Fri, Jun 28, 8:38 PM (115 days ago)
Quantum Corporation's FY2024 10-K highlights significant financial adjustments and operational shifts. Revenue decreased by 26% to $311.6 million, driven by reduced product sales, particularly from hyperscale customers and the tape market. Operating expenses fell by 4%, but the net loss widened to $41.3 million from $18.4 million in FY2023. Key changes include restating financials for FY2022 and FY2023 due to errors in revenue recognition under ASC 606 and warrant classification. Quantum's gross margin improved to 40.1% due to better product mix and cost controls. The company faces liquidity challenges with significant debt and ongoing efforts to secure waivers or refinancing. Future outlook hinges on strategic cost management and market repositioning.