昆腾：2024年度报告

FORM10-K(Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedMarch 31, 2025or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File Number001-13449 (Exact name of registrant as specified in its charter) 94-2665054(I.R.S. Employer Identification No.) (State or other jurisdiction of incorporation ororganization) 80112(Zip Code) (Address of Principal Executive Offices) (408)944-4000Registrant's telephone number, including area code224 Airport Parkway, Suite 550, San Jose, CA 95110 (Former name, former address, and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading SymbolName of each exchange on which registeredCommon Stock, $0.01 par value per shareQMCONasdaq Global Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405of the Securities Act.¨Yes☒No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 orSection 15(d) of the Act. Indicate by check mark whether the registrant has submitted electronically every Interactive DataFile required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).☒Yes¨No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or asmaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reportingcompany” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated fileroAccelerated fileroNon-accelerated filer☒Smaller reporting company☒Emerging growth companyoIf an emerging growth company, indicate by check mark if the registrant has elected not to usethe extended transition period for complying with any new or revised financial accountingstandards provided pursuant to Section 13(a) of the Exchange Act.oIndicate by check mark whether the registrant has filed a report on and attestation to itsmanagement’s assessment of the effectiveness of its internal control over financial reportingunder Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.oIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whetherthe financial statements of the registrant included in the filing reflect the correction of an error topreviously issued financial statements.☒Indicate by check mark whether any of those errors corrections are restatements that required arecovery analysis of incentive-based compensation received by any of the registrant’s executiveofficers during the relevant recovery period pursuant to §240.10D-1(b).☒Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of theExchange Act).oYes ☒No As of the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market valueof the registrant's common stock held by its non-affiliates, computed by reference to the price at which the common stockwas last sold, was $12,780,611. As of August 25, 2025, there were13,319,249shares of Quantum Corporation’s common stock issued and outstanding. QUANTUM CORPORATION ANNUAL REPORT ON FORM 10-KFor the Year Ended March31, 2025 Table of Contents Explanatory Note3Summary of Risk Factors4Note Regarding Forward-Looking Statements5PART IItem 1.Business6Item 1A.Risk Factors12Item 1B.Unresolved Staff Comments30Item 1C.Cybersecurity30Item 2.Properties31Item 3.Legal Proceedings31Item 4.Mine Safety Disclosures31PART IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities32Item 6.[Reserved]33Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations34Item 7A.Quantitative and Qualitative Disclosures About Market Risk47Item 8.Financial Statements and Supplementary Data49Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure89Item 9A.Controls and Procedures89Item 9B.Other Information90Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.91PART IIIItem 10.Directors, Executive Officers and Corporate Governance92Item 11.Executive Compensation94Item 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters102Item 13.Certain Relationships and Related Transactions, and Director Independence104Item 14.Principal Accounting Fees and Services105PART IVItem 15.Exhibits, Financial Statement Schedules107Item 16.Form 10-K Summary113Signatures114Power of Attorney114 As use