Quantum Reports First Quarter Fiscal 2022 Results

About this update from Quantum Corporation

[{"type":"text","content":"SAN JOSE, Calif., Aug. 9, 2021 /PRNewswire/ -- Quantum Corporation (NASDAQ: QMCO) announced today financial results for its fiscal first quarter ended June 30, 2021. \n\n \n \n \n \n \n \n\n \nFirst Quarter Fiscal 2022 Financial Summary and Recent Highlights\nRevenue grew 22% year-over-year to $89.1 million GAAP net loss was $4.2 million, or ($0.07) per share; adjusted non-GAAP net income was $0.1 million, or $0.00 per diluted share Adjusted EBITDA increased $4.0 million year-over-year to $5.4 million Software and subscription customers grew more than 20% sequentially, while bookings were up 2x Refinanced outstanding term debt, saving $7 million in annualized interest expense Acquired the video surveillance portfolio and assets from Pivot3, adding over 500 customers Jamie Lerner, Chairman and CEO, Quantum commented, \"Demand in the first fiscal quarter continued to be strong, with a significant sequential increase in customer orders. A large majority of these orders were from hyperscale customers for products that are most affected by the current supply constraints. This dynamic has caused our backlog to reach unprecedented levels. Historically, our backlog has been 5% or less of our reported quarterly revenue. As of the first fiscal quarter, our backlog has grown to $30 million, compared to approximately $14 million in the previous quarter and $2 million in the year-ago period. While not all backlog represents potential revenue in the following quarter, it demonstrates how robust demand is across our business, while also providing us significantly higher levels of visibility. \n\"Although the industry supply constraints have created near-term revenue headwinds, we continue to make progress on our long-term business transformation. Following the quarter close, we announced the acquisition of Pivot3's video surveillance portfolio and assets, which is key step towards establishing a strong share position in the video surveillance market with a leading portfolio of hardware and software solutions. This acquisition will add over 500 customers and is projected to be slightly accretive to EBITDA through the remainder of fiscal 2022. More recently, we successfully refinanced our remaining outstanding term debt, allowing for more favorable borrowing terms and reducing future cash interest expense to help drive improvements to our bottom...

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