# Quantum Corporation (QMCO)

> Source: Nexqual · https://nexqual.com/QMCO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Quantum Corporation (QMCO), nexqual.com/QMCO" · informational, not investment advice.

**Price:** USD 16.98 (-3.63% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 17.62 · day 16.74–17.79 · 52w 4.19–35.65 · market cap $669M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $296M, net income -$239M (-80.8% margin), free cash flow -$20.9M (SEC filings).
- 1 of 80 tracked superinvestors hold QMCO (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $84K; 3 not under a Rule 10b5-1 plan ($84K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (2 analysts), mean target USD 26.5 (range 24–29).
- Total return with dividends: 1Y +65.7% vs S&P 500 +14.9%; 5Y -84.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 0.13, revenue estimate $82.0M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $383M | $422M | $312M | $274M | $280M | $296M |
| Gross profit | $158M | $143M | $125M | $110M | $103M | — |
| Operating income | -$3.2M | -$16.7M | -$28.9M | -$41.7M | -$24.5M | -$6.9M |
| Net income | $38.4M | -$18.4M | -$41.3M | -$115M | -$101M | -$239M |
| EPS (diluted) | -$6.40 | -$5.60 | -$8.68 | -$22.35 | -$7.97 | — |
| Free cash flow | -$40.0M | -$17.5M | -$16.0M | -$28.6M | -$39.6M | -$20.9M |
| Gross margin | 41.1% | 33.9% | 40.1% | 40.1% | 36.9% | — |
| Operating margin | -0.8% | -4.0% | -9.3% | -15.2% | -8.8% | -2.3% |
| Net margin | 10.0% | -4.4% | -13.2% | -42.0% | -36.1% | -80.8% |
| Revenue growth | +9.7% | +10.1% | -26.2% | -12.0% | +2.0% | — |
| Cash + short-term investments | $5.2M | $26.0M | $25.7M | $16.5M | $15.6M | — |
| Total debt | $107M | $83.1M | $82.5M | $96.5M | $145M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.3x · EV/Sales 2.1x · FCF yield -3.13% · Earnings yield -35.74% · Net cash $54.4M · EV $615M

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold QMCO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 0.59% | $22.1M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-03 | Craythorne Anthony | Chief Revenue Officer | 1,478 | $16K | 9.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-02 | Nash Laura A. | Chief Accounting Officer | 260 | $3K | 2.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-02 | Meyrath Hugues | President & CEO | 6,232 | $65K | 5% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 2 analysts; mean target USD 26.5 (low 24, high 29).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-23 | Cantor Fitzgerald | Initiated | Overweight | $29 |
| 2026-09-14 | Lake Street | Target raised | Buy | $24 → $29 |
| 2026-08-11 | Lake Street | Target raised | Buy | $20 → $24 |
| 2026-06-26 | Northland Capital Markets | Downgrade | Outperform → Market Perform | $13 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +65.7% | -84.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +66.0% | -31.0% |
| Volatility (annualized) | 108.2% | 129.9% |
| Max drawdown | -58.8% (Oct 2025→Mar 2026) | -98.3% (Nov 2021→Sep 2024) |

## Peers (Computer Hardware)
SSYS (Stratasys, Ltd.) USD 6.83 -1.59% · NNDM (Nano Dimension Ltd.) USD 1.38 -2.13% · BRAI (Braiin Limited) USD 3.87 -5.84% · UMAC (Unusual Machines, Inc.) USD 16.27 -4.18% · DDD (3D Systems Corporation) USD 3.05 +0.99% · XTND (Xtend AI Robotics, Inc.) USD 1.73 -8.47%

## More
Full page: https://nexqual.com/QMCO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in QMCO's own 10-K filed 2026-06-25 (https://www.sec.gov/Archives/edgar/data/709283/000162828026045602/qtm-20260331.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Quantum LTO Holdings | "On September 23, 2025, the Company entered into the Fifteenth Amendment to the Term Loan Credit Agreement with Quantum LTO Holdings, LLC, Dialectic, OC III LVS XXXIII LP ("LVS XXXIII"), OC III LVS XL LP ("LVS XL" and tog…" |
| Partner | Dialectic Technology SPV | "On September 23, 2025, the Company entered into the Fifteenth Amendment to the Term Loan Credit Agreement with Quantum LTO Holdings, LLC, Dialectic, OC III LVS XXXIII LP ("LVS XXXIII"), OC III LVS XL LP ("LVS XL" and tog…" |
| Competitor | Dell Technologies (DELL) | "Our primary storage solutions, including object storage systems, primarily face competition from the EMC business unit of Dell Inc. ("Dell"), International Business Machines Corporation, ("IBM"), NetApp, Inc., and other …" |
| Competitor | IBM (IBM) | "Our primary storage solutions, including object storage systems, primarily face competition from the EMC business unit of Dell Inc. ("Dell"), International Business Machines Corporation, ("IBM"), NetApp, Inc., and other …" |
| Competitor | Hewlett Packard Enterprise (HPE) | "Our backup storage systems primarily compete with products sold by Dell, Hewlett Packard Enterprise Company and Veritas Technologies LLC." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $53.9M | 66.7% | +43.5% |
| Secondary storage systems | $37.0M | 45.8% | +100.1% |
| — Service and subscription (part of Secondary storage systems) | $24.7M | 30.5% | -1.1% |
| — Device and media (part of Secondary storage systems) | $10.4M | 12.8% | +4.2% |
| — Subscriptions (part of Secondary storage systems) | $2.0M | 2.5% | -41.2% |
| Service | $22.7M | 28.0% | +5.4% |
| Primary storage systems | $8.5M | 10.5% | -32.3% |
| Royalty | $2.3M | 2.8% | +25.2% |
| Total revenue | $80.8M | 100% | — |
The lines above cover 153.8% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $37.7M | 46.7% | +1.7% |
| EMEA | $28.2M | 34.9% | +52.7% |
| APAC | $12.6M | 15.6% | +82.7% |
| Total revenue | $80.8M | 100% | — |
The lines above cover 97.2% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.13 | $-0.11 | -213.6% | $82.0M | 2 |
| Next quarter (ends 2026-12-31) | $0.12 | $-0.04 | -366.7% | $84.9M | 2 |
| Current fiscal year (ends 2027-03-31) | $0.47 | $-0.33 | -240.9% | $332.5M | 2 |
| Next fiscal year (ends 2028-03-31) | $0.84 | $0.06 | +1427.3% | $377.9M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±29.7%; last 8 reports averaged ±19.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 129.0% | ±29.7% |
| 2026-12-18 | 56 | 119.9% | ±38.3% |
| 2027-03-19 | 147 | 114.7% | ±57.9% |
| 2027-05-21 | 210 | 116.5% | ±69.5% |
| 2027-06-17 | 237 | 117.5% | ±75.2% |