
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Total revenue |
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$ |
64,286 |
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$ |
72,265 |
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Total cost of revenue |
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41,574 |
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45,208 |
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Gross profit |
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22,712 |
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27,057 |
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Gross margin |
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35.3 |
% |
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37.4 |
% |
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Operating expenses |
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Salaries & fringe1
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18,001 |
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21,423 |
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Outside services2
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7,676 |
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13,194 |
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Infrastructure3
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2,522 |
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2,908 |
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Operational costs4
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2,332 |
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2,355 |
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Restructuring |
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2,423 |
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1,192 |
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Other5
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2,354 |
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2,788 |
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Total operating expenses |
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35,308 |
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43,860 |
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Loss from operations |
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(12,596) |
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(16,803) |
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Other expense, net |
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(430) |
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(41) |
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| Interest expense |
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(6,516) |
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(3,790) |
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| Change in fair value of warrant liability |
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— |
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1,666 |
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| Loss on debt extinguishment, net |
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2,559 |
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(695) |
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Net loss before income taxes |
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(16,983) |
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(19,663) |
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| Income tax provision |
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223 |
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235 |
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Net loss |
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$ |
(17,206) |
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$ |
(19,898) |
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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.
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