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Quantum . Quantum Reports First Quarter Fiscal 2022 Results SAN JOSE , Calif . , August 9 , 2021 -- Quantum Corporation ( NASDAQ : QMCO ) announced today financial results for its fiscal first quarter results ended June 30 , 2021 . First Quarter Fiscal 2022 Financial Summary and Recent Highlights Revenue grew 22 % year - over - year to $ 89.1 million GAAP net loss was $ 4.2 million , or ( $ 0.07 ) per share ; adjusted non - GAAP net income was $ 0.1 million , or $ 0.00 per diluted share Adjusted EBITDA increased $ 4.0 million year - over - year to $ 5.4 million Software and subscription customers grew more than 20 % sequentially , while bookings were up 2x Refinanced outstanding term debt , saving $ 7 million in annualized interest expense Acquired the video surveillance portfolio and assets from Pivot3 , adding over 500 customers Exhibit 99.1 Jamie Lerner , Chairman and CEO , Quantum commented , " Demand in the first fiscal quarter continued to be strong , with a significant sequential increase in customer orders . A large majority of these orders were from hyperscale customers for products that are most affected by the current supply constraints . This dynamic has caused our backlog to reach unprecedented levels . Historically , our backlog has been 5 % or less of our reported quarterly revenue . As of the first fiscal quarter , our backlog has grown to $ 30 million , compared to approximately $ 14 million in the previous quarter and $ 2 million in the year - ago period . While not all backlog represents potential revenue in the following quarter , it demonstrates how robust demand is across our business , while also providing us significantly higher levels of visibility . " Although the industry supply constraints have created near - term revenue headwinds , we continue to make progress on our long term business transformation . Following the quarter close , we announced the acquisition of Pivot3's video surveillance portfolio and assets , which is key step towards establishing a strong share position in the video surveillance market with a leading portfolio of hardware and software solutions . This acquisition will add over 500 customers and is projected to be slightly accretive to EBITDA through the remainder of fiscal 2022. More recently , we successfully refinanced our remaining outstanding term debt , allowing for more favorable borrowing terms and reducing future cash interest expense to help drive improvements to our bottom line . " First Quarter Fiscal 2022 vs. Prior Quarter Mr. Lerner concluded by saying , " I am very pleased with our team's continued execution and the increasing demand we are seeing for our products and software solutions . We are building upon our market share leadership position in the hyperscale market . Overall , I'm confident we are taking the right steps to position the Company for long - term sustainable growth and profitability . And with the recent refinance of debt now behind us , we have completed an important milestone in our financial and business transformation , providing greater operating flexibility on our path to becoming the leader in video and unstructured data storage solutions . " Revenue for the first quarter fiscal 2022 was $ 89.1 million representing a decrease of 4 % sequentially from $ 92.4 million last quarter . Gross profit in the first quarter of fiscal 2022 was $ 37.3 million , or 42 % of revenue , compared to $ 38.9 million , or 42 % of revenue , in the prior quarter . Total operating expenses in the first quarter of fiscal 2022 were $ 37.3 million , or 42 % of revenue , compared to $ 36.6 million , or 40 % of revenue , in the prior quarter . Selling , general and administrative expenses were $ 25.8 million in the quarter , compared to $ 24.1 million in the fourth fiscal quarter 2021. Research and development expenses were $ 11.3 million in the first quarter of fiscal 2022 , compared to $ 11.7 million last quarter .