QUANTUM CORP /DE/
For the period ended Sep 30, 2025. Filed Nov 13, 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.
Sep 30, 2025 · Filed Nov 13, 2025
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Revision of Previously Issued Financial Statements
NOTE 12: REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
The unaudited condensed consolidated financial statements for the three and six months ended September 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 as of and for the three and six months ended September 30, 2024 (in thousands, unaudited):
CONDENSED CONSOLIDATED BALANCE SHEET
| September 30, 2024 | ||||
|---|---|---|---|---|
| As previously reported | Revisions | Reference | As revised | |
| Liabilities and Stockholders’ Deficit | ||||
| Deferred revenue, current portion | $69,369 | $(3,868) | a, b | $65,501 |
| Total current liabilities | 134,601 | (3,868) | 130,733 | |
| Deferred revenue, net of current portion | 37,164 | 1,569 | a, b | 38,733 |
| Total liabilities | 316,549 | (2,299) | 314,250 | |
| Stockholders' deficit | ||||
| Accumulated deficit | (861,727) | 2,299 | a, b | (859,428) |
| Total stockholders’ deficit | (153,403) | 2,299 | (151,104) | |
| Total liabilities and stockholders’ deficit | $163,146 | $— | $163,146 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
| Three Months Ended September 30, 2024 | Six Months Ended September 30, 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| As previously reported | Revisions | Reference | As revised | As previously reported | Revisions | Reference | As revised | |
| Revenue: | ||||||||
| Product | $36,785 | $2,493 | b | $39,278 | $77,779 | $4,152 | b | $81,931 |
| Service and subscription | 31,321 | (1,116) | a, b | 30,205 | 58,768 | (1,853) | a, b | 56,915 |
| Gross profit | 29,268 | 1,377 | 30,645 | 55,402 | 2,299 | 57,701 | ||
| Gain (loss) from operations | (6,934) | 1,377 | (5,557) | (24,659) | 2,299 | (22,360) | ||
| Net gain (loss) before income taxes | (13,157) | 1,377 | (11,780) | (33,742) | 2,299 | (31,443) | ||
| Net loss | $(13,527) | $1,377 | $(12,150) | $(34,347) | $2,299 | $(32,048) | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Six Months Ended September 30, 2024 | ||||
|---|---|---|---|---|
| As previously reported | Revisions | Reference | As revised | |
| Operating activities | ||||
| Net loss | $(34,347) | $2,299 | a, b | $(32,048) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||||
| Deferred revenue | (10,153) | (2,299) | a, b | (12,452) |
| Net cash used in operating activities | $(17,194) | $— | $(17,194) | |
| Common Stock · AdditionalPaid-in Capital · Accumulated Deficit · Accumulated Other Comprehensive Loss · Total Stockholders' Deficit | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended · Shares · Amount | ||||||
| Balance, June 30, 2024, as revised | 4,792 | $48 | $708,952 | $(847,278) | $(2,051) | $(140,329) |
| Net loss | — | — | — | (12,150) | — | (12,150) |
| Foreign currency translation adjustments, net | — | — | — | — | 659 | 659 |
| Stock-based compensation | — | — | 716 | — | — | 716 |
| Balance, September 30, 2024, as revised | 4,792 | $48 | $709,668 | $(859,428) | $(1,392) | $(151,104) |
| Common Stock · AdditionalPaid-in Capital · Accumulated Deficit · Accumulated Other Comprehensive Loss · Total Stockholders' Deficit | ||||||
|---|---|---|---|---|---|---|
| Six Months Ended · Shares · Amount | ||||||
| Balance, March 31, 2024 | 4,792 | $48 | $708,027 | $(827,380) | $(2,193) | $(121,498) |
| Net loss | — | — | — | (32,048) | — | (32,048) |
| Foreign currency translation adjustments, net | — | — | — | — | 801 | 801 |
| Stock-based compensation | — | — | 1,641 | — | — | 1,641 |
| Balance, September 30, 2024, as revised | 4,792 | $48 | $709,668 | $(859,428) | $(1,392) | $(151,104) |
NOTE 13: SUBSEQUENT EVENTS
During the period from October 1, 2025 through November 10, 2025, the Company issued approximately 0.3 million shares of Common Stock under the SEPA for net proceeds of approximately $2.8 million.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.