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SAN JOSE, Calif. - Quantum (NASDAQ:QMCO) Corporation (NASDAQ: QMCO) has announced the general availability of the Scalar i7 RAPTOR, a new tape storage system designed to meet the expanding needs of AI and cloud storage. The system, which was initially announced in March, is targeted at hyperscale customers, managed service providers, and large enterprises, offering a storage density claimed to be up to 200% higher than traditional enterprise tape libraries. According to InvestingPro data, Quantum, with a market capitalization of $68.65 million and annual revenue of $285.24 million, has been focusing on innovation despite facing challenging market conditions.
The Scalar i7 RAPTOR boasts 2,008 usable data slots in a single cabinet, providing over 36 petabytes of storage using LTO-9 tapes. Quantum emphasizes the cost savings of this high density, citing reduced expenses in acquisition, support, space, and power consumption. The company also highlights the product's serviceability, with customer-replaceable components designed for quick and easy servicing, aiming to minimize downtime and improve service level agreements. This focus on cost efficiency comes at a crucial time, as InvestingPro analysis indicates the company is operating with a significant debt burden of $135.37 million and faces challenges with cash burn.
In terms of sustainability, the Scalar i7 RAPTOR is noted for its 80 PLUS Platinum power supply efficiency rating, which Quantum states is the highest in the industry. This efficiency, combined with the system's storage density, is intended to help customers meet sustainability goals while also reducing operational costs.
Security features of the Scalar i7 RAPTOR include Quantum's proprietary Active Vault and Logical Tape Blocking, which are designed to aid in ransomware recovery and provide an additional layer of air gap protection. The system also integrates seamlessly with Quantum's other solutions, such as the StorNext file system and ActiveScale object storage, supporting AI workflows and environments that store files or objects.
Quantum's vice president of secondary storage, Bruno Hald, commented on the release, stating that the Scalar i7 RAPTOR addresses customer needs for massive storage that is budget-friendly, scalable, and reduces their footprint.
The Scalar i7 RAPTOR is now available for purchase, with Quantum stating that initial units are already in customer testing and certification. This announcement is based on a press release statement from Quantum Corporation.
In other recent news, Quantum Corporation reported a mixed Q2 with a 7% decrease in year-over-year revenue, totaling $70.5 million. Despite this, the company achieved roughly breakeven adjusted EBITDA and saw a substantial increase in its backlog, now standing at $14 million. Operational improvements and cost-saving measures are expected to yield significant financial benefits in the coming fiscal years, with a forecast of $40 million in total savings by the end of FY 2025.
Furthermore, Quantum adjusted its FY 2025 revenue outlook to $280 million, with adjusted EBITDA expected at $3 million. The company is focusing on product innovation and an enhanced go-to-market strategy to drive future growth. However, it's important to note that supply chain issues have led to longer lead times for high-speed all-flash systems, impacting order fulfillment.
In terms of analyst projections, the adjusted net loss per share for Q3 is projected 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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