Summary of significant accounting policies (Tables)

12 Months Ended

Mar. 31, 2026

During the fiscal years ended March 31, 2026, March 31, 2025 and March 31, 2024, the following customers individually accounted for greater than 10% of the Company’s net sales as disclosed below:


	Fiscal year ended March 31,
	2026		2025		2024
Target	18	%	23	%	25	%
Walmart	13	%	16	%	17	%
Amazon	11	%	12	%	*
Sephora	10	%	*		*
Ulta Beauty	*		12	%	16	%

* Customer comprised less than 10% of net sales at the period ended.

Customers that individually accounted for greater than 10% of the Company’s accounts receivable at the end of the periods as of March 31, 2026 and March 31, 2025, respectively, are as presented:


	March 31, 2026		March 31, 2025
Target	30	%	29	%
Walmart	17	%	20	%
Amazon	14	%	12	%

Schedule of Useful Lives by Major Asset Class

Useful lives by major asset class are as follows:


			Estimated useful lives
Machinery, equipment and software			2 - 5 years
Leasehold improvements			up to 10 years
Furniture and fixtures			3 - 5 years
Store fixtures			1 - 3 years

Property and equipment as of March 31, 2026 and March 31, 2025 consists of the following (in thousands):


	March 31, 2026		March 31, 2025
Machinery, equipment and software	$	21,477	$	21,673
Leasehold improvements	33,381		22,463
Furniture and fixtures	5,358		2,838
Store fixtures	4,690		9,309
Property and equipment, gross	64,906		56,283
Less: Accumulated depreciation and amortization	(23,410)		(27,496)
Property and equipment, net	$	41,496	$	28,787

Schedule of Net Sales

During the fiscal years ended March 31, 2026, March 31, 2025 and March 31, 2024, net sales in the United States and International were as follows (in thousands):


	Fiscal year ended March 31,
	2026		2025		2024
United States	$	1,292,373	$	1,063,989	$	868,076
International	344,099		249,528		155,856
Total net sales	$	1,636,472	$	1,313,517	$	1,023,932

Schedule of Property and Equipment

As of March 31, 2026 and March 31, 2025, the Company had property and equipment in the United States and International as follows (in thousands):


	March 31, 2026		March 31, 2025
United States	$	36,014	$	23,823
International	5,482		4,964
Total property and equipment, net	$	41,496	$	28,787

Schedule of Reconciliation of Sales Allowances

A reconciliation of the beginning and ending amounts of the reserve for sales adjustments for the fiscal years ended March 31, 2026, March 31, 2025 and March 31, 2024 is as follows (in thousands):


Balance as of March 31, 2023	$	23,520
Charges	122,228
Deductions	(107,088)
Balance as of March 31, 2024	38,660
Charges	145,473
Deductions	(139,122)
Balance as of March 31, 2025	$	45,011
Charges	195,764
Deductions	(191,877)
Balance as of March 31, 2026	$	48,898