Quantum: Fiscal 2Q25 Financial Results

Quantum Corp., announced financial results for its fiscal second quarter of 2026 ended September 30, 2025.

Fiscal Second Quarter 2026 Financial Summary

Revenue was $62.7 million, at the high-end of the guided range of $61 million, plus or minus $2.0 million
GAAP operating expenses were $31.7 million; non-GAAP adjusted operating expenses were $24.8 million, reflecting a YoY reduction of over $5 million
GAAP net loss was $46.5 million, or ($3.49) per share, which included a $25.4 million non-cash loss related to debt extinguishment and $3.5 million of restructuring expenses
Non-GAAP adjusted net loss was $7.1 million, or ($0.54) per share
Non-GAAP adjusted EBITDA was $0.5 million

Management Commentary
“Revenue for the quarter was at the high-end of the expected range, which we believe reflects the initial traction from our decisive actions to refresh and reinvigorate our sales organization,” stated Hugues Meyrath, CEO, Quantum. “We also began driving initial improvement toward our targeted margin profile for the overall business, with second quarter GAAP gross margin expanding 230 basis points sequentially. Additionally, we are making progress on our ongoing restructuring efforts aimed at right-sizing the business, which resulted in a more than $5 million reduction in non-GAAP operating expenses and achievement of positive non-GAAP adjusted EBITDA for the quarter.”

“As a result of the actions to transform our cost structure and balance sheet, including the recently proposed debt exchange transaction, we have taken steps to meaningfully enhance the long-term financial stability of the company. Overall, we are pleased by the initial progress we have demonstrated in a relatively short period of time. With our new sales leadership and go-to-market strategy combined with a strengthened financial structure, we believe that Quantum has the foundation in place to grow the business and deliver on our goals of expanded EBITDA and positive cash flow in the near future.”

Fiscal Second Quarter 2026 vs. Prior Quarter and Fiscal Year Quarter
Revenue for the fiscal second quarter of 2026 was $62.7 million, compared to $71.8 million in the fiscal second quarter of 2025. GAAP gross profit in the fiscal second quarter of 2026 was $23.6 million, or 37.6% of revenue, compared to $30.6 million, or 42.7% of revenue, in the prior fiscal year quarter. Non-GAAP gross profit in the fiscal second quarter of 2026 was $24.2 million, or 38.6% of revenue, compared to $30.8 million, or 42.9% of revenue, in the prior fiscal year quarter.

Total GAAP operating expenses in the fiscal second quarter of 2026 were $31.7 million, or 50.6% of revenue, compared to $36.2 million, or 50.4% of revenue, in the fiscal second quarter of 2025. Total operating expenses on a non-GAAP basis for the fiscal second quarter of 2026 were $24.8 million, or 39.5% of revenue, compared to $30.4 million, or 42.4% of revenue, in the fiscal second quarter of 2025.

GAAP net loss in the fiscal second quarter of 2026 was $46.5 million, or ($3.49) per share, compared to a GAAP net loss of $12.2 million, or ($2.54) per share, in the prior fiscal year quarter. Excluding stock compensation, a non-cash loss related to debt extinguishment, restructuring charges and other non-recurring costs, non-GAAP adjusted net loss in the fiscal second quarter of 2026 was $7.1 million, or ($0.54) per share, compared to a non-GAAP adjusted net loss of $7.4 million, or ($1.54) per share, in the fiscal second quarter of 2025.

Non-GAAP adjusted EBITDA in the fiscal second quarter of 2026 was positive $0.5 million, compared to a positive $1.1 million in the fiscal second 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 September 30, 2025)

Cash, cash equivalents and restricted cash were $15.3 million, compared to $17.0 million as of September 30, 2024
Total interest expense for the quarter was $6.2 million, compared to $6.1 million in the same period a year ago
Outstanding term loan debt, excluding debt issuance costs, was $106.1 million, compared to $104.7 million as of September 30, 2024

Business Outlook
Fiscal third quarter 2026 guidance is as follows:

Revenue of $67 million, plus or minus $2 million
Non-GAAP adjusted operating expenses of $25 million, plus or minus $2 million
Non-GAAP adjusted basic net loss per share of ($0.51), plus or minus $0.10
Non-GAAP adjusted EBITDA of positive $1 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 14 million in the fiscal third quarter of 2026.