Quantum Reports Fourth Quarter and Fiscal 2023 Results

About this update from Quantum Corporation

[{"type":"text","content":"Revenue Increases 11% Year-over-Year to $412.8 Million\nSAN JOSE, Calif., June 6, 2023 /PRNewswire/ -- Quantum Corporation (NASDAQ: QMCO) announced today financial results for its fiscal fourth quarter and fiscal year ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nFourth Quarter Fiscal 2023 Financial Summary\nRevenue increased 11% year-over-year to $105.3 millionGAAP net loss was $13.6 million, or ($0.15) per shareAnnual recurring revenue was $156 millionSubscription ARR was up 81% year-over-year at $13.4 millionAdjusted non-GAAP net loss was $3.7 million, or ($0.04) per shareAdjusted EBITDA was $1.0 million\"We ended fiscal 2023 with positive momentum as fourth quarter revenue and EBITDA results exceeded our guidance on improved operational execution,\" said Jamie Lerner, Chairman and CEO of Quantum. \"We also began to see increased stability across the supply chain through greater availability of parts and lower inflationary costs. Additionally, our focused efforts to improve working capital and decrease inventory yielded positive results as we continue to carefully manage cash flow.\" \n\"Having weathered a macro environment marked by a global pandemic, supply chain challenges, and disruptive inflation, we are beginning to see signs of improvement across our business. As we continue to chart our business transformation for improved performance, subsequent to the end of the fourth quarter, we implemented a global efficiency plan that includes a cost reduction action which we expect to yield approximately $14 million in annualized savings by the end of fiscal year 2025, with a payback of under six months. Also, to support greater operational flexibility in the near term, we proactively secured an additional $15 million of liquidity and greater covenant flexibility from our current lenders to capitalize on the cost savings initiative and position the company for growth as we bring our recent product innovations to market.\" \n\"These actions, combined with our focus on the fastest-growing storage market segment and our investment in sales and marketing to drive future growth, further bolster our business transformation strategy. Although we anticipate the first fiscal quarter to be seasonally lower, we expect a resumption of revenue rotation to higher margin products and EBITDA expansion throughout the remainder of the year.\" ...

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