Quantum Corporation（納斯達克代碼：QMCO）提交截至2026年3月31日止財政年度嘅10-K年報，披露業務轉型及持續挑戰。

qtm-20260331QUANTUM CORP /DE/00007092832026FYFALSEP1YP2YP1Y0.20.05http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrentP3Yhttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrentP1YP2YP2YP7Diso4217:USDxbrli:sharesiso4217:USDxbrli:sharesqtm:vendorqtm:segmentqtm:regionxbrli:pureqtm:day00007092832025-04-012026-03-3100007092832025-09-3000007092832026-06-2400007092832024-04-012025-03-3100007092832026-03-3100007092832025-03-310000709283us-gaap:ProductMember2025-04-012026-03-310000709283us-gaap:ProductMember2024-04-012025-03-310000709283qtm:ServiceAndSubscriptionsMember2025-04-012026-03-310000709283qtm:ServiceAndSubscriptionsMember2024-04-012025-03-310000709283us-gaap:RoyaltyMember2025-04-012026-03-310000709283us-gaap:RoyaltyMember2024-04-012025-03-310000709283us-gaap:RetainedEarningsMember2024-04-012025-03-3100007092832024-03-310000709283us-gaap:CommonStockMember2024-03-310000709283us-gaap:AdditionalPaidInCapitalMember2024-03-310000709283us-gaap:RetainedEarningsMember2024-03-310000709283us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000709283us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012025-03-310000709283us-gaap:CommonStockMember2024-04-012025-03-310000709283us-gaap:AdditionalPaidInCapitalMember2024-04-012025-03-310000709283us-gaap:CommonStockMember2025-03-310000709283us-gaap:AdditionalPaidInCapitalMember2025-03-310000709283us-gaap:RetainedEarningsMember2025-03-310000709283us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000709283us-gaap:RetainedEarningsMember2025-04-012026-03-310000709283us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012026-03-310000709283us-gaap:CommonStockMember2025-04-012026-03-310000709283us-gaap:AdditionalPaidInCapitalMember2025-04-012026-03-310000709283us-gaap:CommonStockMember2026-03-310000709283us-gaap:AdditionalPaidInCapitalMember2026-03-310000709283us-gaap:RetainedEarningsMember2026-03-310000709283us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-3100007092832024-08-1500007092832024-08-2500007092832024-08-260000709283us-gaap:PrivatePlacementMemberus-gaap:CommonStockMemberus-gaap:SubsequentEventMember2026-06-012026-06-010000709283us-gaap:SubsequentEventMember2026-06-042026-06-040000709283srt:MinimumMember2025-04-012026-03-310000709283srt:MaximumMember2025-04-012026-03-310000709283srt:MinimumMemberus-gaap:MachineryAndEquipmentMember2026-03-310000709283srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2026-03-310000709283us-gaap:FurnitureAndFixturesMember2026-03-310000709283srt:MinimumMember2026-03-310000709283srt:MaximumMember2026-03-310000709283us-gaap:SoftwareDevelopmentMember2026-03-310000709283qtm:SoftwareInternallyDevelopedAndPurchasedMember2026-03-310000709283qtm:SoftwareInternallyDevelopedAndPurchasedMember2025-03-310000709283qtm:SoftwareInternallyDevelopedAndPurchasedMember2025-04-012026-03-310000709283qtm:SoftwareInternallyDevelopedAndPurchasedMember2024-04-012025-03-3100007092832023-04-012024-03-310000709283srt:MaximumMember2024-08-152024-08-150000709283srt:MinimumMember2024-08-152024-08-150000709283us-gaap:ServiceMember2026-03-310000709283qtm:SubscriptionRevenueMember2026-03-310000709283us-gaap:ProductMember2026-03-310000709283us-gaap:MachineryAndEquipmentMember2026-03-310000709283us-gaap:MachineryAndEquipmentMember2025-03-310000709283us-gaap:LeaseholdImprovementsMember2026-03-310000709283us-gaap:LeaseholdImprovementsMember2025-03-310000709283us-gaap:FurnitureAndFixturesMember2025-03-310000709283us-gaap:DevelopedTechnologyRightsMember2026-03-310000709283us-gaap:DevelopedTechnologyRightsMember2025-03-310000709283us-gaap:CustomerListsMember2026-03-310000709283us-gaap:CustomerListsMember2025-03-310000709283qtm:TermLoanMemberus-gaap:SecuredDebtMember2026-03-310000709283qtm:TermLoanMemberus-gaap:SecuredDebtMember2025-03-310000709283us-gaap:LineOfCreditMemberqtm:AmendedRevolvingCreditAgreementWithPNCMember2026-03-310000709283us-gaap:LineOfCreditMemberqtm:AmendedRevolvingCreditAgreementWithPNCMember2025-03-310000709283us-gaap:LineOfCreditMemberqtm:AmendedRevolvingCreditAgreementWithPNCMember2021-08-050000709283qtm:TermLoanMemberus-gaap:SecuredDebtMember2023-06-012023-06-010000709283qtm:TermLoanMemberus-gaap:SecuredDebtMember2023-06-010000709283us-gaap:SecuredOvernightFinancingRateSofrMemberqtm:TermLoanMemberus-gaap:SecuredDebtMember2023-06-012023-06-010000709283qtm:TermLoanWarrantMemberqtm:TermLoanMemberus-gaap:SecuredDebtMember2023-06-010000709283qtm:TermLoanWarrantMemberqtm:TermLoanMemberqtm:TermLoanMember2023-06-010000709283qtm:July2024WarrantsMember2024-07-110000709283qtm:July2024WarrantsMemberqtm:TermLoanMemberus-gaap:SecuredDebtMember2024-07-310000709283us-gaap:LineOfCreditMemberqtm:AmendedRevolvingCreditAgreementWithPNCMember2024-07-310000709283qtm:AmendedPNCCreditFacilityMember2024-08-130000709283qtm:TermLoanMemberus-gaap:SecuredDebtMember2024-08-310000709283qtm:TermLoanMemberus-gaap:SecuredDebtMember2024-08-312024-08-310000709283qtm:CovenantPeriodOneMemberus-gaap:SecuredOvernightFinancingRateSofrMemberqtm:TermLoanMemberus-gaap:SecuredDebtMember2024-08-312024-08-310000709283qtm:CovenantPeriodOneMemberqtm:TermLoanMemberus-gaap:SecuredDebtMember2024-08-310000709283qtm:CovenantPeriodTwoMemberus-gaap:SecuredOvernightFinancingRateSofrMemberqtm:TermLoanMemberus-gaap:SecuredDebtMember2024-08-312024-08-310000709283qtm:CovenantPeriodTwoMemberqtm:TermLoanMemberus-gaap:SecuredDebtMember2024-08-310000709283qtm:CovenantPeriodOneMemberqtm:A2021TermLoanMemberus-gaap:SecuredDebtMember2024-08-140000709283qtm:CovenantPeriodOneMemberqtm:AlternateBaseRateMemberqtm:A2021TermLoanMemberus-gaap:SecuredDebtMember2024-08-142024-08-140000709283qtm:CovenantPeriodOneMemberqtm:FederalFundsRateMemberqtm:A2021TermLoanMemberus-gaap:SecuredDebtMember2024-08-142024-08-140000709283qtm:CovenantPeriodOneMemberus-gaap:SecuredOvernightFinancingRateSofrMemberqtm:A2021TermLoanMemberus-gaap:SecuredDebtMember2024-08-142024-08-140000709283qtm:CovenantPeriodOneMemberus-gaap:PrimeRateMemberqtm:A2021TermLoanMemberus-gaap:SecuredDebtMember2024-08-142024-08-140000709283qtm:CovenantPeriodTwoMemberqtm:AlternateBaseRateMemberqtm:A2021TermLoanMemberus-gaap:SecuredDebtMember2024-08-142024-08-140000709283qtm:CovenantPeriodTwoMemberqtm:A2021TermLoanMemberus-gaap:SecuredDebtMember2024-08-140000709283qtm:CovenantPeriodTwoMemberqtm:PaidInKindThresholdOneMemberqtm:A2021TermLoanMemberus-gaap:SecuredDebtMember2024-08-140000709283qtm:CovenantPeriodTwoMemberqtm:PaidInKindThresholdTwoMemberqtm:A2021TermLoanMemberus-gaap:SecuredDebtMember2024-08-140000709283us-gaap:SecuredOvernightFinancingRateSofrMemberqtm:A2021TermLoanMemberqtm:CovenantPeriodTwoMembersrt:MinimumMemberus-gaap:SecuredDebtMember2024-08-142024-08-140000709283qtm:CovenantPeriodOneMemberus-gaap:LineOfCreditMemberqtm:AmendedRevolvingCreditAgreementWithPNCMember2024-08-140000709283qtm:CovenantPeriodTwoMemberus-gaap:LineOfCreditMemberqtm:OvernightBankingFundRateMemberqtm:AmendedRevolvingCreditAgreementWithPNCMember2024-08-142024-08-140000709283qtm:CovenantPeriodTwoMemberus-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMemberqtm:AmendedRevolvingCreditAgreementWithPNCMember2024-08-142024-08-140000709283qtm:CovenantPeriodTwoMemberus-gaap:LineOfCreditMemberqtm:AmendedRevolvingCreditAgreementWithPNCMember2024-08-140000709283qtm:August2024WarrantsMemberqtm:TermLoanMemberus-gaap:SecuredDebtMember2024-08-310000709283qtm:August2024WarrantsMember2024-08-312024-08-310000709283qtm:August2024WarrantsMemberqtm:InitialTermLoanMemberus-gaap:SecuredDebtMember2024-08-312024-08-310000709283qtm:TermLoanMemberus-gaap:SecuredDebtMember2025-04-022025-04-020000709283qtm:TermLoanMemberus-gaap:SecuredDebtMember2025-04-020000709283qtm:TermLoanMemberus-gaap:SecuredDebtMember2025-05-050000709283us-gaap:LineOfCreditMember2025-08-130000709283qtm:AmendedPNCCreditFacilityMember2025-09-232025-09-230000709283qtm:AmendedPNCCreditFacilityMember2025-09-230000709283qtm:ForbearanceWarrantsMember2025-09-230000709283qtm:ForbearanceWarrantsMember2025-04-012026-03-310000709283qtm:TermLoanMember2026-01-012026-03-310000709283us-gaap:ConvertibleDebtMember2025-09-230000709283us-gaap:ConvertibleDebtMember2025-12-182025-12-180000709283us-gaap:DebtInstrumentRedemptionPeriodOneMemberus-gaap:ConvertibleDebtMember2025-09-232025-09-230000709283us-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:ConvertibleDebtMember2025-09-232025-09-230000709283us-gaap:DebtInstrumentRedemptionPeriodThreeMemberus-gaap:ConvertibleDebtMember2025-09-232025-09-230000709283us-gaap:ConvertibleDebtMember2025-09-232025-09-230000709283qtm:DialecticMemberqtm:TermLoanMember2026-01-012026-03-310000709283qtm:ConsultingFeesMemberus-gaap:RelatedPartyMember2026-03-312026-03-310000709283us-gaap:EmployeeSeveranceMember2024-03-310000709283us-gaap:EmployeeSeveranceMember2024-04-012025-03-310000709283us-gaap:EmployeeSeveranceMember2025-03-310000709283us-gaap:EmployeeSeveranceMember2025-04-012026-03-310000709283us-gaap:EmployeeSeveranceMember2026-03-3100007092832022-04-0200007092832023-03-310000709283qtm:A2023LongTermIncentivePlanMember2024-08-152024-08-150000709283qtm:A2023LongTermIncentivePlanMember2025-12-162025-12-160000709283us-gaap:EmployeeStockOptionMembersrt:MinimumMemberqtm:A2023LongTermIncentivePlanMember2021-02-012021-02-010000709283us-gaap:EmployeeStockOptionMembersrt:MaximumMemberqtm:A2023LongTermIncentivePlanMember2021-02-012021-02-010000709283us-gaap:PerformanceSharesMembersrt:MinimumMemberqtm:A2023LongTermIncentivePlanMember2021-02-012021-02-010000709283us-gaap:RestrictedStockMembersrt:MinimumMemberqtm:A2023LongTermIncentivePlanMember2021-02-012021-02-010000709283qtm:A2023LongTermIncentivePlanMember2021-02-012021-02-010000709283qtm:A2023LongTermIncentivePlanMember2026-03-310000709283qtm:A2023LongTermIncentivePlanMemberus-gaap:PerformanceSharesMember2026-03-310000709283qtm:A2023LongTermIncentivePlanMemberus-gaap:RestrictedStockMember2026-03-310000709283qtm:InducementPlan2021Memberus-gaap:RestrictedStockUnitsRSUMember2021-02-012021-02-010000709283qtm:InducementPlan2021Memberus-gaap:EmployeeStockOptionMember2021-02-012021-02-010000709283us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMemberqtm:InducementPlan2021Member2021-02-012021-02-010000709283us-gaap:EmployeeStockOptionMembersrt:MinimumMemberqtm:InducementPlan2021Member2021-02-012021-02-010000709283us-gaap:EmployeeStockOptionMembersrt:MaximumMemberqtm:InducementPlan2021Member2021-02-012021-02-010000709283us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMemberqtm:InducementPlan2021Member2021-02-012021-02-010000709283qtm:InducementPlan2021Member2022-12-290000709283qtm:InducementPlan2021Member2022-12-300000709283qtm:InducementPlan2021Member2022-12-302022-12-300000709283qtm:InducementPlan2021Member2026-03-310000709283qtm:EmployeeStockPurchasePlanMember2025-04-012026-03-310000709283qtm:EmployeeStockPurchasePlanMember2025-03-310000709283qtm:EmployeeStockPurchasePlanMember2024-03-310000709283qtm:EmployeeStockPurchasePlanMember2024-04-012025-03-310000709283qtm:EmployeeStockPurchasePlanMember2026-03-310000709283us-gaap:PerformanceSharesMember2025-04-012026-03-310000709283us-gaap:PerformanceSharesMember2024-04-012025-03-310000709283us-gaap:PerformanceSharesMember2025-03-310000709283us-gaap:PerformanceSharesMember2026-03-310000709283us-gaap:RestrictedStockUnitsRSUMember2025-04-012026-03-310000709283us-gaap:RestrictedStockUnitsRSUMember2024-04-012025-03-310000709283us-gaap:RestrictedStockUnitsRSUMember2025-03-310000709283us-gaap:RestrictedStockUnitsRSUMember2026-03-310000709283srt:ChiefExecutiveOfficerMember2025-11-012026-01-310000709283srt:ChiefExecutiveOfficerMember2025-11-012025-11-300000709283srt:ChiefExecutiveOfficerMember2026-01-012026-01-310000709283srt:ChiefExecutiveOfficerMember2025-11-012025-11-010000709283srt:ChiefExecutiveOfficerMember2026-01-012026-01-010000709283srt:ChiefExecutiveOfficerMember2025-04-012026-03-310000709283us-gaap:CostOfSalesMember2025-04-012026-03-310000709283us-gaap:CostOfSalesMember2024-04-012025-03-310000709283us-gaap:ResearchAndDevelopmentExpenseMember2025-04-012026-03-310000709283us-gaap:ResearchAndDevelopmentExpenseMember2024-04-012025-03-310000709283us-gaap:SellingAndMarketingExpenseMember2025-04-012026-03-310000709283us-gaap:SellingAndMarketingExpenseMember2024-04-012025-03-310000709283us-gaap:GeneralAndAdministrativeExpenseMember2025-04-012026-03-310000709283us-gaap:GeneralAndAdministrativeExpenseMember2024-04-012025-03-310000709283us-gaap:EmployeeStockOptionMember2025-04-012026-03-310000709283us-gaap:EmployeeStockOptionMember2024-04-012025-03-310000709283qtm:AmendedAndRestatedWarrantsMember2024-12-302024-12-300000709283qtm:AmendedAndRestatedWarrantsMember2024-12-300000709283qtm:AmendedAndRestatedWarrantsMember2025-01-032025-01-030000709283qtm:AmendedAndRestatedWarrantsMember2025-01-030000709283qtm:AmendedAndRestatedWarrantsMemberus-gaap:FairValueInputsLevel2Member2026-03-310000709283qtm:AmendedAndRestatedWarrantsMemberus-gaap:FairValueInputsLevel2Member2024-03-310000709283qtm:AmendedAndRestatedWarrantsMemberus-gaap:FairValueInputsLevel2Member2024-04-012025-03-310000709283qtm:AmendedAndRestatedWarrantsMemberus-gaap:FairValueInputsLevel2Member2025-03-310000709283qtm:ForbearanceWarrantsMember2025-09-230000709283qtm:ForbearanceWarrantsMember2025-09-232025-09-230000709283qtm:ForbearanceWarrantsMemberus-gaap:FairValueInputsLevel2Member2025-03-310000709283qtm:ForbearanceWarrantsMemberus-gaap:FairValueInputsLevel2Member2025-04-012026-03-310000709283qtm:ForbearanceWarrantsMemberus-gaap:FairValueInputsLevel2Member2026-03-310000709283qtm:AdvisorMemberqtm:June2023WarrantsMember2023-06-300000709283qtm:AdvisorMemberqtm:June2020WarrantsMember2020-06-300000709283qtm:StandbyEquityPurchaseAgreementMember2025-01-252025-01-250000709283qtm:StandbyEquityPurchaseAgreementMember2025-01-250000709283qtm:StandbyEquityPurchaseAgreementMember2026-03-310000709283qtm:StandbyEquityPurchaseAgreementMember2025-04-012026-03-3100007092832026-01-012026-03-310000709283us-gaap:StockCompensationPlanMember2025-04-012026-03-310000709283us-gaap:StockCompensationPlanMember2024-04-012025-03-310000709283us-gaap:WarrantMember2025-04-012026-03-310000709283us-gaap:WarrantMember2024-04-012025-03-310000709283us-gaap:RestrictedStockUnitsRSUMember2025-04-012026-03-310000709283us-gaap:RestrictedStockUnitsRSUMember2024-04-012025-03-310000709283country:BE2025-04-012026-03-310000709283country:FR2025-04-012026-03-310000709283country:IN2025-04-012026-03-310000709283country:IL2025-04-012026-03-310000709283country:IT2025-04-012026-03-310000709283country:MY2025-04-012026-03-310000709283country:MX2025-04-012026-03-310000709283country:GB2025-04-012026-03-310000709283us-gaap:ForeignTaxJurisdictionOtherMember2025-04-012026-03-310000709283us-gaap:OtherNoncurrentAssetsMember2026-03-310000709283us-gaap:OtherNoncurrentLiabilitiesMember2026-03-310000709283us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberqtm:TermLoanMember2026-03-310000709283us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberqtm:TermLoanMember2026-03-310000709283us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberqtm:TermLoanMember2025-03-310000709283us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberqtm:TermLoanMember2025-03-3100007092832025-09-230000709283srt:MinimumMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2026-03-310000709283srt:MaximumMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2026-03-310000709283srt:MinimumMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2025-09-230000709283srt:MaximumMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2025-09-230000709283us-gaap:MeasurementInputPriceVolatilityMember2026-03-310000709283us-gaap:MeasurementInputPriceVolatilityMember2025-09-230000709283us-gaap:MeasurementInputSharePriceMember2026-03-310000709283us-gaap:MeasurementInputSharePriceMember2025-09-230000709283srt:WeightedAverageMemberqtm:MeasurementInputProbabilityMember2026-03-310000709283srt:MinimumMemberqtm:MeasurementInputProbabilityMember2026-03-310000709283srt:MaximumMemberqtm:MeasurementInputProbabilityMember2026-03-310000709283srt:WeightedAverageMemberqtm:MeasurementInputProbabilityMember2025-09-230000709283srt:MinimumMemberqtm:MeasurementInputProbabilityMember2025-09-230000709283srt:MaximumMemberqtm:MeasurementInputProbabilityMember2025-09-230000709283us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310000709283us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-230000709283qtm:ForbearanceWarrantsMember2025-03-310000709283qtm:ForbearanceWarrantsMember2025-04-012026-03-310000709283qtm:ForbearanceWarrantsMember2026-03-310000709283us-gaap:MeasurementInputExpectedTermMember2026-03-310000709283us-gaap:MeasurementInputExpectedTermMember2025-12-180000709283us-gaap:MeasurementInputPriceVolatilityMember2025-12-180000709283us-gaap:MeasurementInputExpectedDividendRateMember2026-03-310000709283us-gaap:MeasurementInputExpectedDividendRateMember2025-12-180000709283us-gaap:MeasurementInputRiskFreeInterestRateMember2026-03-310000709283us-gaap:MeasurementInputRiskFreeInterestRateMember2025-12-180000709283us-gaap:MeasurementInputMaturityMember2026-03-310000709283us-gaap:MeasurementInputMaturityMember2025-12-180000709283qtm:MeasurementInputProbabilityForLiquidationEventMember2026-03-310000709283qtm:MeasurementInputProbabilityForLiquidationEventMember2025-12-180000709283us-gaap:ConvertibleDebtMember2025-03-310000709283us-gaap:ConvertibleDebtMember2025-04-012026-03-310000709283us-gaap:ConvertibleDebtMember2026-03-310000709283us-gaap:ProductMembersrt:AmericasMember2025-04-012026-03-310000709283us-gaap:ProductMembersrt:AmericasMember2024-04-012025-03-310000709283qtm:ServiceAndSubscriptionsMembersrt:AmericasMember2025-04-012026-03-310000709283qtm:ServiceAndSubscriptionsMembersrt:AmericasMember2024-04-012025-03-310000709283srt:AmericasMember2025-04-012026-03-310000709283srt:AmericasMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012026-03-310000709283srt:AmericasMember2024-04-012025-03-310000709283srt:AmericasMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310000709283us-gaap:ProductMembersrt:EuropeMember2025-04-012026-03-310000709283us-gaap:ProductMembersrt:EuropeMember2024-04-012025-03-310000709283qtm:ServiceAndSubscriptionsMembersrt:EuropeMember2025-04-012026-03-310000709283qtm:ServiceAndSubscriptionsMembersrt:EuropeMember2024-04-012025-03-310000709283srt:EuropeMember2025-04-012026-03-310000709283srt:EuropeMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012026-03-310000709283srt:EuropeMember2024-04-012025-03-310000709283srt:EuropeMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310000709283us-gaap:ProductMembersrt:AsiaPacificMember2025-04-012026-03-310000709283us-gaap:ProductMembersrt:AsiaPacificMember2024-04-012025-03-310000709283qtm:ServiceAndSubscriptionsMembersrt:AsiaPacificMember2025-04-012026-03-310000709283qtm:ServiceAndSubscriptionsMembersrt:AsiaPacificMember2024-04-012025-03-310000709283srt:AsiaPacificMember2025-04-012026-03-310000709283srt:AsiaPacificMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012026-03-310000709283srt:AsiaPacificMember2024-04-012025-03-310000709283srt:AsiaPacificMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310000709283us-gaap:RoyaltyMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012026-03-310000709283us-gaap:RoyaltyMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310000709283qtm:PrimaryStorageSystemsMember2025-04-012026-03-310000709283qtm:PrimaryStorageSystemsMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012026-03-310000709283qtm:PrimaryStorageSystemsMember2024-04-012025-03-310000709283qtm:PrimaryStorageSystemsMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310000709283qtm:SecondaryStorageSystemsMember2025-04-012026-03-310000709283qtm:SecondaryStorageSystemsMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012026-03-310000709283qtm:SecondaryStorageSystemsMember2024-04-012025-03-310000709283qtm:SecondaryStorageSystemsMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310000709283qtm:DeviceandMediaMember2025-04-012026-03-310000709283qtm:DeviceandMediaMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012026-03-310000709283qtm:DeviceandMediaMember2024-04-012025-03-310000709283qtm:DeviceandMediaMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310000709283us-gaap:ServiceMember2025-04-012026-03-310000709283us-gaap:ServiceMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012026-03-310000709283us-gaap:ServiceMember2024-04-012025-03-310000709283us-gaap:ServiceMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310000709283us-gaap:RoyaltyMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012026-03-310000709283us-gaap:RoyaltyMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310000709283qtm:SubscriptionsMember2025-04-012026-03-310000709283qtm:SubscriptionsMember2024-04-012025-03-310000709283country:US2026-03-310000709283country:US2025-03-310000709283us-gaap:NonUsMember2026-03-310000709283us-gaap:NonUsMember2025-03-310000709283us-gaap:PrivatePlacementMemberus-gaap:SubsequentEventMember2026-06-010000709283us-gaap:PrivatePlacementMemberus-gaap:SubsequentEventMember2026-06-012026-06-010000709283us-gaap:ConvertibleDebtMemberus-gaap:SubsequentEventMember2026-06-012026-06-010000709283us-gaap:ConvertibleDebtMemberus-gaap:SubsequentEventMember2026-06-010000709283qtm:ConversionWarrantsMemberus-gaap:SubsequentEventMember2026-06-010000709283qtm:ConversionWarrantsMemberus-gaap:SubsequentEventMember2026-06-012026-06-010000709283qtm:RightOfFirstRefusalAgreementMemberus-gaap:PrivatePlacementMemberus-gaap:SubsequentEventMember2026-06-012026-06-010000709283qtm:TermLoanCreditAgreementMemberus-gaap:SubsequentEventMember2026-06-040000709283qtm:TermLoanCreditAgreementMemberus-gaap:SubsequentEventMember2026-06-042026-06-04

Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K 
(Mark One)

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 2026
or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___ 

Commission File Number 001-13449

Quantum Corporation
(Exact name of registrant as specified in its charter)

Delaware94-2665054
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

10770 E. Briarwood Avenue

Centennial
CO
80112

(Address of Principal Executive Offices)(Zip Code)

(408)944-4000
Registrant's telephone number, including area code

(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: 

Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par value per shareQMCONasdaq Global Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.¨
Yes☒ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.¨
Yes☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
☒
Yes¨
 No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☒Yes¨
 No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filero
Accelerated filer☒
Non-accelerated filer  o
Smaller reporting company☒
Emerging growth companyo

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.o

Indicate by check mark whether any of those errors corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).o
Yes☒ No

As of the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the registrant's common stock held by its non-affiliates, computed by reference to the price at which the common stock was last sold, was $116,791,817.
As of June 24, 2026, there were 39,374,500 shares of Quantum Corporation’s common stock issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE
The portions of the registrant's proxy statement to be filed in connection with the Annual Meeting of Stockholders to be held in 2026 have been incorporated by reference into Part III of this Annual Report on Form 10-K.

Table of Contents

QUANTUM CORPORATION

ANNUAL REPORT ON FORM 10-K
For the Year Ended March 31, 2026 

Table of Contents

Page
Number
Note Regarding Forward-Looking Statements
3

Summary of Risk Factors
4

PART I
Item 1.
Business
5

Item 1A.
Risk Factors
11

Item 1B.
Unresolved Staff Comments
26

Item 1C.
Cybersecurity
26

Item 2.
Properties
27

Item 3.
Legal Proceedings
27

Item 4.
Mine Safety Disclosures
27

PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
28

Item 6.
[Reserved]
29

Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
30

Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
41

Item 8.
Financial Statements and Supplementary Data
42

Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
85

Item 9A.
Controls and Procedures
85

Item 9B.
Other Information
87

Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
87

PART III
Item 10.
Directors, Executive Officers and Corporate Governance
87

Item 11.
Executive Compensation
88

Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
88

Item 13.
Certain Relationships and Related Transactions, and Director Independence
88

Item 14.
Principal Accounting Fees and Services
88

PART IV
Item 15.
Exhibits, Financial Statement Schedules
89

Item 16.
Form 10-K Summary
96

Signatures
97

Power of Attorney
97

Table of Contents

Note Regarding Forward-Looking Statements
As used in this Annual Report on Form 10-K (this "Annual Report"), the terms the "Company," "Quantum," "we," "us," and "our" refer to Quantum Corporation and its subsidiaries taken as a whole, unless otherwise noted or unless the context indicates otherwise.
This Annual Report contains forward-looking statements. All statements contained in this report other than statements of historical fact, including, but not limited to, statements regarding our future operating results and financial position; our business strategy, focus and plans; our market growth and trends; our products, services and expected benefits thereof; and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “potentially,” “preliminary,” “likely,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including the competitive pressures that we face; risks associated with executing our strategy; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers and the distribution of our products and the delivery of our services effectively; the protection of our intellectual property assets, including intellectual property licensed from third parties; risks associated with our international operations; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs; our response to emerging technological trends; the execution and performance of contracts by us and our suppliers, customers, clients and partners; the hiring and retention of key employees; risks associated with business combination and investment transactions; the execution, timing and results of any transformation or restructuring plans, including estimates and assumptions related to the cost and the anticipated benefits of the transformation and restructuring plans; the outcome of any claims and disputes; the ability to meet stock exchange continued listing standards; the possibility that the Nasdaq may delist our securities; our ability to remediate the material weaknesses in our internal control over financial reporting and to maintain effective internal control over financial reporting following remediation; risks related to changes in our management; and those risks described under Item 1A. Risk Factors. Moreover, we operate in a competitive and changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the effect of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this report or to conform these statements to actual results or revised expectations.
3

Table of Contents

Summary of Risk Factors

Our business is subject to numerous risks and uncertainties, many of which are beyond our control. Some of the principal risks associated with our business include the following:

•We outsource our component supply, manufacturing, and service repair operations to third parties. Our business, financial condition, and operating results could face material adverse impacts if we cannot obtain parts, products, and services in a cost effective and timely manner that meets our customers’ expectations.
•Cost increases, supply disruptions, or raw material shortages, including in single source components, could harm our business.
•As a result of our global manufacturing and sales operations, we are subject to a variety of risks related to our business outside of the U.S., any of which could, individually or in the aggregate, have a material adverse effect on our business.
•Our stock price has experienced significant volatility in the past, and continued volatility may cause our common stock trading price to remain volatile or decline.
•Significant changes to our leadership team and management transitions might harm our future operating results.
•If we do not continue to meet all of the continued listing requirements of Nasdaq, we may be delisted.
•Our quarterly operating results have fluctuated significantly, and past results should not be used to predict future performance.
•If we do not successfully manage the changes that we have made and may continue to make to our business model, infrastructure, and management, our business could be disrupted, and that could adversely impact our operating results and financial condition.
•We have taken considerable steps towards reducing our cost structure. The steps we have taken may not reduce our cost structure to a level appropriate in relation to our future sales and therefore, these cost reductions may be insufficient to achieve profitability.
•Some of our products contain licensed, third-party technology that provides important product functionality and features. The loss or inability to obtain any such license could have a material adverse effect on our business.
•We have identified material weaknesses in our internal control over financial reporting, which could, if not properly remediated, result in additional material misstatements in our interim or annual consolidated financial statements, could impair our ability to produce accurate and timely financial statements and could adversely affect investor confidence in our financial reports, which could negatively affect our business.

4

Table of Contents

PART I

ITEM 1. BUSINESS
Overview
Quantum delivers end-to-end data management solutions designed for unstructured data in the artificial intelligence ("AI") era. From high-performance ingest that powers AI applications and demanding data-intensive workloads to massive, durable data lakes to fuel AI models, Quantum delivers one of the most comprehensive and cost-efficient solutions for the entire data lifecycle. We specialize in solutions for video, images, audio, and other large files because this unstructured data represents more than 80% of all data being created according to leading industry analyst firms. Unstructured data poses both immense potential and significant challenges for organizations looking to retain and analyze their data for AI and other initiatives. Effectively managing and leveraging this data with an intelligent data management platform is not just an option but a necessity for businesses aiming to uncover hidden insights and create value. Unstructured data is exponentially larger than traditional corporate data, contains tremendous value, and must be captured, protected, and stored for many years, decades, and longer. It is no longer just about storing data— organizations need to extract value from their unique data to gain a competitive advantage. Locked inside video, imagery, security camera footage, scientific data sets, and other sensor-derived data is a wealth of information for informed decision-making. 
Products and Services
Our portfolio of products includes primary storage software and systems, secondary storage software and systems, as well as devices and media. 

Highly Performance Primary Storage Software and Systems include:
•StorNext Hybrid Flash/Disk File Storage Software: For video editing, post-production, and streaming applications, as well as large digital file archives.
•Unified Surveillance Platform Software: Unified compute and storage for video surveillance recording, storage, and analytics.

Highly Efficient Cost-per-Terabyte Secondary Storage Software and Systems include:
•ActiveScale Object Storage Software: Extremely scalable and durable storage for building massive data lakes, storage clouds, and cold archives.
•DXi Backup Appliances: Purpose-built backup appliances for high-speed backup and recovery and multisite data protection.
•Scalar Tape Storage: Low-cost, secure storage for long-term data archiving and offline data protection. Scalar tape storage systems are used by the world’s largest hyperscalers as well as thousands of enterprises worldwide.

CatDV Asset Management Software: For indexing, cataloging, AI data enrichment, and workflow orchestration, making data easily searchable and accessible so it can contribute to business insights.

Devices and Media includes the sale of standalone linear-tape open tape drives for small business data protection and archiving, and linear-tape open media for use in tape storage systems.

We also offer a broad portfolio of services including 24x7x365 global support, deployment and consulting services, education services, and Quantum-as-a-Service. Our services are delivered with a combination of expertise and technology, including the MyQuantum Service Delivery Platform, and Cloud-Based Analytics ("CBA") AIOps software for proactive remote monitoring. 

5

Table of Contents

Global Support and Services, and Warranty
Our global services strategy is an integral component of our total customer solution. Service is typically a significant purchase factor for customers considering long-term storage for archiving and retention or data protection storage solutions. Consequently, our ability to provide comprehensive installation and integration services as well as maintenance services can be a noteworthy competitive advantage to attract new customers and retain existing customers. In addition, we believe that our ability to retain long-term customer relationships and secure repeat business is frequently tied directly to our comprehensive service capabilities and performance.

Our extensive use of technology and innovative product intelligence allows us to scale our global services operations to meet the needs of our customers. We are currently able to provide service to customers in more than 100 countries, supported by 24-hour, multi-language technical support centers located in North America, Europe, and Asia. We provide our customers with warranty coverage on our products. Customers with high availability requirements may also purchase additional services to obtain faster response times on our high-performance shared storage systems, tape systems, and disk backup systems. We offer this additional support coverage at a variety of response levels up to 24-hours a day, seven-days-a-week, 365-days-a-year, for customers with stringent high-availability needs. We provide support ranging from repair and replacement to 24-hour rapid exchange to on-site service support for our midrange and enterprise-class products. In addition to these traditional installation and maintenance services, we also provide project management, managed services, and other value-added services to enhance our customer’s experience and engagement. These incremental services create a deeper relationship with customers that enables them to maximize the value of our solution and better positions us to retain our customers through technology transitions.

We generally warrant our hardware products against defects for periods ranging from one to three years from the date of sale. We provide warranty and non-warranty repair services through our service team and third-party service providers. In addition, we utilize various other third-party service providers throughout the world to perform repair and warranty services for us to reach additional geographic areas and industries to provide quality services in a cost-effective manner.
Research and Development
We are a solutions company that relies on technology advancements to compete in an industry characterized by rapid change and evolving customer requirements. Our success depends, in part, on our ability to introduce new products and features to meet end user needs. Our research and development teams are focused on technology and services to make our end-to-end solution of storage systems and data management software easier to manage at scale, software enhancements to make our storage more searchable and accessible, software-defined hyperconverged storage technology, next generation solid-state and hard-drive storage system software, data deduplication and other data reduction technologies, and making tape and other mediums even more efficient as a solution for medium for long term archival storage.
Sales and Distribution Channels
Product Sales Channels
We utilize distributors, value-added resellers ("VARs") and direct market resellers ("DMRs") in our sales process. Our reseller program provides our channel partners the option of purchasing products directly or through distribution channels and provides them access to a more comprehensive product line. Additionally, we sell directly to multiple large corporate entities and government agencies.
OEM Relationships
We sell our products to several original equipment manufacturer ("OEM") customers that resell our hardware products under their own brand names and typically assume responsibility for product sales, end user service and support. We also license our software to certain OEM customers that include this software in their own brand name products. These OEM relationships enable us to reach end users not served by our branded distribution channels or our direct sales force. They also allow us to sell to select geographic or vertical markets where specific OEMs have exceptional strength.
Customers
6

Table of Contents

We provide solutions to multiple industries globally. Historically, our primary customers are in hyperscale, technology and industrial, media and entertainment, federal government, life sciences and healthcare, and financial industries. In addition, we sell to OEMs, distributors, VARs and DMRs to reach end user customers. Sales to our top five customers represented 27% and 21% of revenue in fiscal 2026 and fiscal 2025, respectively, of which one customer represented more than 10% of total fiscal 2026 revenue and none of our customers represented 10% or more of our total fiscal 2025 revenue.
Competition
The markets in which we participate are highly competitive, characterized by rapid technological change and changing customer requirements. In some cases, our competitors in one market area are customers or suppliers in another. Our competitors often have greater financial, technical, manufacturing, marketing, or other resources than we do. Additionally, the competitive landscape continues to change due to merger and acquisition activity as well as new entrants into the market.

As our customers look to use both public and private cloud storage services, these options offer a competitive alternative, as well as new platforms and new ways to deploy our software. We expect that the data storage infrastructures of the future will be both hybrid-cloud and multi-cloud, meaning our customers will store their data in the various large public cloud environments, and also want to use services from multiple public cloud vendors, and also evaluate private cloud solutions.

Our primary storage solutions, including object storage systems, primarily face competition from the EMC business unit of Dell Inc. (“Dell”), International Business Machines Corporation, (“IBM”), NetApp, Inc., and other enterprise storage vendors in the markets we serve.

Our secondary storage solutions, primarily tape storage systems, compete in the midrange and enterprise reseller and end user markets with IBM and other tape library vendors. Competitors for entry-level and OEM tape systems include BDT Products, Inc. and several others that supply or manufacture similar products. In addition, disk backup products and cloud storage are an indirect competitive alternative to tape storage. Our backup storage systems primarily compete with products sold by Dell, Hewlett Packard Enterprise Company and Veritas Technologies LLC. 
Manufacturing and Supply Chain
Quantum has a global supply chain and operations organization, with contract manufacturers located in the U.S. and Mexico along with supporting third-party logistics companies in the Europe, Middle East, and Africa region (“EMEA”), and the Asia-Pacific region, or (“APAC”). Our supply chain and manufacturing strategy minimizes geo-political and environmental causal risks and provides flexibility to support demand fluctuations by region.

Quantum primary storage and secondary disk-based storage systems are sold as appliances that combine Quantum software with servers that are procured from various server vendors. Quantum sources these servers from various vendors, then uses contract manufacturers for final integration and shipment to customers. Quantum's tape storage systems are designed by Quantum and manufactured by a global contract manufacturer. 

Tape media is manufactured in Japan and distributed globally.

The global supply chain and logistics have been severely constrained and impacted by inflationary pricing for the past couple of years as well as import tariffs in the current year. While we are cautiously optimistic and see signs of improvement over the past year with supply of both server and tape automation components, we continue to experience some constraints. While some components continue to have extended lead times and often non-cancellable purchase orders are required, Quantum continues to work with suppliers to minimize lead times and associated liabilities. We continue to focus on a number of actions including alternate component qualifications, more aggressive management of contract manufacturers, and model changes for better logistics performance and visibility.
Intellectual Property and Technology
We generally rely on patent, copyright, trademark and trade secret laws and contract rights to establish and maintain our proprietary rights in our technology and products. As of March 31, 2026, we hold 166 U.S. patents. In general, these patents have a 20-year term from the first effective filing date for each patent. We may also hold 
7

Table of Contents

foreign patents and patent applications for certain of our products and technologies. Although we believe that our patents and applications have significant value, rapidly changing technology in our industry means that our future success may also depend heavily on the technical competence and creative skills of our employees.

From time to time, third parties have asserted that the manufacture and sale of our products have infringed on their patents. We are not knowingly infringing any third-party patents. Should it ultimately be determined that licenses for third-party patents are required, we will undertake best efforts to obtain such licenses on commercially reasonable terms. See Note 10: Commitments and Contingencies for additional disclosures regarding lawsuits alleging patent infringement.

On occasion, we have entered into various patent licensing and cross-licensing agreements with other companies. We may enter into patent cross-licensing agreements with other third parties in the future as part of our normal business activities. These agreements, when and if entered into, would enable these third parties to use certain patents we own and enable us to use certain patents owned by these third parties. We have also sold certain patents, retaining a royalty-free license for these patents.

We are a member of the consortium that develops, patents, and licenses linear-tape open, technology to media manufacturing companies. We receive royalty payments for linear-tape open media technology sold under licensing agreements. We have also entered into various licensing agreements with respect to our technology, patents and similar intellectual property which provide licensing revenues in certain cases and may expand the market for products and solutions using these technologies.
Segment Information
We operate as a single reporting unit and operating segment for business and operating purposes. Information about revenue attributable to each of our product groups is included in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and information about revenue and long-lived assets attributable to certain geographic regions is included in Note 12 : Segment Information and Note 3 : Balance Sheet Information, respectively, to the consolidated financial statements and risks attendant to our foreign operations is set forth below in Item 1A. Risk Factors.
Seasonal