Q4 2024 Quantum Corp Earnings Call Transcript
Key Points
- Quantum Corp (QMCO) has made significant progress in improving its capital structure and paying down debt, including a $12.3 million debt reduction from asset sales.
- The company has achieved a 600 basis point increase in gross margin year over year, reflecting improved operational efficiencies.
- Quantum Corp (QMCO) has seen a 33% year-over-year increase in subscription-based annual recurring revenue (ARR), with a near 100% renewal rate.
- The company has launched Quantum GO, a scalable subscription model aimed at meeting increasing data management needs, particularly in AI and machine learning.
- Quantum Corp (QMCO) has expanded its global partnerships and revamped its sales organization to drive growth in new product offerings and higher-margin revenue streams.
- Revenue for fiscal 2024 was $311.6 million, a decrease of approximately 26% year over year, primarily due to the loss of its largest hyperscale customer.
- The company reported a GAAP net loss of $41.3 million for fiscal 2024, significantly higher than the $18.4 million loss in the prior year.
- Adjusted EBITDA for fiscal 2024 was a negative $5.3 million, reflecting lower-than-anticipated revenue and gross profit.
- Quantum Corp (QMCO) is still in the process of completing its financial close process and restatement, with unaudited results subject to potential material adjustments.
- The company faces ongoing challenges in stabilizing its legacy business, particularly in tape media and hyperscale solutions, which have seen significant declines.
Welcome to Quantum's fiscal full-year 2024 financial results and business update conference call. (Operator Instructions)
Please note this conference call is being recorded for replay purposes.
I will now turn the conference over to Brian Cabrera, Quantum's Chief Administrative Officer. Thank you.
Good afternoon, and thank you for joining today's conference call to discuss Quantum's fiscal 2024 financial results. I'm Bryan Cabrera, Quantum's Chief Administrative Officer. Speaking first today is Jamie Lerner, our Chairman and CEO; followed by Ken Gianella, our CFO. We'll then open the call to questions from analysts.
Some of our comments during the call today may include forward-looking statements. All statements other than statements of historical fact should be viewed as forward looking, including any projections of revenue, margins, expenses, adjusted EBITDA, adjusted net income, cash flows, or other financial operational or performance topics. These statements involve
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