Customer Order Fall-OffThe biggest reason for Quantum’s FY24 revenue shortfall was a '60 mph to zero' fall-off in orders from its largest hyperscaler customer.
Financial Stability ConcernsThe company will have to negotiate a debt amendment and conduct more asset sales, all while trying to convert a pipeline while operating under a going concern audit opinion.
Revenue DeclineQuantum reported Q1’25 revenue of $71.3M (down 23% y/y), which was in line with the company’s guidance range of $70M-$74M.