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SEGMENT INFORMATION
 9 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Our chief operating decision maker (“CODM”), the Chief Executive Officer, manages business activities as a single operating and reportable segment at the consolidated level. The CODM reviews and utilizes consolidated financial information, including revenue, gross profit, operating loss and net loss as reported on the condensed consolidated statements of operations and comprehensive loss, to assess performance and allocate resources to support strategic priorities. Condensed consolidated net loss is our segment’s primary measure of profit or loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets.
Our CODM reviews the following significant segment expenses, which are each separately disclosed and presented in the condensed consolidated statements of operations and comprehensive loss: cost of revenue for product, cost of revenue for subscription services, research and development expenses, sales and marketing expenses, and general and administrative expenses. Other segment items within condensed consolidated net loss include restructuring and impairment expenses, other income (expense), net and income tax provision. Other significant noncash segment expenses include stock-based compensation, depreciation and amortization and fair value adjustments on warrant liabilities and convertible debt.

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 CODM evaluates its financial performance (in thousands):
 Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Americas1
   Product revenue$26,605 $19,245 $70,292 $65,671 
   Service and subscription15,540 14,639 44,887 46,029 
Total revenue42,145 57 %33,884 50 %115,179 56 %111,700 52 %
EMEA
   Product revenue14,930 14,423 35,763 40,396 
   Service and subscription8,906 10,544 25,811 31,245 
Total revenue23,836 32 %24,967 36 %61,574 31 %71,641 34 %
APAC
   Product revenue4,936 4,966 13,320 14,498 
   Service and subscription2,074 2,541 6,384 7,366 
Total revenue7,010 9 %7,507 11 %19,704 10 %21,864 10 %
Consolidated
   Product revenue46,471 38,634 119,375 120,565 
   Service and subscription26,520 27,724 77,082 84,640 
   Royalty2
1,595 2 %2,326 3 %5,130 3 %7,592 4 %
Total revenue$74,586 100 %$68,684 100 %$201,587 100 %$212,797 100 %

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 December 31,Nine Months Ended December 31,
2025%2024%2025%2024%
Primary storage systems$10,085 14 %$14,123 21 %$33,582 17 %$43,921 21 %
Secondary storage systems30,644 40 %20,349 30 %68,928 33 %60,095 27 %
Device and media10,122 14 %7,671 11 %27,614 14 %25,099 12 %
Service 22,140 30 %24,215 35 %66,333 33 %76,090 36 %
Royalty1,595 2 %2,326 3 %5,130 3 %7,592 4 %
Total revenue1
$74,586 100 %$68,684 100 %$201,587 100 %$212,797 100 %

1 Subscription revenue of $4.4 million and $3.5 million was allocated to primary and secondary storage systems for the three months ended December 31, 2025 and 2024, respectively. Subscription revenue of $10.7 million and $8.6 million was allocated to primary and secondary storage systems for the nine months ended December 31, 2025 and 2024, 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 December 31,Nine Months Ended December 31,
2025202420252024
Total revenue
$74,586 $68,684 $201,587 $212,797 
Total cost of revenue
45,654 40,796 126,391 127,205 
Gross profit
28,932 27,888 75,196 85,592 
Gross margin
38.8 %40.6 %37.3 %40.2 %
Operating expenses
     Salaries & fringe1
16,437 19,359 51,170 62,026 
     Outside services2
3,531 7,129 15,970 28,013 
     Infrastructure3
2,086 2,438 6,938 8,229 
     Operational costs4
2,260 2,429 6,652 7,225 
     Restructuring
1,525 1,342 7,141 2,916 
     Other5
4,281 2,918 9,268 7,269 
          Total operating expenses
30,120 35,615 97,139 115,678 
Income (loss) from operations(1,188)(7,727)(21,943)(30,086)
Other income (expense), net(387)960 (1,261)(429)
Interest income
42 7 301 21 
Interest expense(5,933)(6,840)(18,675)(16,761)
Change in fair value of warrant liabilities7,560 (61,630)9,085 (56,414)
Change in fair value of Convertible Note1,599 — 1,599 — 
Loss on debt extinguishment(28,946)— (59,641)(3,003)
      Loss before income taxes(27,253)(75,230)(90,535)(106,672)
Income tax provision590 70 970 675 
Net loss$(27,843)$(75,300)$(91,505)$(107,347)
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.