v3.26.1
Stock-Based Compensation and Stockholders' Equity (Tables)
 12 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Unvested Restricted Stock Units Roll Forward
Shares of common stock reserved for future issuance related to outstanding equity awards and employee equity incentive plans as of March 31, 2026 were as follows (in thousands):
Shares of Common Stock Reserved
Stock options outstanding15 
Restricted & performance stock units outstanding13,340 
Shares available under the 2017 Plan902 
Shares available under the 2022 Plan12,004 
Shares available for future issuance under ESPP4,425 
Total shares of common stock reserved30,686 
Schedule of Stock-Based Compensation Expense
The following table presents stock-based compensation expense (in thousands):
 Year Ended March 31,
 202620252024
Cost of service revenue$850 $2,939 $4,993 
Cost of other revenue384 1,192 1,918 
Research and development4,479 13,761 24,112 
Sales and marketing6,040 9,863 15,271 
General and administrative8,617 12,185 15,616 
Total$20,370 $39,940 $61,910 
The Company accounts for stock-based compensation through the measurement and recognition of compensation expense for share-based payment awards made to employees, directors or consultants over the related requisite service period, including restricted stock, RSUs and PSUs, performance-based awards, and stock grants (all issuable under the Company's equity incentive plans).
As of March 31, 2026, unrecognized stock-based compensation expense by award type and their expected weighted-average recognition periods are summarized as follows (in thousands, except years):
RSUPSUESPP
Unrecognized stock-based compensation expense$13,417 $1,105 $610 
Weighted-average amortization period1.8 years0.7 years0.8 years
Schedule of Award Activity
The following table presents the RSU activity during the years ended March 31, 2026, 2025, and 2024 (shares in thousands):
Number of SharesWeighted Average Grant Date Fair ValueWeighted Average Remaining Contractual Term (in Years)
Balance at March 31, 202312,993 $8.56 1.84
Granted7,186 3.85 
Vested and released(7,613)8.87 
Forfeited(2,241)7.13 
Balance at March 31, 202410,325 5.36 1.75
Granted7,897 2.10 
Vested and released(6,446)5.99 
Forfeited(1,547)3.88 
Balance at March 31, 202510,229 2.67 0.94
Granted7,501 1.85 
Vested and released(5,992)2.84 
Forfeited(1,947)2.38 
Balance at March 31, 20269,791 $2.00 0.86
The following table presents the PSU activity during the years ended March 31, 2026, 2025, and 2024 (shares in thousands):
Number of SharesWeighted Average Grant Date Fair ValueWeighted Average Remaining Contractual Term (in Years)
Balance at March 31, 2023624 $11.30 1.45
Granted12,023 3.25 
Forfeited(116)21.83 
Balance at March 31, 20242,531 4.38 1.16
Granted21,793 1.91 
Forfeited(444)7.56 
Balance at March 31, 20253,880 2.88 0.85
Granted2
1,295 1.82 
Vested and released(676)1.88 
Forfeited(950)3.63 
Balance at March 31, 20263,549 $2.48 0.65
The Company did not grant any market-based PSU awards during the year ended March 31, 2026 or 2025, respectively. The PSUs granted during the year ended March 31, 2024 were valued for compensation expense purposes at weighted average share price determined by the Monte Carlo simulations using volatility factors and risk-free rates as follows:
Year Ended March 31,Value per Weighted Average ShareVolatility RangeRisk-Free Interest Rate Range
2024$3.25 68.85%—68.97%4.03%—4.08%
Schedule of Employee Stock Purchase Plan Pricing Model Assumptions
The estimated fair value of stock purchase rights granted under the Employee Stock Purchase Plan was estimated using the Black-Scholes pricing model with the following weighted-average assumptions:
 Year Ended March 31,
 202620252024
Expected volatility65%83%75%
Expected dividend yield———
Risk-free interest rate3.98%4.70%5.26%
Weighted average expected term0.8 years0.8 years0.8 years
Weighted average fair value of rights granted$0.70$0.81$1.31