<PAGE>   1
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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                 ---------------
                                    FORM 10-Q

              (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934.
                  For the quarterly period ended June 30, 1997

                                       OR
              ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934.
                  For the transition period from ____ to _____


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                        COMMISSION FILE NUMBER: 000-27586

                           HMT TECHNOLOGY CORPORATION
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

          DELAWARE                                    94-3084354
(STATE OR OTHER JURISDICTION OF          (I.R.S. EMPLOYER IDENTIFICATION NUMBER)
 INCORPORATION OR ORGANIZATION)                                
      

                       1055 PAGE AVENUE, FREMONT, CA 94538
               (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

       Registrant's telephone number, including area code: (510) 490-3100

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Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes  X    No
                                       ---      --- 


As of July 23, 1997, 41,296,187 shares of the registrant's common stock, par
value $0.001 per share, which is the only class of common stock of the
registrant, were outstanding.

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<PAGE>   2
                           HMT TECHNOLOGY CORPORATION

                          QUARTERLY REPORT ON FORM 10-Q

                  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1997



<TABLE>
<CAPTION>
PART I       FINANCIAL INFORMATION                                              Page

Item 1.      Financial Statements
<S>          <C>                                                                <C>

             Condensed Consolidated Balance Sheets at June 30, 1997
                and March 31, 1997................................................3

             Condensed Consolidated Statements of Operations for the
                three months ended June 30, 1997 and 1996.........................4

             Condensed Consolidated Statements of Cash Flows for the
                three months ended June 30, 1997 and 1996.........................5

             Notes to Condensed Consolidated Financial Statements.................6

Item 2.      Management's Discussion and Analysis of Financial
                Condition and Results of Operations...............................7


PART II      OTHER INFORMATION

Item 6.      Exhibits and Reports on Form 8-K....................................10

             Signatures..........................................................11
</TABLE>




                                       2
<PAGE>   3
PART I FINANCIAL INFORMATION

ITEM 1. Financial Statements

                           HMT TECHNOLOGY CORPORATION

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (in thousands)



<TABLE>
<CAPTION>
                                                                          JUNE 30,      MARCH 31,
                                                                            1997          1997
                                                                        -----------     ---------
<S>                                                                     <C>             <C>    
                                ASSETS                                  (Unaudited)      (Audited)
Current assets:
  Cash and cash equivalents.......................................         $37,391       $44,225
  Short-term investments..........................................           8,965        10,833
  Receivables, net................................................          40,281        35,794
  Inventories.....................................................          16,734        11,837
  Deposits, prepaid expenses and other assets.....................           1,091           474
  Deferred income taxes...........................................           6,532         6,532
                                                                          --------      --------
          Total current assets....................................         110,994       109,695

Construction in progress..........................................          83,450        76,433
Property, plant and equipment, net................................         203,553       178,875
Other assets......................................................           8,255         8,386
                                                                          --------      --------
          Total assets............................................        $406,252      $373,389
                                                                          ========      ========

                LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable................................................         $27,888       $26,424
  Accrued liabilities.............................................          19,421         8,765
  Obligations under capital leases -- current portion.............           2,172         2,679
                                                                          --------      --------
          Total current liabilities...............................          49,481        37,868

Long-term liabilities.............................................           8,962         3,562
Convertible subordinated promissory notes.........................         230,000       230,000
Obligations under capital leases, net of current portion..........           2,604         3,172
Deferred tax liability, long term.................................           3,345         3,345
                                                                          --------      --------
          Total liabilities.......................................         294,392       277,947

Common Stock......................................................              41            41
Additional paid-in capital........................................          93,161        92,084
Retained earnings ................................................          95,307        79,966
Distribution in excess of basis...................................         (76,649)      (76,649)
                                                                          --------      --------
     Total stockholders' equity...................................         111,860        95,442
                                                                          --------      --------
          Total liabilities and stockholders' equity..............        $406,252      $373,389
                                                                          ========      ========
</TABLE>



                             See accompanying notes


                                       3
<PAGE>   4
                           HMT TECHNOLOGY CORPORATION

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                      (in thousands, except per share data)


<TABLE>
<CAPTION>
                                                          THREE MONTHS ENDED
                                                               JUNE 30,
                                                         ---------------------
                                                           1997         1996
                                                         -------       -------
<S>                                                      <C>           <C>    
                                                              (Unaudited)

Net sales ........................................       $76,837       $76,420
Cost of sales ....................................        47,476        44,014
                                                         -------       -------
  Gross profit ...................................        29,361        32,406
Operating expenses:
  Research and development .......................         1,902         1,260
  Selling, general and administrative ............         3,818         3,036
                                                         -------       -------
     Total operating expenses ....................         5,720         4,296

Operating income .................................        23,641        28,110
Interest expense, net ............................         1,685         1,048
                                                         -------       -------
Income before income tax provision ...............        21,956        27,062
Income tax provision .............................         6,587        10,284
                                                         -------       -------
     Net income ..................................       $15,369       $16,778
Accretion for dividends on Mandatorily
  Redeemable Series A Preferred Stock ............             -          (883)
                                                         -------       -------
Net income available for common stockholders .....       $15,369       $15,895
                                                         =======       =======
Net income available for common
  stockholders per share
     Primary .....................................       $  0.35       $  0.36
                                                         =======       =======
     Fully diluted ...............................       $  0.31       $  0.36
                                                         =======       =======

Shares used in computing per share amounts
     Primary .....................................        44,121        44,015
                                                         =======       =======
     Fully diluted ...............................        53,805        44,015
                                                         =======       =======
</TABLE>




                             See accompanying notes


                                       4
<PAGE>   5
                           HMT TECHNOLOGY CORPORATION

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)


<TABLE>
<CAPTION>
                                                              THREE MONTHS ENDED
                                                                    JUNE 30,
                                                           ------------------------
                                                             1997            1996
                                                           --------        --------
<S>                                                        <C>             <C>     
                                                                 (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income .......................................       $ 15,369        $ 16,778
  Adjustments to reconcile net income to net
     cash used in operations:
     Depreciation and amortization .................          8,080           4,411
     Deferred income taxes .........................              -               -
     Loss on disposal of assets ....................              -           2,988
     Net Change in operating assets and liabilities.          7,489          (6,332)
                                                           --------        --------
          Net cash provided by operating activities.         30,938          17,845
                                                           --------        --------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Expenditures for property, plant and equipment ...        (39,760)        (21,741)
  Maturities of short-term investments .............          1,868               -
  Decrease in other assets .........................            116              47
                                                           --------        --------
          Net cash used in investing activities ....        (37,776)        (21,694)
                                                           --------        --------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Principal payments on obligations under capital
     leases ........................................         (1,075)         (1,013)
  Net proceeds from long-term borrowings ...........              -               -
  Proceeds from issuance of Common Stock ...........          1,079          12,194
                                                           --------        --------
          Net cash provided by financing activities.              4          11,181
                                                           --------        --------
  Net increase (decrease) in cash and cash 
   equivalents ......................................        (6,834)          7,332
  Cash and cash equivalents at beginning of period ..        44,225          35,843
                                                           --------        --------
  Cash and cash equivalents at end of period ........      $ 37,391        $ 43,175
                                                           ========        ========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Cash paid for interest during the period .........       $    783        $  1,564
  Cash paid for income taxes during the period .....       $      -        $  5,000

SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND
  FINANCING ACTIVITIES:
  Accretion for dividends on Mandatorily Redeemable
     Series A Preferred Stock ......................       $      -        $    883
</TABLE>




                             See accompanying notes


                                       5
<PAGE>   6
                           HMT TECHNOLOGY CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  Basis of Presentation

   The accompanying consolidated financial statements have been prepared by the
Company without an audit in accordance with generally accepted accounting
principles for interim financial information and pursuant to rules and
regulations of the Securities and Exchange Commission. In the opinion of
management, all adjustments (consisting only of normal recurring adjustments)
considered necessary for a fair representation have been included. These
financial statements should be read in conjunction with the Company's
consolidated financial statements and notes thereto contained in the Company's
Annual Report on Form 10-K for the fiscal year ended March 31, 1997.

   Operating results for the quarter ended June 30, 1997 may not necessarily be
indicative of the results to be expected for any other interim period or for the
full fiscal year.

  Fiscal Year

   The Company uses a 52-week fiscal year ending on March 31 and thirteen- to
fourteen-week quarters that end on the Sunday closest to the calendar quarter
end.

  Stock Split

   The Company's Board of Directors effected a 31-for-1 stock split on March 13,
1996. All shares and per share data in the accompanying financial statements
have been retroactively restated to reflect the stock split.

  Inventories

   Inventories are stated at the lower of cost or market, and are reported net
of reserves. Cost is determined using the first-in, first-out basis.

<TABLE>
<CAPTION>
                                                             JUNE 30,      MARCH 31,
                                                              1997           1997
                                                             -------        -------
<S>                                                          <C>            <C>   
                                                                 (IN THOUSANDS)
Raw materials.........................................        $6,231         $4,307
Work-in-process.......................................         6,298          5,843
Finished goods........................................         4,205          1,687
                                                             -------        -------
                                                             $16,734        $11,837
                                                             =======        =======
</TABLE>


2. SUBSEQUENT EVENT

   On July 24, 1997, the Company filed a registration statement with the
Securities and Exchange Commission covering the proposed sale and issuance of
1,150,000 shares of the Company's common stock (including 150,000 shares subject
to the underwriters' over-allotment option) and the sale of 10,350,000 shares of
the Company's common stock on behalf of certain selling stockholders (including
1,350,000 shares subject to the underwriters' over-allotment option).


                                       6
<PAGE>   7
Item 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS 
          OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


   This Discussion contains forward-looking statements, which are subject to
certain risks and uncertainties, including without limitation those described in
the Company's Annual Report on Form 10-K, which has been filed with the
Securities and Exchange Commission. Actual results may differ materially from
the results discussed in the forward-looking statements.


OVERVIEW

   HMT Technology Corporation is an independent supplier of high-performance
thin film disks for high-end, high-capacity hard disk drives, which in turn are
used in high-end PCs, network servers and workstations.

   The Company derives substantially all of its sales from the sale of thin film
disks to a small number of customers. Loss of or a reduction in orders from one
or more of the Company's customers could result in a substantial reduction in
net sales. Because many of the Company's expense levels are based, in part, on
its expectations as to future revenues, decreases in net sales may result in a
disproportionately greater negative impact on operating results. Due to the
rapid technological change and frequent development of new disk drive products,
it is common in the industry for the relative mix of customers and products to
change rapidly, even from quarter to quarter. At any one time the Company
typically supplies disks in volume for fewer than twelve disk drive products.

RESULTS OF OPERATIONS

NET SALES THREE MONTHS ENDED JUNE 30, 1996 AND 1997

   Net sales increased 0.5% in the three months ended June 30, 1997 to $76.8
million, representing an increase of $417,000 compared to the three months ended
June 30, 1996. Unit sales volume increased 32.9% during the three months ended
June 30, 1997, while average selling prices declined 26.3%, compared to the
three months ended June 30, 1996. The increase in unit sales volume during the
three months ended June 30, 1997 was primarily attributable to an increase in
manufacturing capacity, a result of the Company's facility expansion and the
installation of additional sputtering lines. Five additional sputtering lines
were brought into service during the nine months ended March 31, 1997, and two
were brought into service during the three months ended June 30, 1997. Improved
utilization of existing capacity, as well as improved manufacturing processes,
also contributed to higher production volume and unit shipments. The ability to
increase revenue will depend upon an increase in overall unit production
volume.

   During the three months ended June 30, 1997, three customers individually
accounted for at least ten percent of consolidated net sales: Iomega Corporation
(32.1%), Samsung Electronics Company Limited (27.7%), and Western Digital
Corporation (18.7%). During the three months ended June 30, 1996, three
customers accounted for at least ten percent of consolidated net sales: Maxtor
Corporation (43.3%), Western Digital (17.5%) and Iomega (15.6%). The Company
expects that it will continue to derive a substantial portion of its sales from
a relatively small number of customers, although the identity of such customers
may change from period to period.

   Gross Profit. Gross margin was 38.2% for the three months ended June 30,
1997, compared with 42.4% for the three months ended June 30, 1996. The decline
in gross margin during the three months ended June 30, 1997 was a result of the
26.3% decline in average selling prices versus the comparable period in fiscal
1997, offset in part by decreased unit production costs, improved utilization of
manufacturing capacity, improved manufacturing processes, and the absorption of
fixed costs over higher unit production



                                       7
<PAGE>   8
volume. Production of substrates at the Eugene, Oregon manufacturing facility
(which was acquired during the three months ended June 30, 1996) and lower
substrate and other raw material prices also contributed to decreases in unit
costs in the three months ended June 30, 1997 compared to comparable three month
period in fiscal 1997.

   Research and Development. Research and development expenses increased
$642,000 in the three months ended June 30, 1997, compared to the same period in
1996. Research and development expenses increased primarily due to an increase
in headcount related to the Company's new product introductions and expanded
research efforts to support the Company's overall capacity expansion. 

   Selling, General and Administrative. Selling, general and administrative
expenses increased $782,000 in the three months ended June 30, 1997, compared to
the same period in the prior fiscal year. The increase in selling, general and
administrative expenses primarily reflected the increased headcount necessary to
support higher production volume and unit shipments. The Company anticipates
that operating expenses will continue to increase in absolute dollars as
headcount is increased to support new product introductions, and anticipated
higher levels of production volume and unit shipments, although, as a percentage
of net sales, operating expenses may fluctuate from period to period.

   Interest Expense, Net. Net interest expense increased $637,000 during the
three months ended June 30, 1997, compared to the same period in fiscal 1997, a
result of the increased debt balance, partially offset by the $1.4 million in
interest that was capitalized during the same period.

   Provision for Income Taxes. For the three months ended June 30, 1997, the
Company recorded income taxes at its estimated annual effective tax rate of 30%.
During the three months ended June 30, 1996, income taxes were recorded at a
rate of 38%, reflecting the estimated annual rate at that time.

   The Company's operating results historically have been, and may continue to
be, subject to significant quarterly and annual fluctuations. As a result, the
Company's operating results in any quarter may not be indicative of its future
performance. Factors affecting operating results include: market acceptance of
new products; timing of significant orders; changes in pricing by the Company or
its competitors; timing of product announcements by the Company, its customers
or its competitors; order cancellations, modifications and quantity adjustments
and shipment rescheduling; changes in product mix; manufacturing yields; the
level of utilization of the Company's production capacity; increases in
production and engineering costs associated with initial manufacture of new
products; and changes in the cost of or limitations on the availability of
materials. The impact of these and other factors on the Company's revenues and
operating results in any future period cannot be forecasted with certainty. The
Company's expense levels are based, in part, on its expectations as to future
revenues. Because the Company's sales are generally made pursuant to purchase
orders that are subject to cancellation, modification, quantity reduction or
rescheduling on short notice and without significant penalties, the Company's
backlog as of any particular date may not be indicative of sales for any future
period, and such changes could cause the Company's net sales to fall below
expected levels. If revenue levels are below expectations, operating results are
likely to be materially adversely effected. Net income, if any, and gross
margins may be disproportionately affected by a reduction in net sales because a
proportionately smaller amount of the Company's expenses varies with its
revenues.


LIQUIDITY AND CAPITAL RESOURCES

   Cash and cash equivalents decreased by $6.8 million to $37.4 million at June
30, 1997 from March 31, 1997. Cash flows from operations were $30.9 million for
the three-month period ended June 30, 1997 as compared to $17.8 million in the
comparable period of 1996. Cash generated during the three months ended June 30,
1997 reflected net income plus depreciation and amortization, as well as an
increase in accounts payable and current and long-term liabilities, partially
offset by increases in receivables and inventories. Increased sales and improved
margins contributed to the increase in positive cash flow provided by operations
during the three months ended June 30, 1998.


                                       8
<PAGE>   9
   The Company invested $39.8 million and $21.7 million in property, plant and
equipment during the first three months ended June 30, 1997 and 1996,
respectively. The Company currently expects to spend in excess of $200 million
during calendar 1998 for expansion of production capacity, a substantial
majority of which will be spent on the Company's Fremont, California facility.

   Cash provided by financing activities for the first three months of fiscal
1998 reflected $1.1 million in cash received for employee stock purchases
options, offset by $1.1 million in principal payments on capital leases.

   As of June 30, 1997, the Company's principal sources of liquidity consisted
of cash, cash equivalents and short-term investments, as well as the full
balance of the unsecured $50 million revolving credit facility.

   The Company believes existing cash balances, cash generated from operations,
and funds available under its credit facilities, will provide adequate cash to
fund its operations and ongoing facility expansion through the end of fiscal
1998. If it were to accelerate or increase the scope of its facilities
expansion, the Company could require additional capital prior to that time. The
Company will continue to have significant future obligations and expects that it
could require additional capital to support future growth, if any. The Company
may not be able to obtain additional financing as needed on acceptable terms or
at all. If the Company is unable to obtain sufficient capital, it could be
required to modify its planned capital expenditures and research and development
expenditures, which could materially adversely affect the Company's future
operations and competitive position. Moreover, the Company's need to raise
additional capital through the issuance of securities may result in additional
dilution to earnings per share.


                                       9
<PAGE>   10
PART II OTHER INFORMATION



Item 6.   EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits:

<TABLE>
<CAPTION>
Exhibit No.
-----------
<S>            <C>                                              
11.1           Statement Regarding Computation of Net Income per Share.

27.1           Financial Data Schedule.
</TABLE>



(b) Reports on Form 8-K:

        No reports on Form 8-K were filed by the Company during the 
quarter ended June 30, 1997.


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                                   SIGNATURES


        Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                           HMT TECHNOLOGY CORPORATION
                                  (Registrant)


Date:    July 29, 1997       BY:  /s/ Peter S. Norris
     -----------------            ------------------------------------    
                                            Peter S. Norris
                                            Vice President, Finance and
                                            Chief Financial Officer


Date:   July 29, 1997        BY:  /s/ Ronald L. Schauer
     -----------------            ------------------------------------    
                                            Ronald L. Schauer
                                            President and
                                            Chief Executive Officer


                                       11
<PAGE>   12
                                 EXHIBIT INDEX


<TABLE>
<CAPTION>
Exhibit No.           Description
-----------           -----------

<S>                 <C>                                                  
  11.1              Statement Regarding Computation of Net Income per Share.

  27.1              Financial Data Schedule
</TABLE>