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 preliminary revenue of $93 million for Q4 fiscal 2022, exceeding initial guidance of $92 million. The company is set to conduct a Rights Offering aiming to raise $67.5 million, with plans to reduce term debt by $20 million and enhance liquidity. Notably, directors and executives intend to participate in the offering. Further, an amendment to credit agreements seeks to increase borrowing capacity from $30 million to $40 million. Complete financial results will be revealed in June.
Quantum Corporation (NASDAQ: QMCO) has announced the launch of the MyQuantum service delivery platform, designed to streamline customer support and asset management. This platform offers single sign-on (SSO) access for managing support cases, utilizing cloud-based analytics, and accessing a knowledge base. MyQuantum aims to enhance the customer experience and is part of Quantum's transition towards a software-as-a-Service model. Additional features and functionalities are planned for future updates to improve user engagement and service efficiency.
Quantum Corporation (Nasdaq: QMCO) has launched a rights offering to raise up to $67.5 million. Shareholders recorded as of March 25, 2022 are entitled to purchase shares at $2.25 each, providing 0.422573 of a share per existing share held. The offering runs until April 18, 2022. Neuberger Berman and other committed purchasers intend to participate, potentially contributing $55 million to the offering. Proceeds will be utilized for working capital and debt repayment. The offering can be amended or postponed at the company's discretion.
Quantum Corporation (Nasdaq: QMCO) announced a rights offering for holders of common stock and certain warrants, record date March 25, 2022. Each holder will receive subscription rights to buy approximately 0.4226 shares at $2.25 each, potentially generating around $67.5 million in gross proceeds. The offering includes an over-subscription feature, and an Investment Commitment Agreement with Neuberger Berman is in place for $53.5 million. Proceeds are intended for working capital and debt repayment. The offering will be registered with the SEC.
Quantum Corporation (NASDAQ: QMCO) has announced the launch of its Unified Surveillance Platform (USP) and Smart Network Video Recording Servers (NVRs) to enhance video surveillance solutions. The USP consolidates video recording infrastructure, reduces total cost of ownership, and offers flexibility in hardware choice for security integrators. Meanwhile, the Smart NVRs enable the running of multiple applications on a single server, further streamlining operations. These innovations are aimed at broadening Quantum's offerings and improving efficiencies in video data management.
Quantum Corporation (NASDAQ: QMCO) has introduced the Scalar i6H, a new tape storage system specifically engineered for hyperscale archive environments. Designed in collaboration with leading hyperscalers, it boasts best-in-class storage density and ease-of-use. The modular system, which can be shipped fully assembled, is geared towards web-scale companies aiming to build private clouds. Notably, it includes anti-ransomware features to enhance cybersecurity. The Scalar i6H exemplifies Quantum's commitment to advancing its position in hyperscale cloud infrastructure.
Quantum Corporation (NASDAQ: QMCO) announced that James Mundle, its Global Channel Chief, has been named a 2022 Channel Chief by CRN for the second consecutive year. This recognition highlights Mundle's expertise and contributions to the channel partner community, particularly through the Quantum Alliance program, which was awarded a 5-Star rating by CRN for its extensive support and resources available to partners. Mundle emphasized Quantum's commitment to enhancing partner profitability and success in a rapidly evolving industry.
Quantum Corporation (NASDAQ: QMCO) reported a fiscal Q3 2022 revenue of $95.3 million, up 2% sequentially. Backlog hit a record $62 million, driven by a 30% increase in subscription customers. However, the company faced supply chain constraints, impacting revenue growth. Gross profit was $35.2 million, a 37% margin, while total operating expenses rose to $42.4 million. The GAAP net loss was $11.1 million, or ($0.19) per share. Looking ahead, Quantum expects Q4 revenues between $92 million and $97 million.
Quantum Corporation (NASDAQ: QMCO) will release its financial results for the third fiscal quarter ended December 31, 2021, on February 9, 2022. A conference call led by CEO Jamie Lerner and CFO Mike Dodson is scheduled for 5:00 p.m. ET. Investors can access the call via phone or webcast, with a replay available until February 16, 2022. Quantum focuses on technology solutions for managing unstructured data, serving various sectors including cloud services and entertainment. The company is traded on Nasdaq and is part of the Russell 2000 Index.
Quantum Corporation (NASDAQ: QMCO) is enhancing autonomous vehicle research at the Center for Advanced Vehicular Systems (CAVS) at Mississippi State University. Their R-Series Edge Storage solution supports the collection and analysis of large data volumes generated by vehicles. CAVS estimates that by 2030, 20% of new cars will feature Level 3 autonomy, producing up to 10TB of data daily. This partnership is essential for developing navigation software and validating algorithms for military and various sectors, underscoring the significance of reliable data storage in the growing autonomous vehicle market.
FAQ
What is the current stock price of Quantum Corporation (QMCO)?
What is the market cap of Quantum Corporation (QMCO)?
What does Quantum Corporation do?
Where is Quantum Corporation headquartered?
What is the primary technology behind Quantum's products?
Who are Quantum Corporation's main customers?
What geographic regions generate the most revenue for Quantum?
What recent achievements has Quantum Corporation made?
What are the core strengths of Quantum's solutions?
How does Quantum's scale-out storage benefit businesses?
What makes Quantum's data protection solutions unique?
What type of data does Quantum help manage?
