$QMCO

QUANTUM CORP /DE/

CIK:0000709283|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 80,803	$ 64,286
Cost of revenue
Total cost of revenue	49,083	41,574
Gross profit	31,720	22,712
Operating expenses
Sales and marketing	11,027	12,655
General and administrative	9,609	13,569
Research and development	6,023	6,661
Restructuring charges	23	2,423
Total operating expenses	26,682	35,308
Income (loss) from operations	5,038	(12,596)
Other income (expense), net	211	(430)
Interest expense	(2,097)	(6,516)
Change in fair value of warrant liability	(16,305)	0
Change in fair value of convertible note	(129,715)	0
Gain (loss) on debt extinguishment, net	(11,716)	2,559
Loss before income taxes	(154,583)	(16,983)
Income tax provision	710	223
Net loss	$ (155,293)	$ (17,206)
Net loss per share - basic (in dollars per share)	$ (7.06)	$ (1.87)
Net loss per share - diluted (in dollars per share)	$ (7.06)	$ (1.87)
Weighted average shares - basic (in shares)	21,988	9,187
Weighted average shares - diluted (in shares)	21,988	9,187
Reclassification of loss on Convertible Note to loss on debt extinguishment	$ 8,444	$ 0
Foreign currency translation adjustments, net	(76)	722
Total comprehensive loss	(146,925)	(16,484)
Product
Revenue
Total revenue	53,871	37,535
Cost of revenue
Total cost of revenue	39,723	30,745
Service and subscription
Revenue
Total revenue	24,668	24,943
Cost of revenue
Total cost of revenue	9,360	10,829
Royalty
Revenue
Total revenue	$ 2,264	$ 1,808

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (155,293)	$ (17,206)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	1,170	1,032
Amortization of debt issuance costs	530	2,075
Non-cash lease expense	260	343
Paid-in-kind interest	924	1,758
Provision for manufacturing and service inventories	163	2,701
Stock-based compensation	748	(529)
Warrants issued in connection with debt amendments	1,280	0
Change in fair value of warrant liabilities	16,305	0
Change in fair value of convertible note	129,715	0
Non-cash loss (gain) on debt extinguishment	8,372	(2,559)
Other non-cash	282	1,201
Changes in assets and liabilities:
Accounts receivable	2,690	4,043
Inventories	745	(297)
Accounts payable	(2,804)	(4,484)
Prepaid expenses	(2,286)	(1,024)
Operating lease liabilities	(236)	(283)
Deferred revenue	454	(7,668)
Accrued restructuring charges	(496)	993
Accrued compensation	(1,811)	1,036
Other assets	895	840
Other liabilities	(660)	1,137
Net cash provided by (used in) operating activities	947	(16,891)
Investing activities
Purchases of property and equipment	(395)	(1,192)
Net cash used in investing activities	(395)	(1,192)
Financing activities
Repayment of long-term debt, net	(56,830)	0
Repayments of long-term debt on Assignment	0	(909)
Borrowings of credit facility	0	71,625
Repayments of credit facility and payment of amendment fees	0	(98,682)
Proceeds from shares related to the SEPA, net	0	66,993
Proceeds from shares issued related to private placement, net	94,638	0
Net cash provided by financing activities	37,808	39,027
Effect of exchange rate changes on cash and cash equivalents	(4)	0
Net change in cash, cash equivalents, and restricted cash	38,356	20,944
Cash, cash equivalents, and restricted cash at beginning of period	16,234	16,603
Cash, cash equivalents, and restricted cash at end of period	54,590	37,547
Supplemental disclosure of cash flow information
Cash paid for interest	0	2,987
Cash paid for income taxes, net of refunds	142	141
Non-cash investing and financing transactions:
Purchases of property and equipment included in accounts payable	164	105
Right-of-use assets obtained in exchange for new lease liabilities	30	0
Warrants issued in connection with debt amendments	1,280	0
Common stock issued upon conversion of Convertible Note (14,104,620 shares)	$ 222,571	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Current assets:
Cash and cash equivalents	$ 54,449	$ 15,572
Restricted cash	141	662
Accounts receivable, net of allowance for credit losses of $3,778 and $3,234, respectively	66,659	69,650
Inventories	15,195	16,103
Prepaid expenses	4,717	2,431
Other current assets	7,557	8,068
Total current assets	148,720	112,486
Property and equipment, net	9,054	9,284
Goodwill	12,969	12,969
Right-of-use assets, net	7,275	7,416
Other long-term assets	13,879	14,737
Total assets	191,897	156,892
Current liabilities:
Accounts payable	26,663	29,342
Accrued compensation	10,120	12,428
Deferred revenue, current portion	76,158	75,654
Term debt	0	54,811
Warrant liabilities	31,690	14,105
Other current liabilities	15,327	19,457
Total current liabilities	159,959	205,797
Deferred revenue, net of current portion	38,980	39,030
Convertible note	0	90,034
Operating lease liabilities	7,979	8,172
Other long-term liabilities	12,805	12,716
Total liabilities	219,722	355,749
Commitments and contingencies (Note 10)
Preferred stock:
Preferred stock, 20,000 shares authorized; no shares issued as of June 30, 2026 and March 31, 2026, respectively	0
Common stock:
Common stock, $0.01 par value; 225,000 shares authorized; 39,375 and 14,638 shares issued and outstanding at June 30, 2026 and March 31, 2026, respectively	393	146
Additional paid-in capital	1,171,684	853,974
Accumulated deficit	(1,198,810)	(1,043,517)
Accumulated other comprehensive loss	(1,092)	(9,460)
Total stockholders' deficit	(27,825)	(198,857)
Total liabilities and stockholders' deficit	$ 191,897	$ 156,892