v3.25.2
SEGMENT INFORMATION
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
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 Company evaluates its financial performance (in thousands):
Year Ended March 31,
2025%2024%
Americas1
   Product revenue$82,772 $92,907 
   Service and subscription59,277 71,317 
Total revenue142,049 52 %164,224 53 %
EMEA
   Product revenue53,742 59,465 
   Service and subscription40,818 47,372 
Total revenue94,560 35 %106,837 34 %
APAC
   Product revenue17,668 22,507 
   Service and subscription10,563 7,901 
Total revenue28,231 10 %30,408 10 %
Consolidated
   Product revenue154,182 174,879 
   Service and subscription110,658 126,590 
   Royalty2
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
Year Ended March 31,
2025%2024%
Primary storage systems$58,127 21 %$53,525 17 %
Secondary storage systems73,772 27 %100,599 32 %
Device and media34,352 13 %33,477 11 %
Service 98,589 36 %113,868 37 %
Royalty9,218 3 %10,131 3 %
Total revenue1
$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,
20252024
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 & fringe1
80,882 94,871 
     Outside services2
37,171 21,635 
     Infrastructure3
10,783 15,295 
     Operational costs4
9,874 8,985 
     Restructuring
4,090 3,280 
     Other segment items5
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 provision821 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.

Long-lived assets

The following table summarizes property and equipment, net by geographic region (in thousands):

 For the year ended March 31,
20252024
United States$11,160 $11,759 
International218 269 
Total$11,378 $12,028