Quarterly report [Sections 13 or 15(d)]

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

v3.25.3
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
 6 Months Ended
Sep. 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 and six months ended September 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 as of and for the three and six months ended September 30, 2024 (in thousands, unaudited):
CONDENSED CONSOLIDATED BALANCE SHEET
September 30, 2024
As previously reported
 Revisions Reference As revised
Liabilities and Stockholders’ Deficit
Deferred revenue, current portion $ 69,369  $ (3,868)
a, b
 $ 65,501 
Total current liabilities 134,601  (3,868) 130,733 
Deferred revenue, net of current portion 37,164  1,569 
a, b
 38,733 
Total liabilities 316,549  (2,299) 314,250 
Stockholders' deficit
Accumulated deficit (861,727) 2,299 
a, b
 (859,428)
Total stockholders’ deficit (153,403) 2,299  (151,104)
Total liabilities and stockholders’ deficit $ 163,146  $ —  $ 163,146 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three Months Ended September 30, 2024 Six Months Ended September 30, 2024
As previously reported
 Revisions Reference As revised As previously reported Revisions Reference As revised
Revenue:
   Product $ 36,785  $ 2,493 
b
 $ 39,278  $ 77,779  $ 4,152 
b
 $ 81,931 
   Service and subscription 31,321  (1,116)
a, b
 30,205  58,768  (1,853)
a, b
 56,915 
Gross profit 29,268  1,377  30,645  55,402  2,299  57,701 
Gain (loss) from operations (6,934) 1,377  (5,557) (24,659) 2,299  (22,360)
      Net gain (loss) before income taxes (13,157) 1,377  (11,780) (33,742) 2,299  (31,443)
Net loss $ (13,527) $ 1,377  $ (12,150) $ (34,347) $ 2,299  $ (32,048)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended September 30, 2024
As previously reported Revisions Reference As revised
Operating activities
Net loss $ (34,347) $ 2,299 
a, b
 $ (32,048)
  Adjustments to reconcile net loss to net cash used in operating activities
Deferred revenue (10,153) (2,299)
a, b
 (12,452)
Net cash used in operating activities $ (17,194) $ —  $ (17,194)
CONDENSED 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, June 30, 2024, as revised 4,792  $ 48  $ 708,952  $ (847,278) $ (2,051) $ (140,329)
Net loss —  —  —  (12,150) —  (12,150)
Foreign currency translation adjustments, net —  —  —  —  659  659 
Stock-based compensation —  —  716  —  —  716 
Balance, September 30, 2024, as revised 4,792  $ 48  $ 709,668  $ (859,428) $ (1,392) $ (151,104)

Common Stock Additional
Paid-in Capital		 Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Deficit
Six Months Ended Shares Amount
Balance, March 31, 2024 4,792  $ 48  $ 708,027  $ (827,380) $ (2,193) $ (121,498)
Net loss —  —  —  (32,048) —  (32,048)
Foreign currency translation adjustments, net —  —  —  —  801  801 
Stock-based compensation —  —  1,641  —  —  1,641 
Balance, September 30, 2024, as revised 4,792  $ 48  $ 709,668  $ (859,428) $ (1,392) $ (151,104)