Quantum Corp (QMCO) 2026 Q1 法說會逐字稿

Good afternoon and welcome to Quantum Corporation's fiscal first-quarter 2026 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, Wednesday, September 10, 2025.

下午好，歡迎參加 Quantum Corporation 2026 財年第一季財務業績電話會議。（操作員指示）提醒一下，本次電話會議將於今天（2025 年 9 月 10 日，星期三）進行錄製。

I would now like to turn the call over to Tara Ilges, Quantum's Vice President of Corporate Affairs. Tara, please go ahead.

現在我想將電話轉給 Quantum 公司事務副總裁 Tara Ilges。塔拉，請繼續。

Good afternoon and thank you for joining today's conference call to discuss Quantum's first-quarter fiscal 2026 financial result. With me on today's call are Hugues Meyrath, Quantum's CEO; and Laura Nash, Chief Accounting Officer. Following management's prepared remarks, we will open the call to questions from analysts.

下午好，感謝您參加今天的電話會議，討論 Quantum 2026 財年第一季的財務表現。和我一起參加今天電話會議的還有 Quantum 執行長 Hugues Meyrath 和首席會計長 Laura Nash。在管理階層準備好發言之後，我們將開始回答分析師的問題。

Before we begin, I would like to remind you that comments made on today's call may include forward-looking statements. All statements, other than statements of historical fact, should be viewed as forward-looking, including any projections of revenue, margins, expenses, adjusted EBITDA, adjusted net income, cash flows, or other financial, operational, or performance topics.

在我們開始之前，我想提醒您，今天電話會議上的評論可能包括前瞻性陳述。除歷史事實陳述外，所有陳述都應被視為前瞻性陳述，包括對收入、利潤率、費用、調整後 EBITDA、調整後淨收入、現金流量或其他財務、營運或績效主題的任何預測。

These statements involve known and unknown risks and uncertainties that we refer to as risk factors. Risk factors may cause our actual results to differ materially from our forecast. For more information, please refer to the detailed descriptions we provide about these and additional risk factors under the Risk Factors section in our 10-Qs and 10-K filed with the Securities and Exchange Commission.

這些聲明涉及已知和未知的風險和不確定性，我們稱之為風險因素。風險因素可能導致我們的實際結果與我們的預測有重大差異。欲了解更多信息，請參閱我們向美國證券交易委員會提交的 10-Q 和 10-K 文件中“風險因素”部分提供的有關這些風險因素和其他風險因素的詳細說明。

The company does not intend to update or alter forward-looking statements once they are issued, whether as a result of new information, future events, or otherwise, except where required by applicable law. Please note that today's press release and management statements during today's call will include certain financial information in GAAP and non-GAAP measures. We will include definitions and reconciliations of GAAP to non-GAAP items in our press release.

一旦前瞻性聲明發布，本公司不打算更新或修改，無論是由於新資訊、未來事件或其他原因，除非適用法律要求。請注意，今天的新聞稿和今天電話會議中的管理聲明將包含 GAAP 和非 GAAP 指標中的某些財務資訊。我們將在新聞稿中列出 GAAP 與非 GAAP 項目的定義和對帳。

With that, it's my pleasure to turn the call over to Quantum CEO, Hugues Meyrath.

我很高興將電話轉給 Quantum 執行長 Hugues Meyrath。

Thank you, Tara, and good afternoon to everyone. Thank you for joining us on our first fiscal quarter and business update conference call. I am pleased to be joining you for my first investor call as Quantum CEO. It's an exciting time to lead a company, as I believe Quantum is on the cusp of a new chapter in its transformation journey. With over 30 years of experience in networking and data storage industry as a supplier to Quantum and an employee, a competitor, and a Board Member, I've interacted with this company from every angle.

謝謝你，塔拉，大家下午好。感謝您參加我們的第一財季和業務更新電話會議。我很高興能作為 Quantum 執行長參加我的第一次投資者電話會議。現在是領導一家公司的令人興奮的時刻，因為我相信 Quantum 正處於其轉型之旅的新篇章的開端。身為 Quantum 的供應商、員工、競爭對手和董事會成員，我在網路和資料儲存產業擁有超過 30 年的經驗，我從各個角度與這家公司互動。

And my career spans from my early beginnings in the disk drive and tape drive business as a supplier to Quantum to holding executive roles at EMC's backup and recovery services as well as Juniper Networks and Brocade. This knowledge and direct experience give me a unique perspective to step into the role and begin taking decisive action towards our goal of improving our financial position and sales execution.

我的職業生涯從早期作為 Quantum 的供應商從事磁碟機和磁帶驅動器業務開始，到擔任 EMC 備份和復原服務以及瞻博網路和博科的高階主管職務。這些知識和直接經驗為我提供了獨特的視角，讓我能夠擔任這個職位並開始採取果斷行動，實現改善財務狀況和銷售執行的目標。

Before diving deeper into the business and go-forward strategy, I'd like to first turn the call over to our Chief Accounting Officer, Laura Nash. Laura has been with Quantum since 2019, initially serving as our Controller before being named Chief Accounting Officer in 2023.

在深入探討業務和未來策略之前，我想先將電話轉給我們的首席會計官勞拉·納許 (Laura Nash)。勞拉自 2019 年起就職於 Quantum，最初擔任財務總監，後來於 2023 年被任命為首席會計官。

She'll walk through a brief overview of our recently reported financial results. And then, I'll talk more about the steps I've taken since my appointment to improve our go-to-market strategies and operational initiatives.

她將簡要介紹我們最近報告的財務表現。然後，我將詳細談談我上任以來為改善我們的市場進入策略和營運舉措所採取的措施。

Laura, please go ahead.

勞拉，請繼續。

Thank you, Hugues. Good afternoon to those joining us on the phone and webcast. I will provide an overview of the company's GAAP and non-GAAP financial results for our first fiscal quarter 2026 ended June 30, 2025.

謝謝你，休斯。各位透過電話和網路直播加入我們的嘉賓，大家下午好。我將概述公司截至 2025 年 6 月 30 日的 2026 財年第一季的 GAAP 和非 GAAP 財務業績。

Before I begin, I would like to emphasize that all comparisons to financial figures in prior periods reflect the company's recent restatement of financial results, as well as certain revisions to immaterial misstatements of previously published quarterly financial results for fiscal year 2025.

在開始之前，我想強調的是，所有與前期財務數據的比較都反映了公司最近對財務結果的重述，以及對先前發布的 2025 財年季度財務結果的非重大錯報的某些修訂。

Revenue in the quarter was $64.3 million, compared to $61.3 million in the fiscal fourth quarter of 2025, and $72.3 million in the prior year first quarter. The decrease in revenue primarily reflects a shift in product mix, as we've continued to transition towards a higher value business.

本季營收為 6,430 萬美元，而 2025 財年第四季為 6,130 萬美元，去年同期第一季為 7,230 萬美元。營收的下降主要反映了產品結構的轉變，因為我們一直在向更高價值的業務轉型。

Backlog at the end of the first quarter was approximately $10 million, which is at the higher end of our target run rate of $8 million to $10 million. GAAP gross margins for the first quarter was 35.3%, compared to 39.6% in the fourth quarter, and 37.4% in the fiscal first quarter of 2025.

第一季末的積壓訂單約為 1000 萬美元，處於我們 800 萬至 1000 萬美元目標運行率的高端。第一季 GAAP 毛利率為 35.3%，第四季為 39.6%，2025 財年第一季為 37.4%。

The sequential and year-over-year decrease in gross margin is primarily attributable to an increase in our inventory provisions for certain end of life product, in addition to import tariffs incurred during the quarter. This was partially offset by improvement in operational efficiency in our service organization.

毛利率環比和年減主要歸因於我們對某些報廢產品的庫存撥備增加，以及本季產生的進口關稅。這在一定程度上被我們服務組織營運效率的提高所抵消。

GAAP operating expenses for the first quarter were $35.3 million, compared to $35.8 million in the prior quarter, and $43.9 million in the year-ago quarter. The $8.6 million year-over-year decrease in operating expenses primarily reflects the significant non-recurring accounting and legal expenses incurred in the year-ago quarter, associated with the company's previously completed restatement of financial results for the prior fiscal years ended March 31, 2022, and March 31, 2023.

第一季 GAAP 營運費用為 3,530 萬美元，而上一季為 3,580 萬美元，去年同期為 4,390 萬美元。營業費用年減 860 萬美元，主要反映了去年同期發生的大量非經常性會計和法律費用，這些費用與公司之前完成的截至 2022 年 3 月 31 日和 2023 年 3 月 31 日的上一財年財務業績重述有關。

Operating expenses on a non-GAAP basis for the first quarter were $30 million, compared to $29.4 million in the fourth quarter, and 30.8 million in the year-ago quarter. While the company did realize savings due to restructuring plans executed in fiscal 2025 and the first quarter of 2026, these savings were largely offset by increases in the cost of compliance relating to auditing and legal fees.

第一季非公認會計準則營運費用為 3,000 萬美元，而第四季為 2,940 萬美元，去年同期為 3,080 萬美元。雖然該公司確實因 2025 財年和 2026 年第一季實施的重組計劃而實現了節省，但這些節省在很大程度上被與審計和法律費用相關的合規成本的增加所抵消。

GAAP net loss in the first fiscal quarter was $17.2 million, or a loss of $1.87 per share, compared to a net loss of $7.7 million, or a loss of $1.26 per share in the previous quarter, and a net loss of $19.9 million, or a loss of $4.15 per share in the year-ago first quarter.

第一財季 GAAP 淨虧損為 1,720 萬美元，合每股虧損 1.87 美元，上一季淨虧損為 770 萬美元，合每股虧損 1.26 美元，去年同期淨虧損為 1,990 萬美元，合每股虧損 4.15 美元。

The reduction in GAAP net loss compared to the year-ago quarter was largely driven by the aforementioned cost of restatement. Non-GAAP loss for the first quarter was $14.5 million, or a loss of $1.58 per share, compared to a net loss of $12.3 million, or a loss of $2.01 per share in the prior quarter, and a net loss of $7.6 million, or a loss of $1.59 per share in the same quarter a year ago.

與去年同期相比，GAAP 淨虧損的減少主要是由於上述重述成本。第一季非公認會計準則虧損為 1,450 萬美元，即每股虧損 1.58 美元，而上一季淨虧損為 1,230 萬美元，即每股虧損 2.01 美元，去年同期淨虧損為 760 萬美元，即每股虧損 1.59 美元。

The higher non-GAAP net loss for the quarter reflected a combination of lower revenues coupled with the increased inventory provision and increased import tariffs previously discussed.

本季非公認會計準則淨虧損增加反映了收入下降、庫存撥備增加以及先前討論過的進口關稅增加等多種因素。

Adjusted EBITDA for the first quarter was a negative $6.5 million, compared with the negative $3.9 million in the fiscal fourth quarter and a negative $2.2 million in the prior year quarter. The lower adjusted EBITDA for the fiscal first quarter was primarily a result of factors that contributed to the previously mentioned higher net loss.

第一季調整後 EBITDA 為負 650 萬美元，而第四財季為負 390 萬美元，去年同期為負 220 萬美元。第一財季調整後 EBITDA 較低主要是由於前面提到的導致淨虧損增加的因素。

Turning to an overview of debt and liquidity at quarter end. Cash, cash equivalents, and restricted cash at the end of the first fiscal quarter were approximately $37.5 million. Total outstanding term debt at quarter end was $104.3 million.

回顧季度末的債務和流動性概況。第一財政季末的現金、現金等價物和受限現金約為 3,750 萬美元。季末未償還定期債務總額為 1.043 億美元。

During the quarter, the company utilized proceeds from the sale of shares through its existing standby equity purchase agreement with Yorkville Advisors to pay down the full outstanding balance of its previous revolving credit facility.

本季度，該公司利用透過與 Yorkville Advisors 簽訂的現有備用股權購買協議出售股票所得收益，償還了先前循環信貸額度的全部未償餘額。

As a result, there was no outstanding balance on the revolving credit facility as of June 30, and the company subsequently terminated this credit facility on August 13, 2025. At the end of the quarter, the company's net debt position was approximately $66.8 million, representing a reduction of more than 40% from the net debt position at the end of fiscal 2025.

因此，截至 6 月 30 日，循環信貸額度上沒有未償還餘額，公司隨後於 2025 年 8 月 13 日終止了該信貸額度。本季末，該公司的淨債務狀況約為 6,680 萬美元，較 2025 財年末的淨債務狀況減少了 40% 以上。

Now turning to the company's outlook for the fiscal second quarter of 2026. Revenue for the second quarter is expected to be approximately $61 million, plus or minus $2 million. We expect a significant reduction in second quarter non-GAAP operating expenses to approximately $27 million, plus or minus $2 million, reflecting the anticipated realized benefits from our most recent cost reduction actions.

現在來談談公司對 2026 財年第二季的展望。預計第二季營收約 6,100 萬美元，上下浮動 200 萬美元。我們預計第二季非公認會計準則營運費用將大幅減少至約 2,700 萬美元，上下浮動 200 萬美元，這反映了我們最近的成本削減行動所預期實現的收益。

As a result, non-GAAP adjusted net loss per share for the fiscal second quarter is anticipated to be negative $0.26, plus or minus $0.10 per share, based on an estimated 13.3 million shares outstanding. Adjusted EBITDA for the fiscal second quarter is expected to be approximately break even.

因此，基於預計的 1,330 萬股流通股，預計第二財季非 GAAP 調整後每股淨虧損為負 0.26 美元，上下浮動 0.10 美元。預計第二財季調整後的 EBITDA 將大致達到收支平衡。

With that, I'll now have the call back to Hughes.

這樣，我現在就可以回電給休斯了。

Let me now outline our path forward and areas of operational focus. Since my appointment in early June, I've been dedicating a significant portion of my time to conducting in-depth reviews of the business operations with our internal teams, as well as meeting with key customers and partners.

現在讓我概述一下我們的前進道路和行動重點領域。自六月初上任以來，我一直花大量時間與內部團隊一起深入審查業務運營，並與主要客戶和合作夥伴會面。

Quantum has a solid foundation of high value assets with a tangible opportunity to improve sales distribution and execution as part of a bolder product-first approach. The company's solutions and roadmap are very well aligned with growth trends in AI, media and entertainment, data protection, and long-term archiving.

Quantum 擁有堅實的高價值資產基礎，並有實際的機會改善銷售分銷和執行情況，這是更大膽的產品優先方法的一部分。該公司的解決方案和路線圖與人工智慧、媒體和娛樂、資料保護和長期存檔的成長趨勢非常吻合。

I believe in operating with transparency, honesty, and urgency. I expect the same from our team. We need to be clear about the work ahead, honor our commitments, and move quickly to deliver results. That's the standard I hold myself to and the standard I expect across the organization.

我堅信透明、誠實和迫切的經營理念。我對我們的團隊抱持著同樣的期望。我們要明確工作方向，履行承諾，迅速行動，取得成果。這是我對自己的要求，也是我對整個組織所期望的標準。

In my first 90 days, we've taken critical steps. We established a new Board operating plan. We raised funds to improve our financial position, reduced operating expenses, and right size to organization to align with current revenue and growth. These were not easy decisions, but they were necessary to stabilize the company and strengthen its financial position to improve EBITDA results and achieve positive cash flow.

在我上任後的頭 90 天裡，我們採取了關鍵措施。我們制定了新的董事會營運計劃。我們籌集資金來改善我們的財務狀況，降低營運費用，並調整組織規模以適應當前的收入和成長。這些並不是容易的決定，但它們對於穩定公司、加強財務狀況以提高 EBITDA 業績和實現正現金流是必要的。

We've also strengthened our executive team and Board with accomplished leaders who bring the expertise we need to guide this next chapter. As a first step, I recruited Tony Craythorne as Chief Revenue Officer.

我們也透過引進經驗豐富的領導者來加強我們的執行團隊和董事會，他們為我們帶來了指導下一章所需的專業知識。作為第一步，我聘請了 Tony Craythorne 擔任首席營收長。

Tony brings more than 25 years of executive sales and marketing experience across the US, Europe, and Asia at companies that include Index Engines, Zadara, Komprise, Brocade, and Hitachi Data Systems. Having worked with Tony before, I know he brings discipline and energy to scaling sales organizations.

Tony 在美國、歐洲和亞洲擁有超過 25 年的高階主管銷售和行銷經驗，曾就職於 Index Engines、Zadara、Komprise、Brocade 和 Hitachi Data Systems 等公司。由於之前曾與 Tony 合作過，我知道他能為擴大銷售組織帶來紀律和活力。

We also appointed Gregg Pugmirer as Vice President of Americas Sales. Gregg has more than 30 years of experience delivering high impact solutions across storage, cloud, and software. His customer-first leadership style makes him the right person to lead our sales execution across the US, Canada, and Latin America.

我們也任命 Gregg Pugmirer 為美洲銷售副總裁。Gregg 在提供儲存、雲端和軟體領域的高影響力解決方案方面擁有 30 多年的經驗。他以客戶為先的領導風格使他成為領導我們在美國、加拿大和拉丁美洲的銷售執行的合適人選。

We added two highly accomplished Board members. Tony Blevins brings over 20 years of experience in supply chain management and operations at Apple and IBM. And Tony was named the 2022 Captain of Industry by the International Institute of Industrial and Systems Engineering.

我們增加了兩位非常有成就的董事會成員。Tony Blevins 在 Apple 和 IBM 擁有超過 20 年的供應鏈管理和營運經驗。托尼也被國際工業與系統工程學會評為2022年度工業領袖。

Jim Clancy brings more than 30 years of sales leadership and data protection and cyber recovery at Dell EMC and will help us refine our sales and go-to-market model. With these additions, our Board is now aligned with each part of the business, including R&D, finance, sales, operations, and supply chain, bringing greater oversight and guidance.

Jim Clancy 在 Dell EMC 擁有超過 30 年的銷售領導和資料保護及網路復原經驗，將協助我們完善銷售和上市模式。有了這些補充，我們的董事會現在與業務的每個部分保持一致，包括研發、財務、銷售、營運和供應鏈，從而帶來更好的監督和指導。

As you likely noted, we recently terminated our outstanding revolving credit agreement after paying down the outstanding balance. In addition, we continue to make progress with our current lenders with respect to potential transactions to restructure our remaining outstanding term debt. We expect we will be in a position to announce something more definitive before our next earnings call.

正如您可能注意到的，我們在償還未償餘額後最近終止了未償循環信貸協議。此外，我們繼續與現有貸款人就重組剩餘未償還定期債務的潛在交易取得進展。我們預計我們將能夠在下次財報電話會議之前宣布更明確的消息。

As a key step towards this goal and to improve overall liquidity, we've raised approximately $83 million in new capital from the previously announced standby equity purchase agreement through our partner, Yorkville Advisors.

作為實現這一目標的關鍵一步，為了提高整體流動性，我們透過合作夥伴 Yorkville Advisors 從先前宣布的備用股權購買協議中籌集了約 8,300 萬美元的新資本。

This has been a highly successful partnership and equity vehicle, providing immediate access to capital in support of our ongoing operations, while also strengthening our balance sheet. With this stronger foundation in place, our attention is now squarely on product and sales level execution.

這是一個非常成功的合作和股權工具，可以立即獲得資本來支持我們的持續運營，同時也加強了我們的資產負債表。有了這個更堅實的基礎，我們現在的注意力就集中在產品和銷售層面的執行上。

In sales, this means sharpening our discipline, using metrics and numbers to guide decisions, and building a culture of accountability. We are restructuring teams to line with our growth model and ensure every part of the sales process from forecasting to customer support, operates with precision and discipline.

在銷售方面，這意味著加強我們的紀律，使用指標和數字來指導決策，並建立責任文化。我們正在重組團隊以符合我們的成長模式，並確保從預測到客戶支援的銷售流程的每個部分都精確且有紀律地運作。

At the same time, we're placing a greater focus on our channel partners. We are giving more attention to our top partners in each region, helping them cross sell and upsell across the portfolio and providing stronger incentives. We're also bringing in new partners that specialize in data protection and cybersecurity, key areas of growth for us.

同時，我們更加重視我們的通路合作夥伴。我們更加關注每個地區的頂級合作夥伴，幫助他們在整個產品組合中進行交叉銷售和追加銷售，並提供更強有力的激勵。我們還引入了專門從事資料保護和網路安全的新合作夥伴，這是我們的關鍵成長領域。

And we already made swift changes in APAC, adding new distributors in South Asia, India, and China to expand our reach, strengthen support, and drive increased sales in fast growing markets. As we build momentum, our portfolio remains one of the greatest strengths, and we're focusing our resources on the solutions where we deliver the most differentiated value.

我們已經在亞太地區做出了迅速的改變，在南亞、印度和中國增加了新的分銷商，以擴大我們的業務範圍、加強支持並推動快速增長市場的銷售成長。隨著我們不斷增強勢頭，我們的產品組合仍然是最大的優勢之一，我們將資源集中在能夠提供最具差異化價值的解決方案上。

This quarter, we launched two new DXi T-Series models that delivered the industry's first one new, all-flash deduplication appliances, offering up to 480 terabytes and built for fast recovery. These extend our award-winning T-series line and position us to capture share in a multi-billion dollar backup market.

本季度，我們推出了兩款新的 DXi T 系列型號，它們是業界首款全新的全快閃重複資料刪除設備，可提供高達 480 TB 的容量並可快速恢復。這些擴展了我們屢獲殊榮的 T 系列產品線，並使我們能夠在價值數十億美元的備份市場中佔有一席之地。

At the same time, the explosion of AI and data growth is fueling unprecedented demand for the cold storage and long-term archiving at the lowest possible cost.

同時，人工智慧和數據成長的爆炸性成長正在推動對以盡可能低的成本進行冷藏和長期存檔的空前需求。

Quantum is uniquely positioned to meet this need. We provide not only the fastest primary storage for AI and media and entertainment workflows, but also the lowest cost archiving solutions used today by most of the world's largest hyperscalers.

Quantum 具有獨特的優勢來滿足這一需求。我們不僅為人工智慧和媒體及娛樂工作流程提供最快的主存儲，而且還提供當今世界上大多數超大規模企業使用的成本最低的歸檔解決方案。

ActiveScale cold storage and the Scalar i7 Raptor tape library give customers unmatched price performance and scalability, anchoring our long-term archive strategy and meeting the data challenges of the AI era.

ActiveScale 冷儲存和 Scalar i7 Raptor 磁帶庫為客戶提供無與倫比的性價比和可擴展性，鞏固了我們的長期存檔策略並應對了人工智慧時代的資料挑戰。

We are also turning our attention to StorNext, reinvigorating one of Quantum's most trusted solution and the gold standard in media and entertainment for performance, scalability, and reliability. Customers can connect however they prefer, Ethernet IP or fiber channel without sacrificing performance.

我們也將注意力轉向 StorNext，重振昆騰最值得信賴的解決方案之一以及媒體和娛樂領域在性能、可擴展性和可靠性方面的黃金標準。客戶可以按照自己喜歡的方式進行連接，乙太網路 IP 或光纖通道，而不會犧牲效能。

Our Ethernet-based parallel client delivers aggregate read performance of up to 90 gigabytes per second, making StorNext one of the most capable shared storage systems for modern creative workflows.

我們基於乙太網路的平行用戶端可提供高達每秒 90 GB 的聚合讀取效能，使 StorNext 成為現代創意工作流程中最強大的共享儲存系統之一。

Just as important as the products themselves is how we develop them. We're building a tighter cycle of feedback between sales and products so that the voice of customers and their specific use cases flow directly into development.

與產品本身同樣重要的是我們如何開發它們。我們正在銷售和產品之間建立更緊密的回饋循環，以便客戶的聲音和他們的特定用例直接流入開發中。

This ensures we're targeting the right markets, aligning our road map with real world demand, and delivering solutions that drive adoption and revenue. The closed loop of listening, building, and executing will be central to how we operate going forward.

這確保我們瞄準正確的市場，使我們的路線圖與現實世界的需求保持一致，並提供推動採用和收入的解決方案。傾聽、建構和執行的閉環將成為我們未來營運的核心。

In closing, our focus, both inside and outside the company comes down to three things: integrity, ownership, and urgency. We will do what we say we will do, take full responsibility for our commitments, and move quickly to achieve results.

最後，無論公司內部或外部，我們的關注點都歸結於三件事：誠信、主人翁精神和緊迫感。我們將言行一致，認真履行承諾，迅速行動，取得成效。

The decisive steps we've taken in my short tenure are only the beginning. We are strengthening our financial foundation, sharpening sales execution, deepening our partner ecosystem, and innovating across our portfolio. While there is more work to do, I'm confident in our path and our ability to deliver long-term value for our customers, partners, employees, and shareholders.

在我短暫的任期內我們所採取的決定性措施只是一個開始。我們正在加強財務基礎、提高銷售執行力、深化合作夥伴生態系統並在我們的產品組合中進行創新。雖然還有更多工作要做，但我對我們的道路和為客戶、合作夥伴、員工和股東創造長期價值的能力充滿信心。

With that, I will now turn the call over to the operator for the Q&A session.

現在，我將把電話轉給接線員進行問答環節。

(Operator Instructions) Eric Martinuzzi, Lake Street Capital Markets.

（操作員指示）Eric Martinuzzi，Lake Street Capital Markets。

I was curious to know if there was a change in strategy at all planned. I noticed you went through the product mix that we're all familiar with. You talked a little bit about the DXi and the tape libraries. Any change in emphasis or go-to-market with products such as Myriad or ActiveScale, or is it kind of, hey, this is the product portfolio, let's go out and sell what we've got?

我很好奇想知道是否有計劃改變策略。我注意到您介紹了我們都熟悉的產品組合。您談了一些有關 DXi 和磁帶庫的內容。Myriad 或 ActiveScale 等產品的重點或市場定位是否有任何變化？或者說，嘿，這是產品組合，我們出去銷售我們已有的產品吧？

Thank you for the question, Eric. Well, first we have to sell what we have, right? I mean, DXi has been in the portfolio for a long time, so that is a scalar cold storage. I do believe we have tons of opportunities with DXi, as you can see, like Jim Clancy like joined the Board from the Dell side and have plenty of experience with Data Domain so we're going to push DXi hard in the next few quarters because we feel we're underperforming and there's an opportunity for us.

謝謝你的提問，艾瑞克。好吧，首先我們必須賣掉我們擁有的東西，對嗎？我的意思是，DXi 已經在投資組合中存在很長時間了，所以這是一個標量冷藏庫。我確實相信我們在 DXi 方面擁有大量機會，正如您所見，例如 Jim Clancy 從戴爾加入董事會並在 Data Domain 方面擁有豐富的經驗，因此我們將在接下來的幾個季度大力推動 DXi，因為我們覺得我們的表現不佳，而且對我們來說這是一個機會。

ActiveScale cold storage, I think is a is a great product as well. People will need very affordable solutions for long-term data retention, so we feel like we -- it's also a place where we can do a lot more. We've -- Tony and I, Tony Craythorne and I spent a lot of time on the road talking to channel partners and customers and StorNext in the last two to three years has been underinvested into, so we're heading over to IBC in Europe, but we're making changes to StorNext.

我認為 ActiveScale 冷藏也是一款很棒的產品。人們需要非常實惠的解決方案來長期保留數據，因此我們覺得——這也是我們可以做更多事情的地方。我們——Tony 和我，Tony Craythorne 和我花了很多時間在路上與通路合作夥伴和客戶交談，而 StorNext 在過去兩到三年裡一直投資不足，所以我們正前往歐洲的 IBC，但我們正在對 StorNext 進行更改。

We're pushing the Ethernet IP version of StorNext right now, which is, very demanded. So we feel like StoreNext requires more investments and a push in the Ethernet IP side of the business, and we feel that's closer to what the channel partners and customers want.

我們目前正在推廣乙太網路 IP 版本的 StorNext，該版本的需求量很大。因此，我們覺得 StoreNext 需要在乙太網路 IP 業務方面進行更多投資和推動，我們認為這更接近通路合作夥伴和客戶的需求。

So these are some of the immediate things we're going to do. In the longer term, you can expect to see us refine the portfolio and the solution, so it's a little bit early to go there but if not, let's go focus on those.

這些就是我們要立即採取的一些措施。從長遠來看，您可以期待看到我們完善產品組合和解決方案，所以現在去做還為時過早，但如果還沒有，我們就把重點放在這些方面。

Got it. And you mentioned some of the the management changes as well as the changes on the Board. Are we filling other open positions that you're looking to fill as far as your direct reports go?

知道了。您提到了一些管理階層的變動以及董事會的變動。就您的直接下屬而言，我們是否正在填補您希望填補的其他空缺職位？

Well, we've changed a lot right now, so there may be a tweak or two. But I don't expect some radical changes going forward at this point. We've tried to be very swift in the changes we've made so we don't disrupt the business too much. It's a lot to change in the management team.

嗯，我們現在已經改變了很多，所以可能會有一兩個調整。但我並不期望現在會出現一些根本性的改變。我們盡力迅速做出改變，以免對業務造成太大干擾。管理團隊發生了很多變化。

It's sometimes a little bit confusing for some of the customers or partners, but the reception was very, very warm. I think everybody was very collaborative and everybody's on Quantum scan so I feel very confident that we're on the right path right now and we have a very strong management team.

有時候，有些客戶或合作夥伴可能會感到有點困惑，但接待卻非常非常熱情。我認為每個人都非常合作，每個人都在進行量子掃描，所以我非常有信心我們現在走在正確的道路上，而且我們擁有一支非常強大的管理團隊。

Okay. And then last question for me is on the operating expense. You mentioned a recent restructuring. So bridge me from the $30 million of non-GAAP operating expense that we had last quarter to the $27 million midpoint. Was that all did all of that change take place July 1, so we're going to see $30 million become $27 million overnight, or is there a chance this rolls into Q3, Q4?

好的。我的最後一個問題是關於營運費用。您提到了最近的重組。因此，請將我們上個季度的非 GAAP 營運費用從 3,000 萬美元提高到 2,700 萬美元的中點。所有這些變化都是在 7 月 1 日發生的嗎，所以我們會看到 3000 萬美元一夜之間變成 2700 萬美元，還是有可能延續到第三季或第四季？

Yeah. I mean, I have Laura answered that, but we've made a lot of changes. There are some restructuring expenses. Some of the headcount is also transitioning out over a few months so she can help with more details on that.

是的。我的意思是，勞拉已經回答了這個問題，但是我們已經做了很多改變。有一些重組費用。部分員工也將在未來幾個月內離職，因此她可以提供更多詳細資訊。

Yes, absolutely. So there have been certain restructuring events that had happened in fiscal Q1 as well. Those coupled with the changes that happened in early July are expected to materialize in fiscal Q2 to a large extent, which is causing the expected changes in our operating expenses.

是的，絕對是。因此，第一財季也發生了一些重整事件。這些變化加上 7 月初發生的變化預計將在很大程度上在第二財季實現，從而導致我們的營運費用發生預期的變化。

Also, there are some additional costs we incur during our fiscal Q1, which are not likely to repeat in our fiscal Q2 but our normal run rate business.

此外，我們在第一財季也產生了一些額外成本，這些成本不太可能在第二財季重複出現，但我們的正常運作率業務仍是如此。

Got it. Thanks for taking my questions and good luck.

知道了。感謝您回答我的問題並祝您好運。

Thank you.

謝謝。

Thank you.

謝謝。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Yeah, thank you. And good to see that your overall debt's been reduced, the revolver specifically, and that your net debt significantly reduced here through the use of the SEPA. For the remain -- for the term debt that you do have, can you remind us what's the interest rate on it and how much of that is paid in kind?

是的，謝謝。很高興看到您的總債務（特別是循環信貸額）減少了，並且透過使用 SEPA，您的淨債務也顯著減少了。對於剩餘的定期債務，您能否提醒我們其利率是多少以及其中有多少是以實物支付的？

Laura?

勞拉？

We make -- yeah, thank you, sorry, thank you for your question. Yes, we make full disclosure of that in our 10-Q, and that will be included in our Footnote 4 to the 10-Q.

我們做出—是的，謝謝，抱歉，謝謝您的提問。是的，我們在 10-Q 中對此進行了全面披露，並將其包含在 10-Q 的腳註 4 中。

Okay. And is that filed now, the 10-Q?

好的。10-Q 表現在已經提交了嗎？

Excuse me, sorry, can you repeat the question?

對不起，您能重複這個問題嗎？

Has the 10-Q been filed for the June quarter yet?

六月季度的 10-Q 表格已經提交了嗎？

The 10-Q will be filed shortly.

10-Q 表格即將提交。

Got it. Okay, and then, I think, Eric asked this question, but I'm going to ask a slightly different way. Based on the guidance, which is going to improve from a negative $6.5 million from the June Q, which you're going to break even for the September quarter on a mid-$0.3 million QoQ revenue decline, does that presume basically a flattish gross margin QoQ?

知道了。好的，然後，我想，艾瑞克問了這個問題，但我要用稍微不同的方式來問。根據該指引，6 月份季度的虧損 650 萬美元將有所改善，9 月份季度的環比收入下降 30 萬美元，但將實現收支平衡，這是否意味著毛利率環比基本持平？

Yes. So we do have certain one-time expenses in our current growth margin, including the inventory provision for certain end of life product. Well, the expected impact of tariffs is, we are anticipating will continue. We're expecting a growth margin more in line with our fiscal Q2 2025 in our guidance. However, we would like to caution, that does depend on our revenue mix. And so, as we see increases in hyperscaler activity, that does impact our gross margin, as well as the macroeconomic environment.

是的。因此，我們目前的成長利潤率確實存在一些一次性費用，包括某些報廢產品的庫存準備金。嗯，我們預計關稅的影響將會持續下去。我們預期成長幅度將與我們的 2025 財年第二季指引更加一致。然而，我們要提醒的是，這確實取決於我們的收入組合。因此，隨著我們看到超大規模活動的增加，這確實會影響我們的毛利率以及宏觀經濟環境。

Okay. And it sounds like the actual non-GAAP OpEx, you're expecting it to be about flattish QoQ as well from June to September quarter?

好的。這聽起來像是實際的非 GAAP 營運支出，您預計從 6 月到 9 月這個季度，它的環比增長也會持平嗎？

From June quarter to September quarter, we are expecting a decline in our OpEx. This is due to the realization of the restructuring activities that happened early in the quarter, as well as some run rate expenses that are seen in Q1 that we are not expecting recurring inQ2.

從六月季度到九月季度，我們預計營運支出將會下降。這是由於本季度初發生的重組活動的實現，以及第一季出現的一些運行費用，我們預計第二季度不會再次出現。

Okay. So that's like what, about a $6 million to $9 million QoQ decline in OpEx, then?

好的。那麼，營運支出較上季下降約 600 萬至 900 萬美元是怎麼樣的呢？

From a GAAP OpEx perspective, we have not guided that number. However, from a non-GAAP perspective, we're anticipating approximately a $3 million decline.

從 GAAP OpEx 的角度來看，我們並沒有指導這個數字。然而，從非公認會計準則的角度來看，我們預期下降幅度約為 300 萬美元。

Great. Thank you. Okay. All right. And then, what is the typical seasonality for the September quarter and any reasons for any divergence from what is typical seasonality?

偉大的。謝謝。好的。好的。那麼，9 月季度的典型季節性是什麼？與典型季節性出現差異的原因是什麼？

I'll take that one. So thinking about our seasonality, we experience our peak ordering in our fiscal Q3. We do see some strong business in our fiscal Q2. However, we believe that the guidance we have put out is accurate and we are not expecting any deviations from our normal experience.

我要那個。因此，考慮到我們的季節性，我們在財政第三季度經歷了訂單高峰。我們確實看到了第二財季的一些強勁業務。然而，我們相信我們發布的指導是準確的，我們預計不會出現與正常經驗有任何偏差。

Okay. I feel like from like fiscal year '18 to like fiscal year '23, typically fiscal Q2 was up QoQ and that may have had a lot to do with the federal vertical buying. I'm not sure, is that correct?

好的。我覺得從 2018 財年到 2023 財年，第二財季的銷售額通常較上季成長，這可能與聯邦垂直採購有很大關係。我不確定，這是正確的嗎？

Yes. We do see this at year-end, hitting in our fiscal Q2, that is correct.

是的。我們確實在年底看到了這一點，並在我們的財政第二季度實現了這一點，這是正確的。

Okay. But that, from your lens of perspective, that doesn't typically produce a overall QoQ increase in revenue?

好的。但是，從您的角度來看，這通常不會帶來整體收入的環比成長嗎？

That does depend, quarter over quarter and year over year, so we're, as I said, we're expecting the guidance that we've put out to be accurate.

這確實取決於季度和年度，所以正如我所說，我們期望我們發布的指導是準確的。

Yeah. No, absolutely I would expect that as well. Okay. And then, can you -- I'm sure this will be disclosing in the 10-Q, but if you could disclose it now, the segment data?

是的。不，我絕對也期待這一點。好的。然後，您可以——我相信這將在 10-Q 中披露，但如果您現在就可以披露分段資料嗎？

Yes, that will be provided now in Q2, that will be in for 9/12.

是的，將在第二季度提供，預計在 9 月 12 日推出。

Okay. All right. Hugues, you mentioned that you want to be pivoting to areas in the market where you believe Quantum delivers the most value. Can you detail what are those areas where you believe quantum can -- has the most differentiated products here?

好的。好的。休格斯，您提到您希望轉向您認為 Quantum 能夠帶來最大價值的市場領域。您能否詳細說明您認為量子可以在哪些領域提供最具差異化的產品？

Yeah, for sure. First, like I said earlier, I do feel like we have a given right to play in the DXi space because we actually invented data dedu. So I think we took it for granted for a long time and just left like this asset on the line for a bit.

是的，當然。首先，就像我之前說的，我確實覺得我們有權在 DXi 領域發揮作用，因為我們實際上發明了資料重複資料刪除技術。所以我認為我們長期以來都將其視為理所當然，只是暫時將這項資產擱置一旁。

But with our recent products that have like a one new flash-based extremely fast, both from backup and instant recovery, I feel like we have a great solution.

但是，我們最近的產品具有基於快閃記憶體的極快速度，無論是備份還是即時恢復，我覺得我們有一個很好的解決方案。

I would say, the tape market is interesting, right, and ActiveScale cold storage as well. We've been behind like a lot of the hyperscalers and I do believe that going forward you can look at AI, you can look at the media entertainment space, everybody is going to go see a lot of data growth in the next two or three years, and people are concerned about the spend and from what we can see.

我想說，磁帶市場很有趣，對吧，ActiveScale 冷儲存也很有趣。我們已經落後於許多超大規模企業，但我確實相信，展望未來，您可以看看人工智慧，您可以看看媒體娛樂領域，每個人都會在未來兩三年內看到大量數據增長，人們擔心支出以及我們所看到的情況。

People are looking back at tape with a different eye right now. We have different technology for for tape. We have eraser coding, we have all types of security behind it, and we can present tape like as a pool of storage throughout this scalar cold storage, which makes it very easy to use.

人們現在正以不同的眼光看待磁帶。我們擁有不同的膠帶技術。我們有擦除編碼，我們擁有所有類型的安全保障，我們可以將磁帶視為整個標量冷存儲中的存儲池，這使得它非常易於使用。

So when I was talking to all the channel partner and customers, unexpectedly, ActiveScale cold storage became this really interesting topic to everybody that's struggling with cost right now. So I think that's something we need to put some strong execution behind.

因此，當我與所有通路合作夥伴和客戶交談時，出乎意料的是，ActiveScale 冷儲存成為了所有正在為成本問題苦苦掙扎的人真正感興趣的話題。所以我認為這是我們需要強力執行的事情。

We have great customers at Quantum. Unfortunately, I can't give a list of all the customers, but if you watch TV, if you have a favorite sports team, a TV show, a movie, or if you store files in the cloud, everybody's using Quantum one way or another, and you just don't know it, right?

我們在 Quantum 擁有優秀的客戶。不幸的是，我無法列出所有客戶，但如果你看電視，如果你有喜歡的運動隊伍、電視節目、電影，或者如果你在雲端儲存文件，那麼每個人都在以某種方式使用 Quantum，而你只是不知道，對嗎？

So I feel like we have a strong story. We have great customers. We need to figure out how to upsell and cross-sell through those great customers we have. And with the restructuring in sales and the team right now is super motivated to go to those customers and ask for a fair share of the business, so I feel really optimistic about that.

所以我覺得我們有一個精彩的故事。我們擁有優秀的客戶。我們需要弄清楚如何透過現有的優質客戶進行追加銷售和交叉銷售。隨著銷售重組，團隊現在非常積極地去接觸這些客戶並要求公平的業務份額，所以我對此感到非常樂觀。

Okay. Great. Thanks for that detail there. On that first area that you talked about of the deduplication space, backup space, you guys have been out with your all-flash product I think for more than a year now, and if I recall, Quantum executives were pretty excited about initial demand indications there. Did that not transpire or it's transpired but it's just too small to be driving the top line here?

好的。偉大的。謝謝你提供的詳細資訊。關於您談到的第一個領域，即重複資料刪除空間、備份空間，我認為你們已經推出全快閃產品一年多了，如果我沒記錯的話，昆騰高層對那裡的最初需求跡象感到非常興奮。難道這事沒發生過，或是雖然發生了，但規模太小，不足以推動這裡的營業收入？

Yeah, I think as as we're going through the process right now, what we're finding out is our lead generation all the way to the conversion is not that great. We have to change the process so we've consolidated sales and marketing right now into one group, so I think it's important right now that you don't have a sales and marketing finger pointing. We're going to change the way we do lead generations.

是的，我認為，正如我們現在所經歷的，我們發現，從潛在客戶生成到轉換的過程並不是那麼好。我們必須改變流程，所以我們現在將銷售和行銷合併為一個團隊，所以我認為現在重要的是不要讓銷售和行銷互相指責。我們將改變我們進行潛在客戶開發的方式。

We've changed the sales compensation programs because there are gaps and we can get excited, but if the sales people don't get paid or the incentives are in the wrong places, then it just doesn't work as well. And we also have, frankly, to go build like an enterprise channel for DXi, right?

我們已經改變了銷售薪酬計劃，因為存在差距，我們可以感到興奮，但如果銷售人員沒有得到報酬或激勵措施用在了錯誤的地方，那麼它就不會那麼有效。坦白說，我們還必須為 DXi 建立企業通路，對嗎？

So Quantum's been focused in North America mainly on media entertainment, so we're going to need new partners and we're going to have to train them. So the whole flow, the whole process anyway, from leads to sales compensations to partners to partners' test and everything is being retooled right now between Gregg Pugmire and Tony Craythorne.

因此，Quantum 在北美主要專注於媒體娛樂，因此我們需要新的合作夥伴，我們必須對他們進行培訓。因此，整個流程、整個過程，從銷售線索到銷售補償到合作夥伴到合作夥伴的測試，一切都正在 Gregg Pugmire 和 Tony Craythorne 之間重新調整。

Okay. Great. Thank you for taking all my questions.

好的。偉大的。感謝您回答我的所有問題。

Thank you. And there are no further questions at this time. So with that, we will conclude today's conference. Thank you for connecting and all parties may now disconnect. Have a good day.

謝謝。目前沒有其他問題。今天的會議就到此結束。感謝您的連接，各方現在可以斷開連接。祝你有美好的一天。