What changed in this filing

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Item 1. Business

2025-08-26 compared with 2024-06-28 · 44 added, 58 removed, 143 unchanged (42% of the section changed)

62 unchanged sentences

In addition, we sell to OEMs, distributors, VARs and DMRs to reach end user customers.

Sales to our top five customers represented 26%, 32% and 17% of revenue in fiscal 2024, fiscal 2023 and fiscal 2022, respectively, of which none of our hyperscale customers represented 10% or more of our total 2024 revenue.

Sales to our top five customers represented 21% and 26% of revenue in fiscal 2025 and fiscal 2024, respectively, of which none of our customers represented 10% or more of our total fiscal 2025 revenue.

The markets in which we participate are highly competitive, characterized by rapid technological change and changing customer requirements.

19 unchanged sentences

Tape media is manufactured in Japan and distributed globally.

The global supply chain and logistics have been severely constrained and impacted by inflationary pricing for the past couple of years.

The global supply chain and logistics have been severely constrained and impacted by inflationary pricing for the past couple of years as well as import tariffs in the current year.

While we are cautiously optimistic and see signs of improvement over the past year with supply of both server and tape automation components, we continue to see some constraints.

5 unchanged sentences

In general, these patents have a 20-year term from the first effective filing date for each patent.

also hold foreign patents and patent applications for certain of our products and technologies.

We may also hold foreign patents and patent applications for certain of our products and technologies.

Although we believe that our patents and applications have significant value, rapidly changing technology in our industry means that our future success may also depend heavily on the technical competence and creative skills of our employees.

13 unchanged sentences

Information about revenue attributable to each of our product groups is included in Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations and information about revenue and long-lived assets attributable to certain geographic regions is included in Note 2:

Revenue and Note 4:

Segment Information and Note 3:

Balance Sheet Information , respectively, to the consolidated financial statements and risks attendant to our foreign operations is set forth below in Item 1A.

1 unchanged sentence

We generally have the greatest demand for our products and services in the fourth quarter of each calendar year, or our fiscal third quarter.

We usually experience the lowest demand for our products and services in the first and second quarters of each calendar year, or our fiscal fourth quarter and fiscal first quarter, respectively.

We usually experience the lowest demand for our products and services in the second quarter of each calendar year, or our fiscal first quarter.

Information About Our Executive Officers

Following are the names and positions of our management team as of June 12, 2024, including a brief account of the business experience of each.

Following are the names and positions of our management team as of August 1, 2025, including a brief account of the business experience of each.

Name Position with Quantum

Lerner President, Chief Executive Officer and Chairman of the Board

Gianella Chief Financial Officer

Cabrera Chief Administrative Officer and Chief Legal and Compliance Officer

Henk Jan Spanjaard Chief Revenue Officer

Hugues Meyrath

President and Chief Executive Officer

Moorehead Chief Financial Officer

Anthony Craythorne

Chief Revenue Officer

Laura Nash Chief Accounting Officer

Lerner, 54, was appointed as President and Chief Executive Officer of the Company, effective July 1, 2018, and was appointed Chairman of the Company’s Board of Directors (the “Board of Directors”) on August 7, 2018.

Lerner has previously served as Vice President and Chief Operating Officer at Pivot3 Inc., a smart infrastructure solutions company, from March 2017 to June 2018, and as Chief Revenue Officer from November 2016 to March 2017.

Prior to Pivot3 Inc., from March 2014 to August 2015, Mr.

Lerner served as President of Cloud Systems and Solutions at Seagate Technology Holdings Public Limited Company (“Seagate”) (Nasdaq:

STX), a data storage company.

Prior to Seagate, Mr.

Lerner served in various executive roles at Cisco Systems, Inc.

CSCO), a networking hardware and software manufacturing company, including most recently as Senior

Vice President and General Manager of the Cloud & Systems Management Technology Group.

Before beginning his career as a technology company executive, Mr.

Lerner was a Senior Consultant at Andersen Consulting, a financial advisory and consulting firm.

Since 2011, Mr.

Lerner has served on the Board of Trustees of Astia, a global not-for-profit organization built on a community of men and women dedicated to the success of women-led, high-growth ventures, and is currently serving as the Chair of the Board of Trustees.

Lerner earned a Bachelor of Arts in Quantitative Economics and Decision Sciences from U.C.

Gianella, 51, has served as our Chief Financial Officer since January 2023.

Prior to joining us, he served as the Vice President of Investor Relations;

Mergers, Divestitures, & Acquisitions;

and Environmental, Social & Governance (ESG) Strategy at Itron, Inc.

ITRI), an energy and water network technology and services company, since July 2018 to January 2023, and as Vice President of Finance and Treasury of Itron’s Networks segment from January 2018 to July 2018.

Prior to that, from December 2012 to December 2017, Mr.

Gianella held various senior finance positions at Silver Springs Networks, an IoT and smart networks company (acquired by Itron in December 2017), including as interim Chief Financial Officer, Senior Vice President, Finance and Treasurer.

Gianella also was the Head of Finance and Administration at Sensity Systems, Inc., a producer of smart LED lights for enabling Smart Cities, and held various senior finance roles at KLA-Tencor Corporation, a leader in process control, yield management, and computational analytics for the semiconductor industry.

Gianella holds a Master of Business Administration from University of Pittsburgh and a Bachelor of Science in Business Administration from Duquesne University.

Cabrera, 59, was appointed Chief Legal and Compliance Officer in September 2021 and Chief Administrative Officer in August 2022.

Prior to that, he served as the Assistant United States Attorney from October 2018 to April 2020 and as Special Assistant United States Attorney from October 2017 to October 2018 in the Office of the United States Attorney, Northern District of California.

From May 2014 to June 2017, Mr.

Cabrera served as Senior Vice President & General Counsel of NVIDIA Corporation (“NVIDIA”) (Nasdaq:

NVIDIA), a graphics processing units technology company.

Prior to NVIDIA, Mr.

Cabrera served as General Counsel and Corporate Secretary, Chief Ethics & Compliance Officer of Synopsys, Inc.

SNPS), an electronic design automation company, from 2006 to 2014.

From 1999 to 2006, Mr.

Cabrera served as Senior Vice President, Operations, General Counsel and Corporate Secretary of Callidus Software, Inc., an enterprise software company.

Prior to Callidus Software, Inc., Mr.

Cabrera held various legal positions with PeopleSoft, Inc., a human resource management systems provider, Netscape Communications Corporation, an internet software developing company, Silicon Graphics, Inc., a computer hardware and software manufacturing company, and Bronson, Bronson & McKinnon LLP, a law firm.

Cabrera holds Bachelor’s and Master’s degrees and a Juris Doctorate from the University of Southern California.

Henk Jan Spanjaard, 58, was appointed Chief Revenue Officer in November 2023.

Prior to that, he served as Vice President, EMEA Sales , from July 2020 to November 2023.

From August 2018 to July 2020, he served as Vice President and General Manager, EMEA & India , of DriveScale, Inc., a software development company.

Prior to that, he served as Vice President, EMEA , of A10 Networks, Inc.

ATEN), an application security company, from January 2015 to July 2018.

Prior to his role at A10 Networks, Inc., he held several technology sales leadership roles, including at Infoblox, Inc., an IT automation and security company, and NetApp, Inc.

NTAP), intelligent data infrastructure company.

Spanjaard holds a degree from M.T.S Technical College (Electronics), from Ede, The Netherlands.

Hugues Meyrath, 55, was appointed as President and Chief Executive Officer of the Company, effective June 2, 2025.

Meyrath has served on the Board of Directors since September 2022, and serves as an advisor to startup companies.

Meyrath served as chief product officer of ServiceChannel from January 2017 through December 2021, a provider of SaaS-based multi-site solutions, which was acquired by Fortive Corporation, a provider of connected workflow solutions, in 2021.

Following the acquisition, Mr.

Meyrath continued to serve as an advisor to ServiceChannel until August 2022.

Prior to that, he served as vice president at Dell Technologies Capital, a venture capital arm of Dell Technologies that invests in enterprise and cloud infrastructure, where he was responsible for

driving venture funding and mergers and acquisitions, while also holding advisory roles for portfolio companies.

Prior to its acquisition by Dell Technologies Capital, he served as vice president of product management and business development for EMC Corporation’s backup and recovery services, which offers data protection and business continuity products.

Meyrath previously held senior leadership roles at Juniper Networks, Brocade Communications and SBS Corp, and was an employee of the Company from January 2002 to September 2003.

Meyrath holds a bachelor’s degree in engineering from the University of Louvain in Belgium and an MBA from the University of California, Berkeley.

Lewis Moorehead, 53, served as Chief Financial Officer from April 2025 to August 2025.

He previously served as Vice-President of Finance and Treasurer from June 2023 to April 2025, and Chief Accounting Officer from October 2018 to June 2023.

Prior to joining Quantum, Mr.

Moorehead was the Director of Finance, Accounting and Tax at Carvana, Co.

CVNA), a publicly traded on-line retailer, from November 2016 to October 2018.

From September 2004 to October 2016, he served as Managing Partner at Quassey, an investment firm.

While at Quassey, he also served as Vice President of Finance and Principal Accounting Officer at Edgio, Inc.

(f/k/a Limelight Networks) (Nasdaq:

EGIO), a NASDAQ-listed global content delivery network and SaaS provider, from March 2010 to August 2013.

He has also held finance and accounting positions at eTelecare Global Solutions, Rivers and Moorehead PLLC, Intelligentias, Inc., American Express and PricewaterhouseCoopers.

He holds a Bachelor of Business Administration (B.B.A.), in Accounting from the University of Wisconsin-Whitewater.

Anthony Craythorne, 56, was appointed Chief Revenue Officer in July 2025.

Prior to that, he held various positions at leading technology companies in the U.S., Europe, and Asia.

He joined Quantum following two years as a contract Chief Revenue Officer, where he helped startups launch and growth-stage companies optimize their go-to-market strategies in SaaS, cybersecurity, and data storage.

Tony has held senior leadership roles including Chief Revenue Officer at Index Engines and Zadara;

CEO of Bamboo Systems;

Senior Vice President of Worldwide Sales at Komprise;

and executive positions at Brocade, Hitachi Data Systems, Nexsan, among others.

Laura Nash, 45, has served as Chief Accounting Officer of the Company since June 2023.

7 unchanged sentences

Human Capital

Our Chief Administrative Officer leads our human capital initiatives, which include the design and execution of all people strategies.

The Chief Administrative Officer partners directly with the Board of Directors, the Leadership and Compensation Committee, and Senior Management on the design, cost, and effectiveness of our people programs to ensure they are competitive and reward our teams for driving company performance.

In the fiscal year ended March 31, 2025, our Chief Administrative Officer lead our human capital initiatives, which include the design and execution of all people strategies.

The Chief Administrative Officer worked directly with the Board of Directors, the Leadership and Compensation Committee, and Senior Management on the design, cost, and effectiveness of our people programs to ensure they are competitive and reward our teams for driving company performance.

Our workforce is currently distributed across 19 countries, with approximately 635 employees globally as of March 31, 2025, including 305 in North America, 180 in APAC, and 150 in EMEA.

5 unchanged sentences

To build high performing products and services, we aim to build high performing teams that are inclusive, diverse, and respected regardless of gender, race, color, religion, age, sexual orientation, or disability.

We invest in diverse hiring and training initiatives, performance and professional development opportunities, and candidates ranging from interns to experienced leaders.

We invest in diverse hiring and training initiatives, performance and professional development opportunities, and candidates ranging

from interns to experienced leaders.

This past year, we partnered with an outside firm for our training on compliance and preventing harassment and discrimination.

14 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business