Seagate Technology Holdings Public Limited Company (STX) recently shared important updates during the UBS Global Technology and AI Conference.

CEO Dave Mosley announced that the company's HAMR-based Mozaic drives have successfully passed qualification testing with various customers, including a major cloud service provider.

The initial shipments of these HAMR products are expected to begin in the next few weeks, which is a significant advancement for Seagate's technology.

However, Seagate is currently facing challenges in meeting the growing demand for hard disk drives (HDDs).

To address customer needs, the company is reactivating existing production equipment, but this process is taking longer than anticipated.

As a result, Seagate predicts a lower production output for the fiscal third quarter ending March 28, 2025, which could have a revenue impact of up to $200 million.

Nevertheless, Seagate reassures investors that the revenue and profitability for the fiscal second quarter ending December 27, 2024, are on track with management's expectations and are not affected by the production delays.

For more information and access to live and replay audio webcasts from the conference, investors can visit Seagate's Investor Relations website.