Quantum Corporation Files Form 12b-25 Notification of Late Filing

CENTENNIAL, Colo.--(BUSINESS WIRE)--Quantum Corporation (Nasdaq: QMCO) ("Quantum" or the "Company") today announced that it has filed a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission with respect to its Annual Report on Form 10-K for the fiscal year ended March 31, 2026 ("Fiscal 2026"). The Company intends to file its Annual Report on Form 10-K as soon as practicable, and in any event on or before June 29, 2026, the fifteenth calendar day following the original due date, as provided under Rule 12b-25.

In June 2026, the Company completed a series of transactions that significantly strengthened its balance sheet. The preparation, execution, and financial reporting for these transactions, which were completed on June 4, 2026, required substantial and sustained focus from the Company's senior management in the period leading up to the original filing deadline. As a result, the Company is working with its independent registered public accounting firm to complete the audit of its financial statements and related procedures and requires additional time to do so.

Fiscal 2026 is also the first year in which the Company's financial statements have been audited by its current independent registered public accounting firm, which has involved additional first-year audit procedures.

In addition, the Company became an accelerated filer beginning with its Fiscal 2026 Form 10-K, which subjects the Company to an earlier filing deadline than in the prior two fiscal years and, in connection with the change in filer status, to additional procedures relating to management's assessment of, and its independent auditors' attestation report on, the Company's internal control over financial reporting.

The Company does not currently expect the delay to affect its previously announced preliminary unaudited financial results for the fourth quarter of Fiscal 2026 or its financial statements for any prior fiscal period.

The Company will reschedule its earnings release and conference call for the fiscal fourth quarter and full year 2026, previously scheduled for June 15, 2026, and will announce the new date and time once the filing date of its Form 10-K is confirmed.

About Quantum

Quantum delivers end-to-end data management solutions designed for the AI era. With over four decades of experience, our data platform has allowed customers to extract the maximum value from their unique, unstructured data. From high-performance ingest that powers AI applications and demanding data-intensive workloads, to massive, durable data lakes to fuel AI models, Quantum delivers the most comprehensive and cost-efficient solutions. Leading organizations in life sciences, government, media and entertainment, research, and industrial technology trust Quantum with their most valuable asset - their data. For more information visit www.quantum.com.

Quantum is listed on Nasdaq (QMCO). Quantum and the Quantum logo are registered trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.

Forward-Looking Information

The information provided in this press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are largely based on our current expectations and projections about future events and financial trends affecting our business. Such forward-looking statements include, in particular, statements related to the ongoing audit procedures, including timing and expected outcome; statements regarding the cause of the delay in filing the Form 10-K; the expectation that the Company will file the Form 10-K within the Rule 12b-25 extension period; the Company’s belief that the delay will not affect its previously announced preliminary unaudited financial results for its fiscal fourth quarter of Fiscal 2026, or its financial statements for any prior fiscal periods; and the Company’s plans, objectives and intentions.

These forward-looking statements may be identified by the use of terms and phrases such as “anticipates”, “believes”, “can”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “plans”, “projects”, “targets”, “will”, and similar expressions or variations of these terms and similar phrases. Additionally, statements concerning future matters and other statements regarding matters that are not historical are forward-looking statements. Investors are cautioned that these forward-looking statements relate to future events or our future performance and are subject to business, economic, and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements.

These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, including without limitation, the following: the risks related to the completion of the Company’s annual financial close process and the independent auditors’ review and audit of the Company’s financial statements for Fiscal 2026; the discovery of additional and unanticipated information during the procedures required to be completed before the Company is able to file the Form 10-K; the completion of the Company’s Fiscal 2026 audit and any adjustments resulting therefrom; any changes to the assumptions underlying the Company’s closing process and auditors’ audit; risks related to legal proceedings and investigations; risks related to the Company’s ability to implement and maintain effective internal control over financial reporting; and other risks that are described herein, including but not limited to the items discussed in “Risk Factors” in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K filed with the SEC for the fiscal year ended March 31, 2025, and any subsequent reports filed with the SEC. We do not intend to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.