{"schema_version":"secwatch.filing_event.v1","accession":"0000709283-25-000021","form_type":"8-K","ticker":"QMCO","cik":"0000709283","company_name":"QUANTUM CORP /DE/","filed_at":"2025-08-08T23:59:59+00:00","discovered_at":"2026-05-14T18:02:46.198644+00:00","generated_at":"2026-05-17T16:54:08.835985+00:00","sec_items":["4.02"],"event_type":"other_material","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Quantum restates Q3 FY2025 financials; revenue to decrease ~$3.9M on revenue recognition errors","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0000709283-25-000021","json":"https://secwatch.observer/filing/0000709283-25-000021.json","markdown":"https://secwatch.observer/filing/0000709283-25-000021.md","text":"https://secwatch.observer/filing/0000709283-25-000021.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/709283/000070928325000021/0000709283-25-000021-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/709283/000070928325000021/qtm-20250808.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T16:54:08.835985+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"d3ea1b8af8ecc90e0a77aad00109283f23728018","claim":"QUANTUM CORP /DE/ reported that prior financial statements should not be relied upon.","evidence_excerpt":"elated communications issued by or on behalf of the Company with respect to the Non-Reliance Period, including management’s assessment of internal control over financial reporting and disclosure controls and procedures, should no longer be relied upon. The determination by the Board was made upon the recommendation of the Audit Committee (the “Audit Committee”) of the Board and after consultation with the Company’s management team. In June 2025, the Company identified certain service and subscription revenue inconsistencies during the Non-Reliance Period, which is deferred under Accounting Standards Codification Topic 606 (“Topic 606”) and recognized ratably over the term of the contract. The Company’s management reviewed and updated the periods over which revenue was being recognized to ensure consistent application for all service contracts invoiced in the fiscal year ended March 31, 2","evidence_source":"SEC 8-K Item 4.01/4.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/709283/000070928325000021/0000709283-25-000021-index.htm","confidence":0.9,"family_label":"Auditor Changes","details":[{"label":"Action","value":"non reliance"},{"label":"Auditor","value":"Grant Thornton LLP"}],"fact_type":"auditor_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}