Summary by Moomoo AI
Quantum Corporation reported financial results for Q3 FY2024 ended December 31, 2023. Total revenue decreased 37% YoY to $71.9 million, with product revenue down 52% to $37.1 million. Gross profit fell to $29.2 million from $42.6 million, though gross margin improved to 40.6% from 37.5%.The company posted a net loss of $9.9 million compared to net income of $0.1 million in Q3 FY2023. The decline was primarily driven by lower demand from large hyperscale customers and a slowdown in the linear-tape open media market. Operating expenses decreased 8% to $35.4 million due to cost reduction initiatives across sales, marketing and R&D.Quantum faced ongoing macroeconomic challenges, including longer sales cycles with enterprise and commercial customers. The company has entered into several debt amendments since December 2023 to address financial covenant compliance and improve liquidity. Management continues to monitor the uncertain environment and its potential impacts on the business.