--- schema_version: "secwatch.filing_event.v1" accession: "0000709283-23-000012" form_type: "8-K" ticker: "QMCO" cik: "0000709283" company_name: "QUANTUM CORP /DE/" filed_at: "2023-06-06T23:59:59+00:00" generated_at: "2026-06-14T06:55:12.548285+00:00" event_type: "earnings" sentiment: "neutral" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Quantum Q4 revenue $105.3M (+10.7% YoY); secures $15M debt, cuts >10% workforce ## Summary - Q4 GAAP net loss $13.6M ($0.15/sh); adjusted non-GAAP net loss $3.7M ($0.04/sh). - FY2023 revenue $412.8M (+10.7% YoY); adjusted EBITDA $11.8M. - Secured $15M additional term loan from Blue Torch Finance; issued warrants for 1.25M shares at $1.00. - Approved global efficiency plan reducing workforce >10%; expects ~$8.5M in restructuring charges through FY2025. - Q1 FY2024 guidance: revenue ~$97M, adjusted EBITDA ~$1M; FY2024: revenue $415M, adjusted EBITDA ≥$20M. ## SEC filing metadata - accession: 0000709283-23-000012 - form_type: 8-K - ticker: QMCO - cik: 0000709283 - company_name: QUANTUM CORP /DE/ - filed_at: 2023-06-06T23:59:59+00:00 - event_type: earnings - sentiment: neutral - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 2.02, 2.05, 3.02, 5.02, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/709283/000070928323000012/0000709283-23-000012-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/709283/000070928323000012/qtm-20230531.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0000709283-23-000012 - JSON: https://secwatch.observer/filing/0000709283-23-000012.json - Plain text: https://secwatch.observer/filing/0000709283-23-000012.txt ## Key facts - Earnings Releases QUANTUM CORP /DE/ reported financial results for the quarter and full year ended March 31, 2023. - Period: the quarter and full year ended March 31, 2023 - Result: reported results source text: On June 6, 2023, we reported our financial results for the quarter and full year ended March 31, 2023. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. evidence_url: https://www.sec.gov/Archives/edgar/data/709283/000070928323000012/0000709283-23-000012-index.htm - Executive change Laura A. Nash was appointed as Chief Accounting Officer at QUANTUM CORP /DE/. - Action: appointed - Role: Chief Accounting Officer source text: Effective as of June 6, 2023, the Board appointed Laura A. Nash as Chief Accounting Officer of the Company. evidence_url: https://www.sec.gov/Archives/edgar/data/709283/000070928323000012/0000709283-23-000012-index.htm - Executive change Lewis Moorehead changed role as Vice President, Finance and Treasurer at QUANTUM CORP /DE/. - Action: transitioned - Role: Vice President, Finance and Treasurer source text: Ms. Nash will succeed Lewis Moorehead, who will be transitioning out of his current role of Chief Accounting Officer effective June 6, 2023, and will serve as the Company’s Vice President, Finance and Treasurer. evidence_url: https://www.sec.gov/Archives/edgar/data/709283/000070928323000012/0000709283-23-000012-index.htm - Material Agreements QUANTUM CORP /DE/ entered into 2023 Term Loan Warrant (effective 2023-06-01). - Action: entry - Agreement: credit facility - Effective: 2023-06-01 source text: In connection with the Term Loan Amendment, on the Closing Date, the Company issued to the lender of the 2023 Term Loan under the Term Loan Credit Agreement (the “Initial Warrantholder”) a warrant (the “2023 Term Loan Warrant”) to purchase an aggregate of 1,250,000 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), at an exercise price of $1.00 per share. evidence_url: https://www.sec.gov/Archives/edgar/data/709283/000070928323000012/0000709283-23-000012-index.htm - Material Agreements QUANTUM CORP /DE/ amended Revolver Amendment with PNC Bank, National Association, as administrative agent and collateral agent for the lenders (effective 2023-06-01). - Action: amendment - Agreement: credit facility - Counterparty: PNC Bank, National Association, as administrative agent and collateral agent for the lenders - Effective: 2023-06-01 source text: On the Closing Date, the Company entered into an amendment (the “Revolver Amendment”) to the Amended and Restated Revolving Credit and Security Agreement, dated as of December 27, 2018 (as the same has been and may further be amended, modified, supplemented, renewed, restated or replaced from time to time, the “Revolving Credit Agreement”), among the Company, Quantum LTO, the other borrowers and guarantors from time to time party thereto, the lenders from time to time party thereto, and PNC Bank, National Association, as administrative agent and collateral agent for such lenders (the “Revolving Agent”). evidence_url: https://www.sec.gov/Archives/edgar/data/709283/000070928323000012/0000709283-23-000012-index.htm - Material Agreements QUANTUM CORP /DE/ amended Term Loan Amendment with Blue Torch Finance LLC, as disbursing agent and collateral agent for the lenders valued at $15 million (effective 2023-06-01). - Action: amendment - Agreement: credit facility - Counterparty: Blue Torch Finance LLC, as disbursing agent and collateral agent for the lenders - Value: $15 million - Effective: 2023-06-01 source text: On June 1, 2023 (the “Closing Date”), Quantum Corporation (the “Company”) entered into an amendment (the “Term Loan Amendment”) to the Term Loan Credit and Security Agreement, dated as of August 5, 2021 (as the same has been and may be further amended, modified, supplemented, renewed, restated or replaced from time to time, the “Term Loan Credit Agreement”), among the Company, Quantum LTO Holdings, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (“Quantum LTO”), the other borrowers and guarantors from time to time party thereto, the lenders from time to time party thereto, and Blue Torch Finance LLC, as disbursing agent and collateral agent for such lenders (the “Term Loan Agent”). evidence_url: https://www.sec.gov/Archives/edgar/data/709283/000070928323000012/0000709283-23-000012-index.htm - Restructurings & Charges QUANTUM CORP /DE/ announced a restructuring with charges of approximately $8.5 million affecting global (over 10%). - Type: restructuring - Charge: approximately $8.5 million - Affected area: global - Headcount: over 10% source text: On May 31, 2023, the Company’s board of directors (the “Board”) approved a global efficiency plan (the “Efficiency Plan”). The Efficiency Plan is intended to support the Company’s strategic plan and reduce operating expenses by further aligning its cost structure to focus on areas the Company believes are more likely to generate the best long-term results, in light of the current industry and macro-economic environment. As a result, the Company's activities under the Efficiency Plan include a reduction of the Company’s global workforce by over 10%. These activities are expected to be substantially completed by the end of fiscal year 2025. The Company currently estimates it will incur cash pre-tax restructuring charges of approximately $8.5 million through the end of fiscal year 2025, as a result of the Efficiency Plan, comprised primarily of severance and related costs. evidence_url: https://www.sec.gov/Archives/edgar/data/709283/000070928323000012/0000709283-23-000012-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.