Here are 1-2 brief analogies to describe Quantum (QMCO):

• A specialized NetApp or Dell EMC for companies that store and manage vast amounts of video and unstructured data.
• An on-premise Amazon S3, designed for enterprises to store and manage their massive video and unstructured data archives.

• Scale-out Storage: Provides high-performance file and object storage solutions designed for managing vast amounts of unstructured data in demanding environments.
• Tape Storage: Offers automated tape libraries and drives for secure, cost-effective long-term archiving and data protection.
• Data Protection Software: Delivers software-defined solutions for data backup, recovery, and replication to ensure business continuity and data integrity.
• Professional Services: Provides expert consulting, implementation, and support services to help customers design, deploy, and optimize their Quantum storage solutions.

Quantum Corporation (symbol: QMCO) sells primarily to other companies and organizations (Business-to-Business, or B2B).

Based on Quantum's annual reports (10-K filings), no single customer accounts for 10% or more of its revenue. Therefore, Quantum does not disclose the names of specific major end-user customer companies due to competitive reasons and the distributed nature of its sales. However, Quantum's products and services are sold through a network of channel partners, who are direct customers of Quantum, and directly to large organizations.

Major Channel Partners (Direct Customers):

While Quantum works with numerous resellers and system integrators globally, major distributors through which their products reach the market, and who are direct customers of Quantum, include:

• TD SYNNEX (SNX)
• Arrow Electronics (ARW)

Categories of End-User Organizations:

Quantum's solutions are ultimately utilized by a diverse range of end-user organizations across various sectors. These include:

1. Media & Entertainment Companies: This sector includes film studios, broadcast networks, post-production houses, and content creators that require high-performance, scalable storage and archiving for massive video files, digital assets, and complex content workflows.
2. Government & Scientific Research Institutions: Agencies involved in defense, intelligence, climate research, life sciences, and academic institutions that need secure, robust, and scalable storage for large datasets, regulatory compliance, and long-term data retention.
3. Cloud Providers & Hyperscale Data Centers: Organizations that build and operate large-scale cloud infrastructure utilize Quantum's technology for data protection, backup, recovery, and long-term cold storage solutions within their services.
4. Enterprise Customers (across various industries): Businesses in sectors such as financial services, healthcare, and manufacturing that leverage Quantum for critical data protection, archiving, compliance, and management, including specialized applications like video surveillance storage.

• Flex Ltd. (FLEX)
• IBM (IBM)
• Seagate Technology plc (STX)
• Western Digital Corporation (WDC)

Hugues Meyrath, Chief Executive Officer

Hugues Meyrath was appointed Chief Executive Officer of Quantum, effective June 2, 2025. He is a storage industry veteran with over 30 years of experience. Most recently, he served as Chief Product Officer of ServiceChannel, which was acquired by Fortive in 2021. Prior to that, he was Vice President at Dell Technologies Capital, where he was responsible for venture funding, mergers & acquisitions, and advisory roles for portfolio companies. His experience also includes executive roles at Juniper Networks, Brocade Communications, SBS, EMC (as Vice President of Product Management and Business Development for Backup & Recovery Services), and previously at Quantum.

Laura A. Nash, Principal Financial Officer

Laura A. Nash was appointed Principal Financial Officer of Quantum, effective August 18, 2025. She has served as Chief Accounting Officer of Quantum since June 2023 and as the company's Controller from June 2019 to June 2023. Before joining Quantum, Ms. Nash held various positions in audit and financial accounting advisory services at Ernst & Young in both the U.S. and the U.K. from September 2005 to June 2019. She is a member of the Institute of Chartered Accountants of Scotland.

Donald J. Jaworski, Chairman of the Board

Donald J. Jaworski was named the new Chairman of the Board, effective June 2, 2025. He currently serves as President and Chief Operating Officer of Lacuna Technologies, Inc. Previously, Mr. Jaworski was CEO of SwiftStack, Inc., an open-source cloud data management company that was acquired by NVIDIA. He also held the position of Senior Vice President & General Manager of the core platform business at NetApp. His career includes senior leadership roles at Brocade (as SVP of Product) and Nokia (as GM of the Enterprise Security business unit), and earlier management positions at Sun Microsystems and Amdahl Corporation.

Geoff Barrall, Chief Product Officer

Dr. Geoff Barrall was appointed Chief Product Officer of Quantum on October 7, 2025. He leads the company's product strategy, innovation, and engineering direction. Dr. Barrall has extensive experience in enterprise storage and data management, and previously served as Chief Product Officer at Index Engines and Chief Technology Officer at Hitachi Vantara. He founded several storage technology companies, including BlueArc Corporation (which was acquired by Hitachi), Drobo, and Connected Data. He holds a Ph.D. and B.S. with First-Class Honors in Cybernetics from the University of Reading, UK.

Tony Craythorne, Chief Revenue Officer

Tony Craythorne was recruited as Chief Revenue Officer of Quantum on September 10, 2025. He leads global sales and marketing to drive the company’s revenue growth and market expansion. Mr. Craythorne brings over 25 years of executive sales and marketing experience across the U.S., Europe, and Asia. His previous leadership roles include Chief Revenue Officer at Index Engines and Zadara, CEO of Bamboo Systems, and Senior Vice President of Worldwide Sales at Komprise. He has also held key executive positions at Brocade, Hitachi Data Systems, and Nexsan.

The aggressive and expanding adoption of cloud-native storage and archiving services offered by hyperscale public cloud providers (e.g., AWS S3 Glacier, Azure Archive Blob, Google Cloud Storage Coldline). These services provide alternative, often OpEx-based, fully managed solutions for unstructured data management and long-term retention, directly competing with Quantum's traditional on-premise tape libraries, deduplication appliances, and object storage solutions.

Quantum (QMCO) operates within several addressable markets related to data storage, management, and protection, particularly for video and unstructured data. Below are the estimated market sizes for their main product and service categories:

• Overall Data Storage Market: The global data storage market was valued at approximately USD 218.33 billion in 2024 and is projected to reach USD 774.00 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period. North America held the largest share of this market, at 42.07%, in 2024. Other estimates place the global market at USD 250.77 billion in 2025, expected to reach USD 483.90 billion by 2030 (CAGR of 14.05%).
• Scale-Out Storage and Scale-Out NAS Market: The global scale-out Network Attached Storage (NAS) market was valued at USD 33.02 billion in 2023 and is poised to grow to USD 139.89 billion by 2032, with a CAGR of 17.4% during the forecast period (2025-2032). North America currently holds the largest market share in this segment. Another source indicates the global Scale-Out Network Attached Storage (NAS) market size was USD 15.98 billion in 2024 and is expected to reach USD 47.36 billion by 2032, at a CAGR of 18.5% during the forecast period. The broader scale-out storage solutions market is projected to reach approximately $1569 million globally in 2025.
• Unstructured Data Solutions Market: The global unstructured data solution market is estimated to be approximately USD 34.08 billion in 2024, projected to climb to USD 39.37 billion in 2025, and reach USD 109.1 billion by 2033, with a CAGR of about 15.5%.
• Data Protection Market: The global data protection market was valued at USD 150.38 billion in 2024. It is projected to grow from USD 172.67 billion in 2025 to USD 505.98 billion by 2032, exhibiting a CAGR of 16.6%. North America accounted for the largest share of 32.7% in 2024. Additionally, the global enterprise information archiving (EIA) market was estimated at USD 7.58 billion in 2023 and is projected to reach USD 18.89 billion by 2030, growing at a CAGR of 14.1%. North America held over 40% market share in 2023 for EIA. The global archival data storage market was valued at USD 10.35 billion in 2023 and is projected to grow to USD 23.72 billion by 2033, at a CAGR of 8.5% from 2025 to 2033.
• Video Analytics Market: The global video content analytics market size was valued at USD 3.52 billion in 2024 and is expected to grow from USD 4.41 billion in 2025 to reach USD 41.45 billion by 2033, growing at a CAGR of 19.6% during the forecast period. Separately, the global video analytics market size was estimated at USD 12.71 billion in 2024 and is projected to reach USD 37.84 billion by 2030, growing at a CAGR of 19.5% from 2025 to 2030. North America dominated this market with a 33.2% revenue share in 2024.

Quantum (QMCO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Transition to a Subscription-Based Model: The company is strategically shifting towards a subscription-based model to boost recurring revenue and enhance cash flow stability. Quantum reported a 29% year-over-year increase in Subscription Annual Recurring Revenue (ARR) in Q3 FY2025, with over 90% of new sales in the quarter being subscription-based. This focus aims to drive increasing profitability and cash flow in the coming years.
2. Growth in Data Protection and Storage Solutions: Quantum continues to focus on innovation and advancements in data protection and storage solutions to meet customer needs for comprehensive data lifecycle management. This includes leveraging offerings such as DXi sales to contribute to future success.
3. Improved Sales Execution and Customer Conversion: Converting recent customer wins and bookings into realized sales is a critical driver. The company experienced better-than-expected bookings in Q3 FY2025 due to converting these wins into sales. Strengthening sales execution and expanding the partner ecosystem are also key areas of focus.
4. Shift Towards a Higher-Value Product Mix: Quantum is transitioning towards a higher-value business, which has contributed to improved gross margins. This strategic shift in product mix is expected to continue enhancing the quality of revenue and overall financial performance.

Capital Allocation Decisions (Fiscal Years 2021-2025)

Share Issuance

• Quantum entered into a debt exchange agreement where approximately $52 million of term loans held by Dialectic would be exchanged for senior secured convertible notes, convertible at an initial price of $10.00 per share, with quarterly resets and a $4.00 floor, representing a future potential issuance.
• Dialectic Technology SPV LLC and related parties received a Forbearance Warrant to purchase 2,653,308 shares at an initial exercise price of $8.81 as consideration for amendments to term loan agreements covering approximately $51.3 million of loans.
• In February 2025, Quantum entered into a standby equity purchase agreement with a new financial partner to solidify access to additional capital and liquidity, with the company retaining control over the timing and volume of any future issuances.

Inbound Investments

• Quantum completed a financing amendment with Dialectic Technology SPV LLC and related parties, which included granting a Forbearance Warrant, related to approximately $51.3 million of term loans.
• The company reached an agreement with its current lenders in August 2024 to significantly improve its liquidity and overall capital structure.
• In February 2025, Quantum secured a standby equity purchase agreement with a new financial partner, solidifying access to additional capital and liquidity.

Outbound Investments

• In fiscal year 2022 (ended March 31, 2022), Quantum made a cash acquisition of approximately $7.81 million.
• In fiscal year 2021 (ended March 31, 2021), the company completed a business acquisition for approximately $2.66 million.

Capital Expenditures

• Capital expenditures for the fiscal year ended March 31, 2025, were approximately $4.95 million.
• Capital expenditures were approximately $5.87 million in fiscal year 2024 (ended March 31, 2024) and $12.58 million in fiscal year 2023 (ended March 31, 2023).
• After completing the implementation of a new Enterprise Resource Planning (ERP) system in April 2024, Quantum anticipates a material reduction in associated capital expenditures in the future, aiming for operational efficiencies.