SEGMENT INFORMATION (Tables)

3 Months Ended

Jun. 30, 2026

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 Company evaluates its financial performance (in thousands):

	Three Months Ended June 30,
	2026		%		2025		%
Americas1
Product revenue	$	24,272			$	22,750
Service and subscription	13,454				14,359
Total revenue	37,726		46.7	%	37,109		57.7	%
EMEA
Product revenue	19,501				9,983
Service and subscription	8,698				8,482
Total revenue	28,199		34.9	%	18,465		28.7	%
APAC
Product revenue	10,098				4,802
Service and subscription	2,516				2,102
Total revenue	12,614		15.6	%	6,904		10.7	%
Consolidated
Product revenue	53,871				37,535
Service and subscription	24,668				24,943
Royalty2	2,264		2.8	%	1,808		2.8	%
Total revenue	$	80,803	100	%	$	64,286	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 and Reconciliation of Net Loss

Revenue by Solution

	Three Months Ended June 30,
	2026		%		2025		%
Primary storage systems	$	8,487	11	%	$	12,529	19	%
Secondary storage systems	37,032		46	%	18,506		29	%
Device and media	10,361		13	%	9,941		15	%
Service	22,659		28	%	21,502		33	%
Royalty	2,264		3	%	1,808		3	%
Total revenue1	$	80,803	100	%	$	64,286	100	%

1 Subscription revenue of $2.0 million and $3.4 million allocated to Primary and Secondary storage systems for the three months ended June 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 June 30,
	2026			2025
Total revenue	$	80,803		$	64,286
Total cost of revenue	49,083			41,574
Gross profit	31,720			22,712
Gross margin	39.3		%	35.3		%
Operating expenses
Salaries & fringe1	15,743			18,001
Outside services2	4,346			7,676
Infrastructure3	1,836			2,522
Operational costs4	2,317			2,332
Restructuring	23			2,423
Other segment items5	2,417			2,354
Total operating expenses	26,682			35,308
Income (loss) from operations	5,038			(12,596)
Other income (expense), net	211			(430)
Interest expense	(2,097)			(6,516)
Change in fair value of warrant liability	(16,305)			—
Change in fair value of convertible note	(129,715)			—
Gain (loss) on debt extinguishment, net	(11,716)			2,559
Loss before income taxes	(154,583)			(16,983)
Income tax provision	710			223
Net loss	$	(155,293)		$	(17,206)

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.