Revenue at High End of Guidance
Quantum's revenue was at the high end of their guidance range, showing solid progress and initial benefits from restructuring.
Debt Reduction Milestone
Quantum entered a definitive agreement to convert $52 million in term debt to senior secured convertible notes, aiming to eliminate $140 million in total debt since 2020.
Backlog Increase
Quantum closed the quarter with a backlog of over $25 million, significantly above the historical target range of $8 million to $10 million, indicating strong sales traction.
Library of Congress Project Win
Quantum won a significant contract with the Library of Congress for its 100-year Archive project, showcasing the strength of its ActiveScale Cold Storage and Scalar i7 RAPTOR solutions.
Positive Adjusted EBITDA
Quantum achieved a positive adjusted EBITDA of $0.5 million, improving from a negative $6.5 million in the prior quarter.