secwatch.observer — SEC 8-K summary
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Issuer:     QUANTUM CORP /DE/ (QMCO)
CIK:        0000709283
Form:       8-K
Filed at:   2025-04-17T23:59:59+00:00
Accession:  0000709283-25-000007
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Quantum files restated financials; auditor flags going concern doubt over debt covenants
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- 1-for-20 reverse stock split effective Aug 26, 2024; all share and per-share amounts retroactively adjusted.
- Auditor's going concern opinion: company was in default of debt covenants at Mar 31, 2024, waivered through July 2024, but violation expected at next test.
- FY2024 net loss $41.3M ($8.68 loss per share) vs FY2023 net loss $18.4M ($5.64 loss per diluted share).
- FY2024 revenue $311.6M, down 26% from $422.1M in FY2023; product revenue fell to $174.9M from $274.9M.
- FY2023 and FY2022 financials restated to correct misstatements; total liabilities at Mar 31, 2024: $309.1M with negative equity of $121.5M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/709283/000070928325000007/0000709283-25-000007-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/709283/000070928325000007/qtm-20250416.htm
  HTML page:      https://secwatch.observer/filing/0000709283-25-000007

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