Quantum delays Q2 FY2024 10-Q; re-evaluating ASC 606 revenue accounting; obtains lender waivers

QUANTUM CORP /DE/

Filed Form 12b-25 for late 10-Q due to re-evaluation of Standalone Selling Price under ASC 606.
Cash and cash equivalents $25.6M (flat YoY); term loan debt $87.9M (up from $77.2M); revolver $21.5M.
Interest expense $3.9M for quarter, up from $2.7M a year ago.
Obtained waivers from lenders under term loan and revolving credit agreements to relax GAAP requirement for Q2 financials.
No set date for completing re-evaluation; earnings call postponed.

item 1.01 item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

QUANTUM CORP /DE/ reported preliminary financial results for the quarter ended September 30, 2023.

Period: the quarter ended September 30, 2023
Result: preliminary results

Exact text from the filing

On November 13, 2023, the Company issued a press release regarding notification of late filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, and certain information regarding the Company’s liquidity and debt as of September 30, 2023.

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Source: SEC EDGAR

accession 0001193125-23-276056

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