10-Q - QUANTUM CORP /DE/ (0000709283) (Filer)

Fri, Sep 6, 10:04 AM (130 days ago)

For the quarter ended September 30, 2023, Quantum Corporation reported total revenue of $75,680,000, a 25% decrease from $100,565,000 in the same quarter of 2022. Product revenue fell by 33% due to reduced demand from hyperscale customers and declines in the linear-tape open media market. Gross profit increased to $32,736,000, reflecting improved operational efficiency, leading to a gross margin of 43.3%. Operating expenses decreased by 7% to $36,448,000, driven by lower general and administrative costs. The net loss for the quarter was $3,331,000, an improvement from a loss of $7,424,000 year-over-year. Cash usage in operating activities was $11,345,000, while financing activities generated $14,838,000 primarily from new term loan borrowings. The company faced uncertainties due to macroeconomic conditions, including inflation and supply chain challenges, impacting future performance. Additionally, the firm is undergoing restatements related to revenue recognition and warrant classifications, which may affect its financial reporting and operations moving forward.