Quantum Corp (NASDAQ:QMCO) shares have reached a remarkable 52-week high, touching $33.19 amidst a period of significant growth. With a market capitalization of $151.82 million, the stock has demonstrated exceptional momentum, as revealed by InvestingPro data. This milestone reflects a substantial increase of 218.22% over the past year, with particularly strong gains of 206.06% in the last six months alone. While the data storage and management solutions provider has shown impressive price momentum, InvestingPro analysis reveals some fundamental challenges, including a 27.61% revenue decline. Subscribers can access 15 additional ProTips and a comprehensive Pro Research Report for deeper insights into QMCO's financial health and growth prospects.
In other recent news, Quantum Corporation has reported a decrease in year-over-year revenue by 7%, totaling $70.5 million in recent Q2 results. The company achieved approximately breakeven adjusted EBITDA and saw a significant increase in its backlog, now at $14 million. Despite a projected adjusted net loss per share for Q3 at negative $0.75 and expected Q3 revenue at approximately $72 million, Quantum Corporation remains optimistic about achieving positive cash flow in the latter half of FY 2025 and FY 2026.
Quantum Corporation also announced the development of a new parallel file system client for its Quantum Myriad all-flash file system, optimized for artificial intelligence and high-performance computing applications. The client is expected to enhance the capabilities of NVIDIA (NASDAQ:NVDA) GPUDirect Storage® and is scheduled for general availability in the second half of 2025.
In addition, Quantum Corporation unveiled the Scalar i7 RAPTOR, a high-density tape storage system aimed at meeting the growing needs of AI and cloud storage. The system offers a storage density claimed to be up to 200% higher than traditional enterprise tape libraries, with initial units already in customer testing and certification. These are the recent developments for Quantum Corporation.
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