Quarterly report [Sections 13 or 15(d)]

SEGMENT INFORMATION

v3.26.3
SEGMENT INFORMATION
 6 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company operates as a single operating segment and a single reportable segment. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer. The measure of segment profit or loss that the CODM uses to allocate resources and assess performance is net income (loss). The CODM uses net income (loss) to make resource allocation decisions, evaluate budgets and forecasts, and assess the Company's overall performance, including monitoring budgeted versus actual results.
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):

Three Months Ended September 30, Six Months Ended September 30,
2026 2025 2026 2025
Americas1
   Product revenue $ 33,783  $ 20,937  $ 58,055  $ 43,689 
   Service and subscription 14,249  14,988  27,704  29,347 
Total revenue 48,032  54  % 35,925  57  % 85,759  50  % 73,036  58  %
EMEA
   Product revenue 19,638  10,849  39,139  20,832 
   Service and subscription 8,480  8,423  17,178  16,905 
Total revenue 28,118  31  % 19,272  31  % 56,317  33  % 37,737  30  %
APAC
   Product revenue 9,163  3,582  19,262  8,384 
   Service and subscription 2,282  2,209  4,798  4,311 
Total revenue 11,445  13  % 5,791  9  % 24,060  14  % 12,695  10  %
Consolidated
   Product revenue 62,584  35,368  116,456  72,905 
   Service and subscription 25,011  25,620  49,680  50,563 
   Royalty2
2,030  2  % 1,727  3  % 4,293  3  % 3,534  3  %
Total revenue $ 89,625  100  % $ 62,715  100  % $ 170,429  100  % $ 127,002  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
Three Months Ended September 30, Six Months Ended September 30,
2026 % 2025 % 2026 % 2025 %
Primary storage systems $ 7,994  9  % $ 10,968  17  % $ 16,482  9  % $ 23,497  18  %
Secondary storage systems 44,741  50  % 19,778  32  % 81,773  48  % 38,285  30  %
Device and media 11,565  13  % 7,550  12  % 21,926  13  % 17,492  14  %
Service 23,295  26  % 22,692  36  % 45,955  27  % 44,194  35  %
Royalty 2,030  2  % 1,727  3  % 4,293  3  % 3,534  3  %
Total revenue1
$ 89,625  100  % $ 62,715  100  % $ 170,429  100  % $ 127,002  100  %
1 Subscription revenue of $3.7 million and $6.4 million was allocated to Primary and Secondary storage systems for the six months ended September 30, 2026 and 2025, respectively. Subscription revenue of $1.7 million and $2.9 million was allocated to primary and secondary storage systems for the three months ended September 30, 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):
Three Months Ended September 30, Six Months Ended September 30,
2026 2025 2026 2025
Total revenue $ 89,625  $ 62,715  $ 170,429  $ 127,002 
Total cost of revenue 52,899  39,163  101,983  80,736 
Gross profit 36,726  23,552  68,446  46,266 
Gross margin 41.0  % 37.6  % 40.2  % 36.4  %
Operating expenses
     Salaries & fringe1
17,356  16,731  33,099  34,733 
     Outside services2
5,684  4,763  10,029  12,439 
     Infrastructure3
1,941  2,330  3,777  4,852 
     Operational costs4
2,264  2,060  4,582  4,392 
     Restructuring 292  3,193  315  5,616 
     Other operating expenses5
2,409  2,633  4,826  4,987 
          Total operating expenses 29,946  31,710  56,628  67,019 
Income (Loss) from operations 6,780  (8,158) 11,818  (20,753)
Other income (expense), net 80  (185) 292  (616)
Interest expense —  (6,227) (2,097) (12,743)
Change in fair value of warrant liabilities (51,565) 1,525  (67,870) 1,525 
Change in fair value of Convertible Note —  —  (129,715) — 
Loss on debt extinguishment —  (33,254) (11,716) (30,695)
      Loss before income taxes (44,705) (46,299) (199,288) (63,282)
Income tax provision 145  157  855  380 
Net loss $ (44,850) $ (46,456) $ (200,143) $ (63,662)
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 dues and subscriptions, computer expenses, office supplies and other miscellaneous items.
5 Other operating expenses includes travel related spend, marketing expense, taxes, fees and other miscellaneous items.