Quantum Corporation announced on August 26, 2025, the filing of its Annual Report on Form 10-K for the fiscal year ended March 31, 2025, with the SEC, addressing accounting issues related to revenue contracts and standalone selling price. However, the company delayed its Form 10-Q filing for the quarter ended June 30, 2025, triggering a Nasdaq non-compliance notice.
Quantum’s Form 10-K, filed on August 26, 2025, includes a review of accounting practices for revenue contracts under ASC 606, resolving issues flagged in a July 2025 Nasdaq notice for a delayed 10-K. The company filed a Form 12b-25 on August 15, 2025, citing the need for additional time to finalize its Q1 2026 financial statements, with its auditor still reviewing.
On August 21, 2025, Nasdaq issued a notice for Quantum’s failure to file its Form 10-Q by August 14, 2025, violating Listing Rule 5250(c)(1). Quantum must file the 10-Q or submit a compliance plan by September 15, 2025. The notice does not immediately impact QMCO’s listing, but failure to comply risks delisting, as noted in prior incidents in 2023 and 2024.
Quantum, a leader in AI-driven data management with $65-67M in Q4 2025 revenue, faces ongoing challenges with financial reporting. A 15% stock price drop in August 2025 followed the CFO’s resignation and accounting restatements, reflecting investor concerns. The company’s market cap is under $200M, with liquidity pressures from rising debt ($87.3M) and reduced cash ($24.4M).
The data storage market, valued at $100B in 2025, is growing at a 10% CAGR, per IDC. Quantum’s solutions, like Myriad and ActiveScale, serve industries like life sciences and media, but repeated filing delays—also seen in 2018 and 2023—highlight internal control weaknesses. The company is working to address these, aiming to file its 10-Q soon to regain compliance.
Quantum’s timely 10-K filing resolves prior concerns, but the 10-Q delay and Nasdaq notice underscore ongoing governance challenges, requiring swift action to maintain investor confidence and market standing.
Quantum delivers end-to-end data management solutions designed for the AI era. With over four decades of experience, our data platform has allowed customers to extract the maximum value from their unique, unstructured data. From high-performance ingest that powers AI applications and demanding data-intensive workloads, to massive, durable data lakes to fuel AI models, Quantum delivers the most comprehensive and cost-efficient solutions. Leading organizations in life sciences, government, media and entertainment, research, and industrial technology trust Quantum with their most valuable asset – their data.
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