Quantum Stock Price, News & Analysis

Quantum Corporation (NASDAQ: QMCO) has launched Quantum Myriad™, a cloud-native, all-flash file and object storage software designed to replace outdated hardware-centric systems. This innovative platform addresses the growing data storage needs of enterprises, leveraging modern technologies for improved performance and scalability. Myriad's features include a shared-nothing architecture, microservices integration, and inline data services like deduplication and compression. The dedicated storage market is expected to grow significantly, reaching $19.1 billion by 2026. Myriad is available for early access and will officially launch in Q3 2023.

Quantum Corporation (NASDAQ: QMCO) has launched version 5.0 of its Unified Surveillance Platform (USP) software, allowing a single cluster to manage over 10,000 cameras with 99.9999% uptime and an 80% reduction in data center footprint. This upgraded software improves user experience, simplifies deployment, and enables enhanced system monitoring. The USP replaces traditional network video recording servers, mitigating risks of downtime and data loss. Currently, a free infrastructure savings assessment is available for organizations operating NVRs. The USP 5.0 is available to select early-access customers and is expected for general release in Q3 2023.

Quantum Corporation (NASDAQ: QMCO) has partnered with WaitTime to provide a certified solution utilizing real-time crowd intelligence analytics derived from video surveillance data. This joint solution, implemented through Quantum's Unified Surveillance Platform (USP), aims to enhance customer experiences in venues such as stadiums and malls by offering insights into crowd movement and density. The USP is scalable and resilient, capable of managing numerous security applications on a single platform. The collaboration seeks to streamline operations, reduce costs, and improve guest navigation through venues. A webinar on this partnership is scheduled for April 10, 2023.

On February 1, 2023, Quantum Corporation (NASDAQ: QMCO) granted 175,000 restricted stock units (RSUs) and 75,000 performance-vested restricted stock units (PSUs) to Kenneth Gianella, the new Chief Financial Officer, under its 2021 Inducement Plan. The RSUs will vest over three years, while the PSUs will vest based on revenue and stock price appreciation targets, with eligibility spanning from February 1, 2024, to February 1, 2028. The grants align with Nasdaq Listing Rule 5635(c)(4), aimed at attracting talent to the organization. Quantum continues to focus on providing innovative technology solutions for managing video and unstructured data.

Quantum Corporation (NASDAQ: QMCO) reported a strong fiscal Q3 2023, with revenue rising 16.6% year-over-year to $111.2 million. The GAAP net loss narrowed to $2.2 million or ($0.02) per share, while adjusted net income was $1.6 million, translating to $0.02 per diluted share. Adjusted EBITDA increased significantly to $6.3 million. Operational efficiencies contributed to improved margins, but the company anticipates slight gross margin compression in Q4, estimating revenues between $102 million and $104 million and a non-GAAP adjusted net loss per share of ($0.04).