QUANTUM CORP /DE/

For the period ended Jun 30, 2025. Filed Sep 11, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Sep 11, 2025

QMCO$16.30-4.1%Stored close · as of Nov 10, 2026

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Contents

Revision of Previously Issued Financial Statements

NOTE 12: REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

The unaudited condensed consolidated financial statements for the three months ended June 30, 2024 have been revised.

The nature of the revisions is as follows:

a. Service contract term - The Company identified that there were inconsistencies in the period used to recognize service and subscription revenue, which is deferred under Topic 606 and recognized ratably over the contractual term of the contract. The Company’s management reviewed and updated the periods over which revenue was being recognized to ensure consistent application for all service contracts invoiced in the fiscal year ended March 31, 2025 and the results have been applied to revenue.

b. Application of Topic 606 related to standalone selling price - The Company also determined that the standalone selling price that was being used for the fiscal year ended March 31, 2025 needed to be updated resulting in an adjustment to revenue. Standalone selling price has now been refreshed for all goods and services sold in a bundled contract under Topic 606, maximizing the use of observable inputs.

The following tables present the impact of the revisions to the unaudited condensed consolidated financial statements for the three months ended June 30, 2024 (in thousands, unaudited):

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30, 2024
	As previously reported	Revisions	Reference	As revised
Liabilities and Stockholders’ Deficit
Deferred revenue, current portion	$74,802	$(4,669)	a, b	$70,133
Total current liabilities	155,608	(4,669)		150,939
Deferred revenue, net of current portion	36,759	3,747	a, b	40,506
Total liabilities	314,340	(922)		313,418
Stockholders' deficit
Accumulated deficit	(848,200)	922	a, b	(847,278)
Total stockholders’ deficit	(141,251)	922		(140,329)
Total liabilities and stockholders’ deficit	$173,089	—		$173,089

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	Three Months Ended June 30, 2024
	As previously reported	Revisions	Reference	As revised
Revenue:
Product	$40,994	$1,658	b	$42,652
Service and subscription	27,447	(736)	a, b	26,711
Gross profit	26,135	922		27,057
Loss from operations	(17,725)	922		(16,803)
Net loss before income taxes	(20,585)	922		(19,663)
Net loss	$(20,820)	$922		$(19,898)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended June 30, 2024
	As previously reported	Revisions	Reference	As revised
Operating activities
Net loss	$(20,820)	$922		$(19,898)
Adjustments to reconcile net loss to net cash used in operating activities
Deferred revenue	(5,126)	(922)	a, b	(6,048)
Net cash used in operating activities	$(1,896)	$—		$(1,896)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT

Common Stock · AdditionalPaid-in Capital · Accumulated Deficit · Accumulated Other Comprehensive Loss · Total Stockholders' Deficit
Three Months Ended · Shares · Amount
Balance, March 31, 2024	4,792	$48	$708,027	$(827,380)	$(2,193)	$(121,498)
Net loss	—	—	—	(19,898)	—	(19,898)
Foreign currency translation adjustments, net	—	—	—	—	142	142
Stock-based compensation	—	—	925	—	—	925
Balance, June 30, 2024, as revised	4,792	$48	$708,952	$(847,278)	$(2,051)	$(140,329)

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