Quantum Corporation reported Q3 FY2024 financial results with revenue of $71.9 million, down 37% from $113.5 million in Q3 FY2023. Product revenue declined 52% to $37.1 million, while service and subscription revenue remained relatively stable at $32.8 million. The company recorded a net loss of $9.9 million compared to net income of $0.1 million in the prior year quarter.The decline was primarily driven by lower demand from large hyperscale customers and weakness in the linear-tape open media market. Gross margin improved to 40.6% from 37.5% year-over-year, benefiting from a more favorable product mix and operational efficiencies. Operating expenses decreased 8% to $35.4 million through cost reduction initiatives across sales, marketing and R&D functions.The company ended the quarter with $24.4 million in cash and cash equivalents. Total debt stood at $119.3 million, including $87.3 million in term loans and $32.0 million drawn on its credit facility. Management noted continued challenges from longer sales cycles with enterprise customers amid the uncertain macroeconomic environment.

Quantum Corporation reported Q3 FY2024 financial results with revenue of $71.9 million, down 37% from $113.5 million in Q3 FY2023. Product revenue declined 52% to $37.1 million, while service and subscription revenue remained relatively stable at $32.8 million. The company recorded a net loss of $9.9 million compared to net income of $0.1 million in the prior year quarter.The decline was primarily driven by lower demand from large hyperscale customers and weakness in the linear-tape open media market. Gross margin improved to 40.6% from 37.5% year-over-year, benefiting from a more favorable product mix and operational efficiencies. Operating expenses decreased 8% to $35.4 million through cost reduction initiatives across sales, marketing and R&D functions.The company ended the quarter with $24.4 million in cash and cash equivalents. Total debt stood at $119.3 million, including $87.3 million in term loans and $32.0 million drawn on its credit facility. Management noted continued challenges from longer sales cycles with enterprise customers amid the uncertain macroeconomic environment.