Quantum Corp. Files Q2 FY2025 10-Q

TL;DR

Quantum Corp. 10-Q filed: Q2 FY25 results are in. Check financials.

AI Summary

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

Why It Matters

This filing provides investors with an update on Quantum Corp.'s financial performance and operational status for the second quarter of fiscal year 2025.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company's financial health and market position can involve inherent risks.

Key Players & Entities

• Quantum Corp. /DE/ (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-14 (date) — Filing date
• San Jose, CA (location) — Company's business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• qtm-20240930.htm (10-Q) — 1308KB
• quantum-certificateofamend.htm (EX-3.1) — 29KB
• exhibit-311q224.htm (EX-31.1) — 10KB
• exhibit-312q224.htm (EX-31.2) — 10KB
• exhibit-321q224.htm (EX-32.1) — 4KB
• exhibit-322q224.htm (EX-32.2) — 4KB
• quantum-recoupmentclawback.htm (EX-99) — 36KB
• image_0.jpg (GRAPHIC) — 6KB
• image_1.jpg (GRAPHIC) — 17KB
• image_1a.jpg (GRAPHIC) — 96KB
• qtm-20240930_g1.jpg (GRAPHIC) — 12KB
• 0000709283-24-000036.txt ( ) — 7003KB
• qtm-20240930.xsd (EX-101.SCH) — 45KB
• qtm-20240930_cal.xml (EX-101.CAL) — 81KB
• qtm-20240930_def.xml (EX-101.DEF) — 190KB
• qtm-20240930_lab.xml (EX-101.LAB) — 581KB
• qtm-20240930_pre.xml (EX-101.PRE) — 397KB
• qtm-20240930_htm.xml (XML) — 978KB

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 6

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 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 28 PART II

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29 Item 5. O ther Information 29

Exhibits

Item 6. Exhibits 30

Signatures

Signatures 32 Table of Contents As used in this Quarterly Report on Form 10-Q, the terms "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 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; our response to eme

—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) September 30, 2024 March 31, 2024 Assets Current assets: Cash and cash equivalents $ 16,719 $ 25,692 Restricted cash 241 168 Accounts receivable, net of allowance for credit losses of $ 99 and $ 22 , respectively 51,073 67,788 Manufacturing inventories 18,965 17,753 Service parts inventories 9,028 9,783 Prepaid expenses 3,632 2,186 Other current assets 9,195 8,414 Total current assets 108,853 131,784 Property and equipment, net 11,334 12,028 Goodwill 12,969 12,969 Intangible assets, net 742 1,669 Right-of-use assets 9,164 9,425 Other long-term assets 20,084 19,740 Total assets $ 163,146 $ 187,615 Liabilities and Stockholders' Deficit Current liabilities: Accounts payable $ 30,789 $ 26,087 Accrued compensation 13,864 18,214 Deferred revenue, current portion 69,369 78,511 Term debt, current portion 1,579 82,496 Revolving credit facility — 26,604 Warrant liabilities 2,499 4,046 Other accrued liabilities 16,501 13,986 Total current liabilities 134,601 249,944 Deferred revenue, net of current portion 37,164 38,176 Revolving credit facility 28,300 — Term debt, net of current portion 94,746 — Operating lease liabilities 9,366 9,621 Other long-term liabilities 12,372 11,372 Total liabilities 316,549 309,113 Commitments and contingencies ( Note 11 ) Stockholders' deficit Preferred stock, 20,000 shares authorized; no shares issued and outstanding — — Common stock, $ 0.01 par value; 225,000 shares authorized; 4,793 and 4,793 shares issued and outstanding 49 49 Additional paid-in capital 709,667 708,026 Accumulated deficit ( 861,727 ) ( 827,380 ) Accumulated other comprehensive loss ( 1,392 ) ( 2,193 ) Total stockholders' deficit ( 153,403 ) ( 121,498 ) Total liabilities and stockholders' deficit $ 163,146 $ 187,615 See accompanying Notes to Condensed Consolidated Financial Statements. 1

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View this 10-Q filing on SEC EDGAR