Welcome to our dedicated page for Quantum Corporation news (Ticker: QMCO), a resource for investors and traders seeking the latest updates and insights on Quantum Corporation stock.
Quantum Corporation (QMCO) is a leading provider of innovative data storage and management solutions. Headquartered in the United States, Quantum specializes in scale-out storage, archive, and data protection services aimed at small businesses and large multinational enterprises alike. The company offers a unique approach to managing data throughout its entire lifecycle, from capture and sharing to long-term preservation.
Quantum's solutions are designed to handle large unstructured data sets and provide capabilities such as data ingestion, real-time collaboration, scalability, and robust protection. A significant portion of the company's revenue is derived from products based on tape technology, which remains a reliable and cost-effective medium for data storage.
One of the core strengths of Quantum is its scale-out portfolio, which allows businesses to manage digital assets efficiently and maximize their value. The company serves a global market, with the majority of its revenue generated in the Americas, followed by significant contributions from Europe and the Asia-Pacific region.
In recent developments, Quantum has made strides in enhancing its product offerings and expanding its market reach. The company has formed strategic partnerships and continues to innovate in the data management sector. Quantum's commitment to providing high-quality, reliable storage solutions has solidified its position as a trusted partner for businesses looking to protect and manage their data assets.
Quantum Corporation (NASDAQ: QMCO) reported second quarter fiscal 2023 revenue of $99.1 million, a 6% increase year-over-year and at the high end of guidance. The company's backlog reached a record $96.1 million, driven primarily by hyperscale customer orders. Despite a GAAP net loss of $11.9 million or ($0.13) per share, adjusted EBITDA improved to $4.1 million. Looking ahead, Quantum estimates revenues for the next quarter to exceed $103 million, with an anticipated adjusted net loss of ($1.5 million).
Quantum Corporation (Nasdaq: QMCO) will release its financial results for the second fiscal quarter 2023 on November 2, 2022, after market close. A conference call will follow the announcement at 5:00 p.m. ET, featuring Jamie Lerner, Chairman and CEO, and Mike Dodson, CFO. Additionally, Quantum will host a Virtual Analyst Day on November 17, 2022, at 11:00 a.m. ET, focusing on its long-term strategy and data lifecycle solutions. The event will be available via webcast on the company's investor relations website.
Quantum Corporation (NASDAQ: QMCO) has expanded its partnership with Atempo to introduce validated solution bundles combining Atempo Tina software with Quantum's media servers and secondary storage solutions. The new capacity-based subscription model simplifies data protection for organizations, addressing their need for secure, scalable backup solutions. The bundles cater to both SMBs and enterprises, enhancing cybersecurity resilience while easing deployment and support. Available immediately, these solutions aim to improve data security against threats like ransomware.
Quantum Corporation (Nasdaq: QMCO) announced the appointments of Don Jaworski and Hugues Meyrath to its Board of Directors, effective November 9, 2022. Jamie Lerner, CEO, stated that their expertise in software product development will support Quantum's strategic vision and enhance shareholder value. Jaworski brings over 40 years of experience in scaling organizations and has previously held leadership roles at Lacuna Technologies and NetApp. Meyrath has significant experience in product management and development from ServiceChannel and Dell Technologies. This leadership expansion is expected to positively influence Quantum's data management solutions.
Quantum Corporation (NASDAQ: QMCO) has launched its StorNext file system as a subscription offering on AWS Marketplace, enabling remote collaborative video editing. This innovation allows users to set up shared storage swiftly without hardware or custom configurations. StorNext is available in configurations from 12TB to 62.5TB with various subscription plans, supporting data tiering to Amazon S3. The initiative is part of Quantum's broader cloud strategy aimed at enhancing agility in production operations.
Quantum Corporation (Nasdaq: QMCO) announced the appointment of Christopher D. Neumeyer to its Board of Directors, effective August 22, 2022. Neumeyer, who has served as a non-voting Board observer since 2016, brings extensive corporate finance and governance experience to the position. His addition aims to enhance Quantum's strategic initiatives and improve financial performance and shareholder value. Notably, funds managed by Neumeyer’s employer, PIMCO, hold 15.4% of Quantum's common stock, indicating strong alignment with shareholder interests.
Quantum Corporation (NASDAQ: QMCO) reported a 9% year-over-year revenue increase to $97.1 million for Q1 FY2023, surpassing guidance. Subscription customers surged 200%, exceeding 450. GAAP net loss widened to $10.6 million or ($0.13) per share. Adjusted EBITDA was $0.3 million. Operating expenses decreased, contributing to a projected reduction of $1.5 to $2.0 million in Q2. Backlog surged to $67.2 million by July 31, 2022, indicating strong future demand.
Quantum Corporation (NASDAQ: QMCO) will release its financial results for Q1 FY2023, ending June 30, 2022, on August 4, 2022, after market close. A conference call, led by CEO Jamie Lerner and CFO Mike Dodson, will take place on the same day at 5:00 p.m. ET. Analysts and investors can join the call at 1-866-424-3436 for domestic calls and +1-201-689-8058 for international calls, using conference ID 13731301. Replay will be available until August 11, 2022. Quantum specializes in data management solutions across various sectors.
Quantum Corporation (NASDAQ: QMCO) reported a fourth quarter revenue of $95.2 million, a 3.0% increase year-over-year. The fiscal year 2022 revenue totaled $372.8 million, up 6.7%, primarily driven by subscription software growth. Although the GAAP net loss for Q4 was $7.8 million ($0.13 per share), this marked an improvement compared to the previous quarter. The company strengthened its balance sheet with a $67.5 million rights offering. Future guidance expects revenues around $94 million for Q1 2023, indicating continued momentum.
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