What changed in this filing

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Item 1. Business

2026-06-25 compared with 2025-08-26 · 45 added, 48 removed, 139 unchanged (40% of the section changed)

9 unchanged sentences

Our portfolio of products includes primary storage software and systems, secondary storage software and systems, as well as devices and media.

Highly Performant Primary Storage Software and Systems include:

• Myriad All-Flash Software-Defined Storage:

All-flash scale-out file and object storage for high performance enterprise unstructured data applications such as AI, machine learning, and data analytics.

Highly Performance Primary Storage Software and Systems include:

• StorNext Hybrid Flash/Disk File Storage Software:

48 unchanged sentences

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

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.

Sales to our top five customers represented 27% and 21% of revenue in fiscal 2026 and fiscal 2025, respectively, of which one customer represented more than 10% of total fiscal 2026 revenue and 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.

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Additionally, the competitive landscape continues to change due to merger and acquisition activity as well as new entrants into the market.

As our customers look to use more public cloud storage services, these providers offer a competitive alternative, as well as new platforms and new ways to deploy our software.

We expect that the data storage infrastructures of the future will be both hybrid-cloud and multi-cloud, meaning our customers will store their data in the various large public cloud environments, and also want to use services from multiple public cloud vendors.

As our customers look to use both public and private cloud storage services, these options offer a competitive alternative, as well as new platforms and new ways to deploy our software.

Our primary storage solutions, including object storage systems, primarily face competition from the EMC business unit of Dell Inc.

14 unchanged sentences

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.

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 experience some constraints.

While some components continue to have extended lead times and often non-cancellable purchase orders are required, Quantum continues to work with suppliers to minimize lead times and associated liabilities.

2 unchanged sentences

We generally rely on patent, copyright, trademark and trade secret laws and contract rights to establish and maintain our proprietary rights in our technology and products.

As of March 31, 2025, we hold over 198 U.S.

As of March 31, 2026, we hold 166 U.S.

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

We may 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.

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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 N ote 12 :

Segment Information and Note 3 :

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Information About Our Executive Officers

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.

Following are the names and positions of our management team as of June 1, 2026, including a brief account of the business experience of each.

Name Position with Quantum

1 unchanged sentence

President and Chief Executive Officer

Moorehead Chief Financial Officer

White Chief Financial Officer

Anthony Craythorne

Chief Revenue Officer

Laura Nash Chief Accounting Officer

Nash Chief Accounting Officer

Hugues Meyrath, 56, 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 has served on the Board of Directors ("Board") 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.

1 unchanged sentence

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 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 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.

White, 44, has served as our Chief Financial Officer since February 2026.

Prior to that, he served in various capacities at Emotive, a software development company, including as Chief Financial Officer and Head of Revenue Operations, from January 2024 to August 2025, and as Vice President of Finance and Head of Revenue Operations, from June 2022 to December 2023.

From April 2021 to June 2022, Mr.

White served as Fractional CFO and Strategic Finance Consultant at VUCA Strategies, a business consulting and services company.

He served as Head of Revenue at Human AI Labs Inc.

(dba Personal AI), an artificial intelligence technology company, from September 2020 to April 2021.

Prior to that, Mr.

White served as Director of Corporate Development & Finance at Affordify Inc., a financial services company, from 2017 to 2020.

From 2009 to 2020, he held various roles at Goldbum Lentz & Co., an investment banking and business brokerage firm, including Investment Banking Partner from 2015 to 2020.

White holds an MBA from the University of Denver and a B.A.

from the University of Colorado Boulder.

He currently serves as Board Member for Destination Imagination Colorado, a 501(c)(3) non-profit.

Anthony Craythorne, 57, has served as our Chief Revenue Officer since 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;

He joined Quantum following his service as a contract Chief Revenue Officer from March 2024 to May 2025, where he helped startups launch and growth-stage companies optimize their go-to-market strategies in SaaS, cybersecurity, and data storage.

Craythorne has held senior leadership roles including Chief Revenue Officer at Index Engines, a software company, from August 2023 to March 2024 and Zadara, a cloud computing company, from December 2021 to March 2023;

Chief Executive Officer of Bamboo Systems, a technology company, from April 2019 to December 2021;

Senior Vice President of Worldwide Sales at Komprise, a software company, from November 2017 to April 2019;

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.

Prior to her appointment as Chief Accounting Officer, Ms.

Nash served as Controller from June 2019 to June 2023.

Prior to that, from September 2005 to June 2019, Ms.

Nash held various positions in Audit and Financial Accounting Advisory Services at Ernst & Young, an accounting firm, in both the U.S.

Nash, 46, has served as Chief Accounting Officer of the Company since June 2023.

She previously served as Controller from June 2019 to June 2023.

Prior to that, from September 2005 to June 2019, she held various positions in Audit and Financial Accounting Advisory Services at Ernst & Young, an accounting firm, in both the U.S.

Nash holds a Bachelor of Laws from University of Aberdeen and a Certificate in Accounting from University of Washington – Michael G.

2 unchanged sentences

Human Capital

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.

In the fiscal year ended March 31, 2026, our Vice President of Corporate Affairs lead our human capital initiatives, which include the design and execution of all people strategies.

The Vice President of Corporate Affairs 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 18 countries, with approximately 490 employees globally as of March 31, 2026, including 231 in North America, 133 in APAC, and 126 in EMEA.

1 unchanged sentence

Work Environment

While we believe competition for talent in the technology industry in certain geographies may be beginning to soften, we continue to design, evaluate, and expand our total rewards programs so they remain competitive in attracting, motivating, rewarding, and retaining key talent.

We offer flexible and hybrid working arrangements that allow our employees to choose where and how they work.

We intend to design, evaluate, and expand our total rewards programs so they are competitive in attracting, motivating, rewarding, and retaining key talent.

We have a mix of office-based and remote employees.

We work to ensure our office environments, whether at a primary location or remote, are safe, professional, and inclusive so our employees can be successful.

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 multiple 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.

We believe that fostering an inclusive work environment is a critical component for our culture of excellence.

Culture of Excellence, Accountability, and Innovation

Our company goals and leadership attributes set the tone for our culture of excellence and accountability.

Culture of Integrity, Ownership, and Urgency

Our company goals and leadership attributes set the tone for our culture of integrity, ownership, and urgency.

Employees are empowered to ask questions and encouraged to report concerns without fear of retaliation, including reporting anonymously if preferred.

During the fiscal year ended March 31, 2023, we redesigned our internal employee recognition program to encourage driving innovation, promoting teamwork, and leading by example.

During the fiscal year ended March 31, 2026, we redesigned our internal employee recognition program to encourage exemplifying integrity, ownership, and urgency and provided training focused on those expectations.

We also continued our practice of “no internal meeting days” so employees can have more time for focused work, training, or personal development.

2 unchanged sentences

We seek to actively grow our employees’ skills and leadership perspective while retaining our most critical talent.

Our managers and employees participate in regular performance discussions that help facilitate conversations on employee contributions, goals, and expectations.

Our managers and employees participate in periodic performance discussions that help facilitate conversations on employee contributions, goals, and expectations.

Available Information

3 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