Flash memory maker OCZ Technology Group Inc. (NASDAQ: OCZ) this morning announced that its first fiscal quarter revenues will fall far short of the consensus estimate. The company now expects revenues for the quarter to total $50 million to $55 million, well below the consensus estimate of $74.15 million.

OCZ’s gross margins are now expected to improve to 17% to 20%, and the company said it has reduced its operating expenses to between $20 million and $22 million. It also said that it “will require access to additional capital which it is currently in the process of securing.” OCZ does not say whether that is more debt or more stock, but debt seems the most likely.

The problem is the supply of NAND flash, which has been and remains very tight. OCZ also has had to restate some operating expenses as a result of an accounting issue that has prevented the firm from filing quarterly reports for the past three quarters.

OCZ has also introduced a value-added solution that the company’s CEO said “reflects the Company’s strategy to focus on strategic market opportunities where we add value and offer differentiated solutions.” The firm’s first product in the enterprise space contributed about half the expected quarterly revenue.

Shares are down more than 9% in premarket trading this morning, at $1.50 in a 52-week range of $1.11 to $7.67.

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