Business
Quantum Reports Second Quarter Fiscal 2022 Results
Revenue Increases 5% Sequentially to $93.2 Million Guides For 12% Sequential Growth in Third Fiscal Quarter SAN JOSE, Calif., Nov. 3, 2021 /PRNewswire/ --
About this update from Quantum Corporation
[{"type":"text","content":"Revenue Increases 5% Sequentially to $93.2 Million\n Guides For 12% Sequential Growth in Third Fiscal Quarter\n\n\nSAN JOSE, Calif., Nov. 3, 2021 /PRNewswire/ -- Quantum Corporation (NASDAQ: QMCO) announced today financial results for its fiscal second quarter ended September 30, 2021.\n\n \n \n \n \n \n \n\n \nSecond Quarter Fiscal 2022 Financial Summary and Recent Highlights\nRevenue grew 9% year-over-year to $93.2 million, exceeding the high-end of the guidance range GAAP net loss was $9.3 million, or ($0.16) per share; adjusted non-GAAP net income was $0.1 million, or $0.00 per diluted share Ended the quarter with $50.0 million in backlog, compared to $30.0 million in the prior quarter Software and recurring licensing customers grew 30% sequentially, while bookings were up greater than 70% Adjusted EBITDA was $5.3 million, exceeding the high-end of the guidance range Acquired EnCloudEn, a hyperconverged software startup, expanding presence in video surveillance and driving shift towards recurring software revenue modelJamie Lerner, Chairman and CEO, Quantum commented, \"Our second quarter results exceeded the high-end of our guidance range across all key metrics, supported by strong customer demand while increasing backlog to over $50 million. Orders from our hyperscale customers grew sequentially for the third consecutive quarter, and while not all orders will ship in the subsequent quarter, visibility into revenue contribution from this growing base has improved dramatically relative to a year ago. The ongoing industry supply constraints improved during the quarter, but still restricted our ability to meet all end customer demand. We anticipate supply chain constraints will see further improvement in our third fiscal quarter, which should allow the company to see a sequential reduction in current backlog levels.\n\"Also, during the quarter, software and recurring licensing revenue increased significantly, with our CatDV software delivering a second consecutive quarter of increased bookings, driven by strong adoption across sports, entertainment and enterprise markets. Our recurring software and services customer base continued to accelerate with bookings 2 times greater than customers in the quarter, demonstrating a growing backlog of higher margin recurring revenue. Additionally, the integration of Pivot3 has progressed w...