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

SEGMENT INFORMATION

v3.26.1
SEGMENT INFORMATION
 12 Months Ended
Mar. 31, 2026
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,
2026 % 2025 %
Americas1
   Product revenue $ 90,053  $ 82,772 
   Service and subscription 56,816  59,277 
Total revenue 146,869  52.5  % 142,049  51.8  %
EMEA
   Product revenue 62,714  53,742 
   Service and subscription 34,128  40,818 
Total revenue 96,842  34.6  % 94,560  34.5  %
APAC
   Product revenue 19,618  17,668 
   Service and subscription 8,282  10,563 
Total revenue 27,900  10.0  % 28,231  10.3  %
Consolidated
   Product revenue 172,385  154,182 
   Service and subscription 99,226  110,658 
   Royalty2
7,970  2.9  % 9,218  3.4  %
Total revenue $ 279,581  100  % $ 274,058  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,
2026 % 2025 %
Primary storage systems $ 44,252  16  % $ 58,127  21  %
Secondary storage systems 100,865  36  % 73,772  27  %
Device and media 40,448  14  % 34,352  13  %
Service 86,046  31  % 98,589  36  %
Royalty 7,970  3  % 9,218  3  %
Total revenue1
$ 279,581  100  % $ 274,058  100  %
1 Subscription revenue of $13.2 million and $12.1 million allocated to Primary and Secondary storage systems for the fiscal years ended 2026 and 2025, 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,
2026 2025
Total revenue
 $ 279,581  $ 274,058 
Total cost of revenue
 176,540  164,226 
Gross profit
 103,041  109,832 
Gross margin
 36.9  % 40.1  %
Operating expenses
     Salaries & fringe1
68,342  80,882 
     Outside services2
21,003  37,171 
     Infrastructure3
9,203  10,783 
     Operational costs4
8,861  9,874 
     Restructuring
 8,112  4,090 
     Other segment items5
12,027  8,712 
          Total operating expenses
 127,548  151,512 
Loss from operations
 (24,507) (41,680)
Other expense, net
 (1,511) (710)
Interest expense (21,575) (23,607)
Change in fair value of warrant liability 11,315  (45,270)
Change in fair value of convertible note (4,119) — 
Loss on debt extinguishment, net (59,641) (3,003)
Loss before income taxes (100,038) (114,270)
Income tax provision 1,008  821 
Net loss
 $ (101,046) $ (115,091)
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,
2026 2025
United States $ 9,163  $ 11,160 
International 121  218 
Total $ 9,284  $ 11,378