XML 44 R30.htm IDEA: XBRL DOCUMENT v3.25.3
SEGMENT INFORMATION (Tables)
 6 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
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):
 Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Americas1
   Product revenue$20,937 $21,845 $43,689 $46,424 
   Service and subscription14,988 16,680 29,347 31,389 
Total revenue35,925 57 %38,525 54 %73,036 57 %77,813 54 %
EMEA
   Product revenue10,849 12,455 20,832 25,974 
   Service and subscription8,423 11,299 16,905 20,701 
Total revenue19,272 31 %23,754 33 %37,737 30 %46,675 32 %
APAC
   Product revenue3,582 4,978 8,384 9,533 
   Service and subscription2,209 2,226 4,311 4,825 
Total revenue5,791 9 %7,204 10 %12,695 10 %14,358 10 %
Consolidated
   Product revenue35,368 39,278 72,905 81,931 
   Service and subscription25,620 30,205 50,563 56,915 
   Royalty2
1,727 3 %2,363 3 %3,534 3 %5,265 4 %
Total revenue$62,715 100 %$71,846 100 %$127,002 100 %$144,111 100 %

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
Three Months Ended September 30,Six Months Ended September 30,
2025%2024%2025%2024%
Primary storage systems$10,968 17 %$12,204 17 %$23,497 18 %$29,798 21 %
Secondary storage systems19,778 32 %23,333 33 %38,285 30 %39,744 27 %
Device and media7,550 12 %7,827 11 %17,492 14 %17,428 12 %
Service 22,692 36 %26,119 36 %44,194 35 %51,876 36 %
Royalty1,727 3 %2,363 3 %3,534 3 %5,265 4 %
Total revenue1
$62,715 100 %$71,846 100 %$127,002 100 %$144,111 100 %
1 Subscription revenue of $6.4 million and $5.0 million was allocated to primary and secondary storage systems for the three months ended September 30, 2025 and 2024, respectively. Subscription revenue of $2.9 million and $4.1 million was allocated to primary and secondary storage systems for the six months ended September 30, 2025 and 2024, respectively.
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):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Total revenue
$62,715 $71,846 $127,002 $144,111 
Total cost of revenue
39,163 41,201 80,736 86,410 
Gross profit
23,552 30,645 46,266 57,701 
Gross margin
37.6 %42.7 %36.4 %40.0 %
Operating expenses
     Salaries & fringe1
16,731 21,244 34,733 42,667 
     Outside services2
4,763 7,690 12,439 20,884 
     Infrastructure3
2,330 2,882 4,852 5,790 
     Operational costs4
2,060 2,440 4,392 4,796 
     Restructuring
3,193 383 5,616 1,574 
     Other5
2,633 1,563 4,987 4,350 
          Total operating expenses
31,710 36,202 67,019 80,061 
Loss from operations(8,158)(5,557)(20,753)(22,360)
Other income (expense), net(185)(1,334)(616)(1,375)
Interest expense(6,227)(6,131)(12,743)(9,921)
Change in fair value of warrant liabilities1,525 3,550 1,525 5,216 
Loss on debt extinguishment(33,254)(2,308)(30,695)(3,003)
      Loss before income taxes(46,299)(11,780)(63,282)(31,443)
Income tax provision157 370 380 605 
Net loss$(46,456)$(12,150)$(63,662)$(32,048)
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 segment items includes travel related spend, marketing expense, taxes, fees and other miscellaneous items.