Seagate Bets On Mega-Sized, Sustainable Drives As AI Sparks Record Data Demand
Seagate's chief commercial officer, BS Teh, told CNBC on Wednesday that the data storage firm aims to launch a drive with about three times the capacity of its top-notch hard drives by 2030.
The largest hard disk drive Seagate currently produces is the 36-terabyte Exos M model.
Also Read: Western Digital Refocuses Post-SanDisk Spin-Off As Analyst Highlights AI-Led HDD Growth
Teh expressed conviction in strong demand, underlining the need for the 100-terabyte hard drive. Teh also said Seagate is amid efforts to counter climate concerns surrounding AI's energy demands.
Teh expressed conviction in hard disk drive prospects, citing it as a much more sustainable device technology.
Big Tech's 2025 AI infrastructure investments included Amazon.com Inc.'s (NASDAQ:AMZN) $100 billion, followed by Microsoft Corp (NASDAQ:MSFT) and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) at $80 billion each, and Meta committing over $60 billion.
Microsoft expects to spend $80 billion on data centers in fiscal 2025.
February reports indicated Meta Platforms, Inc. (NASDAQ:META) is in talks to build an AI data center campus that could exceed $200 billion in costs.
Seagate Technology Holdings stock gained close to 9% year-to-date. It reported third-quarter sales of $2.16 billion (versus $1.66 billion Y/Y), missing the analyst estimate of $2.31 billion. It reported adjusted earnings per share of $1.90, missing the analyst estimate of $2.09.
Seagate expects fourth-quarter revenue of $2.25 billion-$2.55 billion, versus the $2.43 billion estimate, and adjusted earnings of $2.20-$2.60 per share, versus the $2.20 analyst estimate.
Price Action: STX stock is up 1.16% at $94.99 at the last check on Wednesday.
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This article Seagate Bets On Mega-Sized, Sustainable Drives As AI Sparks Record Data Demand originally appeared on Benzinga.com
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Interim Condensed Consolidated Statements of Financial Position (Expressed in US dollars, unaudited) June 30, 2025 December 31, 2024 Assets Current assets Cash $ 1,117,164 $ 1,573,341 Trade and other receivables, net of allowance for doubtful accounts 4,422,766 3,768,699 Inventories 25,914 23,508 Prepaid expenses and other deposits 890,576 1,183,496 Non-current assets 6,456,420 6,549,044 Restricted cash 177,560 169,097 Property and equipment, net 541,883 654,223 Right-of-use assets, net 349,610 153,794 Intangible assets 5,183,967 5,661,614 Goodwill 11,929,976 11,628,213 Total assets $ 24,639,416 $ 24,815,985 Liabilities Current liabilities Trade and other payables and accrued liabilities $ 6,846,250 $ 5,673,346 Income taxes payable 61,890 29,765 Share-based payment liability 643 19,366 Derivative warrant liability 38,019 35,238 Current portion of long-term debt 17,099,730 15,988,401 Current portion of lease obligations 206,345 204,802 Contract liabilities 1,475,909 1,635,041 Non-current liabilities 25,728,786 23,585,959 Long-term lease obligations 167,884 – Other long-term liabilities 924,371 949,622 Total liabilities 26,821,041 24,535,581 Shareholders' equity Capital stock 77,665,053 77,593,993 Contributed surplus 9,364,786 9,145,162 Accumulated other comprehensive loss (1,341,494 ) (1,356,521 ) Deficit (87,869,970 ) (85,102,230 ) Total shareholders' equity (2,181,625 ) 280,404 Total liabilities and shareholders' equity $ 24,639,416 $ 24,815,985 VIQ Solutions Inc. Interim Condensed Consolidated Statements of Loss and Comprehensive Loss (Expressed in US dollars, unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenue $ 10,445,488 $ 11,575,614 $ 20,024,513 $ 21,497,287 Cost of sales 5,436,220 6,312,797 10,040,105 11,841,912 Gross profit 5,009,268 5,262,817 9,984,408 9,655,375 Expenses Selling and administrative expenses 3,866,110 4,328,687 7,676,752 8,639,461 Research and development expenses 179,957 155,416 320,476 320,526 Stock-based compensation 292,682 111,283 291,865 139,816 Gain on revaluation of RSUs (21,482 ) (18,534 ) (19,553 ) (47,311 ) Loss (gain) on revaluation of the derivative Warrant liability 8,260 7,479 1,238 (49,686 ) Foreign exchange gain (354,295 ) (590,719 ) (438,327 ) (487,886 ) Depreciation 175,864 194,237 340,547 389,221 Amortization 658,581 813,889 1,366,158 1,620,346 Interest expense 439,704 405,965 928,326 794,889 Accretion and other financing costs 456,029 425,216 875,059 752,094 Restructuring costs (recovery) 37,349 5,874 36,066 (3,820 ) Strategic review costs 119,124 – 1,294,726 – Other income (1,911 ) (10,208 ) (8,118 ) (21,413 ) Total expenses 5,855,972 5,828,585 12,665,215 12,046,237 Current income tax expense 52,654 6,063 86,933 21,107 Income tax expense 52,654 6,063 86,933 21,107 Net loss for the period $ (899,358 ) $ (571,831 ) $ (2,767,740 ) $ (2,411,969 ) Exchange (loss) gain on translation of foreign operations 16,115 (483,076 ) 15,027 (795,107 ) Comprehensive loss for the period $ (883,243 ) $ (1,054,907 ) $ (2,752,713 ) $ (3,207,076 ) Net loss per share Basic (0.02 ) (0.01 ) (0.05 ) (0.05 ) Diluted (0.02 ) (0.01 ) (0.05 ) (0.05 ) Weighted average number of common shares outstanding – basic 52,563,142 51,348,578 52,449,214 48,065,488 Weighted average number of common shares outstanding – diluted 52,563,142 51,348,578 52,449,214 48,065,488 The following is a reconciliation of Net Loss to Adjusted EBITDA, the most directly comparable IFRS measure for the three and six months ended June 30, 2025, and 2024: Three months endedJune 30 Six monthsJune 30 (Unaudited) 2025 2024 2025 2024 Net Loss (899,358) (571,831) (2,767,740) (2,411,969) Add: Depreciation 175,864 194,237 340,547 389,221 Amortization 658,581 813,889 1,366,158 1,620,346 Interest expense 439,704 405,965 928,326 794,889 Current income tax (recovery) expense 52,654 6,063 86,933 21,107 EBITDA 427,445 848,323 (45,776) 413,594 Accretion and other financing costs 456,029 425,216 875,059 752,094 Gain on revaluation of RSUs (21,482) (18,534) (19,553) (47,311) Loss (Gain) on revaluation of the derivative warrant liability 8,260 7,479 1,238 (49,686) Restructuring costs 37,349 5,874 36,066 (3,820) Strategic Review Costs 119,123 - 1,294,726 - Other income (1,911) (10,208) (159,978) (21,413) Stock-based compensation 292,682 111,283 291,865 139,816 Foreign exchange gain (354,295) (590,719) (438,327) (487,886) Adjusted EBITDA 963,201 778,714 1,835,320 695,388 The following is a reconciliation of Net Loss to Adjusted operating loss, the most directly comparable IFRS measure for the three and six months ended June 30, 2025, and 2024: Three months endedJune 30 Six monthsJune 30 (Unaudited) 2025 2024 2025 2024 Net Loss (899,358) (571,831) (2,767,740) (2,411,969) Add: Strategic Review Costs 119,123 - 1,294,726 - Adjusted operating loss (780,235) (571,831) (1,473,014) (2,411,969) View source version on Contacts Media Contact: Jacob Manning VIQ SolutionsEmail: marketing@ Sign in to access your portfolio
