Quantum Reports Fiscal Full Year 2024 Financial Results

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[{"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 full year 2024 ended March 31, 2024.\n\n\nFiscal 2024 Financial Summary\n\n\n\nRevenue was $311.6 million\n\n\n\nGAAP gross profit was $124.9 million, or 40% of revenue\n\n\n\nGAAP net loss was $41.3 million, or ($0.43) per share\n\n\n\nAnnual recurring revenue was $145 million\n\n\n\nSubscription ARR was up 33% year-over-year at $17.8 million\n\n\n\nAdjusted non-GAAP net loss was $27.5 million, or ($0.29) per share\n\n\n\nAdjusted EBITDA was ($5.3) million\n\n\n\n“Following the recent completion of our financial re-evaluation process, we are pleased to be back discussing our operations and financials, including results for fiscal 2024,” stated Jamie Lerner, Chairman and CEO of Quantum. “Although this comprehensive process was time-intensive, it demonstrates our commitment to the highest standards of financial integrity and transparency. The financial restatement adjustments made were all technical accounting in nature and we found no evidence of intentional misconduct.\n\n\n“Our full year 2024 results reflect a significant reduction of revenue from our largest hyperscale customer, which we had expected would scale down over time but instead stopped placing orders at the end of fiscal Q1 2024. While extremely disappointed with the impact from significantly lower revenue year-over-year, we have been proactively accelerating our business transformation. During this time, our team continues to focus on improving the Company’s capital structure as well as optimizing our overall business operations.”\n\n\n“These actions include improved focus and retooling of our sales and product initiatives in strategic growth areas; accelerating operational efficiencies and cost reductions to achieve $16 million of total annualized savings; year-over-year gross margin improvement of over 600 basis points; and strengthening our capital structure through balance sheet optimization, sale of non-core assets, and debt reduction. A recent example of these actions in motion, subsequent to fiscal year-end, was completing a transaction to reduce liabilities and carrying costs through the sale of service inventory assets. Then using the proceeds to pay ...

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