QUARTERLY FINANCIAL SUMMARY (Unaudited) (Tables)

v3.24.1.1.u2

QUARTERLY FINANCIAL SUMMARY (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2024
Quarterly Financial Information Disclosure [Abstract]
Schedule of Adjustment For Correction to Previous Periods	QUANTUM CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) March 31, 2023 As previously reported Restatement adjustments Reference As restated Assets Current assets: Cash and cash equivalents $ 25,963  $ —  $ 25,963  Restricted cash 212  —  212  Accounts receivable, net of allowance for credit losses of $201 72,464  —  72,464  Manufacturing inventories 19,441  —  19,441  Service parts inventories 25,304  —  25,304  Prepaid expenses 4,158  —  4,158  Other current assets 5,513  —  5,513  Total current assets 153,055  —  153,055  Property and equipment, net 16,555  —  16,555  Intangible assets, net 4,941  —  4,941  Goodwill 12,969  —  12,969  Right-of-use assets, net 10,291  —  10,291  Other long-term assets 15,846  —  15,846  Total assets $ 213,657  $ —  $ 213,657  Liabilities and Stockholders’ Deficit Current liabilities: Accounts payable $ 35,716  $ —  35,716          Accrued compensation 15,710  —  15,710  Deferred revenue, current portion 82,504  (2,697) (a) 79,807  Term debt, current portion 5,000  —  5,000  Warrant liabilities —  7,989  (b) 7,989  Other accrued liabilities 13,666  —  13,666  Total current liabilities 152,596  5,292  157,888  Deferred revenue, net of current portion 43,306  (7,811) 35,495  Revolving credit facility 16,750  —  16,750  Term debt, net of current portion 66,354  —  66,354  Operating lease liabilities 10,169  —  10,169  Other long-term liabilities 11,370  —  11,370  Total liabilities 300,545  (2,519) 298,026  Stockholders’ deficit Preferred stock: Preferred stock, 20,000 shares authorized; no shares issued —  —  —  Common stock: Common stock, $0.01 par value; 225,000 shares authorized; 93,574 shares issued and outstanding 936  —  936  Additional paid-in capital 722,603  (20,233) (b) 702,370  Accumulated deficit (808,846) 22,752  (a) (b) (786,094) Accumulated other comprehensive loss (1,581) —  (1,581) Total stockholders' deficit (86,888) 2,519  (84,369) Total liabilities and stockholders' deficit $ 213,657  $ —  $ 213,657  QUANTUM CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) March 31, 2022 As previously reported Restatement adjustments Reference As restated Assets Current assets: Cash and cash equivalents $ 5,210  $ —  $ 5,210  Restricted cash 283  —  283  Accounts receivable, net of allowance for credit losses of $422, respectively 69,354  —  69,354  Manufacturing inventories 33,546  —  33,546  Service parts inventories 24,254  —  24,254  Prepaid expenses 7,853  —  7,853  Other current assets 4,697  —  4,697  Total current assets 145,197  —  145,197  Property and equipment, net 12,853  —  12,853  Intangible assets, net 9,584  —  9,584  Goodwill 12,969  —  12,969  Right-of-use assets, net 11,107  —  11,107  Other long-term assets 9,925  —  9,925  Total assets $ 201,635  $ —  $ 201,635  Liabilities and Stockholders’ Deficit Current liabilities: Accounts payable $ 34,220  $ —  34,220  Accrued compensation 16,141  —  16,141  Deferred revenue, current portion 86,517  611  (a) 87,128  Term debt, current portion 4,375  —  4,375  Warrant liabilities —  18,237  (b) 18,237  Other accrued liabilities 16,562  —  16,562  Total current liabilities 157,815  18,848  176,663  Deferred revenue, net of current portion 41,580  (1,792) 39,788  Revolving credit facility 17,735  —  17,735  Term debt, net of current portion 89,448  —  89,448  Operating lease liabilities 9,891  —  9,891  Other long-term liabilities 11,849  —  11,849  Total liabilities 328,318  17,056  345,374  Stockholders’ deficit Preferred stock: Preferred stock, 20,000 shares authorized; no shares issued —  —  —  Common stock: Common stock, $0.01 par value; 225,000 shares authorized; 60,433 shares issued and outstanding 605  —  605  Additional paid-in capital 645,038  (20,233) (b) 624,805  Accumulated deficit (770,903) 3,177  (a) (b) (767,726) Accumulated other comprehensive loss (1,423) —  (1,423) Total stockholders' deficit (126,683) (17,056) (143,739) Total liabilities and stockholders' deficit $ 201,635  $ —  $ 201,635  QUANTUM CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except per share amounts) Year Ended March 31, 2023 As previously reported Restatement adjustments Reference As restated Revenue Product $ 266,537  $ 8,317  (a) $ 274,854  Service and subscription 132,510 1,008  (a) 133,518  Royalty 13,705 —  13,705  Total revenue 412,752  9,325  422,077  Cost of revenue Product 220,031 —  220,031  Service and subscription 58,782 —  58,782  Total cost of revenue 278,813  —  278,813  Gross profit 133,939  9,325  143,264  Operating expenses Sales and marketing 66,034 —  66,034  General and administrative 47,752 —  47,752  Research and development 44,555 —  44,555  Restructuring charges 1,605 —  1,605  Total operating expenses 159,946  —  159,946  Income (loss) from operations (26,007) 9,325  (16,682) Other income, net 1,956  —  1,956  Interest expense (10,560) —  (10,560) Change in fair value of warrant liability —  10,250  (b) 10,250  Loss on debt extinguishment, net (1,392) —  (1,392) Net income (loss) before income taxes (36,003) 19,575  (16,428) Income tax provision 1,940 —  1,940  Net income (loss) $ (37,943) $ 19,575  $ (18,368) Deemed dividend on warrants (389) 389  (b) —  Net income (loss) attributable to common stockholders $ (38,332) $ 19,964  $ (18,368)   Net income (loss) per share attributable to common stockholders- basic $ (0.42) $ 0.22  $ (0.20) Net income (loss) per share attributable to common stockholders - diluted $ (0.42) $ 0.14  $ (0.28) Weighted average shares - basic 90,348 90,348 90,348 Weighted average shares - basic and diluted 90,348 91,188 91,188 Net income (loss) $ (37,943) $ 19,575  $ (18,368) Foreign currency translation adjustments, net (158) —  (158) Total comprehensive income (loss) $ (38,101) $ 19,575  $ (18,526) QUANTUM CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except per share amounts) Year Ended March 31, 2022 As previously reported Restatement adjustments Reference As restated Revenue Product $ 223,761  $ 7,053  (a) $ 230,814  Service and subscription 133,689  3,552  (a) 137,241  Royalty 15,377  —  15,377  Total revenue 372,827  10,605  383,432  Cost of revenue Product 169,780  —  169,780  Service and subscription 56,012  —  56,012  Total cost of revenue 225,792  —  225,792  Gross profit 147,035  10,605  157,640  Operating expenses Research and development 51,812  —  51,812  Sales and marketing 62,957  —  62,957  General and administrative 45,256  —  45,256  Restructuring charges 850  —  850  Total operating expenses 160,875  —  160,875  Income (loss) from operations (13,840) 10,605  (3,235) Other expense, net (251) —  (251) Interest expense (11,888) —  (11,888) Change in fair value of warrant liabilities —  60,030  (b) 60,030  Loss on debt extinguishment, net (4,960) —  (4,960) Net income (loss) before income taxes (30,939) 70,635  39,696  Income tax provision 1,341  —  1,341  Net income (loss) $ (32,280) $ 70,635  $ 38,355  Net income (loss) per share - basic $ (0.55) $ 1.20  $ 0.65  Net income (loss) per share - diluted $ (0.55) $ 0.23  $ (0.32) Weighted average shares - basic 58,871 58,871 58,871  Weighted average shares - diluted 58,871 66,017 66,017  Net income (loss) $ (32,280) $ 70,635  $ 38,355  Foreign currency translation adjustments, net (567) —  (567) Total comprehensive income (loss) $ (32,847) $ 70,635  $ 37,788  QUANTUM CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended March 31, 2023 As previously reported Restatement adjustments Reference As restated Operating activities Net income (loss) $ (37,943) $ 19,575  (a) (b) $ (18,368) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 10,118  —  10,118  Amortization of debt issuance costs 1,624  —  1,624  Long-term debt related costs 992  —  992  Provision for manufacturing and service inventories 18,052  —  18,052  Stock-based compensation 10,750  —  10,750  Change in fair value of warrant liabilities —  (10,250) (b) (10,250) Other non-cash (2,067) —  (2,067) Changes in assets and liabilities, net of effect of acquisitions: Accounts receivable (2,966) —  (2,966) Manufacturing inventories (1,839) —  (1,839) Service parts inventories (3,503) —  (3,503) Accounts payable 1,158  —  1,158  Prepaid expenses 3,695  —  3,695  Deferred revenue (2,286) (9,325) (a) (11,611) Accrued compensation (431) —  (431) Other assets (1,270) —  (1,270) Other liabilities 1,022  —  1,022  Net cash used in operating activities (4,894) —  (4,894) Investing activities Purchases of property and equipment (12,581) —  (12,581) Business acquisitions (3,020) —  (3,020) Net cash used in investing activities (15,601) —  (15,601) Financing activities   Borrowings of long-term debt, net of debt issuance costs —  —  —  Repayments of long-term debt (24,596) —  (24,596) Borrowings of credit facility 497,280  —  497,280  Repayments of credit facility (498,665) —  (498,665) Borrowings of paycheck protection program —  —  —  Proceeds from secondary offering, net —  —  —  Payment of taxes due upon vesting of restricted stock —  —  —  Proceeds from issuance of common stock 67,146  —  67,146  Net cash provided by financing activities 41,165  —  41,165  Effect of exchange rate changes on cash and cash equivalents 12  —  12  Net change in cash, cash equivalents, and restricted cash 20,682  —  20,682  Cash, cash equivalents, and restricted cash at beginning of period 5,493  —  5,493  Cash, cash equivalents, and restricted cash at end of period $ 26,175  $ —  $ 26,175  Supplemental disclosure of cash flow information Cash paid for interest $ 8,701  $ —  $ 8,701  Cash paid for income taxes, net of refunds $ 1,418  $ —  $ 1,418  Non-cash transactions Purchases of property and equipment included in accounts payable $ 1,049  $ —  $ 1,049  Transfer of manufacturing inventory to services inventory $ 4,045  $ —  $ 4,045  Transfer of manufacturing inventory to property and equipment $ 343  $ —  $ 343  Payment of litigation settlements with insurance proceeds $ —  $ —  $ —  Paid-in-kind interest $ 319  $ —  $ 319  Deemed dividend $ 389  $ (389) (b) $ —  The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows: Cash and cash equivalents $ 25,963  $ —  $ 25,963  Restricted cash, current 212  —  212  Total cash, cash equivalents and restricted cash at the end of period $ 26,175  $ —  $ 26,175  QUANTUM CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended March 31, 2022 As previously reported Restatement adjustments Reference As adjusted Operating activities Net income (loss) $ (32,280) $ 70,635  (a) (b) $ 38,355  Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 9,418  —  9,418  Amortization of debt issuance costs 2,414  —  2,414  Long-term debt related costs 8,471  —  8,471  Provision for manufacturing and service inventories 5,740  —  5,740  Gain on PPP loan extinguishment (10,000) —  (10,000) Stock-based compensation 13,829  13,829  Change in fair value of warrant liabilities —  (60,030) (b) (60,030) Other non-cash (832) —  (832) Changes in assets and liabilities, net of effect of acquisitions: Accounts receivable 3,651  —  3,651  Manufacturing inventories (12,069) —  (12,069) Service parts inventories (4,400) —  (4,400) Accounts payable (1,939) —  (1,939) Prepaid expenses (3,959) —  (3,959) Deferred revenue (2,514) (10,605) (a) (13,119) Accrued restructuring charges (580) —  (580) Accrued compensation (3,073) —  (3,073) Other assets (2,602) —  (2,602) Other liabilities (3,003) —  (3,003) Net cash used in operating activities (33,728) —  (33,728) Investing activities Purchases of property and equipment (6,316) —  (6,316) Business acquisitions (7,808) —  (7,808) Net cash used in investing activities (14,124) —  (14,124) Financing activities   Borrowings of long-term debt, net of debt issuance costs 94,961  —  94,961  Repayments of long-term debt (94,301) —  (94,301) Borrowings of credit facility 309,000  —  309,000  Repayments of credit facility (291,265) —  (291,265) Proceeds from issuance of common stock 1,762  1,762  Net cash provided by financing activities 20,157  —  20,157  Effect of exchange rate changes on cash and cash equivalents 51  —  51  Net change in cash, cash equivalents, and restricted cash (27,644) —  (27,644) Cash, cash equivalents, and restricted cash at beginning of period 33,137  —  33,137  Cash, cash equivalents, and restricted cash at end of period $ 5,493  $ —  $ 5,493  Supplemental disclosure of cash flow information Cash paid for interest $ 9,140  $ —  $ 9,140  Cash paid for income taxes, net of refunds $ 944  $ —  $ 944  Non-cash transactions Purchases of property and equipment included in accounts payable $ 147  $ —  $ 147  Transfer of manufacturing inventory to services inventory $ 211  $ —  $ 211  The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows: Cash and cash equivalents $ 5,210  $ —  $ 5,210  Restricted cash, current 283  —  283  Total cash, cash equivalents and restricted cash at the end of period $ 5,493  $ —  $ 5,493  QUANTUM CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (in thousands) Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Deficit Reference Shares Amount As previously reported Balance, March 31, 2022 60,433  $ 605  $ 645,038  $ (770,903) $ (1,423) $ (126,683) Net loss —  —  —  (37,943) —  (37,943) Foreign currency translation adjustments, net —  —  —  —  (158) (158) Shares issued under employee stock purchase plan 600  6  891  —  —  897  Shares issued under employee incentive plans, net 2,180  21  (21) —  —  —  Shares issued in connection with rights offering, net 30,000  300  65,949  —  —  66,249  Shares issued in connection with business acquisition 361  4  (4) —  —  —  Settlement of warrant down round provision —  —  389  —  —  389  Deemed dividend on warrants —  —  (389) —  —  (389) Stock-based compensation —  —  10,750  —  —  10,750  Balance, March 31, 2023 93,574  $ 936  $ 722,603  $ (808,846) $ (1,581) $ (86,888) Adjustments March 31, 2022 (a) (b) —  —  (20,233) 3,177  —  (17,056) Net loss (a) (b) —  —  —  19,575  —  19,575  March 31, 2023 —  $ —  $ (20,233) $ 22,752  $ —  $ 2,519  As restated March 31, 2022 60,433  $ 605  $ 624,805  $ (767,726) $ (1,423) $ (143,739) Net loss —  —  —  (18,368) —  (18,368) Foreign currency translation adjustments, net —  —  —  —  (158) (158) Shares issued under employee stock purchase plan 600  6  891  —  —  897  Shares issued under employee incentive plans, net 2,180  21  (21) —  —  —  Shares issued in connection with rights offering, net 30,000  300  65,949  —  —  66,249  Shares issued in connection with business acquisition 361  4  (4) —  —  —  Stock-based compensation —  —  10,750  —  —  10,750  March 31, 2023 93,574  $ 936  $ 702,370  $ (786,094) $ (1,581) $ (84,369) QUANTUM CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (in thousands) Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Deficit Reference Shares Amount As previously reported Balance, March 31, 2021 56,915  $ 570  $ 626,664  $ (738,623) $ (856) $ (112,245) Net loss —  —  —  (32,280) —  (32,280) Foreign currency translation adjustments, net —  —  —  —  (567) (567) Shares issued under employee stock purchase plan 389  4  1,758  —  —  1,762  Shares issued under employee incentive plans, net 2,308  23  (23) —  —  —  Shares issued in connection with business acquisition 821  8  2,810  —  —  2,818  Stock-based compensation —  —  13,829  —  —  13,829  Balance, March 31, 2022 60,433  $ 605  $ 645,038  $ (770,903) $ (1,423) $ (126,683) Adjustments March 31, 2021 (a) (b) —  —  (20,233) (67,458) —  (87,691) Net loss (a) (b) —  —  —  70,635  —  70,635  March 31, 2022 —  $ —  $ (20,233) $ 3,177  $ —  $ (17,056) As restated March 31, 2021 56,915  $ 570  $ 606,431  $ (806,081) $ (856) $ (199,936) Net loss —  —  —  38,355  —  38,355  Foreign currency translation adjustments, net —  —  —  —  (567) (567) Shares issued under employee stock purchase plan 389  4  1,758  —  —  1,762  Shares issued under employee incentive plans, net 2,308  23  (23) —  —  —  Shares issued in connection with business acquisition 821  8  2,810  —  —  2,818  Stock-based compensation —  —  13,829  —  —  13,829  March 31, 2022 60,433  $ 605  $ 624,805  $ (767,726) $ (1,423) $ (143,739) The following table sets forth financial information summarizing the effects of the restatement and other immaterial error correction on our previously reported Statements of Operations for the quarters ended June 30, 2023, December 31, 2022, September 30, 2022, and June 30, 2022. It also includes summarized information for each of the quarters ended December 31, 2023 and September 30, 2023. (in thousands, except per share data) FY 2024 March 31 December 31 September 30 June 30 As restated Total revenue $ 71,500  $ 71,926  $ 75,680  $ 92,495  Gross profit 27,332  29,181  32,736  35,641  Income (loss) from operations (13,808) (6,216) (3,712) (5,139) Change in fair value of warrants (2,203) 2,213  4,402  726  Income (loss) before income taxes (19,805) (9,359) (2,798) (8,612) Net income (loss) (18,943) (9,869) (3,331) (9,142) Income (loss) per share - basic $ (0.20) $ (0.10) $ (0.04) $ (0.10) (in thousands, except per share data) FY 2023 March 31 December 31 September 30 June 30 As restated As restated As restated As restated Total revenue $ 109,203  $ 113,475  $ 100,565  $ 98,833  Gross profit 35,642  42,568  29,259  35,807  Income (loss) from operations (5,666) 4,047  (9,741) (5,319) Change in fair value of warrants (430) 4  3,092  7,582  Income (loss) before income taxes (9,800) 806  (6,963) (469) Net income (loss) (10,176) 113  (7,424) (879) Income (loss) per share - basic $ (0.11) $ —  $ (0.08) $ (0.01) Income (loss) per share - diluted $ (0.11) $ —  $ (0.10) $ (0.07) Quarterly Financial Summary The net impact of the restatement on our quarterly and year-to-date unaudited condensed financial statements is as follows:
Schedule of Quarterly Financial Information	CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) FY 2024 December 31 September 30 June 30 As restated Assets Current assets: Cash and cash equivalents $ 24,377  $ 25,574  $ 25,465  Restricted cash 172  180  200  Accounts receivable, net of allowance for credit losses of $21, $26 and $163, respectively 60,020  51,529  66,245  Manufacturing inventories 20,409  21,376  20,017  Service parts inventories 25,423  25,880  25,276  Prepaid expenses 3,763  4,149  6,444  Other current assets 7,224  5,389  6,004  Total current assets 141,388  134,077  149,651  Property and equipment, net 13,251  14,621  15,583  Intangible assets, net 1,986  2,819  3,801  Goodwill 12,969  12,969  12,969  Right-of-use assets, net 9,625  9,844  10,017  Other long-term assets 19,986  20,475  18,463  Total assets $ 199,205  $ 194,805  $ 210,484  Liabilities and Stockholders’ Deficit Current liabilities: Accounts payable $ 22,426  $ 26,946  $ 30,560  Accrued compensation 15,286  13,746  14,894  Deferred revenue, current portion 73,240  70,696  76,688  Term debt, current portion 82,587  82,681  5,000          Revolving credit facility 32,000  21,450  17,800  Warrant liabilities 1,843  4,056  8,457  Other accrued liabilities 13,854  11,724  12,715  Total current liabilities 241,236  231,299  166,114  Deferred revenue, net of current portion 37,281  35,337  35,685  Term debt, net of current portion —  —  77,814  Operating lease liabilities 9,885  10,079  10,001  Other long-term liabilities 12,734  12,522  12,191  Total liabilities 301,136  289,237  301,805  Stockholders’ deficit Preferred stock: Preferred stock, 20,000 shares authorized; no shares issued —  —  —  Common stock: Common stock, $0.01 par value; 225,000 shares authorized; 95,850, 95,519 and 93,705 shares issued and outstanding, respectively 959  956  938  Additional paid-in capital 706,133  705,229  704,309  Accumulated deficit (808,436) (798,566) (795,236) Accumulated other comprehensive loss (587) (2,052) (1,332) Total stockholders' deficit (101,931) (94,433) (91,321) Total liabilities and stockholders' deficit $ 199,205  $ 194,804  $ 210,484  CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) FY 2023 December 31 September 30 June 30 As restated As restated As restated Assets Current assets: Cash and cash equivalents $ 26,028  $ 25,698  $ 26,528  Restricted cash 219  223  255  Accounts receivable, net of allowance for credit losses of $219, $195 and $195 respectively 72,911  61,309  64,909  Manufacturing inventories 32,402  23,671  32,642  Service parts inventories 25,822  25,458  25,129  Prepaid expenses 7,198  9,241  10,715  Other current assets 7,489  4,839  4,574  Total current assets 172,069  150,439  164,752  Property and equipment, net 16,794  15,973  14,093  Intangible assets, net 6,497  7,245  8,420  Goodwill 12,969  12,969  12,969  Right-of-use assets, net 10,468  10,579  10,641  Other long-term assets 13,600  12,477  10,796  Total assets $ 232,397  $ 209,682  $ 221,671  Liabilities and Stockholders’ Deficit Current liabilities: Accounts payable $ 41,788  $ 34,263  $ 33,867  Accrued compensation 15,527  13,192  14,531  Deferred revenue, current portion 70,876  69,499  74,130  Term debt, current portion 5,000  5,000  5,000  Warrant liabilities 7,559  7,563  10,655  Other accrued liabilities 15,852  14,502  14,157  Total current liabilities 156,602  144,019  152,340  Deferred revenue, net of current portion 36,220  36,480  37,391  Revolving credit facility 27,736  21,500  17,300  Term debt, net of current portion 67,306  68,250  69,195  Operating lease liabilities 10,346  10,315  9,932  Other long-term liabilities 12,150  11,653  12,013  Total liabilities 310,360  292,217  298,171  Stockholders’ deficit Preferred stock: Preferred stock, 20,000 shares authorized; no shares issued —  —  —  Common stock: Common stock, $0.01 par value; 225,000 shares authorized; 93,144, 92,158 and 90,606 shares issued and outstanding, respectively 932  922  907  Additional paid-in capital 699,536  696,567  693,895  Accumulated deficit (775,914) (776,027) (768,603) Accumulated other comprehensive loss (2,517) (3,997) (2,699) Total stockholders' deficit (77,963) (82,535) (76,500) Total liabilities and stockholders' deficit $ 232,397  $ 209,682  $ 221,671  June 30, 2023 As previously reported Restatement adjustments Reference As restated Assets Current assets: Cash and cash equivalents $ 25,465  $ —  $ 25,465  Restricted cash 200  —  200  Accounts receivable, net of allowance for credit losses of $163 66,245  —  66,245  Manufacturing inventories 20,017  —  20,017  Service parts inventories 25,276  —  25,276  Prepaid expenses 6,444  —  6,444  Other current assets 6,004  —  6,004  Total current assets 149,651  —  149,651  Property and equipment, net 15,583  —  15,583  Intangible assets, net 3,801  —  3,801  Goodwill 12,969  —  12,969  Right-of-use assets, net 10,017  —  10,017  Other long-term assets 18,463  —  18,463  Total assets $ 210,484  $ —  $ 210,484  Liabilities and Stockholders’ Deficit Current liabilities: Accounts payable $ 30,560  $ —  $ 30,560  Accrued compensation 14,894  —  14,894  Deferred revenue, current portion 79,686  (2,998) (a) 76,688  Term debt, current portion 5,000  —  5,000          Revolving credit facility 17,800  —  17,800  Warrant liabilities —  8,457  (b) 8,457  Other accrued liabilities 12,715  —  12,715  Total current liabilities 160,655  5,459  166,114  Deferred revenue, net of current portion 43,903  (8,218) 35,685  Term debt, net of current portion 77,814  —  77,814  Operating lease liabilities 10,001  —  10,001  Other long-term liabilities 12,191  —  12,191  Total liabilities 304,564  (2,759) 301,805  Stockholders’ deficit Preferred stock: Preferred stock, 20,000 shares authorized; no shares issued —  —  —  Common stock: Common stock, $0.01 par value; 225,000 shares authorized; 93,705 shares issued and outstanding 938  —  938  Additional paid-in capital 725,736  (21,427) (b) 704,309  Accumulated deficit (819,422) 24,186  (a) (b) (795,236) Accumulated other comprehensive loss (1,332) —  (1,332) Total stockholders' deficit (94,080) 2,759  (91,321) Total liabilities and stockholders' deficit $ 210,484  $ —  $ 210,484  December 31, 2022 As previously reported Restatement adjustments Reference As restated Assets Current assets: Cash and cash equivalents $ 26,028  $ —  $ 26,028  Restricted cash 219  —  219  Accounts receivable, net of allowance for credit losses of $219 72,911  —  72,911  Manufacturing inventories 32,402  —  32,402  Service parts inventories 25,822  —  25,822  Prepaid expenses 7,198  —  7,198  Other current assets 7,489  —  7,489  Total current assets 172,069  —  172,069  Property and equipment, net 16,794  —  16,794  Intangible assets, net 6,497  —  6,497  Goodwill 12,969  —  12,969  Right-of-use assets, net 10,468  —  10,468  Other long-term assets 13,600  —  13,600  Total assets $ 232,397  $ —  $ 232,397  Liabilities and Stockholders’ Deficit Current liabilities: Accounts payable $ 41,788  $ —  $ 41,788  Accrued compensation 15,527  —  15,527  Deferred revenue, current portion 72,669  (1,793) (a) 70,876  Term debt, current portion 5,000  —  5,000  Warrant liabilities —  7,559  (b) 7,559  Other accrued liabilities 15,852  —  15,852  Total current liabilities 150,836  5,766  156,602  Deferred revenue, net of current portion 41,076  (4,856) 36,220  Revolving credit facility 27,736  —  27,736  Term debt, net of current portion 67,306  —  67,306  Operating lease liabilities 10,346  —  10,346  Other long-term liabilities 12,150  —  12,150  Total liabilities 309,450  910  310,360  Stockholders’ deficit Preferred stock: Preferred stock, 20,000 shares authorized; no shares issued —  —  —  Common stock: —  Common stock, $0.01 par value; 225,000 shares authorized; 93,144 shares issued and outstanding 932  —  932  Additional paid-in capital 719,769  (20,233) (b) 699,536  Accumulated deficit (795,237) 19,323  (a) (b) (775,914) Accumulated other comprehensive loss (2,517) —  (2,517) Total stockholders' deficit (77,053) (910) (77,963) Total liabilities and stockholders' deficit $ 232,397  $ —  $ 232,397  September 30, 2022 As previously reported Restatement adjustments Reference As restated Assets Current assets: Cash and cash equivalents $ 25,698  $ —  $ 25,698  Restricted cash 223  —  223  Accounts receivable, net of allowance for credit losses of $195 61,309  —  61,309  Manufacturing inventories 23,671  —  23,671  Service parts inventories 25,458  —  25,458  Prepaid expenses 9,241  —  9,241  Other current assets 4,839  —  4,839  Total current assets 150,439  —  150,439  Property and equipment, net 15,973  —  15,973  Intangible assets, net 7,245  —  7,245  Goodwill 12,969  —  12,969  Right-of-use assets, net 10,579  —  10,579  Other long-term assets 12,477  —  12,477  Total assets $ 209,682  $ —  $ 209,682  Liabilities and Stockholders’ Deficit Current liabilities: Accounts payable $ 34,263  $ —  $ 34,263  Accrued compensation 13,192  —  13,192  Deferred revenue, current portion 70,184  (685) (a) 69,499  Term debt, current portion 5,000  —  5,000  Warrant liabilities —  7,563  (b) 7,563  Other accrued liabilities 14,502  —  14,502  Total current liabilities 137,141  6,878  144,019  Deferred revenue, net of current portion 40,165  (3,685) 36,480  Revolving credit facility 21,500  —  21,500  Term debt, net of current portion 68,250  —  68,250  Operating lease liabilities 10,315  —  10,315  Other long-term liabilities 11,653  —  11,653  Total liabilities 289,024  3,193  292,217  Stockholders’ deficit Preferred stock: Preferred stock, 20,000 shares authorized; no shares issued —  —  —  Common stock: Common stock, $0.01 par value; 225,000 shares authorized; 92,158 shares issued and outstanding 922  —  922  Additional paid-in capital 716,800  (20,233) (b) 696,567  Accumulated deficit (793,067) 17,040  (a) (b) (776,027) Accumulated other comprehensive loss (3,997) —  (3,997) Total stockholders' deficit (79,342) (3,193) (82,535) Total liabilities and stockholders' deficit $ 209,682  $ —  $ 209,682  June 30, 2022 As previously reported Restatement adjustments Reference As restated Assets Current assets: Cash and cash equivalents $ 26,528  $ —  $ 26,528  Restricted cash 255  —  255  Accounts receivable, net of allowance for credit losses of $195 64,909  —  64,909  Manufacturing inventories 32,642  —  32,642  Service parts inventories 25,129  —  25,129  Prepaid expenses 10,715  —  10,715  Other current assets 4,574  —  4,574  Total current assets 164,752  —  164,752  Property and equipment, net 14,093  —  14,093  Intangible assets, net 8,420  —  8,420  Goodwill 12,969  —  12,969  Right-of-use assets, net 10,641  —  10,641  Other long-term assets 10,796  —  10,796  Total assets $ 221,671  $ —  $ 221,671  Liabilities and Stockholders’ Deficit Current liabilities: Accounts payable $ 33,867  $ —  $ 33,867  Accrued compensation 14,531  —  14,531  Deferred revenue, current portion 74,267  (137) (a) 74,130  Term debt, current portion 5,000  —  5,000  Warrant liabilities —  10,655  (b) 10,655  Other accrued liabilities 14,157  —  14,157  Total current liabilities 141,822  10,518  152,340  Deferred revenue, net of current portion 40,196  (2,805) 37,391  Revolving credit facility 17,300  —  17,300  Term debt, net of current portion 69,195  —  69,195  Operating lease liabilities 9,932  —  9,932  Other long-term liabilities 12,013  —  12,013  Total liabilities 290,458  7,713  298,171  Stockholders’ deficit Preferred stock: Preferred stock, 20,000 shares authorized; no shares issued as of June 30, 2022 —  —  —  Common stock: Common stock, $0.01 par value; 225,000 shares authorized; 90,606 shares issued and outstanding at June 30, 2022 907  —  907  Additional paid-in capital 714,128  (20,233) (b) 693,895  Accumulated deficit (781,123) 12,520  (a) (b) (768,603) Accumulated other comprehensive loss (2,699) —  (2,699) Total stockholders' deficit (68,787) (7,713) (76,500) Total liabilities and stockholders' deficit $ 221,671  $ —  $ 221,671  FY 2024 3 Months Ended 9 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended December 31 September 30 June 30 As restated Revenue Product $ 37,113  $ 138,635  $ 42,947  $ 101,522  $ 58,577  Service and subscription 32,771  94,229  30,505  61,458  30,953  Royalty 2,042  7,235  2,228  5,194  2,965  Total revenue 71,926  240,099  75,680  168,174  92,495  Cost of revenue Product 30,044  105,214  30,719  75,170  44,451  Service and subscription 12,701  37,329  12,225  24,628  12,403  Total cost of revenue 42,745  142,543  42,944  99,798  56,854  Gross profit 29,181  97,556  32,736  68,376  35,641  Operating expenses Sales and marketing 14,244  45,800  15,717  31,557  15,839  General and administrative 11,893  34,833  10,241  22,940  12,699  Research and development 8,763  28,828  9,152  20,065  10,913  Restructuring charges 497  3,164  1,338  2,667  1,329  Total operating expenses 35,397  112,625  36,448  77,229  40,780  Loss from operations (6,216) (15,069) (3,712) (8,853) (5,139) Other income (expense), net (1,419) (2,049) 367  (630) (998) Interest expense (3,937) (10,992) (3,855) (7,055) (3,201) Change in fair value of warrant liabilities 2,213  7,341  4,402  5,128  726  Net loss before income taxes (9,359) (20,769) (2,798) (11,410) (8,612) Income tax provision 510  1,573  533  1,063  530  Net loss $ (9,869) $ (22,342) $ (3,331) $ (12,473) $ (9,142)   Net loss per share - basic $ (0.10) $ (0.24) $ (0.04) $ (0.13) $ (0.10) Net loss per share - diluted $ (0.10) $ (0.24) $ (0.04) $ (0.13) $ (0.10) Weighted average shares - basic 95,806  94,834  95,010  94,345  93,673  Weighted average shares - diluted 95,806  94,834  95,010  94,345  93,711      Net loss $ (9,869) $ (22,342) $ (3,331) $ (12,473) $ (9,142) Foreign currency translation adjustments, net 1,465  994  (720) (471) 249  Total comprehensive loss $ (8,404) $ (21,348) $ (4,051) $ (12,944) $ (8,893) FY 2023 3 Months Ended 9 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended December 31 September 30 June 30 As restated As restated As restated As restated As restated Revenue Product $ 77,494  $ 203,192  $ 64,110  $ 125,698  $ 61,588  Service and subscription 33,155  99,937  32,977  66,782  33,805  Royalty 2,826  9,744  3,478  6,918  3,440  Total revenue 113,475  312,873  100,565  199,398  98,833  Cost of revenue Product 58,528  163,010  56,561  104,482  47,921  Service and subscription 12,379  42,229  14,745  29,850  15,105  Total cost of revenue 70,907  205,239  71,306  134,332  63,026  Gross profit 42,568  107,634  29,259  65,066  35,807  Operating expenses Sales and marketing 16,339  47,894  15,593  31,555  15,962  General and administrative 10,969  35,223  11,940  24,254  12,314  Research and development 11,254  33,925  10,546  22,671  12,125  Restructuring charges (41) 1,605  921  1,646  725  Total operating expenses 38,521  118,647  39,000  80,126  41,126  Income (loss) from operations 4,047  (11,013) (9,741) (15,060) (5,319) Other income (expense), net (544) 2,638  2,431  3,182  751  Interest expense (2,701) (7,537) (2,745) (4,836) (2,091) Change in fair value of warrant liability 4  10,678  3,092  10,675  7,582  Loss on debt extinguishment, net —  (1,392) —  (1,392) (1,392) Net income (loss) before income taxes 806  (6,626) (6,963) (7,431) (469) Income tax provision 693  1,564  461  872  410  Net income (loss) $ 113  $ (8,190) $ (7,424) $ (8,303) $ (879)   Net income (loss) per share - basic and diluted $ 0.00  $ (0.10) $ (0.08) $ (0.09) $ (0.01) Net income (loss) per share - basic and diluted $ 0.00  $ (0.18) $ (0.10) $ (0.18) $ (0.07) Weighted average shares - basic and diluted 92,752  89,335  91,550  87,617  83,641  Weighted average shares - basic and diluted 92,752  90,440  92,773  89,315  85,756  Net income (loss) $ 113  $ (8,190) $ (7,424) $ (8,303) $ (879) Foreign currency translation adjustments, net 1,480  (1,094) (1,298) (2,574) (1,276) Total comprehensive income (loss) $ 1,593  $ (9,284) $ (8,722) $ (10,877) $ (2,155) Three Months Ended 12/31/2022 As previously reported Adjustments Reference As restated Revenue Product $ 75,420  $ 2,074  (a) $ 77,494  Service and subscription 32,950  205  (a) 33,155  Royalty 2,826  —  2,826  Total revenue 111,196  2,279  113,475  Cost of revenue Product 58,528  —  58,528  Service and subscription 12,379  —  12,379  Total cost of revenue 70,907  —  70,907  Gross profit 40,289  2,279  42,568  Operating expenses Sales and marketing 16,339  —  16,339  General and administrative 10,969  —  10,969  Research and development 11,254  —  11,254  Restructuring charges (41) —  (41) Total operating expenses 38,521  —  38,521  Income from operations 1,768  2,279  4,047  Other expense, net (544) —  (544) Interest expense (2,701) —  (2,701) Change in fair value of warrant liability —  4  (b) 4  Net income (loss) before income taxes (1,477) 2,283  806  Income tax provision 693  —  693  Net income (loss) $ (2,170) $ 2,283  $ 113    Net income (loss) per share - basic $ (0.02) $ 0.02  $ 0.00  Net income (loss) per share - diluted $ (0.02) $ 0.02  $ 0.00  Weighted average shares - basic 92,752  92,752  92,752  Weighted average shares - diluted 92,752  92,752  92,752  Net income (loss) $ (2,170) $ 2,283  $ 113  Foreign currency translation adjustments, net 1,480  —  1,480  Total comprehensive income (loss) $ (690) $ 2,283  $ 1,593  Three Months Ended 9/30/2022 6/30/2022 As previously reported Adjustments Reference As restated As previously reported Adjustments Reference As restated Revenue Product $ 62,967  $ 1,143  (a) $ 64,110  $ 60,211  $ 1,377  (a) $ 61,588  Service and subscription 32,692  285  (a) 32,977  33,423  382  (a) 33,805  Royalty 3,478  —  3,478  3,440  —  3,440  Total revenue 99,137  1,428  100,565  97,074  1,759  98,833  Cost of revenue Product 56,561  —  56,561  47,921  —  47,921  Service and subscription 14,745  —  14,745  15,105  —  15,105  Total cost of revenue 71,306  —  71,306  63,026  —  63,026  Gross profit 27,831  1,428  29,259  34,048  1,759  35,807  Operating expenses Sales and marketing 15,593  —  15,593  15,962  —  15,962  General and administrative 11,940  —  11,940  12,314  —  12,314  Research and development 10,546  —  10,546  12,125  —  12,125  Restructuring charges 921  —  921  725  —  725  Total operating expenses 39,000  —  39,000  41,126  —  41,126  Income (loss) from operations (11,169) 1,428  (9,741) (7,078) 1,759  (5,319) Other income, net 2,431  —  2,431  751  —  751  Interest expense (2,745) —  (2,745) (2,091) —  (2,091) Change in fair value of warrant liability —  3,092  (b) 3,092  —  7,582  (b) 7,582  Loss on debt extinguishment, net —  —  —  (1,392) —  (1,392) Net income (loss) before income taxes (11,483) 4,520  (6,963) (9,810) 9,341  (469) Income tax provision 461  —  461  410  —  410  Net income (loss) $ (11,944) $ 4,520  $ (7,424) $ (10,220) $ 9,341  $ (879) Deemed dividend on warrants —  —  —  (389) 389  (b) —  Net income (loss) attributable to common stockholders $ (11,944) $ 4,520  $ (7,424) $ (10,609) $ 9,730  $ (879)   Net income (loss) per share attributable to common stockholders - basic and diluted $ (0.13) $ 0.05  $ (0.08) $ (0.12) $ 0.11  $ (0.01) Net income (loss) per share attributable to common stockholders - basic and diluted $ (0.13) $ 0.03  $ (0.10) $ (0.12) $ 0.05  $ (0.07) Weighted average shares - basic and diluted 91,550  91,550  91,550  83,641  83,641  83,641  Weighted average shares - basic and diluted 91,550  92,773  92,773  83,641  85,756  85,756  Net income (loss) attributable to common stockholders $ (11,944) $ 4,520  $ (7,424) $ (10,220) $ 9,341  $ (879) Foreign currency translation adjustments, net (1,298) —  (1,298) (1,276) —  (1,276) Total comprehensive income (loss) $ (13,242) $ 4,520  $ (8,722) $ (11,496) $ 9,341  $ (2,155) FY 2023 Nine Months Ended Six Months Ended December 31 September 30 As previously reported Adjustments Reference As restated As previously reported Adjustments Reference As restated Revenue Product $ 198,597  $ 4,595  (a) $ 203,192  $ 123,178  $ 2,520  (a) $ 125,698  Service and subscription 99,066  871  (a) 99,937  66,116  666  (a) 66,782  Royalty 9,744  —  9,744  6,918  —  6,918  Total revenue 307,407  5,466  312,873  196,212  3,186  199,398  Cost of revenue Product 163,010  —  163,010  104,482  —  104,482  Service and subscription 42,229  —  42,229  29,850  —  29,850  Total cost of revenue 205,239  —  205,239  134,332  —  134,332  Gross profit 102,168  5,466  107,634  61,880  3,186  65,066  Operating expenses Sales and marketing 47,894  —  47,894  31,555  —  31,555  General and administrative 35,223  —  35,223  24,254  —  24,254  Research and development 33,925  —  33,925  22,671  —  22,671  Restructuring charges 1,605  —  1,605  1,646  —  1,646  Total operating expenses 118,647  —  118,647  80,126  —  80,126  Income (loss) from operations (16,479) 5,466  (11,013) (18,246) 3,186  (15,060) Other income, net 2,638  —  2,638  3,182  —  3,182  Interest expense (7,537) —  (7,537) (4,836) —  (4,836) Change in fair value of warrant liability —  10,678  (b) 10,678  —  10,675  (b) 10,675  Loss on debt extinguishment, net (1,392) —  (1,392) (1,392) —  (1,392) Net income (loss) from operations before income taxes (22,770) 16,144  (6,626) (21,292) 13,861  (7,431) Income tax provision 1,564  —  1,564  872  —  872  Net income (loss) from operations $ (24,334) $ 16,144  $ (8,190) $ (22,164) $ 13,861  $ (8,303) Deemed dividend on warrants (389) 389  (b) —  (389) 389  (b) —  Net income (loss) attributable to common stockholders $ (24,723) $ 16,533  $ (8,190) $ (22,553) $ 14,250  $ (8,303)   Net income (loss) per share attributable to common stockholders - basic $ (0.28) $ 0.18  $ (0.10) $ (0.25) $ 0.16  $ (0.09) Net income (loss) per share attributable to common stockholders - diluted $ (0.28) $ 0.10  $ (0.18) $ (0.25) $ —  $ (0.18) Weighted average shares - basic 89,335  89,335  89,335  87,617  87,617  87,617  Weighted average shares - diluted 89,335  89,335  90,440  87,617  87,617  89,315  Net income (loss) $ (24,334) $ 16,144  $ (8,190) $ (22,164) $ 13,861  $ (8,303) Foreign currency translation adjustments, net (1,094) —  (1,094) (2,574) —  (2,574) Total comprehensive income (loss) $ (25,428) $ 16,144  $ (9,284) $ (24,738) $ 13,861  $ (10,877) CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) 9 months ended 6 months ended 3 months ended 12/31/2023 9/30/2023 6/30/2023 As restated Operating activities Net loss $ (22,342) $ (12,473) $ (9,142) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 7,593  5,295  2,752  Amortization of debt issuance costs 1,948  1,234  520  Provision for manufacturing and service inventories 3,328  892  516  Gain on PPP loan extinguishment —  —  Stock-based compensation 3,741  2,831  1,901  Change in fair value of warrant liabilities (6,146) (3,933) 469  Other non-cash 3,010  826  750  Changes in assets and liabilities, net of effect of acquisitions: Accounts receivable 12,616  21,109  6,255  Manufacturing inventories (3,099) (2,070) (692) Service parts inventories (1,520) (1,505) (516) Accounts payable (13,226) (9,073) (5,421) Prepaid expenses 394  8  (2,287) Deferred revenue (4,780) (9,268) (2,929) Accrued restructuring charges —  —  110  Accrued compensation (425) (1,946) (816) Other assets (3,230) (2,240) (1,422) Other liabilities 2,605  162  508  Net cash used in operating activities (19,533) (10,151) (9,444) Investing activities Purchases of property and equipment (5,025) (3,925) (2,299) Net cash used in investing activities (5,025) (3,925) (2,299) Financing activities   Borrowings of long-term debt, net of debt issuance costs 12,889  12,889  12,889  Repayments of long-term debt (4,497) (3,247) (1,997) Borrowings of credit facility 318,223  217,084  108,186  Repayments of credit facility (303,671) (213,082) (107,834) Proceeds from issuance of common stock —  —  (9) Net cash provided by financing activities 22,944  13,644  11,235  Effect of exchange rate changes on cash and cash equivalents (12) 11  (2) Net change in cash, cash equivalents, and restricted cash (1,626) (421) (510) Cash, cash equivalents, and restricted cash at beginning of period 26,175  26,175  26,175  Cash, cash equivalents, and restricted cash at end of period $ 24,549  $ 25,754  $ 25,665  Supplemental disclosure of cash flow information Cash paid for interest $ 9,154  $ 6,079  $ 2,665  Cash paid for income taxes, net of refunds $ 1,136  $ 831  $ 307  Non-cash transactions Purchases of property and equipment included in accounts payable $ 164  $ 689  $ 977  Transfer of manufacturing inventory to services inventory $ 75  $ (218) $ (226) Transfer of manufacturing inventory to property and equipment $ 205  $ 172  $ 143  Paid-in-kind interest $ 1,401  $ 777  $ 191  The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows: Cash and cash equivalents $ 24,377  $ 25,574  $ 25,465  Restricted cash, current 172  180  200  Total cash, cash equivalents and restricted cash at the end of period $ 24,549  $ 25,754  $ 25,665  CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) 9 months ended 6 months ended 3 months ended 12/31/2022 9/30/2022 6/30/2022 As restated As restated As restated Operating activities Net income (loss) $ (8,190) $ (8,303) $ (879) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 7,235  5,133  2,586  Amortization of debt issuance costs 1,201  768  336  Long-term debt related costs 992  992  —  Provision for manufacturing and service inventories 11,334  9,946  1,631  Gain on PPP loan extinguishment —  —  —  Stock-based compensation 8,340  5,357  3,069  Change in fair value of warrant liabilities (10,678) (10,675) (7,582) Non-cash loss on debt extinguishment —  —  992  Other non-cash (3,193) (2,918) (1,469) Changes in assets and liabilities, net of effect of acquisitions: Accounts receivable (3,367) 8,264  4,677  Manufacturing inventories (9,352) 416  (412) Service parts inventories (2,671) (1,971) (1,384) Accounts payable 7,015  293  (175) Prepaid expenses 654  (1,208) —  Deferred revenue (19,817) (20,933) (15,393) Accrued restructuring charges 130  115  39  Accrued compensation (614) (2,949) (1,610) Other assets (1,455) (835) (3,000) Other liabilities 2,840  573  228  Net cash used in operating activities (19,596) (17,935) (18,346) Investing activities Purchases of property and equipment (10,644) (7,795) (3,036) Business acquisitions (2,000) (2,000) (2,000) Net cash used in investing activities (12,644) (9,795) (5,036) Financing activities   Borrowings of long-term debt, net of debt issuance costs —  —  —  Repayments of long-term debt (23,346) (22,096) (20,846) Borrowings of credit facility 363,103  229,605  109,740  Repayments of credit facility (353,502) (226,240) (110,575) Proceeds from issuance of common stock 66,718  66,723  66,324  Net cash provided by financing activities 52,973  47,992  44,643  Effect of exchange rate changes on cash and cash equivalents 21  166  29  Net change in cash, cash equivalents, and restricted cash 20,754  20,428  21,290  Cash, cash equivalents, and restricted cash at beginning of period 5,493  5,493  5,493  Cash, cash equivalents, and restricted cash at end of period $ 26,247  $ 25,921  $ 26,783  Supplemental disclosure of cash flow information Cash paid for interest $ 6,270  $ 4,114  $ 1,863  Cash paid for income taxes, net of refunds $ 837  $ 465  $ 115  Non-cash transactions Purchases of property and equipment included in accounts payable $ 1,198  $ 548  $ 133  Transfer of manufacturing inventory to services inventory $ 2,308  $ 1,905  $ 890  Transfer of manufacturing inventory to property and equipment $ 264  $ 279  $ 193  Paid-in-kind interest $ 319  $ 319  $ 319  The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows: Cash and cash equivalents $ 26,028  $ 25,698  $ 26,528  Restricted cash, current 219  223  255  Total cash, cash equivalents and restricted cash at the end of period $ 26,247  $ 25,921  $ 26,783  Three Months Ended June 30, 2023 As previously reported Restatement adjustments Reference As restated Operating activities Net income (loss) $ (10,576) $ 1,434  (a) (b) $ (9,142) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 2,752  —  2,752  Amortization of debt issuance costs 520  —  520  Long-term debt related costs —  —  —  Provision for manufacturing and service inventories 516  —  516  Gain on PPP loan extinguishment —  —  —  Stock-based compensation 1,901  —  1,901  Change in fair value of warrant liabilities —  469  (b) 469  Non-cash income tax benefit —  —  —  Non-cash loss on debt extinguishment —  —  —  Other non-cash 734  16  750  Changes in assets and liabilities, net of effect of acquisitions: Accounts receivable 6,255  —  6,255  Manufacturing inventories (692) —  (692) Service parts inventories (516) —  (516) Accounts payable (5,421) —  (5,421) Prepaid expenses (2,287) —  (2,287) Deferred revenue (2,221) (708) (a) (2,929) Accrued restructuring charges 110  —  110  Accrued compensation (816) —  (816) Other assets (1,422) —  (1,422) Other liabilities 508  —  508  Net cash used in operating activities (10,655) 1,211  (9,444) Investing activities Purchases of property and equipment (2,299) —  (2,299) Net cash used in investing activities (2,299) —  (2,299) Financing activities   Borrowings of long-term debt, net of debt issuance costs 14,100  (1,211) 12,889  Repayments of long-term debt (1,997) —  (1,997) Borrowings of credit facility 108,186  —  108,186  Repayments of credit facility (107,834) —  (107,834) Proceeds from issuance of common stock (9) —  (9) Net cash provided by financing activities 12,446  (1,211) 11,235  Effect of exchange rate changes on cash and cash equivalents (2) —  (2) Net change in cash, cash equivalents, and restricted cash (510) —  (510) Cash, cash equivalents, and restricted cash at beginning of period 26,175  —  26,175  Cash, cash equivalents, and restricted cash at end of period $ 25,665  $ —  $ 25,665  Supplemental disclosure of cash flow information Cash paid for interest $ 2,665  $ —  $ 2,665  Cash paid for income taxes, net of refunds $ 307  $ —  $ 307  Non-cash transactions Purchases of property and equipment included in accounts payable $ 977  $ —  $ 977  Transfer of manufacturing inventory to services inventory $ (226) $ —  $ (226) Transfer of manufacturing inventory to property and equipment $ 143  $ —  $ 143  Paid-in-kind interest $ 191  $ —  $ 191  The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows: Cash and cash equivalents $ 25,465  $ —  $ 25,465  Restricted cash, current 200  —  200  Total cash, cash equivalents and restricted cash at the end of period $ 25,665  $ —  $ 25,665  CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Nine Months Ended December 31, 2022 As previously reported Restatement adjustments Reference As restated Operating activities Net income (loss) $ (24,334) $ 16,144  (a) (b) $ (8,190) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 7,235  —  7,235  Amortization of debt issuance costs 1,201  —  1,201  Long-term debt related costs 992  —  992  Provision for manufacturing and service inventories 11,334  —  11,334  Stock-based compensation 8,340  —  8,340  Change in fair value of warrant liabilities —  (10,678) (b) (10,678) Other non-cash (3,193) —  (3,193) Changes in assets and liabilities, net of effect of acquisitions: Accounts receivable (3,367) —  (3,367) Manufacturing inventories (9,352) —  (9,352) Service parts inventories (2,671) —  (2,671) Accounts payable 7,015  —  7,015  Prepaid expenses 654  —  654  Deferred revenue (14,351) (5,466) (a) (19,817) Accrued restructuring charges 130  —  130  Accrued compensation (614) —  (614) Other assets (1,455) —  (1,455) Other liabilities 2,840  —  2,840  Net cash used in operating activities (19,596) —  (19,596) Investing activities Purchases of property and equipment (10,644) —  (10,644) Business acquisitions (2,000) —  (2,000) Net cash used in investing activities (12,644) —  (12,644) Financing activities   Borrowings of long-term debt, net of debt issuance costs —  —  —  Repayments of long-term debt (23,346) —  (23,346) Borrowings of credit facility 363,103  —  363,103  Repayments of credit facility (353,502) —  (353,502) Proceeds from issuance of common stock 66,718  —  66,718  Net cash provided by financing activities 52,973  —  52,973  Effect of exchange rate changes on cash and cash equivalents 21  —  21  Net change in cash, cash equivalents, and restricted cash 20,754  —  20,754  Cash, cash equivalents, and restricted cash at beginning of period 5,493  —  5,493  Cash, cash equivalents, and restricted cash at end of period $ 26,247  $ —  $ 26,247  Supplemental disclosure of cash flow information Cash paid for interest $ 6,270  $ —  $ 6,270  Cash paid for income taxes, net of refunds $ 837  $ —  $ 837  Non-cash transactions Purchases of property and equipment included in accounts payable $ 1,198  $ —  $ 1,198  Transfer of manufacturing inventory to services inventory $ 2,308  $ —  $ 2,308  Transfer of manufacturing inventory to property and equipment $ 264  $ —  $ 264  Paid-in-kind interest $ 319  $ —  $ 319  Deemed dividend $ 389  $ (389) (b) $ —  The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows: Cash and cash equivalents $ 26,028  $ —  $ 26,028  Restricted cash, current 219  —  219  Total cash, cash equivalents and restricted cash at the end of period $ 26,247  $ —  $ 26,247  Six Months Ended September 30, 2022 As previously reported Restatement adjustments Reference As restated Operating activities Net income (loss) $ (22,164) $ 13,861  (a) (b) $ (8,303) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 5,133  —  5,133  Amortization of debt issuance costs 768  —  768  Long-term debt related costs 992  —  992  Provision for manufacturing and service inventories 9,946  —  9,946  Gain on PPP loan extinguishment —  —  —  Stock-based compensation 5,357  —  5,357  Change in fair value of warrant liabilities —  (10,675) (b) (10,675) Other non-cash (2,918) —  (2,918) Changes in assets and liabilities, net of effect of acquisitions: Accounts receivable 8,264  —  8,264  Manufacturing inventories 416  —  416  Service parts inventories (1,971) —  (1,971) Accounts payable 293  —  293  Prepaid expenses (1,208) —  (1,208) Deferred revenue (17,747) (3,186) (a) (20,933) Accrued restructuring charges 115  —  115  Accrued compensation (2,949) —  (2,949) Other assets (835) —  (835) Other liabilities 573  —  573  Net cash used in operating activities (17,935) —  (17,935) Investing activities Purchases of property and equipment (7,795) —  (7,795) Business acquisitions (2,000) —  (2,000) Net cash used in investing activities (9,795) —  (9,795) Financing activities   Borrowings of long-term debt, net of debt issuance costs —  —  —  Repayments of long-term debt (22,096) —  (22,096) Borrowings of credit facility 229,605  —  229,605  Repayments of credit facility (226,240) —  (226,240) Proceeds from issuance of common stock 66,723  —  66,723  Net cash provided by financing activities 47,992  —  47,992  Effect of exchange rate changes on cash and cash equivalents 166  —  166  Net change in cash, cash equivalents, and restricted cash 20,428  —  20,428  Cash, cash equivalents, and restricted cash at beginning of period 5,493  —  5,493  Cash, cash equivalents, and restricted cash at end of period $ 25,921  $ —  $ 25,921  Supplemental disclosure of cash flow information Cash paid for interest $ 4,114  $ —  $ 4,114  Cash paid for income taxes, net of refunds $ 465  $ —  $ 465  Non-cash transactions Purchases of property and equipment included in accounts payable $ 548  $ —  $ 548  Transfer of manufacturing inventory to services inventory $ 1,905  $ —  $ 1,905  Transfer of manufacturing inventory to property and equipment $ 279  $ —  $ 279  Paid-in-kind interest $ 319  $ —  $ 319  Deemed dividend $ 389  $ (389) (b) $ —  The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows: Cash and cash equivalents $ 25,698  $ —  $ 25,698  Restricted cash, current 223  —  223  Total cash, cash equivalents and restricted cash at the end of period $ 25,921  $ —  $ 25,921  Three Months Ended June 30, 2022 As previously reported Restatement adjustments Reference As restated Operating activities Net income (loss) $ (10,220) $ 9,341  (a) (b) $ (879) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 2,586  —  2,586  Amortization of debt issuance costs 336  —  336  Long-term debt related costs —  —  Provision for manufacturing and service inventories 1,631  —  1,631  Gain on PPP loan extinguishment —  —  —  Stock-based compensation 3,069  —  3,069  Change in fair value of warrant liabilities —  (7,582) (b) (7,582) Non-cash income tax benefit —  —  —  Non-cash loss on debt extinguishment 992  —  992  Other non-cash (1,469) —  (1,469) Changes in assets and liabilities, net of effect of acquisitions: Accounts receivable 4,677  —  4,677  Manufacturing inventories (412) —  (412) Service parts inventories (1,384) —  (1,384) Accounts payable (175) —  (175) Prepaid expenses —  —  —  Deferred revenue (13,634) (1,759) (a) (15,393) Accrued restructuring charges 39  —  39  Accrued compensation (1,610) —  (1,610) Other assets (3,000) —  (3,000) Other liabilities 228  —  228  Net cash used in operating activities (18,346) —  (18,346) Investing activities Purchases of property and equipment (3,036) —  (3,036) Business acquisitions (2,000) —  (2,000) Net cash used in investing activities (5,036) —  (5,036) Financing activities   Borrowings of long-term debt, net of debt issuance costs —  —  —  Repayments of long-term debt (20,846) —  (20,846) Borrowings of credit facility 109,740  —  109,740  Repayments of credit facility (110,575) —  (110,575) Borrowings of paycheck protection program —  —  —  Proceeds from secondary offering, net —  —  —  Payment of taxes due upon vesting of restricted stock —  —  —  Proceeds from issuance of common stock 66,324  —  66,324  Net cash provided by financing activities 44,643  —  44,643  Effect of exchange rate changes on cash and cash equivalents 29  —  29  Net change in cash, cash equivalents, and restricted cash 21,290  —  21,290  Cash, cash equivalents, and restricted cash at beginning of period 5,493  —  5,493  Cash, cash equivalents, and restricted cash at end of period $ 26,783  $ —  $ 26,783  Supplemental disclosure of cash flow information Cash paid for interest $ 1,863  $ —  $ 1,863  Cash paid for income taxes, net of refunds $ 115  $ —  $ 115  Non-cash transactions Purchases of property and equipment included in accounts payable $ 133  $ —  $ 133  Transfer of manufacturing inventory to services inventory $ 890  $ —  $ 890  Transfer of manufacturing inventory to property and equipment $ 193  $ —  $ 193  Paid-in-kind interest $ 319  $ —  $ 319  Deemed dividend $ 389  $ (389) (b) $ —  The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows: Cash and cash equivalents $ 26,528  $ —  $ 26,528  Restricted cash, current 255  —  255  Total cash, cash equivalents and restricted cash at the end of period $ 26,783  $ —  $ 26,783  QUANTUM CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (in thousands) Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Deficit Three Months Ended Shares Amount Balance, March 31, 2023, As restated 93,574  $ 936  $ 702,370  $ (786,094) $ (1,581) $ (84,369) Activity, As reported 131  2  3,133  (10,576) 249  (7,192)    Adjustments —  —  (1,194) 1,434  —  240  Balance, June 30, 2023, As restated 93,705  $ 938  $ 704,309  $ (795,236) $ (1,332) $ (91,321) Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Deficit Three Months Ended Shares Amount Balance, June 30, 2023, As Restated 93,705  $ 938  $ 704,309  $ (795,236) $ (1,332) $ (91,321) Net loss —  —  —  (3,331) —  (3,331) Foreign currency translation adjustments, net —  —  —  —  (720) (720) Shares issued under employee incentive plans, net 1,814  18  (18) —  —  —  Stock-based compensation —  —  939  —  —  939  Balance, September 30, 2023 95,519  $ 956  $ 705,230  $ (798,567) $ (2,052) $ (94,433) Six Months Ended Balance, March 31, 2023, As Restated 93,574  $ 936  $ 702,370  $ (786,094) $ (1,581) $ (84,369) Net loss —  —  —  (12,473) —  (12,473) Foreign currency translation adjustments, net —  —  —  —  (471) (471) Warrants issued related to long-term debt —  —  49  —  —  49  Shares issued under employee incentive plans, net 1,945  20  (20) —  —  —  Stock-based compensation —  —  2,831  —  —  2,831  Balance, September 30, 2023 95,519  $ 956  $ 705,230  $ (798,567) $ (2,052) $ (94,433) Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Deficit Three Months Ended Shares Amount Balance, September 30, 2023 95,519  $ 956  $ 705,230  $ (798,567) $ (2,052) $ (94,433) Net loss —  —  —  (9,869) —  (9,869) Foreign currency translation adjustments, net —  —  —  —  1,465  1,465  Shares issued under employee incentive plans, net 331  3  (3) —  —  —  Stock-based compensation —  —  906  —  —  906  Balance, December 31, 2023 95,850  $ 959  $ 706,133  $ (808,436) $ (587) $ (101,931) Nine Months Ended Balance, March 31, 2023 93,574  $ 936  $ 702,370  $ (786,094) $ (1,581) $ (84,369) Net loss —  —  —  (22,342) —  (22,342) Foreign currency translation adjustments, net —  —  —  —  994  994  Shares issued under employee incentive plans, net 2,276  23  (23) —  —  —  Warrants issued in connection with debt refinancing —  —  49  —  —  49  Stock-based compensation —  —  3,737  —  —  3,737  Balance, December 31, 2023 95,850  $ 959  $ 706,133  $ (808,436) $ (587) $ (101,931) QUANTUM CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (in thousands) Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Deficit Three Months Ended Shares Amount Balance, March 31, 2022, As restated 60,433  $ 605  $ 624,805  $ (767,726) $ (1,423) $ (143,739) Activity, As reported 30,173  302  69,091  (10,219) (1,276) 57,898     Adjustments —  —  —  9,341  —  9,341  Balance, June 30, 2022, As restated 90,606  $ 907  $ 693,896  $ (768,604) $ (2,699) $ (76,500) Activity, As reported 1,552  15  2,671  (11,943) (1,298) (10,555) Adjustments —  —  —  4,520  —  4,520  Balance, September 30, 2022, As restated 92,158  $ 922  $ 696,567  $ (776,027) $ (3,997) $ (82,535) Activity, As reported 986  $ 10  $ 2,969  $ (2,170) $ 1,480  2,289  Adjustments —  —  —  2,283  —  2,283  Balance, December 31, 2022, As restated 93,144  $ 932  $ 699,536  $ (775,914) $ (2,517) $ (77,963)