REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

6 Months Ended

Sep. 30, 2025

Accounting Changes and Error Corrections [Abstract]

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

The unaudited condensed consolidated financial statements for the three and six months ended September 30, 2024 have been revised.

The nature of the revisions is as follows:

a.Service contract term - The Company identified that there were inconsistencies in the period used to recognize service and subscription revenue, which is deferred under Topic 606 and recognized ratably over the contractual term of the contract. The Company’s management reviewed and updated the periods over which revenue was being recognized to ensure consistent application for all service contracts invoiced in the fiscal year ended March 31, 2025, and the results have been applied to revenue.

b.Application of Topic 606 related to standalone selling price - The Company also determined that the standalone selling price that was being used for the fiscal year ended March 31, 2025 needed to be updated resulting in an adjustment to revenue. Standalone selling price has now been refreshed for all goods and services sold in a bundled contract under Topic 606, maximizing the use of observable inputs.

The following tables present the impact of the revisions to the unaudited condensed consolidated financial statements as of and for the three and six months ended September 30, 2024 (in thousands, unaudited):

CONDENSED CONSOLIDATED BALANCE SHEET


	September 30, 2024
	As previously reported		Revisions		Reference	As revised
















Liabilities and Stockholders’ Deficit



Deferred revenue, current portion	$	69,369	$	(3,868)	a, b	$	65,501




Total current liabilities	134,601		(3,868)			130,733
Deferred revenue, net of current portion	37,164		1,569		a, b	38,733





Total liabilities	316,549		(2,299)			314,250

Stockholders' deficit



Accumulated deficit	(861,727)		2,299		a, b	(859,428)

Total stockholders’ deficit	(153,403)		2,299			(151,104)
Total liabilities and stockholders’ deficit	$	163,146	$	—		$	163,146

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS


	Three Months Ended September 30, 2024							Six Months Ended September 30, 2024
	As previously reported		Revisions		Reference	As revised		As previously reported		Revisions		Reference	As revised
Revenue:
Product	$	36,785	$	2,493	b	$	39,278	$	77,779	$	4,152	b	$	81,931
Service and subscription	31,321		(1,116)		a, b	30,205		58,768		(1,853)		a, b	56,915






Gross profit	29,268		1,377			30,645		55,402		2,299			57,701






Gain (loss) from operations	(6,934)		1,377			(5,557)		(24,659)		2,299			(22,360)




Net gain (loss) before income taxes	(13,157)		1,377			(11,780)		(33,742)		2,299			(31,443)

Net loss	$	(13,527)	$	1,377		$	(12,150)	$	(34,347)	$	2,299		$	(32,048)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	Six Months Ended September 30, 2024
	As previously reported		Revisions		Reference	As revised
Operating activities
Net loss	$	(34,347)	$	2,299	a, b	$	(32,048)
Adjustments to reconcile net loss to net cash used in operating activities


















Deferred revenue	(10,153)		(2,299)		a, b	(12,452)




Net cash used in operating activities	$	(17,194)	$	—		$	(17,194)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders' Deficit
Three Months Ended	Shares	Amount
Balance, June 30, 2024, as revised	4,792	$	48	$	708,952	$	(847,278)	$	(2,051)	$	(140,329)
Net loss	—	—		—		(12,150)		—		(12,150)
Foreign currency translation adjustments, net	—	—		—		—		659		659


Stock-based compensation	—	—		716		—		—		716
Balance, September 30, 2024, as revised	4,792	$	48	$	709,668	$	(859,428)	$	(1,392)	$	(151,104)


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders' Deficit
Six Months Ended	Shares	Amount
Balance, March 31, 2024	4,792	$	48	$	708,027	$	(827,380)	$	(2,193)	$	(121,498)
Net loss	—	—		—		(32,048)		—		(32,048)
Foreign currency translation adjustments, net	—	—		—		—		801		801



Stock-based compensation	—	—		1,641		—		—		1,641
Balance, September 30, 2024, as revised	4,792	$	48	$	709,668	$	(859,428)	$	(1,392)	$	(151,104)