Quantum Reports 14% Sequential Growth in Third Quarter Fiscal 2021 Represents Second Consecutive Quarter of Sequential Growth; Business Transformation Continues with Addition of New Software Solutions News provided by Share this article Share this article SAN JOSE, Calif., Jan. 27, 2021 /PRNewswire/ -- Quantum Corporation (NASDAQ: QMCO) announced today financial results for its fiscal third quarter ended December 31, 2020. Third Quarter Fiscal 2021 Financial Summary Revenue grew 14% sequentially to $98.0 million Gross margin was 43.1% Non-GAAP adjusted net income improved to $0.01 million, $0.00 per share Adjusted EBITDA increased $0.6 million sequentially to $9.4 million Jamie Lerner, Chairman and CEO, Quantum commented, "Revenue in the third quarter once again exceeded our guidance due to continued growth across our traditional market verticals, including with our hyperscale customers, as well as an initial recovery in our Media and Entertainment business, coupled with increasing evidence that our new strategy is resonating with customers. Notably, the higher-than-expected revenue resulted in continued improvement in adjusted EBITDA and our achievement of breakeven on an adjusted basis ahead of plan. These accomplishments are particularly noteworthy considering the higher sales and channel expenses incurred in the quarter to support our new product introductions as well as the expansion of our leadership team."