Quantum (QMCO) investor relations material

Executive summary

• Revenue reached $62.7 million, at the high end of guidance, but declined 13% year-over-year, reflecting early restructuring benefits and sales organization changes.

• GAAP net loss was $46.5 million, primarily due to a non-cash loss from debt extinguishment and restructuring charges.

• Non-GAAP adjusted net loss improved to $7.1 million, with positive adjusted EBITDA of $0.5 million.

• Backlog surged to over $25 million, well above historical range, driven by strong sales execution and customer confidence.

• Substantial doubt exists about the ability to continue as a going concern due to debt maturities and insufficient cash flow.

Financial highlights

• Revenue was $62.7 million, down from $64.3 million in the prior quarter and $71.8 million year-over-year.

• GAAP gross margin was 37.6%, down from 42.7% year-over-year; non-GAAP gross margin was 38.6%.

• GAAP operating expenses were $31.7 million, down from $36.2 million year-over-year; non-GAAP operating expenses fell to $24.8 million.

• GAAP net loss was $46.5 million, mainly due to a non-cash loss from debt amendment and warrant issuance; non-GAAP net loss improved to $7.1 million.

• Adjusted EBITDA turned positive at $0.5 million, up from negative $6.5 million in the prior quarter.

Outlook and guidance

• Fiscal Q3 2026 revenue guidance is $67 million, plus or minus $2 million.

• Non-GAAP operating expenses for Q3 are projected at $25 million, plus or minus $2 million.

• Non-GAAP adjusted net loss per share for Q3 is anticipated at negative $0.51, plus or minus $0.10.

• Adjusted EBITDA for Q3 is expected to be positive $1 million, plus or minus $1 million.

• Management expects restructuring initiatives to yield cost savings and productivity improvements starting in fiscal 2026.