Quantum Corp. Files Q1 2025 10-Q

TL;DR

Quantum Corp. 10-Q filed: Q1 FY25 results are in. Check financials.

AI Summary

Quantum Corp. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for its first fiscal quarter of 2025. Specific financial figures and operational details for this period are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Quantum Corp., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a public company filing a quarterly report, there are inherent risks associated with financial performance and market conditions that affect Quantum Corp.

Key Players & Entities

• QUANTUM CORP /DE/ (company) — Filer
• 20240630 (date) — Period of Report
• 20240814 (date) — Filed as of Date
• 0000709283 (company) — Central Index Key
• 3572 (industry_code) — Standard Industrial Classification
• 942665054 (irs_number) — IRS Number
• DE (state) — State of Incorporation
• 0331 (fiscal_year_end) — Fiscal Year End
• 001-13449 (sec_file_number) — SEC File Number
• 241209681 (film_number) — Film Number

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share QMCO Nasdaq Global

Filing Documents

• qtm-20240630.htm (10-Q) — 961KB
• exhibit311q1fy25.htm (EX-31.1) — 10KB
• exhibit312q1fy25.htm (EX-31.2) — 10KB
• exhibit321q1fy25.htm (EX-32.1) — 4KB
• exhibit322q1fy25.htm (EX-32.2) — 4KB
• qtm-20240630_g1.jpg (GRAPHIC) — 12KB
• 0000709283-24-000017.txt ( ) — 6126KB
• qtm-20240630.xsd (EX-101.SCH) — 45KB
• qtm-20240630_cal.xml (EX-101.CAL) — 86KB
• qtm-20240630_def.xml (EX-101.DEF) — 215KB
• qtm-20240630_lab.xml (EX-101.LAB) — 588KB
• qtm-20240630_pre.xml (EX-101.PRE) — 400KB
• qtm-20240630_htm.xml (XML) — 812KB

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited): Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations and Comprehensive Loss 2 Condensed Consolidated Statements of Cash Flows 3 Condensed Consolidated Statements of Changes in Stockholders' Deficit 4 Index to Notes to Condensed Consolidated Financial Statements 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25 PART II

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27

Signatures

Signatures 28 Table of Contents As used in this Quarterly Report on Form 10-Q, the terms the "Company," "Quantum," "we," "us," and "our" refer to Quantum Corporation and its subsidiaries taken as a whole, unless otherwise noted or unless the context indicates otherwise. Note Regarding Forward-Looking Statements This Annual Report contains forward-looking statements. All statements contained in this report other than statements of historical fact, including, but not limited to, statements regarding our future operating results and financial position; our business strategy, focus and plans; our market growth and trends; our products, services and expected benefits thereof; and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "could," "would," "project," "plan," "potentially," "preliminary," "likely," and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including the competitive pressures that we face; risks associated with executing our strategy; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers and the distribution of our products and the delivery of our services effectively; the protection of our intellectual property assets, including intellectual property licensed from third parties; risks associated with our international operations; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS QUANTUM CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts, unaudited) June 30, 2024 March 31, 2024 Assets Current assets: Cash and cash equivalents $ 17,287 $ 25,692 Restricted cash 256 168 Accounts receivable, net of allowance for credit losses of $ 99 and $ 22 , respectively 61,364 67,788 Manufacturing inventories 18,467 17,753 Service parts inventories 8,513 9,783 Prepaid expenses 3,880 2,186 Other current assets 8,965 8,414 Total current assets 118,732 131,784 Property and equipment, net 10,988 12,028 Intangible assets, net 1,207 1,669 Goodwill 12,969 12,969 Right-of-use assets, net 9,344 9,425 Other long-term assets 19,849 19,740 Total assets $ 173,089 $ 187,615 Liabilities and Stockholders' Deficit Current liabilities: Accounts payable $ 31,509 $ 26,087 Accrued compensation 16,091 18,214 Deferred revenue, current portion 74,802 78,511 Term debt, current portion 5,000 82,496 Revolving credit facility — 26,604 Warrant liabilities 3,163 4,046 Other accrued liabilities 25,043 13,986 Total current liabilities 155,608 249,944 Deferred revenue, net of current portion 36,759 38,176 Revolving credit facility 35,800 — Long-term debt, net of current portion 65,132 — Operating lease liabilities 9,464 9,621 Other long-term liabilities 11,577 11,372 Total liabilities 314,340 309,113 Commitments and contingencies ( Note 9) Stockholders' deficit Preferred stock, 20,000 shares authorized; no shares issued and outstanding — — Common stock, $ 0.01 par value; 225,000 shares authorized; 95,850 and 95,850 shares issued and outstanding 959 959 Additional paid-in capital 708,041 707,116 Accumulated deficit ( 848,200 ) ( 827,380 ) Accumulated other comprehensive loss ( 2,051 ) ( 2,193 ) Total stockholders' deficit ( 141,251 ) ( 121,498 ) Total liabilities and stockholders' deficit $ 173,089 $ 187,615 See accompanying Notes to Condensed Consolidated Financial Sta

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View this 10-Q filing on SEC EDGAR