[8-K] Quantum Corporation Reports Material Event
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.
Quantum Corporation ha rilevato che le sue precedenti dichiarazioni finanziarie consolidate intermedie non revisionate per il terzo trimestre fiscale conclusosi il 31 dicembre 2024 non sono pi霉 attendibili e saranno rettificate. La direzione ha individuato incongruenze nei ricavi da servizi e abbonamenti contabilizzati secondo il Topic 606 e ha aggiornato i periodi di rilevazione dei ricavi e i prezzi di vendita separati per l'esercizio chiuso il 31 marzo 2025. La societ脿 prevede che la rettifica ridurr脿 i ricavi e, di conseguenza, diminuir脿 anche la perdita netta operativa di circa 3,9 milioni di dollari per il Periodo di non affidabilit脿 (Non-Reliance Period). Il Comitato di Revisione ha riscontrato carenze rilevanti nel controllo interno sulla rendicontazione finanziaria e nei controlli di disclosure relativi al riconoscimento dei ricavi al 31 dicembre 2024 e al 31 marzo 2025. Le rettifiche relative ad altri trimestri non sono significative e saranno aggiornate nelle informazioni comparative. Il Comitato ha discusso questi aspetti con Grant Thornton LLP.
Quantum Corporation concluy贸 que sus estados financieros consolidados interinos condensados no auditados, correspondientes al tercer trimestre fiscal finalizado el 31 de diciembre de 2024, ya no son confiables y ser谩n reformulados. La direcci贸n identific贸 inconsistencias en los ingresos por servicios y suscripciones contabilizados seg煤n el Topic 606 y actualiz贸 los per铆odos de reconocimiento de ingresos y los precios de venta independientes para el ejercicio cerrado el 31 de marzo de 2025. La compa帽铆a espera que la reformulaci贸n reduzca los ingresos y, de forma similar, disminuya la p茅rdida neta operativa en aproximadamente 3,9 millones de d贸lares para el Per铆odo de No Confiabilidad (Non-Reliance Period). El Comit茅 de Auditor铆a determin贸 que exist铆an debilidades materiales en el control interno sobre la informaci贸n financiera y en los controles de divulgaci贸n relacionados con el reconocimiento de ingresos al 31 de diciembre de 2024 y al 31 de marzo de 2025. Los ajustes a otros trimestres no fueron materiales y se corregir谩n en la informaci贸n de los per铆odos comparativos. El Comit茅 discuti贸 estos asuntos con Grant Thornton LLP.
Quantum Corporation電� 2024雲� 12鞗� 31鞚茧 膦呺霅� 須岅硠鞐半弰 3攵勱赴鞐� 雽�頃� 鞚挫爠鞐� 氚滍枆頃� 瓴�韱犽悩歆� 鞎婌潃 欷戧皠 鞐瓣舶 鞖旍暯 鞛鞝滍憸臧� 雿� 鞚挫儊 鞁犽頃� 靾� 鞐嗢溂氅� 鞝曥爼(Restatement)霅� 瓴冹澊霛缄碃 瓴半歆�鞐堨姷雼堧嫟. 瓴届榿歆勳潃 Topic 606鞐� 霐半澕 瓿勳儊霅� 靹滊箘鞀� 氚� 甑弲 靾橃澋鞐愳劀 攵堨澕旃橂ゼ 頇曥澑頃橁碃, 2025雲� 3鞗� 31鞚茧 膦呺霅橂姅 須岅硠鞐半弰鞐� 雽�頃� 靾橃澋 鞚胳嫕 旮瓣皠瓿� 雼弲 韺愲Г臧�瓴�(standalone selling prices)鞚� 靾橃爼頄堨姷雼堧嫟. 須岇偓電� 鞚措矆 鞝曥爼鞙茧 牍勳嫚擘瓣赴臧�(Non-Reliance Period) 霃欖晥 靾橃澋鞚� 臧愳唽頃橁碃 鞓侅梾靻愳嫟 靾滌暋霃� 鞎� 390毵� 雼煬毵岉伡 臧愳唽頃� 瓴冹溂搿� 鞓堨儊頃橁碃 鞛堨姷雼堧嫟. 臧愳偓鞙勳洂須岆姅 2024雲� 12鞗� 31鞚� 氚� 2025雲� 3鞗� 31鞚� 旮办鞙茧 靾橃澋 鞚胳嫕瓿� 甏�霠悳 鞛氤搓碃 雮措秬韱奠牅 氚� 瓿奠嫓 韱奠牅鞐� 欷戨寑頃� 鞎届爯鞚� 鞛堨潓鞚� 韺愲嫧頄堨姷雼堧嫟. 雼るジ 攵勱赴鞐� 雽�頃� 臁办爼鞚� 欷戩殧頃橃 鞎婌晞 牍勱祼旮瓣皠 鞝曤炒鞐愳劀 靾橃爼霅� 鞓堨爼鞛呺媹雼�. 臧愳偓鞙勳洂須岆姅 鞚� 靷晥鞚� Grant Thornton LLP鞕� 雲检潣頄堨姷雼堧嫟.
Quantum Corporation a conclu que ses 茅tats financiers consolid茅s interm茅diaires condens茅s non audit茅s, publi茅s ant茅rieurement pour le troisi猫me trimestre fiscal clos le 31 d茅cembre 2024, ne sont plus fiables et feront l'objet d'une rectification. La direction a identifi茅 des incoh茅rences dans les revenus de services et d'abonnements comptabilis茅s selon le Topic 606 et a r茅vis茅 les p茅riodes de reconnaissance des revenus ainsi que les prix de vente autonomes pour l'exercice clos le 31 mars 2025. La soci茅t茅 pr茅voit actuellement que la rectification r茅duira les revenus et, de mani猫re analogue, diminuera la perte d'exploitation nette d'environ 3,9 millions de dollars pour la p茅riode de non-fiabilit茅 (Non-Reliance Period). Le comit茅 d'audit a d茅termin茅 qu'il existait des faiblesses significatives du contr么le interne sur l'information financi猫re et des contr么les de communication li茅s 脿 la reconnaissance des revenus au 31 d茅cembre 2024 et au 31 mars 2025. Les ajustements concernant les autres trimestres n'茅tant pas significatifs, ils seront r茅vis茅s dans les informations comparatives. Le comit茅 d'audit a discut茅 de ces 茅l茅ments avec Grant Thornton LLP.
Quantum Corporation hat festgestellt, dass ihre zuvor ver枚ffentlichten ungepr眉ften vorl盲ufigen konsolidierten Abschl眉sse f眉r das am 31. Dezember 2024 endende dritte Gesch盲ftsquartal nicht mehr verl盲sslich sind und berichtigt werden. Das Management identifizierte Unstimmigkeiten bei Service- und Abonnementerl枚sen nach Topic 606 und hat die Zeitr盲ume der Erl枚serfassung sowie die alleinstehenden Verkaufspreise f眉r das Gesch盲ftsjahr zum 31. M盲rz 2025 angepasst. Das Unternehmen erwartet derzeit, dass die Berichtigung die Umsatzerl枚se und in 盲hnlicher Weise den operativen Fehlbetrag um rund 3,9 Mio. US-Dollar f眉r den Non鈥慠eliance鈥慫eitraum verringern wird. Der Pr眉fungsausschuss stellte fest, dass zum 31. Dezember 2024 und zum 31. M盲rz 2025 wesentliche Schw盲chen in der internen Kontrolle 眉ber die Finanzberichterstattung und in den Offenlegungskontrollen im Zusammenhang mit der Erl枚serfassung vorlagen. Anpassungen f眉r andere Quartale waren nicht wesentlich und werden in den Vergleichsangaben korrigiert. Der Pr眉fungsausschuss er枚rterte diese Angelegenheiten mit Grant Thornton LLP.
- Company identified revenue recognition inconsistencies and is proactively restating affected interim financial statements.
- Audit Committee and management engaged with the independent auditor, Grant Thornton LLP, and disclosed the issues publicly.
- Management determined no contracts entered into prior to the fiscal year ended March 31, 2025 were impacted.
- Restatement expected to decrease revenue and similarly decrease net loss from operations by approximately $3.9 million for the Non-Reliance Period.
- Audit Committee concluded 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.
- Previously issued interim condensed consolidated financial statements for the fiscal third quarter ended December 31, 2024 have been deemed not reliable.
- Additional deficiencies or material weaknesses may be identified during the review, per the company disclosure.
Insights
Restatement trims reported revenue by ~$3.9M and raises governance and comparability concerns for interim results.
The Restatement reduces revenue and net loss from operations by approximately $3.9 million for the Non-Reliance Period, which directly affects prior interim comparability and reported results for that quarter. The company states the issue stems from Topic 606 application: timing of revenue recognition and standalone selling price adjustments. While the amount may be modest relative to total annual revenue depending on scale, the identification of material weaknesses in internal controls is more consequential because it creates uncertainty about the reliability of other interim disclosures and could extend audit timelines for the 10-K. The filing also documents engagement with the independent auditor, Grant Thornton LLP.
Audit Committee found material weaknesses; remediation and disclosure will be necessary to restore control effectiveness.
The Audit Committee concluded, with management concurrence, that deficiencies in controls amounted to material weaknesses as of December 31, 2024 and March 31, 2025, specifically related to revenue recognition. The company acknowledges potential for additional deficiencies to be identified during its review and will describe its full assessment in the annual 10-K. These findings indicate ineffective entity-level controls within the control environment during the periods referenced and elevate remediation priority. The filing also notes forward-looking risks including the possibility of regulatory or listing consequences.
Quantum Corporation ha rilevato che le sue precedenti dichiarazioni finanziarie consolidate intermedie non revisionate per il terzo trimestre fiscale conclusosi il 31 dicembre 2024 non sono pi霉 attendibili e saranno rettificate. La direzione ha individuato incongruenze nei ricavi da servizi e abbonamenti contabilizzati secondo il Topic 606 e ha aggiornato i periodi di rilevazione dei ricavi e i prezzi di vendita separati per l'esercizio chiuso il 31 marzo 2025. La societ脿 prevede che la rettifica ridurr脿 i ricavi e, di conseguenza, diminuir脿 anche la perdita netta operativa di circa 3,9 milioni di dollari per il Periodo di non affidabilit脿 (Non-Reliance Period). Il Comitato di Revisione ha riscontrato carenze rilevanti nel controllo interno sulla rendicontazione finanziaria e nei controlli di disclosure relativi al riconoscimento dei ricavi al 31 dicembre 2024 e al 31 marzo 2025. Le rettifiche relative ad altri trimestri non sono significative e saranno aggiornate nelle informazioni comparative. Il Comitato ha discusso questi aspetti con Grant Thornton LLP.
Quantum Corporation concluy贸 que sus estados financieros consolidados interinos condensados no auditados, correspondientes al tercer trimestre fiscal finalizado el 31 de diciembre de 2024, ya no son confiables y ser谩n reformulados. La direcci贸n identific贸 inconsistencias en los ingresos por servicios y suscripciones contabilizados seg煤n el Topic 606 y actualiz贸 los per铆odos de reconocimiento de ingresos y los precios de venta independientes para el ejercicio cerrado el 31 de marzo de 2025. La compa帽铆a espera que la reformulaci贸n reduzca los ingresos y, de forma similar, disminuya la p茅rdida neta operativa en aproximadamente 3,9 millones de d贸lares para el Per铆odo de No Confiabilidad (Non-Reliance Period). El Comit茅 de Auditor铆a determin贸 que exist铆an debilidades materiales en el control interno sobre la informaci贸n financiera y en los controles de divulgaci贸n relacionados con el reconocimiento de ingresos al 31 de diciembre de 2024 y al 31 de marzo de 2025. Los ajustes a otros trimestres no fueron materiales y se corregir谩n en la informaci贸n de los per铆odos comparativos. El Comit茅 discuti贸 estos asuntos con Grant Thornton LLP.
Quantum Corporation電� 2024雲� 12鞗� 31鞚茧 膦呺霅� 須岅硠鞐半弰 3攵勱赴鞐� 雽�頃� 鞚挫爠鞐� 氚滍枆頃� 瓴�韱犽悩歆� 鞎婌潃 欷戧皠 鞐瓣舶 鞖旍暯 鞛鞝滍憸臧� 雿� 鞚挫儊 鞁犽頃� 靾� 鞐嗢溂氅� 鞝曥爼(Restatement)霅� 瓴冹澊霛缄碃 瓴半歆�鞐堨姷雼堧嫟. 瓴届榿歆勳潃 Topic 606鞐� 霐半澕 瓿勳儊霅� 靹滊箘鞀� 氚� 甑弲 靾橃澋鞐愳劀 攵堨澕旃橂ゼ 頇曥澑頃橁碃, 2025雲� 3鞗� 31鞚茧 膦呺霅橂姅 須岅硠鞐半弰鞐� 雽�頃� 靾橃澋 鞚胳嫕 旮瓣皠瓿� 雼弲 韺愲Г臧�瓴�(standalone selling prices)鞚� 靾橃爼頄堨姷雼堧嫟. 須岇偓電� 鞚措矆 鞝曥爼鞙茧 牍勳嫚擘瓣赴臧�(Non-Reliance Period) 霃欖晥 靾橃澋鞚� 臧愳唽頃橁碃 鞓侅梾靻愳嫟 靾滌暋霃� 鞎� 390毵� 雼煬毵岉伡 臧愳唽頃� 瓴冹溂搿� 鞓堨儊頃橁碃 鞛堨姷雼堧嫟. 臧愳偓鞙勳洂須岆姅 2024雲� 12鞗� 31鞚� 氚� 2025雲� 3鞗� 31鞚� 旮办鞙茧 靾橃澋 鞚胳嫕瓿� 甏�霠悳 鞛氤搓碃 雮措秬韱奠牅 氚� 瓿奠嫓 韱奠牅鞐� 欷戨寑頃� 鞎届爯鞚� 鞛堨潓鞚� 韺愲嫧頄堨姷雼堧嫟. 雼るジ 攵勱赴鞐� 雽�頃� 臁办爼鞚� 欷戩殧頃橃 鞎婌晞 牍勱祼旮瓣皠 鞝曤炒鞐愳劀 靾橃爼霅� 鞓堨爼鞛呺媹雼�. 臧愳偓鞙勳洂須岆姅 鞚� 靷晥鞚� Grant Thornton LLP鞕� 雲检潣頄堨姷雼堧嫟.
Quantum Corporation a conclu que ses 茅tats financiers consolid茅s interm茅diaires condens茅s non audit茅s, publi茅s ant茅rieurement pour le troisi猫me trimestre fiscal clos le 31 d茅cembre 2024, ne sont plus fiables et feront l'objet d'une rectification. La direction a identifi茅 des incoh茅rences dans les revenus de services et d'abonnements comptabilis茅s selon le Topic 606 et a r茅vis茅 les p茅riodes de reconnaissance des revenus ainsi que les prix de vente autonomes pour l'exercice clos le 31 mars 2025. La soci茅t茅 pr茅voit actuellement que la rectification r茅duira les revenus et, de mani猫re analogue, diminuera la perte d'exploitation nette d'environ 3,9 millions de dollars pour la p茅riode de non-fiabilit茅 (Non-Reliance Period). Le comit茅 d'audit a d茅termin茅 qu'il existait des faiblesses significatives du contr么le interne sur l'information financi猫re et des contr么les de communication li茅s 脿 la reconnaissance des revenus au 31 d茅cembre 2024 et au 31 mars 2025. Les ajustements concernant les autres trimestres n'茅tant pas significatifs, ils seront r茅vis茅s dans les informations comparatives. Le comit茅 d'audit a discut茅 de ces 茅l茅ments avec Grant Thornton LLP.
Quantum Corporation hat festgestellt, dass ihre zuvor ver枚ffentlichten ungepr眉ften vorl盲ufigen konsolidierten Abschl眉sse f眉r das am 31. Dezember 2024 endende dritte Gesch盲ftsquartal nicht mehr verl盲sslich sind und berichtigt werden. Das Management identifizierte Unstimmigkeiten bei Service- und Abonnementerl枚sen nach Topic 606 und hat die Zeitr盲ume der Erl枚serfassung sowie die alleinstehenden Verkaufspreise f眉r das Gesch盲ftsjahr zum 31. M盲rz 2025 angepasst. Das Unternehmen erwartet derzeit, dass die Berichtigung die Umsatzerl枚se und in 盲hnlicher Weise den operativen Fehlbetrag um rund 3,9 Mio. US-Dollar f眉r den Non鈥慠eliance鈥慫eitraum verringern wird. Der Pr眉fungsausschuss stellte fest, dass zum 31. Dezember 2024 und zum 31. M盲rz 2025 wesentliche Schw盲chen in der internen Kontrolle 眉ber die Finanzberichterstattung und in den Offenlegungskontrollen im Zusammenhang mit der Erl枚serfassung vorlagen. Anpassungen f眉r andere Quartale waren nicht wesentlich und werden in den Vergleichsangaben korrigiert. Der Pr眉fungsausschuss er枚rterte diese Angelegenheiten mit Grant Thornton LLP.
(Exact name of registrant as specified in its charter) | ||
| (State or other jurisdiction of incorporation or organization) | (Commission File No.) | (I.R.S. Employer Identification No.) | |||||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||||||||
| | |||||
| Registrant's telephone number, including area code | |||||
| 224 Airport Parkway, Suite 550 | |||||
| San Jose, CA 95110 | |||||
| (Former name, former address and former fiscal year, if changed since last report) | |||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
| Quantum Corporation | ||||||||||||||
| (Registrant) | ||||||||||||||
| August 8, 2025 | /s/ Lewis W. Moorehead | |||||||||||||
| (Date) | Lewis W. Moorehead | |||||||||||||
| Chief Financial Officer | ||||||||||||||
Source:
FAQ
What did Quantum (QMCO) disclose in this 8-K?
How large is the expected financial impact of the restatement for QMCO?
Which fiscal periods are affected by Quantum's disclosure?
What internal control issues did QMCO report?
Did Quantum consult its auditor about these matters?
