Quantum restates Q3 FY2025 financials; revenue to decrease ~$3.9M on revenue recognition errors

QUANTUM CORP /DE/

Board concluded Q3 FY2025 interim financials (Dec 31, 2024) are no longer reliable.
Restatement expected to reduce revenue and net loss by approximately $3.9 million.
Errors involved service contract revenue recognition periods and standalone selling price under ASC 606.
Material weaknesses in internal control over financial reporting identified as of Dec 31, 2024 and Mar 31, 2025.
Non-material adjustments to Q1 and Q2 FY2025 will be revised in future quarterly filings.

item 4.02

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