QUANTUM /DE/ (QMCO) SEC Filings, Jul-Aug 2025

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.