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Quantum: Fiscal 2Q21 Financial Results

Suffering from impact of Covid-19 on M&E market

Quantum Corporation announced financial results for its fiscal second quarter ended September 30, 2020.

2FQ21 Financial Summary

  • Revenue of $85.8 million
  • Gross margin of 45.1%
  • Total operating expenses decreased $4.1 million, or 10%, compared to 2FQ20
  • GAAP net loss of $4.6 million , or $(0.11) per diluted share
  • Adjusted net loss of $0.2 million, or $(0.01) per diluted share
  • Adjusted EBITDA of $8.9 million

Jamie Lerner, chairman and CEO, commented: “Our results in 2FQ21 exceeded our forecasted outlook, benefitting from the strength of our Federal government business, and solid sales execution. We are seeing a gradual and steady recovery across most of our vertical markets and key geographies, and simultaneously maintaining discipline with our expenses while increasing our investment in R&D to support the introduction of new software products. The 300 basis point sequential improvement in gross margins during the quarter, bolstered our adjusted EBITDA to $8.9 million , meaningfully exceeding our guidance. Our pipeline remains strong, and we continue to identify and pursue significant opportunities to help customers manage video and other forms of unstructured data across its lifecycle.”

He continued: “At our analyst and investor day in August, we discussed Quantum’s transformation over the next few years to a more software-defined and recurring revenue driven model that will drive margin enhancement and expansion of our addressable market. On November 10, 2020 we take the first step in this regard, with the launch of next gen data management software to classify, visualize, and orchestrate data, both on premise and in the cloud, along with new ways to automate data movement in the highly anticipated release of StorNext 7. These new solutions will enable our customers to gain visibility into their data, derive new insights, and unlock more business value from this data. All of these new offerings will be available on a subscription basis, driving more predictable revenue streams and improved margins for us in the future while increasing our addressable market in the near-term.”

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