Revenue growth remains highly erratic, swinging from a 36.6% decline in 2024Q3 to a 30.7% expansion in 2026Q4, while gross margins remain constrained between 35.3% and 43.8%.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 279.58M | 274.06M | 311.6M | 422.08M | 383.43M | 349.58M | 402.95M | 402.68M | 437.68M | 493.05M | 475.96M | 553.1M | 553.16M | 587.44M | 651.99M | 672.27M | 681.43M | 808.97M | 975.7M | 1.02B | 834.29M | 794.17M | 808.38M | 870.81M | 1.03B | 1.35B | 1.42B | 1.3B | 5.81B | 5.32B |
| Revenue Growth % | 2.02% | -12.05% | -26.17% | 10.08% | 9.68% | -13.25% | 0.07% | -8% | -11.23% | 3.59% | -13.95% | -0.01% | -5.83% | -9.9% | -3.02% | -1.34% | -15.77% | -17.09% | -3.98% | 21.8% | 5.05% | -1.76% | -7.17% | -15.43% | -23.51% | -5.13% | 8.91% | -77.56% | 9.13% | 20.28% |
| Cost of Goods Sold | 176.54M | 164.23M | 186.71M | 278.81M | 225.79M | 198.82M | 230.44M | 235.07M | 264.9M | 287.78M | 272.92M | 308.09M | 313.55M | 346.88M | 378.54M | 389.29M | 401.39M | 504.66M | 656.6M | 722.79M | 602.36M | 558.69M | 556.73M | 603.65M | 652.07M | 733.58M | 671.34M | 630.29M | 4.93B | 4.43B |
| COGS % of Revenue | 63.14% | 59.92% | 59.92% | 66.06% | 58.89% | 56.88% | 57.19% | 58.38% | 60.52% | 58.37% | 57.34% | 55.7% | 56.68% | 59.05% | 58.06% | 57.91% | 58.9% | 62.38% | 67.29% | 71.13% | 72.2% | 70.35% | 68.87% | 69.32% | 63.33% | 54.5% | 47.31% | 48.38% | 84.92% | 83.21% |
| Gross Profit | 103.04M | 109.83M | 124.89M | 143.26M | 157.64M | 150.75M | 172.51M | 167.61M | 172.78M | 205.27M | 203.04M | 245.01M | 239.62M | 240.56M | 273.44M | 282.98M | 280.04M | 304.31M | 319.1M | 293.38M | 231.93M | 235.48M | 251.66M | 267.16M | 377.61M | 612.54M | 747.54M | 672.44M | 875.52M | 893.2M |
| Gross Margin % | 36.86% | 40.08% | 40.08% | 33.94% | 41.11% | 43.12% | 42.81% | 41.62% | 39.48% | 41.63% | 42.66% | 44.3% | 43.32% | 40.95% | 41.94% | 42.09% | 41.1% | 37.62% | 32.71% | 28.87% | 27.8% | 29.65% | 31.13% | 30.68% | 36.67% | 45.5% | 52.69% | 51.62% | 15.08% | 16.79% |
| Gross Profit Growth % | -6.18% | -12.06% | -12.83% | -9.12% | 4.57% | -12.61% | 2.92% | -2.99% | -15.83% | 1.1% | -17.13% | 2.25% | -0.39% | -12.03% | -3.37% | 1.05% | -7.98% | -4.63% | 8.77% | 26.5% | -1.51% | -6.43% | -5.8% | -29.25% | -38.35% | -18.06% | 11.17% | -23.2% | -1.98% | 39.67% |
| Operating Expenses | 127.55M | 151.51M | 153.77M | 159.95M | 160.88M | 142.35M | 151.3M | 166.79M | 192.93M | 196.5M | 211.23M | 229.09M | 241.01M | 272.85M | 268.27M | 255.24M | 245.93M | 288.43M | 317.72M | 293.93M | 234.77M | 245.01M | 271.35M | 366.54M | 408.58M | 303.17M | 344.4M | 214.22M | 580.14M | 651.6M |
| OpEx % of Revenue | 45.62% | 55.28% | 49.35% | 37.9% | 41.96% | 40.72% | 37.55% | 41.42% | 44.08% | 39.85% | 44.38% | 41.42% | 43.57% | 46.45% | 41.15% | 37.97% | 36.09% | 35.65% | 32.56% | 28.93% | 28.14% | 30.85% | 33.57% | 42.09% | 39.68% | 22.52% | 24.27% | 16.44% | 9.99% | 12.25% |
| Selling, General & Admin | 95.93M | 116.28M | 112.44M | 113.79M | 108.21M | 96.95M | 113.98M | 134.68M | 154.37M | 152.12M | 162.53M | 170.47M | 176.64M | 198.89M | 193.91M | 182.23M | 175.98M | 217.9M | 228.16M | 178.71M | 127.37M | 136.81M | 152.67M | 171.72M | 224.27M | 186.33M | 181.5M | 114.89M | 258.39M | 235.9M |
| SG&A % of Revenue | 34.31% | 42.43% | 36.08% | 26.96% | 28.22% | 27.73% | 28.29% | 33.45% | 35.27% | 30.85% | 34.15% | 30.82% | 31.93% | 33.86% | 29.74% | 27.11% | 25.83% | 26.93% | 23.38% | 17.59% | 15.27% | 17.23% | 18.89% | 19.72% | 21.78% | 13.84% | 12.79% | 8.82% | 4.45% | 4.43% |
| Research & Development | 23.5M | 31.14M | 38.05M | 44.55M | 51.81M | 41.7M | 36.3M | 32.11M | 38.56M | 44.38M | 48.7M | 58.62M | 64.38M | 73.96M | 74.36M | 73.01M | 69.95M | 70.54M | 89.56M | 115.22M | 107.41M | 96.68M | 103.47M | 111.93M | 111.45M | 116.84M | 122.82M | 99.33M | 321.74M | 291.3M |
| R&D % of Revenue | 8.41% | 11.36% | 12.21% | 10.56% | 13.51% | 11.93% | 9.01% | 7.97% | 8.81% | 9% | 10.23% | 10.6% | 11.64% | 12.59% | 11.41% | 10.86% | 10.27% | 8.72% | 9.18% | 11.34% | 12.87% | 12.17% | 12.8% | 12.85% | 10.82% | 8.68% | 8.66% | 7.62% | 5.54% | 5.48% |
| Other Operating Expenses | 8.11M | 4.09M | 3.28M | 1.6M | 850K | 3.7M | 1.02M | 0 | 767K | 601K | -191K | 0 | 1.3M | -216K | -118K | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -24.51M | -41.68M | -28.88M | -16.68M | -3.23M | 8.4M | 21.2M | -4.75M | -28.62M | 6.68M | -67.81M | 14.72M | -11.8M | -42.46M | 4.75M | 24.7M | 29.31M | -329.93M | -8.1M | -27.15M | -20.96M | -9.54M | -19.69M | -107.17M | -44.18M | 309.37M | 267.49M | 276.69M | 295.38M | 241.53M |
| Operating Margin % | -8.77% | -15.21% | -9.27% | -3.95% | -0.84% | 2.4% | 5.26% | -1.18% | -6.54% | 1.35% | -14.25% | 2.66% | -2.13% | -7.23% | 0.73% | 3.67% | 4.3% | -40.78% | -0.83% | -2.67% | -2.51% | -1.2% | -2.44% | -12.31% | -4.29% | 22.98% | 18.85% | 21.24% | 5.09% | 4.54% |
| Operating Income Growth % | 41.2% | -44.34% | -73.1% | -415.67% | -138.5% | -60.37% | 546.78% | 83.42% | -528.41% | 109.85% | -560.66% | 224.76% | 72.21% | -994.84% | -80.79% | -15.71% | 108.88% | -3974.66% | 70.18% | -29.53% | -119.86% | 51.58% | 81.63% | -142.61% | -114.28% | 15.66% | -3.33% | -6.33% | 22.3% | 313.03% |
| EBITDA | -24.51M | -36.08M | -19.56M | -6.56M | 6.18M | 14.1M | 25.49M | -480K | -23.65M | 12.29M | -61.12M | 26.7M | 7.82M | -16.75M | 39.62M | 66.67M | 79.87M | -272.18M | 91.8M | 58.05M | 22.46M | 32.93M | 30.49M | -54.85M | 23.29M | 370.74M | 398.06M | 389.63M | 386.98M | 117.13M |
| EBITDA Margin % | -8.77% | -13.17% | -6.28% | -1.56% | 1.61% | 4.03% | 6.33% | -0.12% | -5.4% | 2.49% | -12.84% | 4.83% | 1.41% | -2.85% | 6.08% | 9.92% | 11.72% | -33.65% | 9.41% | 5.71% | 2.69% | 4.15% | 3.77% | -6.3% | 2.26% | 27.54% | 28.05% | 29.91% | 6.67% | 2.2% |
| EBITDA Growth % | 32.08% | -84.43% | -198.05% | -206.16% | -56.15% | -44.69% | 5410.63% | 97.97% | -292.46% | 120.11% | -328.93% | 241.58% | 146.67% | -142.27% | -40.57% | -16.53% | 129.34% | -396.49% | 58.15% | 158.44% | -31.79% | 8.01% | 155.58% | -335.5% | -93.72% | -6.86% | 2.16% | 0.68% | 230.39% | 155.65% |
| D&A (Non-Cash Add-back) | 0 | 5.6M | 9.31M | 10.12M | 9.42M | 5.7M | 4.29M | 4.27M | 4.97M | 5.61M | 6.69M | 11.98M | 19.61M | 25.71M | 34.88M | 41.96M | 50.56M | 57.74M | 99.9M | 85.2M | 43.42M | 42.47M | 50.18M | 52.32M | 67.47M | 61.37M | 130.57M | 112.94M | 91.6M | -124.4M |
| EBIT | 0 | -90.66M | -25.49M | -5.87M | 51.58M | -7.7M | 20.94M | -19.33M | -34.79M | 12.67M | -68.39M | 27.26M | -10.5M | -42.68M | 2.32M | 24.72M | 43.42M | -329.88M | 1.39M | -546K | -30.11M | -9.54M | -19.69M | -99.37M | -30.98M | 309.37M | 403.14M | 458.22M | 295.38M | 241.6M |
| Net Interest Income | 0 | -23.61M | -15.09M | -10.56M | -11.89M | -27.52M | -25.35M | -21.09M | -11.67M | -7.99M | -6.82M | -9.46M | -9.75M | -8.34M | -10.69M | -20.16M | -25.52M | -29.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -21.57M | 23.61M | 15.09M | 10.56M | 11.89M | 27.52M | 25.35M | 21.09M | 11.67M | 7.99M | 6.82M | 9.46M | 9.75M | 8.34M | 10.69M | 20.16M | 25.52M | 29.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -75.53M | -72.59M | -11.7M | 254K | 42.93M | -43.62M | -25.61M | -35.67M | -17.84M | -7.43M | -7.4M | 3.08M | -8.46M | -8.56M | -13.11M | -20.15M | -11.4M | -29.22M | -52.62M | -32M | -19.12M | -2.6M | -11.27M | -30M | -14.44M | 304K | -140K | -12.38M | -64.57M | -40.83M |
| Pretax Income | -100.04M | -114.27M | -40.58M | -16.43M | 39.7M | -35.22M | -4.41M | -40.42M | -46.46M | -752K | -75.21M | 17.8M | -20.26M | -51.02M | -8.37M | 4.55M | 17.91M | -359.14M | -60.72M | -59.16M | -40.08M | -12.13M | -30.96M | -13.17M | -58.61M | 309.68M | 267.35M | 264.32M | 230.81M | 200.7M |
| Pretax Margin % | -35.78% | -41.7% | -13.02% | -3.89% | 10.35% | -10.08% | -1.09% | -10.04% | -10.61% | -0.15% | -15.8% | 3.22% | -3.66% | -8.68% | -1.28% | 0.68% | 2.63% | -44.4% | -6.22% | -5.82% | -4.8% | -1.53% | -3.83% | -1.51% | -5.69% | 23.01% | 18.84% | 20.29% | 3.98% | 3.77% |
| Income Tax | 1.01M | 821K | 711K | 1.94M | 1.34M | 239K | 803K | 2.38M | -3.11M | 1.66M | 1.18M | 718K | 1.22M | 1.16M | 887K | 13K | 1.27M | -881K | -482K | 4.94M | 1.4M | -8.64M | 32.76M | -5.08M | -9.61M | 111.85M | 121.74M | 141.33M | 60.01M | 52.2M |
| Effective Tax Rate % | -1.01% | -0.72% | -1.75% | -11.81% | 3.38% | -0.68% | -18.22% | -5.88% | 6.7% | -220.21% | -1.57% | 4.03% | -6.01% | -2.28% | -10.6% | 0.29% | 7.11% | 0.25% | 0.79% | -8.35% | -3.49% | 71.19% | -105.82% | 38.6% | 16.4% | 36.12% | 45.53% | 53.47% | 26% | 26.01% |
| Net Income | -101.05M | -115.09M | -41.29M | -18.37M | 38.35M | -35.46M | -5.21M | -42.8M | -43.35M | -2.41M | -76.39M | 17.08M | -21.47M | -52.18M | -9.26M | 4.54M | 16.63M | -358.26M | -60.23M | -64.09M | -41.48M | -3.5M | -62.02M | -264.3M | 42.5M | 160.69M | 40.84M | -29.54M | 170.8M | 148.5M |
| Net Margin % | -36.14% | -42% | -13.25% | -4.35% | 10% | -10.14% | -1.29% | -10.63% | -9.9% | -0.49% | -16.05% | 3.09% | -3.88% | -8.88% | -1.42% | 0.68% | 2.44% | -44.29% | -6.17% | -6.31% | -4.97% | -0.44% | -7.67% | -30.35% | 4.13% | 11.94% | 2.88% | -2.27% | 2.94% | 2.79% |
| Net Income Growth % | 12.2% | -178.77% | -124.77% | -147.89% | 208.17% | -580.6% | 87.83% | 1.27% | -1700.08% | 96.85% | -547.19% | 179.55% | 58.85% | -463.73% | -303.83% | -72.7% | 104.64% | -494.79% | 6.02% | -54.52% | -1086.47% | 94.36% | 76.53% | -721.84% | -73.55% | 293.41% | 238.29% | -117.29% | 15.02% | 264.09% |
| Net Income (Continuing) | -101.05M | -115.09M | -41.29M | -18.37M | 38.35M | -35.46M | -5.21M | -42.8M | -43.35M | -2.41M | -76.39M | 17.08M | -21.47M | -52.18M | -9.26M | 4.54M | 16.63M | -358.26M | -60.23M | -64.09M | -41.48M | -3.5M | -63.72M | -132.09M | -49M | 197.83M | 145.61M | 122.99M | 170.8M | 148.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -7.97 | -22.35 | -8.60 | -8.40 | -11.00 | -16.00 | -2.80 | -24.00 | -25.00 | 2.20 | -44.80 | 9.60 | -14.40 | -35.20 | -6.40 | 3.20 | 3.20 | -273.60 | -48.00 | -52.80 | -36.80 | -3.20 | -56.00 | -260.80 | 43.20 | 169.07 | -16.00 | -28.80 | 171.20 | 218.81 |
| EPS Growth % | 64.34% | -159.88% | -2.38% | 23.64% | 31.25% | -471.43% | 88.33% | 4% | -1236.36% | 104.91% | -566.67% | 166.67% | 59.09% | -450% | -300% | 0% | 101.17% | -470% | 9.09% | -43.48% | -1050% | 94.29% | 78.53% | -703.7% | -74.45% | 1156.72% | 44.44% | -116.82% | -21.76% | 239.73% |
| EPS (Basic) | -7.97 | -22.35 | -8.60 | -8.40 | -11.00 | -16.00 | -2.80 | -24.00 | -25.00 | 2.20 | -44.80 | 11.20 | -14.40 | -35.20 | -6.40 | 3.20 | 12.80 | -273.60 | -48.00 | -52.80 | -36.80 | -3.20 | -56.00 | -260.80 | 43.20 | 169.07 | -16.00 | -28.80 | 200.00 | 218.81 |
| Diluted Shares Outstanding | 12.67M | 5.15M | 4.75M | 4.56M | 3.39M | 2.22M | 2.25M | 1.78M | 1.73M | 1.7M | 1.64M | 1.63M | 1.54M | 1.5M | 1.45M | 1.44M | 1.4M | 1.31M | 1.26M | 1.2M | 1.15M | 1.13M | 1.1M | 1.01M | 983.84K | 950.38K | 1.04M | 1M | 1.04M | 818.86K |
| Basic Shares Outstanding | 12.67M | 5.15M | 4.75M | 4.56M | 2.94M | 2.22M | 1.88M | 1.78M | 1.73M | 1.69M | 1.64M | 1.59M | 1.54M | 1.5M | 1.45M | 1.38M | 1.33M | 1.31M | 1.26M | 1.2M | 1.15M | 1.13M | 1.1M | 1.01M | 983.84K | 950.38K | 1.04M | 1M | 852.54K | 818.86K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and operational scale
According to recent quarterly filings, Quantum's revenue growth has exhibited significant volatility, swinging from a 36.6% decline in 2024Q3 to a 30.7% expansion by 2026Q4, suggesting that the company's top-line performance remains heavily dependent on lumpy, large-scale hardware deployments rather than consistent, organic software-driven demand.
The recent revenue spike in 2026Q4 appears to be an outlier driven by project-based hardware cycles rather than a sustainable shift in market share. Investors should monitor whether this growth can be sustained through recurring software subscriptions, as the current reliance on hardware makes the top-line highly susceptible to enterprise capital expenditure fluctuations.
As reported in financial statements, Quantum's gross margin has fluctuated between 35.3% and 43.8% over the last ten quarters, indicating that the company struggles to maintain pricing power while navigating the high input costs associated with its specialized tape and storage hardware manufacturing requirements.
The inability to consistently expand gross margins suggests that the company's product mix remains skewed toward lower-margin hardware components. This structural limitation may hinder the company's ability to achieve profitability until the software-defined storage segment represents a significantly larger portion of the total revenue base.
Based on the provided income statement data, Quantum has failed to demonstrate meaningful operating leverage, as SG&A expenses frequently consume the entirety of gross profit, resulting in persistent operating losses that reached a peak deficit of $17.7 million in 2025Q1 before recent marginal improvements.
The company's cost structure appears to be too rigid for its current revenue scale, preventing the realization of economies of scale. Unless management can significantly reduce overhead or drive higher-margin software revenue, the operating income will likely remain trapped in a cycle of volatility and recurring losses.
Data from recent filings reveals that Quantum's persistent net losses, which totaled $9.5 million in 2026Q4 alone, combined with a thin cash position, suggest that the company may face significant liquidity risks that could necessitate further dilutive financing or aggressive debt restructuring to maintain ongoing operations.
Short-sellers would likely focus on the disconnect between the company's strategic pivot and its actual financial performance, which shows little evidence of a sustainable path to profitability. The recurring nature of these losses warrants further investigation into whether the current business model is fundamentally viable without external capital support.
Quick answers to the most common questions about buying QMCO stock.
For fiscal year 2026, Quantum Corporation (QMCO) reported total revenue of $279.6M. This represents a 94.7% decline compared to $5.32B in 1997.
Quantum Corporation (QMCO) reported a net loss of $101.0M for the fiscal year ending 2026.
Quantum Corporation (QMCO) reported an operating income of $-24.5M, resulting in an operating profit margin of -8.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Quantum Corporation (QMCO) generated $103.0M in gross profit for the year, representing a gross profit margin of 36.9%. This demonstrates the company's core pricing power and production efficiency.