[8-K] Quantum Corporation Reports Material Event
Quantum Corporation concluded that its previously issued unaudited interim condensed consolidated financial statements for the fiscal third quarter ended December 31, 2024 are no longer reliable and will be restated. Management identified inconsistencies in service and subscription revenue accounted for under Topic 606 and updated the periods over which revenue is recognized and the standalone selling prices for the fiscal year ended March 31, 2025. The company currently expects the Restatement will decrease revenue and similarly decrease net loss from operations by approximately $3.9 million for the Non-Reliance Period. The Audit Committee determined there were material weaknesses in internal control over financial reporting and disclosure controls related to revenue recognition as of December 31, 2024 and March 31, 2025. Adjustments to other quarters were not material and will be revised in comparative period information. The Audit Committee discussed these matters with Grant Thornton LLP.
Quantum Corporation ha rilevato che le sue precedenti dichiarazioni finanziarie consolidate intermedie non revisionate per il terzo trimestre fiscale conclusosi il 31 dicembre 2024 non sono più attendibili e saranno rettificate. La direzione ha individuato incongruenze nei ricavi da servizi e abbonamenti contabilizzati secondo il Topic 606 e ha aggiornato i periodi di rilevazione dei ricavi e i prezzi di vendita separati per l'esercizio chiuso il 31 marzo 2025. La società prevede che la rettifica ridurrà i ricavi e, di conseguenza, diminuirà anche la perdita netta operativa di circa 3,9 milioni di dollari per il Periodo di non affidabilità (Non-Reliance Period). Il Comitato di Revisione ha riscontrato carenze rilevanti nel controllo interno sulla rendicontazione finanziaria e nei controlli di disclosure relativi al riconoscimento dei ricavi al 31 dicembre 2024 e al 31 marzo 2025. Le rettifiche relative ad altri trimestri non sono significative e saranno aggiornate nelle informazioni comparative. Il Comitato ha discusso questi aspetti con Grant Thornton LLP.
Quantum Corporation concluyó que sus estados financieros consolidados interinos condensados no auditados, correspondientes al tercer trimestre fiscal finalizado el 31 de diciembre de 2024, ya no son confiables y serán reformulados. La dirección identificó inconsistencias en los ingresos por servicios y suscripciones contabilizados según el Topic 606 y actualizó los períodos de reconocimiento de ingresos y los precios de venta independientes para el ejercicio cerrado el 31 de marzo de 2025. La compañía espera que la reformulación reduzca los ingresos y, de forma similar, disminuya la pérdida neta operativa en aproximadamente 3,9 millones de dólares para el Período de No Confiabilidad (Non-Reliance Period). El Comité de Auditoría determinó que existían debilidades materiales en el control interno sobre la información financiera y en los controles de divulgación relacionados con el reconocimiento de ingresos al 31 de diciembre de 2024 y al 31 de marzo de 2025. Los ajustes a otros trimestres no fueron materiales y se corregirán en la información de los períodos comparativos. El Comité discutió estos asuntos con Grant Thornton LLP.
Quantum Corporation는 2024년 12월 31일로 종료된 회계연도 3분기에 대해 이전에 발행한 검토되지 않은 중간 연결 요약 재무제표가 더 이상 신뢰할 수 없으며 정정(Restatement)될 것이라고 결론지었습니다. 경영진은 Topic 606에 따라 계상된 서비스 및 구독 수익에서 불일치를 확인하고, 2025년 3월 31일로 종료되는 회계연도에 대해 수익 인식 기간과 단독 판매가격(standalone selling prices)을 수정했습니다. 회사는 이번 정정으로 비신뢰기간(Non-Reliance Period) 동안 수익이 감소하고 영업손실 순액도 약 390만 달러만큼 감소할 것으로 예상하고 있습니다. 감사위원회는 2024년 12월 31일 및 2025년 3월 31일 기준으로 수익 인식과 관련된 재무보고 내부통제 및 공시 통제에 중대한 약점이 있음을 판단했습니다. 다른 분기에 대한 조정은 중요하지 않아 비교기간 정보에서 수정될 예정입니다. 감사위원회는 이 사안을 Grant Thornton LLP와 논의했습니다.
Quantum Corporation a conclu que ses états financiers consolidés intermédiaires condensés non audités, publiés antérieurement pour le troisième trimestre fiscal clos le 31 décembre 2024, ne sont plus fiables et feront l'objet d'une rectification. La direction a identifié des incohérences dans les revenus de services et d'abonnements comptabilisés selon le Topic 606 et a révisé les périodes de reconnaissance des revenus ainsi que les prix de vente autonomes pour l'exercice clos le 31 mars 2025. La société prévoit actuellement que la rectification réduira les revenus et, de manière analogue, diminuera la perte d'exploitation nette d'environ 3,9 millions de dollars pour la période de non-fiabilité (Non-Reliance Period). Le comité d'audit a déterminé qu'il existait des faiblesses significatives du contrôle interne sur l'information financière et des contrôles de communication liés à la reconnaissance des revenus au 31 décembre 2024 et au 31 mars 2025. Les ajustements concernant les autres trimestres n'étant pas significatifs, ils seront révisés dans les informations comparatives. Le comité d'audit a discuté de ces éléments avec Grant Thornton LLP.
Quantum Corporation hat festgestellt, dass ihre zuvor veröffentlichten ungeprüften vorläufigen konsolidierten Abschlüsse für das am 31. Dezember 2024 endende dritte Geschäftsquartal nicht mehr verlässlich sind und berichtigt werden. Das Management identifizierte Unstimmigkeiten bei Service- und Abonnementerlösen nach Topic 606 und hat die Zeiträume der Erlöserfassung sowie die alleinstehenden Verkaufspreise für das Geschäftsjahr zum 31. März 2025 angepasst. Das Unternehmen erwartet derzeit, dass die Berichtigung die Umsatzerlöse und in ähnlicher Weise den operativen Fehlbetrag um rund 3,9 Mio. US-Dollar für den Non‑Reliance‑Zeitraum verringern wird. Der Prüfungsausschuss stellte fest, dass zum 31. Dezember 2024 und zum 31. März 2025 wesentliche Schwächen in der internen Kontrolle über die Finanzberichterstattung und in den Offenlegungskontrollen im Zusammenhang mit der Erlöserfassung vorlagen. Anpassungen für andere Quartale waren nicht wesentlich und werden in den Vergleichsangaben korrigiert. Der Prüfungsausschuss erörterte diese Angelegenheiten mit Grant Thornton LLP.
- Company identified revenue recognition inconsistencies and is proactively restating affected interim financial statements.
- Audit Committee and management engaged with the independent auditor, Grant Thornton LLP, and disclosed the issues publicly.
- Management determined no contracts entered into prior to the fiscal year ended March 31, 2025 were impacted.
- Restatement expected to decrease revenue and similarly decrease net loss from operations by approximately $3.9 million for the Non-Reliance Period.
- Audit Committee concluded there were material weaknesses in internal control over financial reporting and disclosure controls related to revenue recognition as of December 31, 2024 and March 31, 2025.
- Previously issued interim condensed consolidated financial statements for the fiscal third quarter ended December 31, 2024 have been deemed not reliable.
- Additional deficiencies or material weaknesses may be identified during the review, per the company disclosure.
Insights
Restatement trims reported revenue by ~$3.9M and raises governance and comparability concerns for interim results.
The Restatement reduces revenue and net loss from operations by approximately $3.9 million for the Non-Reliance Period, which directly affects prior interim comparability and reported results for that quarter. The company states the issue stems from Topic 606 application: timing of revenue recognition and standalone selling price adjustments. While the amount may be modest relative to total annual revenue depending on scale, the identification of material weaknesses in internal controls is more consequential because it creates uncertainty about the reliability of other interim disclosures and could extend audit timelines for the 10-K. The filing also documents engagement with the independent auditor, Grant Thornton LLP.
Audit Committee found material weaknesses; remediation and disclosure will be necessary to restore control effectiveness.
The Audit Committee concluded, with management concurrence, that deficiencies in controls amounted to material weaknesses as of December 31, 2024 and March 31, 2025, specifically related to revenue recognition. The company acknowledges potential for additional deficiencies to be identified during its review and will describe its full assessment in the annual 10-K. These findings indicate ineffective entity-level controls within the control environment during the periods referenced and elevate remediation priority. The filing also notes forward-looking risks including the possibility of regulatory or listing consequences.
Quantum Corporation ha rilevato che le sue precedenti dichiarazioni finanziarie consolidate intermedie non revisionate per il terzo trimestre fiscale conclusosi il 31 dicembre 2024 non sono più attendibili e saranno rettificate. La direzione ha individuato incongruenze nei ricavi da servizi e abbonamenti contabilizzati secondo il Topic 606 e ha aggiornato i periodi di rilevazione dei ricavi e i prezzi di vendita separati per l'esercizio chiuso il 31 marzo 2025. La società prevede che la rettifica ridurrà i ricavi e, di conseguenza, diminuirà anche la perdita netta operativa di circa 3,9 milioni di dollari per il Periodo di non affidabilità (Non-Reliance Period). Il Comitato di Revisione ha riscontrato carenze rilevanti nel controllo interno sulla rendicontazione finanziaria e nei controlli di disclosure relativi al riconoscimento dei ricavi al 31 dicembre 2024 e al 31 marzo 2025. Le rettifiche relative ad altri trimestri non sono significative e saranno aggiornate nelle informazioni comparative. Il Comitato ha discusso questi aspetti con Grant Thornton LLP.
Quantum Corporation concluyó que sus estados financieros consolidados interinos condensados no auditados, correspondientes al tercer trimestre fiscal finalizado el 31 de diciembre de 2024, ya no son confiables y serán reformulados. La dirección identificó inconsistencias en los ingresos por servicios y suscripciones contabilizados según el Topic 606 y actualizó los períodos de reconocimiento de ingresos y los precios de venta independientes para el ejercicio cerrado el 31 de marzo de 2025. La compañía espera que la reformulación reduzca los ingresos y, de forma similar, disminuya la pérdida neta operativa en aproximadamente 3,9 millones de dólares para el Período de No Confiabilidad (Non-Reliance Period). El Comité de Auditoría determinó que existían debilidades materiales en el control interno sobre la información financiera y en los controles de divulgación relacionados con el reconocimiento de ingresos al 31 de diciembre de 2024 y al 31 de marzo de 2025. Los ajustes a otros trimestres no fueron materiales y se corregirán en la información de los períodos comparativos. El Comité discutió estos asuntos con Grant Thornton LLP.
Quantum Corporation는 2024년 12월 31일로 종료된 회계연도 3분기에 대해 이전에 발행한 검토되지 않은 중간 연결 요약 재무제표가 더 이상 신뢰할 수 없으며 정정(Restatement)될 것이라고 결론지었습니다. 경영진은 Topic 606에 따라 계상된 서비스 및 구독 수익에서 불일치를 확인하고, 2025년 3월 31일로 종료되는 회계연도에 대해 수익 인식 기간과 단독 판매가격(standalone selling prices)을 수정했습니다. 회사는 이번 정정으로 비신뢰기간(Non-Reliance Period) 동안 수익이 감소하고 영업손실 순액도 약 390만 달러만큼 감소할 것으로 예상하고 있습니다. 감사위원회는 2024년 12월 31일 및 2025년 3월 31일 기준으로 수익 인식과 관련된 재무보고 내부통제 및 공시 통제에 중대한 약점이 있음을 판단했습니다. 다른 분기에 대한 조정은 중요하지 않아 비교기간 정보에서 수정될 예정입니다. 감사위원회는 이 사안을 Grant Thornton LLP와 논의했습니다.
Quantum Corporation a conclu que ses états financiers consolidés intermédiaires condensés non audités, publiés antérieurement pour le troisième trimestre fiscal clos le 31 décembre 2024, ne sont plus fiables et feront l'objet d'une rectification. La direction a identifié des incohérences dans les revenus de services et d'abonnements comptabilisés selon le Topic 606 et a révisé les périodes de reconnaissance des revenus ainsi que les prix de vente autonomes pour l'exercice clos le 31 mars 2025. La société prévoit actuellement que la rectification réduira les revenus et, de manière analogue, diminuera la perte d'exploitation nette d'environ 3,9 millions de dollars pour la période de non-fiabilité (Non-Reliance Period). Le comité d'audit a déterminé qu'il existait des faiblesses significatives du contrôle interne sur l'information financière et des contrôles de communication liés à la reconnaissance des revenus au 31 décembre 2024 et au 31 mars 2025. Les ajustements concernant les autres trimestres n'étant pas significatifs, ils seront révisés dans les informations comparatives. Le comité d'audit a discuté de ces éléments avec Grant Thornton LLP.
Quantum Corporation hat festgestellt, dass ihre zuvor veröffentlichten ungeprüften vorläufigen konsolidierten Abschlüsse für das am 31. Dezember 2024 endende dritte Geschäftsquartal nicht mehr verlässlich sind und berichtigt werden. Das Management identifizierte Unstimmigkeiten bei Service- und Abonnementerlösen nach Topic 606 und hat die Zeiträume der Erlöserfassung sowie die alleinstehenden Verkaufspreise für das Geschäftsjahr zum 31. März 2025 angepasst. Das Unternehmen erwartet derzeit, dass die Berichtigung die Umsatzerlöse und in ähnlicher Weise den operativen Fehlbetrag um rund 3,9 Mio. US-Dollar für den Non‑Reliance‑Zeitraum verringern wird. Der Prüfungsausschuss stellte fest, dass zum 31. Dezember 2024 und zum 31. März 2025 wesentliche Schwächen in der internen Kontrolle über die Finanzberichterstattung und in den Offenlegungskontrollen im Zusammenhang mit der Erlöserfassung vorlagen. Anpassungen für andere Quartale waren nicht wesentlich und werden in den Vergleichsangaben korrigiert. Der Prüfungsausschuss erörterte diese Angelegenheiten mit Grant Thornton LLP.
(Exact name of registrant as specified in its charter) | ||
| (State or other jurisdiction of incorporation or organization) | (Commission File No.) | (I.R.S. Employer Identification No.) | |||||||||||||||
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| Registrant's telephone number, including area code | |||||
| 224 Airport Parkway, Suite 550 | |||||
| San Jose, CA 95110 | |||||
| (Former name, former address and former fiscal year, if changed since last report) | |||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
| Quantum Corporation | ||||||||||||||
| (Registrant) | ||||||||||||||
| August 8, 2025 | /s/ Lewis W. Moorehead | |||||||||||||
| (Date) | Lewis W. Moorehead | |||||||||||||
| Chief Financial Officer | ||||||||||||||
FAQ
What did Quantum (QMCO) disclose in this 8-K?
How large is the expected financial impact of the restatement for QMCO?
Which fiscal periods are affected by Quantum's disclosure?
What internal control issues did QMCO report?
Did Quantum consult its auditor about these matters?
