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The first thing I said I’d watch on Quantum $QMCO in my August 16 update was $IBM’s tape drive supply, since CEO Hugues Meyrath said on the June-quarter call that “customers’ demand remains stronger than our ability to fulfill it.” The LTO Program, the group of $HPE, $IBM, and $QMCO that sets the LTO tape standard, reported on September 1, 2026 that tape capacity shipped in Q1 2026 rose 57% from Q1 2025. The 57% measures data capacity, and each new LTO generation holds more data per cartridge, so capacity shipped can grow faster than the number of cartridges sold. Meyrath said on the June-quarter call that $QMCO’s $82.0M ±$2M revenue guidance for the September quarter is only “mildly up” because tape drive supply had stayed “flat for the past handful of months.” $IBM, which supplies the drives, had told $QMCO it would increase production toward the back half of the year, but Meyrath said the increase still hadn’t shown up as of August. So by Meyrath’s account, $IBM’s drive supply, not demand, limits how much $QMCO can sell for now. $QMCO’s quarterly revenue has risen from $62.7M in the September 2025 quarter to $80.8M in the June quarter. Secondary storage, which $QMCO’s 10-K describes as “primarily tape storage systems,” drove the growth. It doubled from a year earlier to $37.0M in the June quarter, 46% of total revenue, up from 29%. That $18.5M increase was more than the $16.5M rise in total revenue, since primary storage, $QMCO’s file and object storage systems, fell to $8.5M from $12.5M.

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