Quantum Stock Price, News & Analysis

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.