Business
Quantum Reports Fiscal First Quarter 2025 Financial Results
SAN JOSE, Calif.--(BUSINESS WIRE)-- Quantum Corporation (Nasdaq: QMCO) ("Quantum" or the "Company"), a leader in solutions for AI and unstructured data,
About this update from Quantum Corporation
[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nQuantum Corporation (Nasdaq: QMCO) (\"Quantum\" or the \"Company\"), a leader in solutions for AI and unstructured data, announced today financial results for its fiscal first quarter 2025 ended June 30, 2024.\n\n\nFiscal First Quarter 2025 Financial Summary\n\n\n\nRevenue was $71.3 million\n\n\n\nGAAP gross profit was $26.1 million, or 36.6% of revenue\n\n\n\nGAAP net loss was $20.8 million, or ($0.22) per share\n\n\n\nSubscription ARR was up 29% year-over-year at $18.8 million\n\n\n\nAdjusted non-GAAP net loss was $8.4 million, or ($0.09) per share\n\n\n\nAdjusted EBITDA was ($3.1) million\n\n\n\n“Results for the quarter were largely in-line with our expectations, reflecting further rotation of our business toward our long-term initiatives,” stated Jamie Lerner, Chairman and CEO of Quantum. “We are also seeing improving traction for Myriad and ActiveScale products. However, during the quarter we experienced a temporary headwind to gross margin caused by product mix and supply constraints of certain hardware that prevented us from shipping a portion of our higher margin deals. This also resulted in an increase to our current order backlog to above normal levels.”\n\n\n“As part of our ongoing strategic and financial initiatives, we have reached an agreement with our current lenders that significantly improves our liquidity, allows us to take action on improving our operational initiatives and focus on driving Myriad, ActiveScale and the rest of our businesses to the next level. With this newly restructured financing in place, we have improved our overall capital structure and balance sheet. Additionally, we continue to maintain strong cost and discretionary spending controls as we execute toward profitable growth.”\n\n\n“We are fully dedicated to executing on our business initiatives toward achieving sustainable operating performance that is driven by tangible proof points, including accelerated growth of new products, divestment of non-core products and assets, and restructuring our organization to become a more focused and operationally efficient business.”\n\n\nFiscal First Quarter 2025 vs. Prior Year Quarter\n\n\nRevenue for the fiscal first quarter of 2025 was $71.3 million, compared to $92.5 million in the fiscal first quarter of 2024, primarily reflecting lower revenue contribution fr...