昆腾 2025年度报告

FORM 10-K(Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended March 31, 2026or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File Number 001-13449 Quantum Corporation (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) 944-4000 Registrant's telephone number, including area code (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.Yes☒No Indicate by check mark whether the registrant (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (orfor such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days. 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): Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of theExchange Act).Yes☒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 $116,791,817. As of June 24, 2026, there were 39,374,500 shares of Quantum Corporation’s common stock issued and outstanding. DOCUMENTS INCORPORATED BY REFERENCE The portions of the registrant's proxy statement to be filed in connection with the Annual Meeting of Stockholders to beheld in 2026 have been incorporated by reference into Part III of this Annual Report on Form 10-K. QUANTUM CORPORATIONANNUAL REPORT ON FORM 10-KFor the Year Ended March31, 2026Table of ContentsPageNumberNote Regarding Forward-Looking Statements3Summary of Risk Factors4PART IItem 1.Business5Item 1A.Risk Factors11Item 1B.Unresolved Staff Comments26Item 1C.Cybersecurity26Item 2.Properties27Item 3.Legal Proceedings27Item 4.Mine Safety Disclosures27PART IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities28Item 6.[Reserved]29Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations30Item 7A.Quantitative and Qualitative Disclosures About Market Risk41Item 8.Financial Statements and Supplementary Data42Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure85Item 9A.Controls and Procedures85Item 9B.Other Information87Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.87PART IIIItem 10.Directors, Executive Officers and Corporate Governance87Item 11.Executive Compensation88Item 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters88Item 13.Certain Relationships and Related Transactions, and Director Independence88Item 14.Principal Accounting Fees and Services88PART IVItem 15.Exhibits, Financial Statement Schedules89Item 16.Form 10-K Summary96Signatures97Power of Attorney97 Note Regarding Forward-Looking Statements As used in this Annual Report on Form 10-K (this "Annual Report"), the terms the "Company," "Quantum," "we," "us," and"our" refer to Quantum Corporation and its subsidiaries taken as a whole, unless otherwise noted or unless the contextindicates otherwise. This Annual Report contains forward-looking statements. All statements contained in this report other than statements ofhistorical fact, including, but not limited to, statements regarding our future operating results and financial position; ourbusiness strategy, focus and plans; our market growth and trends; our products, services and e