| 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 December 31, |
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Nine Months Ended December 31, |
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2025 |
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2024 |
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2025 |
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2024 |
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Americas1
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| Product revenue |
$ |
26,605 |
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$ |
19,245 |
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$ |
70,292 |
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$ |
65,671 |
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| Service and subscription |
15,540 |
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|
14,639 |
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|
44,887 |
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|
46,029 |
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| Total revenue |
42,145 |
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57 |
% |
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33,884 |
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50 |
% |
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115,179 |
|
56 |
% |
|
111,700 |
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52 |
% |
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| EMEA |
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| Product revenue |
14,930 |
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|
14,423 |
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|
35,763 |
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40,396 |
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| Service and subscription |
8,906 |
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|
10,544 |
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25,811 |
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31,245 |
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| Total revenue |
23,836 |
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32 |
% |
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24,967 |
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36 |
% |
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61,574 |
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31 |
% |
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71,641 |
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34 |
% |
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| APAC |
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| Product revenue |
4,936 |
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4,966 |
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13,320 |
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14,498 |
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| Service and subscription |
2,074 |
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2,541 |
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6,384 |
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7,366 |
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| Total revenue |
7,010 |
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9 |
% |
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7,507 |
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11 |
% |
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19,704 |
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10 |
% |
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21,864 |
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10 |
% |
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| Consolidated |
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| Product revenue |
46,471 |
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38,634 |
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119,375 |
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120,565 |
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| Service and subscription |
26,520 |
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27,724 |
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77,082 |
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84,640 |
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Royalty2
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1,595 |
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2 |
% |
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2,326 |
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3 |
% |
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5,130 |
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3 |
% |
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7,592 |
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4 |
% |
| Total revenue |
$ |
74,586 |
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100 |
% |
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$ |
68,684 |
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100 |
% |
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$ |
201,587 |
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100 |
% |
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$ |
212,797 |
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100 |
% |
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 December 31, |
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Nine Months Ended December 31, |
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2025 |
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% |
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2024 |
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% |
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2025 |
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% |
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2024 |
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% |
| Primary storage systems |
$ |
10,085 |
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14 |
% |
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$ |
14,123 |
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21 |
% |
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$ |
33,582 |
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17 |
% |
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$ |
43,921 |
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21 |
% |
| Secondary storage systems |
30,644 |
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|
40 |
% |
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20,349 |
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30 |
% |
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68,928 |
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33 |
% |
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60,095 |
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27 |
% |
| Device and media |
10,122 |
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14 |
% |
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7,671 |
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11 |
% |
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27,614 |
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14 |
% |
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25,099 |
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12 |
% |
| Service |
22,140 |
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30 |
% |
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24,215 |
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35 |
% |
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66,333 |
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33 |
% |
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76,090 |
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36 |
% |
| Royalty |
1,595 |
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2 |
% |
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2,326 |
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3 |
% |
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5,130 |
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3 |
% |
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7,592 |
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4 |
% |
Total revenue1
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$ |
74,586 |
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100 |
% |
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$ |
68,684 |
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100 |
% |
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$ |
201,587 |
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100 |
% |
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$ |
212,797 |
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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 December 31, |
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Nine Months Ended December 31, |
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2025 |
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2024 |
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2025 |
|
2024 |
Total revenue |
$ |
74,586 |
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$ |
68,684 |
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$ |
201,587 |
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$ |
212,797 |
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Total cost of revenue |
45,654 |
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40,796 |
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|
126,391 |
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127,205 |
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Gross profit |
28,932 |
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27,888 |
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|
75,196 |
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85,592 |
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Gross margin |
38.8 |
% |
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40.6 |
% |
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37.3 |
% |
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40.2 |
% |
Operating expenses |
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Salaries & fringe1
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16,437 |
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19,359 |
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51,170 |
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62,026 |
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Outside services2
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3,531 |
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7,129 |
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15,970 |
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28,013 |
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Infrastructure3
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2,086 |
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2,438 |
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6,938 |
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8,229 |
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Operational costs4
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2,260 |
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2,429 |
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6,652 |
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|
7,225 |
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Restructuring |
1,525 |
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1,342 |
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7,141 |
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2,916 |
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Other5
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4,281 |
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2,918 |
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9,268 |
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|
7,269 |
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Total operating expenses |
30,120 |
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|
35,615 |
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|
97,139 |
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|
115,678 |
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| Income (loss) from operations |
(1,188) |
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(7,727) |
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(21,943) |
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(30,086) |
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| Other income (expense), net |
(387) |
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|
960 |
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(1,261) |
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(429) |
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Interest income |
42 |
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|
7 |
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|
301 |
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21 |
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| Interest expense |
(5,933) |
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(6,840) |
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(18,675) |
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(16,761) |
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| Change in fair value of warrant liabilities |
7,560 |
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(61,630) |
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|
9,085 |
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(56,414) |
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| Change in fair value of Convertible Note |
1,599 |
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— |
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|
1,599 |
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— |
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| Loss on debt extinguishment |
(28,946) |
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— |
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(59,641) |
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|
(3,003) |
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| Loss before income taxes |
(27,253) |
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|
(75,230) |
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(90,535) |
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|
(106,672) |
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| Income tax provision |
590 |
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|
70 |
|
|
970 |
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|
675 |
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| Net loss |
$ |
(27,843) |
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|
$ |
(75,300) |
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$ |
(91,505) |
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|
$ |
(107,347) |
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1 Salaries & fringe includes spend on contractors.
2 Outside services includes professional service, recruiting and legal expenses.
3 Infrastructure includes property related expenses, including fixed and variable lease expense, telecommunications and depreciation.
4 Operational costs include dues 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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