Revenue

3 Months Ended

Jul. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregation of Revenue

The following table presents revenue by geographical region (in thousands):

	Three Months Ended July 31,
	2025		2024
North America (1)	$	64,408	$	77,128
Europe, the Middle East and Africa (1)	5,619		9,390
Asia Pacific (1)	21		247
Rest of World (1)	213		448
Total revenue	$	70,261	$	87,213

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(1)The United States comprised 91% and 87% of the Company’s revenue for the three months ended July 31, 2025 and 2024, respectively. No other country comprised 10% or greater of the Company’s revenue for the three months ended July 31, 2025 or 2024.

Revenue is recognized at the time the related performance obligation is satisfied with the transfer of a promised good or service to a customer over time. For the significant majority of the Company’s offerings, software and maintenance and support services are highly interdependent and interrelated and represent a single performance obligation within the context of the contract and are generally satisfied over time. Revenue from software licenses that do not require maintenance and support services is recognized when the control of the software is transferred to the customer. Revenue from such software licenses was $17.9 million and $12.6 million during the three months ended July 31, 2025 and 2024, respectively.

Total professional services revenue comprised of (in thousands):

	Three Months Ended July 31,
	2025		2024
Prioritized engineering services	$	8,663	$	10,649
Service fees	1,297		3,108
Total professional services revenue	$	9,960	$	13,757

Deferred Revenue

As of July 31, 2025 and April 30, 2025, the Company’s deferred revenue balances were $29.9 million and $36.6 million, respectively. Revenue of $23.6 million and $25.2 million was recognized during the three months ended July 31, 2025 and 2024, respectively, that was included in the deferred revenue balances as of April 30, 2025 and 2024, respectively.

Remaining Performance Obligation

Remaining performance obligations are committed and represent non-cancellable contracted revenue that has not yet been recognized and will be recognized as revenue in future periods. Some contracts allow customers to cancel the contracts without a significant penalty, and the cancellable amount of contract value is not included in the remaining performance obligations.

The Company excludes amounts related to performance obligations and usage-based royalties that are billed and recognized as they are delivered or billed and recognized in the same period. This primarily consists of monthly usage-based runtime and hosting charges in the duration of some revenue contracts.

Revenue expected to be recognized from remaining performance obligations was approximately $223.2 million as of July 31, 2025, which includes $67.4 million of non-cancellable commitments where actual product selection and quantities of specific products or services will be determined at a later date. Approximately $121.3 million is expected to be recognized over the next 12 months and a majority of the remaining amount is expected to be recognized over the next 13 to 48 months.

Customer Concentration and Accounts Receivable

A majority of the Company’s Customer-Entities consist of corporate and governmental entities. A Customer-Entity is defined as each entity that is the ultimate parent of a party contracting with the Company. A limited number of Customer-Entities have accounted for a large part of the Company’s revenue and accounts receivable to date. For the purpose of determining customer concentration and accounts receivable, unbilled receivables have been excluded from the accounts receivable balance. Three separate Customer-Entities accounted for 14%, 13% and 11% of revenue for the three months ended July 31, 2025. One Customer-Entity accounted for 23% of revenue for the three months ended July 31, 2024. One Customer-Entity accounted for 15% of accounts receivable at July 31, 2025. Three separate Customer-Entities accounted for 15%, 14% and 12% of accounts receivable at April 30, 2025.

Accounts receivable includes billed and unbilled receivables, net of allowance of doubtful accounts. Trade accounts receivable are recorded at invoiced amounts and do not bear interest. The allowance for credit losses is based on the Company’s assessment of the collectability of accounts receivable by considering various factors, including the age of each outstanding invoice, customer type, the collection history of each customer, historical write-off experience, current and near-term macroeconomic conditions and uncertainties. The expectation of collectability is based on a review of credit profiles of customers, contractual terms and conditions, current economic trends, and historical payment experience. Accounts receivable included unbilled receivables as of July 31, 2025 and April 30, 2025 of $50.6 million and $40.2 million, respectively.