Quantum Corporation

06/25/2026 | Press release | Distributed by Public on 06/25/2026 14:10

Quantum Reports Fiscal Fourth Quarter and Full Year 2026 Financial Results

Fourth Quarter Revenue Increases 27% Year-over-Year to $78.0 Million

CENTENNIAL, Colo.--(BUSINESS WIRE)-- Quantum Corporation (Nasdaq: QMCO) ("Quantum" or the "Company"), today announced financial results for its fiscal fourth quarter and full year 2026 ended March 31, 2026.

Fiscal Fourth Quarter 2026 Financial Summary

  • Revenue increased 27% year-over-year to $78.0 million, exceeding guidance of $68 million, plus or minus $2 million
  • GAAP operating expenses were $30.4 million; non-GAAP adjusted operating expenses were $27.5 million, reflecting a $2.0 million year-over-year reduction
  • GAAP net loss was $9.5 million, or ($0.66) per share
  • Non-GAAP adjusted net loss was $3.1 million, or ($0.21) per share, which is a $9 million improvement year-over-year
  • Adjusted EBITDA was $1.0 million

"Quantum delivered strong fourth quarter results with revenue of $78 million, representing 27% growth year-over-year. This performance reflects robust demand for our tiered storage solutions as the proliferation of AI-driven data rapidly reshapes the industry and enterprise storage infrastructure requirements," commented Hugues Meyrath, CEO of Quantum. "With the exploding volume of data, rising storage costs, and increasing power constraints, organizations are rethinking how they store, manage, and protect their most valuable assets. Quantum is uniquely positioned to help customers reduce their dependence on constrained, high-cost components with differentiated, power-efficient storage solutions that provide long-term data resilience.

"As we look to fiscal 2027, Quantum is operating from a position of renewed strength and expanding strategic relevance. Over the past year, we have transformed our business by significantly lowering our cost structure, while also sharpening our sales execution and go-to-market strategy. And more recently, we successfully completed a series of transactions that eliminated our outstanding debt and added cash to the balance sheet in support of our growth initiatives. Although supply chain constraints remain an industry-wide challenge, we are seeing clear momentum in our pipeline and backlog. We remain committed to executing with discipline as we continue to drive toward long-term sustainable growth, margin expansion and value creation for our shareholders."

Fiscal Fourth Quarter 2026 vs. Prior Fiscal Year

Revenue for the fiscal fourth quarter of 2026 was $78.0 million, compared to $61.3 million in the prior year fourth quarter. GAAP gross profit in the fiscal fourth quarter of 2026 was $27.8 million, or 35.7% of revenue, compared to $24.2 million, or 39.6% of revenue, in the fiscal fourth quarter of 2025.

Total GAAP operating expenses in the fiscal fourth quarter of 2026 were $30.4 million, or 39.0% of revenue, compared to $35.8 million, or 58.5% of revenue, in the prior year. Total operating expenses on a non-GAAP basis for the fiscal fourth quarter of 2026 were $27.5 million, compared to $29.4 million in the fiscal fourth quarter of 2025.

GAAP net loss in the fiscal fourth quarter of 2026 was $9.5 million, or ($0.66) per share, compared to a net loss of $7.7 million, or ($1.26) per share, in the fiscal fourth quarter of 2025. Excluding stock compensation, restructuring charges and other non-recurring costs, non-GAAP adjusted net loss in the fiscal fourth quarter of 2026 was $3.1 million, or ($0.21) per share, compared to adjusted net loss of $12.1 million, or ($1.98) per share, in the prior year fourth quarter.

Non-GAAP adjusted EBITDA in the fiscal fourth quarter of 2026 was $1.0 million, compared to negative $3.9 million in the fiscal fourth quarter of 2025.

For a reconciliation of GAAP to non-GAAP financial results, please see the financial reconciliation tables below.

Liquidity and Debt (as of March 31, 2026)

  • Cash, cash equivalents and restricted cash were $16.2 million, compared to $16.6 million as of March 31, 2025.
  • Total interest expense for the three- and twelve-month periods were $2.9 million and $21.6 million, respectively, compared to $6.8 million and $24.0 million for the same periods a year ago.
  • Outstanding term loan debt, excluding debt issuance costs, was $55.9 million, compared to $102.5 million as of March 31, 2025.
  • The new convertible note was fair valued at $90.0 million.

Business Outlook

Fiscal first quarter 2027 guidance is as follows:

  • Revenue of $75.0 million, plus or minus $2 million
  • Non-GAAP adjusted operating expenses of $27 million, plus or minus $1 million
  • Non-GAAP adjusted basic net loss per share of ($0.15), plus or minus $0.10
  • Non-GAAP adjusted EBITDA of $1.5 million, plus or minus $1 million

This assumes an effective annual tax rate of 3%; non-GAAP adjusted net loss per share assumes an average basic share count of approximately 24 million in the fiscal first quarter of 2027.

Conference Call and Webcast

Management will host a live conference call today at 5:00 p.m. ET (2:00 p.m. PT) to discuss these results. The conference call will be accessible by dialing 1-866-424-3436 (U.S. Toll-Free) or +1-201-689-8058 (International) and entering conference ID 13760869. This conference call will be broadcast live over the Internet with a slide presentation and can be accessed by all interested parties on the investor relations section of the Company's website at www.investors.quantum.com under the events and presentations tab.

A telephone replay of the conference call will be available approximately two hours after the conference call and will be available through July 1, 2026. To access the replay dial 1-877-660-6853 and enter the conference ID 13760869 at the prompt. International callers should dial +1-201-612-7415 and enter the same conference ID. Following the conclusion of the live call, a replay of the webcast will be available on the Company's website at www.quantum.com for at least 90 days.

About Quantum

Quantum delivers end-to-end data management solutions designed for the AI era. With over four decades of experience, our data platform has allowed customers to extract the maximum value from their unique, unstructured data. From high-performance ingest that powers AI applications and demanding data-intensive workloads, to massive, durable data lakes to fuel AI models, Quantum delivers the most comprehensive and cost-efficient solutions. Leading organizations in life sciences, government, media and entertainment, research, and industrial technology trust Quantum with their most valuable asset - their data. For more information visit www.quantum.com.

Quantum is listed on Nasdaq (QMCO). Quantum and the Quantum logo are registered trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.

Forward-Looking Information

The information provided in this press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are largely based on our current expectations and projections about future events and financial trends affecting our business. Such forward-looking statements include, in particular, statements related to future projections of our financial results, including for the fourth fiscal quarter of 2026; expectations related to the continued benefits of our revitalized sales organization and restructuring initiatives; expectations regarding our pipeline and backlog; expectations regarding market demand for AI-ready infrastructure leveraging our integrated platform solutions; the evaluation of options with respect to our remaining term debt in furtherance of our goal of further strengthening our balance sheet; and our focus, goals, opportunities and strategy.

These forward-looking statements may be identified by the use of terms and phrases such as "anticipates", "believes", "can", "could", "estimates", "expects", "forecasts", "intends", "may", "plans", "projects", "targets", "will", and similar expressions or variations of these terms and similar phrases. Additionally, statements concerning future matters and other statements regarding matters that are not historical are forward-looking statements. Investors are cautioned that these forward-looking statements relate to future events or our future performance and are subject to business, economic, and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements.

These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, including without limitation, the following: risks related to the need to address the many challenges facing our business; the impact macroeconomic and inflationary conditions on our business, including potential disruptions to our supply chain, employees, operations, sales and overall market conditions; the competitive pressures we face; risks associated with executing our strategy; the timing, execution and realization of anticipated benefits from our sales organization revitalization and restructuring initiatives; the distribution of our products and the delivery of our services effectively; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the outcome of any legal proceedings, claims and disputes; the ability to meet stock exchange continued listing standards; risks related to our ability to implement and maintain effective internal control over financial reporting in the future; and other risks that are described herein, including but not limited to the items discussed in "Risk Factors" in our filings with the Securities and Exchange Commission (the "SEC"), including our Annual Report on Form 10-K filed with the SEC on August 26, 2025, and any subsequent reports filed with the SEC. We do not intend to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

QUANTUM CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

March 31,

2026

2025

Assets

Current assets:

Cash and cash equivalents

$

15,572

$

16,464

Restricted cash

662

139

Accounts receivable, net of allowance for credit losses of $3,234 and $99, respectively

69,650

52,502

Inventories

16,103

22,434

Prepaid expenses

2,431

2,738

Other current assets

8,068

8,529

Total current assets

112,486

102,806

Property and equipment, net

9,284

11,378

Intangible assets, net

-

281

Goodwill

12,969

12,969

Right-of-use assets, net

7,416

8,580

Other long-term assets

14,737

19,388

Total assets

$

156,892

$

155,402

Liabilities and Stockholders' Deficit

Current liabilities:

Accounts payable

$

29,342

$

31,463

Accrued compensation

11,862

9,214

Deferred revenue, current portion

75,654

75,076

Accrued restructuring charges

566

786

Term debt

54,811

96,486

Revolving credit facility

-

26,600

Warrant liabilities

14,105

-

Other accrued liabilities

19,457

17,982

Total current liabilities

205,797

257,607

Deferred revenue, net of current portion

39,030

38,847

Convertible note

90,034

-

Operating lease liabilities

8,172

8,934

Other long-term liabilities

12,716

14,380

Total liabilities

355,749

319,768

Commitments and contingencies (Note 10)

Stockholders' deficit

Preferred stock:

Preferred stock, 20,000 shares authorized; no shares issued as of March 31, 2026 and 2025, respectively

-

-

Common stock:

Common stock, $0.01 par value; 225,000 shares authorized; 14,638 and 6,962 shares issued and outstanding at March 31, 2026 and 2025, respectively

146

70

Additional paid-in capital

853,974

779,645

Accumulated deficit

(1,043,517

)

(942,471

)

Accumulated other comprehensive loss

(9,460

)

(1,610

)

Total stockholders' deficit

(198,857

)

(164,366

)

Total liabilities and stockholders' deficit

$

156,892

$

155,402

QUANTUM CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except per share amounts)

Year Ended March 31,

2026

2025

Revenue

Product

$

172,385

$

154,182

Service and subscription

99,226

110,658

Royalty

7,970

9,218

Total revenue

279,581

274,058

Cost of revenue

Product

136,199

119,730

Service and subscription

40,341

44,496

Total cost of revenue

176,540

164,226

Gross profit

103,041

109,832

Operating expenses

Sales and marketing

52,016

52,320

General and administrative

43,917

63,961

Research and development

23,503

31,141

Restructuring charges

8,112

4,090

Total operating expenses

127,548

151,512

Loss from operations

(24,507

)

(41,680

)

Other expense, net

(1,511

)

(710

)

Interest expense

(21,575

)

(23,607

)

Change in fair value of warrant liability

11,315

(45,270

)

Change in fair value of convertible note

(4,119

)

-

Loss on debt extinguishment, net

(59,641

)

(3,003

)

Loss before income taxes

(100,038

)

(114,270

)

Income tax provision

1,008

821

Net loss

$

(101,046

)

$

(115,091

)

Net loss per share - basic and diluted

$

(7.97

)

$

(22.35

)

Weighted average shares - basic and diluted

12,674

5,150

Net loss

$

(101,046

)

$

(115,091

)

Change in fair value of convertible note

(8,444

)

-

Foreign currency translation adjustments, net

594

583

Total comprehensive loss

$

(108,896

)

$

(114,508

)

QUANTUM CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Year Ended March 31,

2026

2025

Operating activities

Net loss

$

(101,046

)

$

(115,091

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

5,282

5,598

Amortization of debt issuance costs

6,613

5,475

Non-cash lease expense

1,277

1,606

Paid-in-kind interest

6,598

5,179

Provision for manufacturing and service inventories

5,333

4,877

Bad debt expense

2,733

77

Stock-based compensation

(849

)

2,828

Warrants issued in connection with debt amendments

25,420

-

Change in fair value of warrant liabilities

(11,315

)

45,270

Change in fair value of convertible note

4,119

-

Non-cash loss on debt extinguishment

34,221

3,003

Other non-cash

(331

)

16

Changes in assets and liabilities:

Accounts receivable

(19,881

)

15,209

Inventories

944

801

Accounts payable

(793

)

6,154

Prepaid expenses

307

(552

)

Operating lease liabilities

(931

)

(1,490

)

Deferred revenue

760

(2,764

)

Accrued restructuring charges

(220

)

786

Accrued compensation

2,647

(9,000

)

Other assets

686

2,110

Other liabilities

570

6,295

Net cash used in operating activities

(37,856

)

(23,613

)

Investing activities

Purchases of property and equipment

(1,706

)

(4,947

)

Net cash used in investing activities

(1,706

)

(4,947

)

Financing activities

Borrowings of long-term debt, net of debt issuance costs

45,045

25,000

Borrowing of convertible note

54,718

-

Repayment of long-term debt

-

(19,129

)

Repayments of long-term debt on Assignment

(52,270

)

-

Repayments of long-term debt on Exchange

(56,979

)

-

Borrowings of credit facility

102,914

416,418

Repayments of credit facility and payment of amendment fees

(129,514

)

(418,811

)

Proceeds from shares related to the SEPA, net

75,174

15,828

Proceeds from issuance of common stock, net

80

-

Net cash provided by financing activities

39,168

19,306

Effect of exchange rate changes on cash and cash equivalents

25

(3

)

Net change in cash, cash equivalents, and restricted cash

(369

)

(9,257

)

Cash, cash equivalents, and restricted cash at beginning of year

16,603

25,860

Cash, cash equivalents, and restricted cash at end of year

$

16,234

$

16,603

Supplemental disclosure of cash flow information

Cash paid for interest

$

5,170

$

11,927

Cash paid for income taxes, net of refunds

$

1,194

$

1,814

Non-cash transactions

Purchases of property and equipment included in accounts payable

$

116

$

850

Right-of-use assets obtained in exchange for new lease liabilities

$

112

$

678

Warrants issued

$

25,420

$

-

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:

Cash and cash equivalents

$

15,572

$

16,464

Restricted cash

662

139

Total cash, cash equivalents and restricted cash at the end of year

$

16,234

$

16,603

NON-GAAP FINANCIAL MEASURES

To provide investors with additional information regarding our financial results, we have presented certain non-GAAP financial measures in this press release, including non-GAAP adjusted operating expenses.

Non-GAAP adjusted operating expenses is a non-GAAP financial measure defined by us as GAAP operating expenses with stock-based compensation expense, restructuring charges, amortization of acquisition related intangible assets and non-recurring project costs removed.

We have provided below a reconciliation of non-GAAP adjusted operating expenses, to the most directly comparable U.S. GAAP financial measure. We believe that the exclusion of the amounts eliminated in this calculation can provide a useful measure for period-to-period comparisons of our core business performance. Accordingly, we believe that the use of non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and our board of directors.

Our use of non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP.

Other companies, including companies in our industry, may calculate non-GAAP financial measures differently, which reduces its usefulness as a comparative measure. Because of these and other limitations, you should consider non-GAAP adjusted operating expenses along with other U.S. GAAP-based financial performance measures, including various cash flow metrics and our U.S. GAAP financial results.

Non-GAAP adjusted EBITDA

Quarter Ended March 31,

2026

2025

GAAP net loss

(9,541

)

(7,744

)

Provision for income taxes

38

146

Interest expense, net

2,899

6,847

Depreciation and amortization expense

1,208

1,627

Stock-based compensation expense

324

452

Restructuring charges

1,049

1,906

Fair value of warrants adjustment

(2,230

)

(11,145

)

Fair value of convertible note adjustment

5,718

0

Non-recurring project costs

1,573

3,974

Adjusted EBITDA

1,038

(3,937

)

Non-GAAP adjusted net loss and net loss per share

Quarter Ended March 31,

2026

2025

GAAP net loss

(9,541

)

(7,744

)

Depreciation and amortization expense

1,208

1,627

Stock-based compensation expense

324

452

Interest expense, net

0

188

Restructuring

1,049

1,906

Fair value of warrants adjustment

(2,230

)

(11,145

)

Fair value of convertible note adjustment

5,718

0

Non-recurring project costs

1,573

3,974

Non-GAAP adjusted net loss

3,107

(12,140

)

Non-GAAP adjusted net loss per share - basic and diluted

($0.21

)

($1.98

)

Weighted average shares - basic and diluted

14,497

6,125

Non-GAAP cost of goods sold

Quarter Ended March 31,

2026

2025

GAAP cost of revenue

50,149

37,021

Stock-based compensation expense

12

(12

)

Restructuring

0

(157

)

Non-GAAP cost of revenue

50,161

36,851

Non-GAAP gross profit and gross margin

Quarter Ended March 31,

2026

2025

GAAP Revenue

77,994

61,262

Non-GAAP cost of revenue

50,161

36,851

Non-GAAP gross profit

27,833

24,411

Non-GAAP gross margin

35.7

%

39.8

%

Non-GAAP operating expenses

Quarter Ended March 31,

2026

2025

GAAP operating expenses

30,409

35,835

Stock-based compensation expense

336

440

Restructuring charges

1,049

1,749

Amortization of acquisition-related intangible assets

0

228

Non-recurring project costs​

1,573

3,974

Non-GAAP operating expenses

27,451

29,443

View source version on businesswire.com: https://www.businesswire.com/news/home/20260625779950/en/

Investor Relations Contacts:
Shelton Group
Leanne K. Sievers | Brett L. Perry
E: [email protected]

Media Contact:
Matter Communications
Sara Beth Fahey
E: [email protected]
P: 401-351-9507

Source: Quantum Corporation

Released June 25, 2026

Quantum Corporation published this content on June 25, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 25, 2026 at 20:11 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]