Kenneth P. Gianella, the Chief Financial Officer of Quantum Corp (NASDAQ:QMCO), recently sold shares of the company’s common stock. According to a recent SEC filing, Gianella sold 2,590 shares on November 8, totaling $11,473 at a price of $4.43 per share. This transaction was carried out to cover tax withholding obligations related to the vesting of restricted stock units granted earlier in the year. Following the sale, Gianella retains ownership of 33,910 shares of Quantum Corp. InvestingPro analysis indicates the stock is currently undervalued, with 13 additional exclusive insights available for subscribers, including detailed financial health metrics and growth projections.
In other recent news, Quantum Corporation announced the general availability of the Scalar i7 RAPTOR, a high-density tape storage solution designed to cater to the expanding needs of AI and cloud storage. The storage system offers a claimed 200% higher storage density than traditional enterprise tape libraries. The Scalar i7 RAPTOR is designed to aid in ransomware recovery and provides an additional layer of air gap protection, integrating seamlessly with Quantum's other solutions, such as the StorNext file system and ActiveScale object storage.
In financial news, Quantum Corporation reported mixed Q2 results, with a 7% decrease in year-over-year revenue, totaling $70.5 million. Despite this, the company achieved a roughly breakeven adjusted EBITDA and saw a significant increase in its backlog, now standing at $14 million. Quantum anticipates $40 million in total savings by the end of FY 2025 due to operational improvements and cost-saving measures.
In terms of projections, Quantum adjusted its FY 2025 revenue outlook to $280 million, with adjusted EBITDA expected at $3 million. Analysts project an adjusted net loss per share for Q3 at negative $0.75, with expected Q3 revenue at approximately $72 million. Despite these challenges, Quantum Corporation is optimistic about achieving positive cash flow in the latter half of FY 2025 and FY 2026. These are the recent developments for Quantum Corporation.
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