Quantum Reports Fiscal Fourth Quarter and Full Year 2026 Financial Results
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 Fin...
Fourth Quarter Revenue Increases 27% Year-over-Year to $78.0 Million
CENTENNIAL, Colo.: 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 |
|
|
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