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v3.25.2

SEGMENT INFORMATION (Tables) | 12 Months Ended
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Mar. 31, 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 Company evaluates its financial performance (in thousands):
| Year Ended March 31, |  |
| 2025 |  | % |  | 2024 |  | % |  |  |  |
Americas 1 |  |  |  |  |  |  |  |  |  |  |
Product revenue | $ | 82,772 |  |  |  |  | $ | 92,907 |  |  |  |  |  |  |
Service and subscription | 59,277 |  |  |  |  | 71,317 |  |  |  |  |  |  |
Total revenue | 142,049 |  |  | 52 | % |  | 164,224 |  |  | 53 | % |  |  |  |
EMEA |  |  |  |  |  |  |  |  |  |  |
Product revenue | 53,742 |  |  |  |  | 59,465 |  |  |  |  |  |  |
Service and subscription | 40,818 |  |  |  |  | 47,372 |  |  |  |  |  |  |
Total revenue | 94,560 |  |  | 35 | % |  | 106,837 |  |  | 34 | % |  |  |  |
APAC |  |  |  |  |  |  |  |  |  |  |
Product revenue | 17,668 |  |  |  |  | 22,507 |  |  |  |  |  |  |
Service and subscription | 10,563 |  |  |  |  | 7,901 |  |  |  |  |  |  |
Total revenue | 28,231 |  |  | 10 | % |  | 30,408 |  |  | 10 | % |  |  |  |
Consolidated |  |  |  |  |  |  |  |  |  |  |
Product revenue | 154,182 |  |  |  |  | 174,879 |  |  |  |  |  |  |
Service and subscription | 110,658 |  |  |  |  | 126,590 |  |  |  |  |  |  |
Royalty 2 | 9,218 |  |  | 3 | % |  | 10,131 |  |  | 3 | % |  |  |  |
Total revenue | $ | 274,058 |  |  | 100 | % |  | $ | 311,600 |  |  | 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
| Year Ended March 31, |  |
| 2025 |  | % |  | 2024 |  | % |  |  |  |
Primary storage systems | $ | 58,127 |  |  | 21 | % |  | $ | 53,525 |  |  | 17 | % |  |  |  |
Secondary storage systems | 73,772 |  |  | 27 | % |  | 100,599 |  |  | 32 | % |  |  |  |
Device and media | 34,352 |  |  | 13 | % |  | 33,477 |  |  | 11 | % |  |  |  |
Service | 98,589 |  |  | 36 | % |  | 113,868 |  |  | 37 | % |  |  |  |
Royalty | 9,218 |  |  | 3 | % |  | 10,131 |  |  | 3 | % |  |  |  |
Total revenue 1 | $ | 274,058 |  |  | 100 | % |  | $ | 311,600 |  |  | 100 | % |  |  |  |
1 Subscription revenue of $12.1 million and $7.3 million allocated to Primary and Secondary storage systems for the fiscal years ended 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):
|  |  |  | Year Ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Total revenue |  |  |  |  |  | $ | 274,058 |  |  | $ | 311,600 |
Total cost of revenue |  |  |  |  |  | 164,226 |  |  | 186,711 |
Gross profit |  |  |  |  |  | 109,832 |  |  | 124,889 |
Gross margin |  |  |  |  |  | 40.1 | % |  | 40.1 | %
Operating expenses |  |  |  |  |  |  |  |
Salaries & fringe 1 |  |  |  |  |  | 80,882 |  |  | 94,871 |
Outside services 2 |  |  |  |  |  | 37,171 |  |  | 21,635 |
Infrastructure 3 |  |  |  |  |  | 10,783 |  |  | 15,295 |
Operational costs 4 |  |  |  |  |  | 9,874 |  |  | 8,985 |
Restructuring |  |  |  |  |  | 4,090 |  |  | 3,280 |
Other segment items 5 |  |  |  |  |  | 8,712 |  |  | 9,700 |
Total operating expenses |  |  |  |  |  | 151,512 |  |  | 153,766 |
Loss from operations |  |  |  |  |  | (41,680) |  |  | (28,877) |
Other expense, net |  |  |  |  |  | (710) |  |  | (1,746) |
Interest expense |  |  |  |  |  | (23,607) |  |  | (15,089) |
Change in fair value of warrant liability |  |  |  |  |  | (45,270) |  |  | 5,137 |
Loss on debt extinguishment, net |  |  |  |  |  | (3,003) |  |  | — |
Net loss before income taxes |  |  |  |  |  | (114,270) |  |  | (40,575) |
Income tax provision |  |  |  |  |  | 821 |  |  | 711 |
Net loss |  |  |  |  |  | $ | (115,091) |  |  | $ | (41,286) |
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.
Property and equipment, net by geographic region | The following table summarizes property and equipment, net by geographic region (in thousands):
| For the year ended March 31,
| 2025 |  | 2024 |  |  |  |
United States | $ | 11,160 |  |  | $ | 11,759 |  |  |  |  |
International | 218 |  |  | 269 |  |  |  |  |
Total | $ | 11,378 |  |  | $ | 12,028 |  |  |  |  |

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- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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