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

                                   FORM 10-QSB

(Mark One)

[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

For the quarterly period ended              March 31, 2001
                              -------------------------------------------------

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the Transition period from                  to
                               -----------------  -----------------------------

Commission file number     0-28484
                      ---------------------------------------------------------

                              QualMark Corporation
-------------------------------------------------------------------------------
                     (Exact name of small business issuer as
                           specified in its charter)

           Colorado                                        84-1232688
-------------------------------                    ----------------------------
(State or other jurisdiction of                        (I.R.S. Employer
 incorporation or organization)                       Identification No.)


  1329 West 121st Avenue, Denver, CO                           80234
-------------------------------------------------------------------------------
(Address of principal executive offices)                    (Zip Code)

(Issuer's telephone number)                 (303) 254-8800
                           ----------------------------------------------------


--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)

     Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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.
                                                                  [X] Yes [ ] No

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

     Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.                     [ ] Yes [ ] No

                      APPLICABLE ONLY TO CORPORATE ISSUERS

     State the number of shares outstanding of each of the issuer's classes of
common equity, as of latest practicable date:

The number of shares of no par value common stock at May 8, 2001 is 3,645,638.
------------------------------------------------------------------------------

     Transitional Small Business Disclosure Format (check one): [ ] Yes [X] No
<PAGE>   2
                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                              QUALMARK CORPORATION
                             STATEMENT OF OPERATIONS
       (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT SHARES AND PER SHARE DATA)

<TABLE>
<CAPTION>

                                                            For the three             For the three
                                                             months ended              months ended
                                                            March 31, 2001            March 31, 2000
                                                            --------------            --------------
<S>                                                          <C>                        <C>
Net revenue                                                  $     2,715                $     3,517
Cost of sales                                                      1,647                      2,269
                                                             -----------                -----------
    Gross profit                                                   1,068                      1,248

Selling, general and administrative expenses                         904                        940
Research and development expenses                                    211                        115
                                                             -----------                -----------
    Income (loss) from operations                                    (47)                       193

Other expense:
    Interest, net                                                    (75)                       (77)
                                                             -----------                -----------
Income (loss) before income taxes                                   (122)                       116

Provision for income taxes                                            --                         45
                                                             -----------                -----------

Net Income (loss)                                            $      (122)               $        71
                                                             ===========                ===========


Net income (loss) per share - basic                          $     (0.04)               $      0.01
Net income (loss) per share - diluted                        $     (0.04)               $      0.01

Weighted average number of common shares - basic               3,610,000                  3,552,000
Weighted average number of common shares - diluted             3,610,000                  3,807,000
</TABLE>



    The accompanying notes are an integral part of the financial statements.




                                       2
<PAGE>   3

                              QUALMARK CORPORATION
                                  BALANCE SHEET
                 (AMOUNTS IN THOUSANDS, EXCEPT NUMBER OF SHARES)


<TABLE>
<CAPTION>

                                                                             MARCH 31,           DECEMBER 31,
                                                                               2001                  2000
                                                                           -----------           ------------
<S>                                                                        <C>                   <C>
                    ASSETS
Cash                                                                         $ 1,526                $   936
Trade accounts receivable, net of allowance for
    doubtful accounts of $198 and $187 at March 31, 2001,
    and December 31, 2000, respectively                                        3,246                  3,968
Inventories, net                                                               1,197                  1,297
Deferred income taxes                                                          1,194                  1,194
Other current assets                                                             246                    122
                                                                             -------                -------
    Total current assets                                                       7,409                  7,517

Property and equipment, net                                                    1,074                  1,290
Other assets                                                                     131                    132
                                                                             -------                -------


Total assets                                                                 $ 8,614                $ 8,939
                                                                             =======                =======

     LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable                                                             $ 1,167                $ 1,032
Accrued expenses                                                                 752                    745
Customer deposits and deferred revenue                                            82                     82
Current portion of long-term obligations                                       2,811                    700
                                                                             -------                -------
    Total current liabilities                                                  4,812                  2,559

Noncurrent portion of long-term obligations                                        0                  2,461
Deferred tax liability                                                            17                     17
                                                                             -------                -------
   Total liabilities                                                           4,829                  5,037

Redeemable preferred stock (Note 8);
     no par value; 2,000,000 shares authorized;
     502,326 designated as Series A, 465,116 shares issued
     and outstanding, liquidation preference of $1,107;
     99,619 designated as Series B, none issued or outstanding                 1,043                  1,016

Shareholders' Equity:
Common Stock; no par value;15,000,000 shares
     authorized; 3,645,638 and 3,643,238 shares
     issued at March 31, 2001
     and December 31, 2000, respectively                                       7,381                  7,403
Treasury Stock, at cost, 35,546 and 35,546 shares held
    at March 31, 2001 and December 31, 2000, respectively                       (123)                  (123)
Accumulated deficit                                                           (4,516)                (4,394)
                                                                             -------                -------
    Total shareholders' equity                                                 2,742                  2,886
                                                                             -------                -------

Total liabilities and shareholders' equity                                   $ 8,614                $ 8,939
                                                                             =======                =======
</TABLE>

    The accompanying notes are an integral part of the financial statements.





                                       3

<PAGE>   4

                              QUALMARK CORPORATION
                             STATEMENT OF CASH FLOWS
                        (UNAUDITED, AMOUNTS IN THOUSANDS)

<TABLE>
<CAPTION>

                                                                        For the three         For the three
                                                                         months ended          months ended
                                                                        March 31, 2001        March 31, 2000
                                                                        --------------        --------------
<S>                                                                     <C>                   <C>
Cash Flows From Operating Activities:
Net income (loss)                                                         $  (122)               $    71
Adjustments to reconcile net income (loss) to net cash from
  operating activities:
    Depreciation and amortization                                             157                    146
    Deferred income taxes                                                      --                     45
Change in assets and liabilities:
    Accounts receivable, net                                                  722                   (122)
    Inventories                                                               217                    447
    Other current assets                                                     (124)                   (72)
    Accounts payable and accrued expenses                                     142                   (511)
    Customer deposits and deferred revenue                                     --                     21
                                                                          -------                -------
        Net cash provided by operating activities                             992                     25
                                                                          -------                -------


Cash Flows From Investing Activities:
Acquisition of property and equipment                                         (52)                  (257)
Investment in patents                                                          (5)                    --
                                                                          -------                -------
    Net cash used in investing activities                                     (57)                  (257)
                                                                          -------                -------


Cash Flows From Financing Activities:
Proceeds from borrowing                                                        --                    450
Payments on borrowings                                                       (350)                    --
Proceeds from issuance of common stock                                          5                     55
                                                                          -------                -------
    Net cash provided by (used in) financing activities                      (345)                   505
                                                                          -------                -------

Net increase in cash                                                          590                    273
Cash at beginning of period                                                   936                    525
                                                                          -------                -------
Cash at end of period                                                     $ 1,526                $   798
                                                                          =======                =======


Non-Cash Activities:
Redeemable preferred stock dividends declared but not paid                $    22                $    21
Accretion of preferred stock                                              $     5                $     3
</TABLE>


    The accompanying notes are an integral part of the financial statements.



                                       4
<PAGE>   5

                              QUALMARK CORPORATION
                          NOTES TO FINANCIAL STATEMENTS


QualMark Corporation (the "Company") was founded in 1991 and is a manufacturer
and distributor of physical stress systems, as well as a provider of physical
stress testing services. Physical stress systems rapidly and efficiently expose
product design and manufacturing related failures of customer products and
components, thereby providing manufacturers necessary information to improve
product design, quality and reliability. The Company provides physical stress
testing services through its network of test centers.


NOTE 1 - Financial Presentation

These financial statements should be read in conjunction with the audited
financial statements for the year ended December 31, 2000 and notes thereto.

The interim financial data as of March 31, 2001 and for the three months ended
March 31, 2001 and 2000 is unaudited; however, in the opinion of management of
the Company, the interim data includes all adjustments, consisting only of
normal recurring adjustments, necessary for a fair presentation of the results
for the interim periods presented. Results for the three months ended March 31,
2001 are not necessarily indicative of results for the remainder of 2001.


NOTE 2 - Inventories

Inventories consist of the following (in thousands):

<TABLE>
<CAPTION>


                                     3/31/01     12/31/00
                                   -----------   --------
<S>                                 <C>          <C>
Raw materials                       $   764      $   708
Work in process                          --            1
Finished goods                          483          638
Less:Allowance for obsolescence         (50)         (50)
                                    -------      -------
                                    $ 1,197      $ 1,297
                                    =======      =======
</TABLE>


NOTE 3 - Commercial Bank Borrowings

     The Company's commercial bank borrowings consist of a term loan and a
revolving line of credit, the ("Credit Agreement"), Refer to the 2000 Form
10-KSB, Liquidity and Capital Resources.

The Credit Agreement bears interest at the reserve adjusted LIBOR rate plus the
applicable margin (as defined), which ranged from 8.48% to 9.82% at March 31,
2001.


                                       5
<PAGE>   6


     On February 1, 2001, the Company renegotiated its Credit Agreement with the
commercial bank. Among other changes, this amendment to the Credit Agreement
reduces the revolving credit line to $1,000,000. In addition, the term loan
available was increased to $2,000,000. Both the revolving credit line and term
loan under the Credit Agreement become due on March 15, 2002, and are
collateralized by substantially all the assets of the Company.

     As of March 31, 2001, the balances of the revolving credit and term loan
are $811,000 and $2,000,000, respectively.

     The Company must maintain certain financial and other covenants in order to
draw amounts available under the line of credit. Provisions under this agreement
are not considered restricted to normal operations. Although the Company is not
now, nor has it ever been in arrears on any payment pursuant to the Credit
Agreement, as of March 31, 2001, the Company was in default of certain financial
covenants contained in the Credit Agreement. The Company has, however, received
waivers from its lender regarding such noncompliance.

     The Company expects to meet long term liquidity requirements through cash
flows generated by operations and existing cash balances. The Company does not
anticipate any additional term borrowing, or draws against the revolving credit
line in 2001. Management has derived a short and long term plan to repay the
existing Credit Agreement. As defined by the renegotiated Credit Agreement on
February 1, 2001, the Company will make monthly principal payments, beginning
March 31, 2001, of $35,000 to the term loan. The Company has also determined
that, during 2001, quarterly payments to the revolving line of credit will be
made, based on cash flows generated from operations. At the close of each
quarter, the Company has made arrangements to meet and review results of the
Company with the commercial bank. At the end of 2001, the Company expects to
negotiate with the commercial bank for an extension to the Credit Agreement.


NOTE 4 - Earnings (Loss) Per Share

Basic earnings (loss) per share are computed by dividing net income available to
common shareholders by the weighted average number of shares outstanding during
the period. Diluted earnings (loss) per share are computed using the weighted
average number of shares determined for the basic computations plus the number
of shares of common stock that would be issued assuming all contingently
issuable shares having a dilutive effect on earnings per share were outstanding
for the period.

The calculation of basic and diluted earnings per share is as follows (in
thousands, except per-share amounts):



                                       6
<PAGE>   7


<TABLE>
<CAPTION>

                                                        MARCH 31,
                                                 ---------------------
                                                   2001         2000
                                                 --------     --------
<S>                                               <C>          <C>
Basic and diluted loss per share computation:

Net income (loss)                                 $  (122)     $    71

Accretion of redeemable preferred stock and
   preferred dividends                                (27)         (24)
                                                  -------      -------

Net income (loss) applicable to common
   shareholders                                   $  (149)     $    47
                                                  =======      =======

Weighted average shares outstanding - basic         3,610        3,552
                                                  =======      =======

Net income (loss) per share - basic               $ (0.04)     $  0.01
                                                  =======      =======

Weighted average shares outstanding - basic         3,610        3,552
Dilutive stock options and warrants                    --          255
                                                  -------      -------
Weighted average shares outstanding - diluted       3,610        3,807
                                                  =======      =======

Net income (loss) per share - diluted             $ (0.04)     $  0.01
                                                  =======      =======
</TABLE>


Options and warrants to purchase 129,995 shares were not included in the
computation of diluted earnings (loss) per share for the three month period
ending March 31, 2001, as the options and warrants would have an antidilutive
effect.

Options and warrants to purchase 699,852 shares were included in the computation
of earnings per share for the quarter ended March 31, 2000 because the options
would result in a dilutive effect on earnings per share. Options and warrants to
purchase 943,093 shares of common stock were excluded from dilutive calculations
for the quarter ended March 31, 2000, because their exercise prices were greater
than the average fair market value of the Company's stock for the period, and as
such, they would be antidilutive.


NOTE 5 - Segment Information

The Company operates two business segments, equipment and Accelerated
Reliability Test Centers ("ARTC"). The equipment segment ("Equipment") is
engaged in the manufacture and sale of vibration and thermal chambers for
reliability testing for various electronic devices and components. The ARTC
segment operates service centers where vibration and thermal chambers are
available to customers for daily rental.

The accounting policies for these segments are the same as those described in
Note 1 of the Company's Form 10-KSB for fiscal year ended 2000 and there are no
inter-segment transactions. The Company evaluates the performances of its
segments and allocates resources to them based primarily on gross profit. All
operating revenues and expenses are allocated to business segments in
determining their gross profit. All other expenses are not utilized in
determining the allocation of resources on a segment basis.


                                       7
<PAGE>   8

The table below summarizes information about the reported segments (in
thousands) as of and for the three months ended March 31, 2001 and 2000:


<TABLE>
<CAPTION>

                               EQUIPMENT    ARTC       TOTAL
THREE MONTHS ENDED 3/31/01
<S>                             <C>        <C>        <C>
Sales                           $2,158     $  557     $2,715
Gross profit                       950        118      1,068
Property and equipment, net        367        707      1,074

THREE MONTHS ENDED 3/31/00

Sales                           $2,711     $  806     $3,517
Gross profit                       976        272      1,248
Property and equipment, net        576      1,048      1,624
</TABLE>

The following table shows sales by geographic area (in thousands) for the three
months ended March 31, 2001 and 2000:

<TABLE>
<CAPTION>

                              THREE MONTHS ENDED   THREE MONTHS ENDED
                                MARCH 31, 2001       MARCH 31, 2000
<S>                           <C>                  <C>
United States                      $1,847               $2,517
International                         868                1,000
                                   ------               ------
Total                              $2,715               $3,517
                                   ======               ======
</TABLE>



                                       8
<PAGE>   9
Item 2.

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

The statements contained in this report which are not historical in nature are
forward-looking statements subject to risks and uncertainties that are difficult
or impossible to predict with accuracy. Actual results could differ materially
from those set forth or implied by forward-looking statements. Such risks and
uncertainties include, but are not limited to, variability in order flow and
operating results, the ability of the Company to find and retain qualified
personnel to staff its manufacturing and marketing operations and existing and
anticipated test centers, and the risk that the demand for the Company's systems
will not continue to grow.

Results of Operations

The Company's annual and quarterly operating results could be subject to
fluctuations for a variety of reasons. The Company operates with a small backlog
relative to its revenue; thus most of its sales in each quarter result from
orders received in the current or prior quarter. In addition, because prices for
the Company's products are relatively substantial, a significant portion of net
sales for each quarter is attributable to a relatively small number of units.
The Company expects to continue to experience such fluctuations in its results
of operations in the future.


Three Months Ended March 31, 2001 Compared With Three Months Ended March 31,
2000


Revenue

Net revenue decreased $802,000 or 22.8% from $3,517,000 in the three months
ended March 31, 2000 to $2,715,000 for the three months ended March 31, 2001.

OVS system revenue decreased $553,000 or 20.4% from $2,711,000 in the
three-month period ended March 31, 2000 to $2,158,000 in the three months ended
March 31, 2001. Sixteen OVS units were sold in the first three months of 2001
compared to twenty OVS units sold in the first three months of 2000. The
decrease in sales volume for the period ended March 31, 2001 primarily occurred
due to the prevalent conservative economic atmosphere in the high technology
industry, which pressures a decrease in demand for capital equipment purchases.
Of the units sold in the quarter ended March


                                       9
<PAGE>   10


31, 2001, six represented international sales versus six international sales for
the quarter ended March 31, 2000.

Test center revenue decreased $249,000 or 30.9% from $806,000 in the three
months ended March 31, 2000 to $557,000 in the three months ended March 31,
2001. The Company operated six test centers and had four strategic partnership
test center operations in Europe during 2001 versus seven test centers in the
U.S. and four strategic partnership operations in Europe during the same period
in 2000. The Company primarily attributes the decrease in ARTC lab revenue to a
conservative economic atmosphere in the high technology industry. During the
third quarter 2000, the Company closed the North Carolina lab in order to
optimize overall test center performance by minimizing overhead. The Company
believes that these changes will result in improved margins.


Gross Profit

The gross margin for the three months ended March 31, 2001 was 39.3%. This
compares to a gross margin of 35.5% for the three months ended March 31, 2000.
The increase in the gross margin for the three-month period is mostly due to
control mechanisms implemented in 2000 to manage overhead. Management continues
to place emphasis on improving product mix, manufacturing utilization, and
overhead management.

Operating Expense

Total operating expenses increased $60,000 or 5.7% to $1,115,000 in the three
months ended March 31, 2001 from $1,055,000 for the three months ended March 31,
2000.

Selling, general and administrative expenses decreased $36,000 or 3.8% to
$904,000 in the three months ended March 31, 2001 from $940,000 for the three
months ended March 31, 2000. Expenses in the first quarter 2001 primarily
decreased due to cost saving initiatives implemented in the year ended 2000. The
cost savings initiatives consisted, primarily, of an overall administrative
staff reduction. Sales and Marketing expenses increased 17.7% for the three
months ended March 31, 2001 as compared to the three months ended March 30,
2000. The sales and marketing expense are primarily due to the addition of a
marketing department and the appointment of Norman Mottram to Vice President of
Sales.

Research and development costs increased $96,000 or 83.5% to $211,000 for the
three months ended March 31, 2001 from $115,000 for the three months ended March
31, 2000. The increase is primarily attributed to the completion of the prior
year development project, the ("Typhoon") chamber. The Typhoon enables the users
of combined stress and thermal-only test chambers to cut their consumable costs
by up to 50%, Refer to the 2000 Form 10-KSB, Item 1, Description of Business.
The Company continually strives to sustain its commitment to research and
development.


                                       10
<PAGE>   11


Liquidity and Capital Resources

     During the quarter ended March 31, 2001, the Company generated $992,000 of
cash from operating activities, invested $52,000 for equipment and $5,000 for
patents, and repaid $350,000 of borrowings. Employees and investors exercised
options and warrants for proceeds of $5,000. Together, these activities resulted
in a cash increase of $590,000, for the quarter, for a balance of $1,526,000 at
March 31, 2001. During the quarter ended March 31, 2000, the Company generated
$25,000 of cash from operating activities, invested $257,000 for equipment, and
borrowed $450,000 from banks. Employees and investors exercised options and
warrants of common stock for proceeds of $55,000. Together, these activities
resulted in a cash increase of $273,000, for a quarter-end balance of $798,000
at March 31, 2000.

     The Company's commercial bank borrowings consist of a term loan and a
revolving line of credit, the ("Credit Agreement"), Refer to the 2000 Form
10-KSB, Liquidity and Capital Resources.

     The Credit Agreement bears interest at the reserve adjusted LIBOR rate plus
the applicable margin (as defined), which ranged from 8.48% to 9.82% at March
31, 2001.

     On February 1, 2001, the Company renegotiated its Credit Agreement with the
commercial bank. Among other changes, this amendment to the Credit Agreement
reduces the revolving credit line to $1,000,000. In addition, the term loan
available was increased to $2,000,000. Both the revolving credit line and term
loan under the Credit Agreement become due on March 15, 2002, and are
collateralized by substantially all the assets of the Company.

     As of March 31, 2001, the balances of the revolving credit and term loan
are $811,000 and $2,000,000, respectively.

     The Company must maintain certain financial and other covenants in order to
draw amounts available under the line of credit. Provisions under this agreement
are not considered restricted to normal operations. Although the Company is not
now, nor has it ever been in arrears on any payment pursuant to the Credit
Agreement, as of March 31, 2001, the Company was in default of certain financial
covenants contained in the Credit Agreement. The Company has, however, received
waivers from its lender regarding such noncompliance.

     The Company expects to meet long term liquidity requirements through cash
flows generated by operations and existing cash balances. The Company does not
anticipate any additional term borrowing, or draws against the revolving credit
line in 2001. Management has derived a short and long term plan to repay the
existing Credit Agreement. As defined by the renegotiated Credit


                                       11
<PAGE>   12


Agreement on February 1, 2001, the Company will make monthly principal payments,
beginning March 31, 2001, of $35,000 to the term loan. The Company has also
determined that, during 2001, quarterly payments to the revolving line of credit
will be made, based on cash flows generated from operations. At the close of
each quarter, the Company has made arrangements to meet and review results of
the Company with the commercial bank. At the end of 2001, the Company expects to
negotiate with the commercial bank for an extension to the Credit Agreement.


Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     The Company's exposure to interest rate changes are primarily related to
its variable rate debt issued under its $2,811,000 Credit Agreement (Refer to
Note 3 of the Financial Statements). Because the interest rates on these
facilities are variable, based upon the bank's prime rate or LIBOR, the
Company's interest expense and net income are affected by interest rate
fluctuations. If interest rates were to increase or decrease by 100 basis
points, the result, based upon the existing outstanding debt as of March 31,
2001 would be an annual increase or decrease of approximately $28,000 in
interest expense and a corresponding decrease or increase of approximately
$17,000 in the Company's net income after taxes.

     Revenue generated from foreign sales are payable in United States funds,
thus no foreign exchange rate risk exists.



                                       12
<PAGE>   13

                            PART II OTHER INFORMATION

Item 1   Legal Proceedings
         Not Applicable

Item 2   Changes in Securities
         Not Applicable

Item 3   Defaults upon Senior Securities
         None

Item 4   Submission of Matters to a Vote of Security Holders
         None

Item 5   Other Information
         None

Item 6   Exhibits and Reports on Form 8-K.


         (a) Exhibits - See Index to Exhibits

         (b) Reports on Form 8-K during the quarter ended
             March 31, 2001:
              None

                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                              QualMark Corporation



Date:  May 11, 2001           By: /s/ CHARLES D. JOHNSTON
       ----------------          ----------------------------------
                               Charles D. Johnston
                               President, Chief Executive Officer


Date:  May 11, 2001           By: /s/ ANTHONY A. SCALESE
       ----------------          ---------------------------------
                               Anthony A. Scalese
                               Controller


                                       13
<PAGE>   14


                                INDEX TO EXHIBITS


<TABLE>
<CAPTION>

EXHIBIT
NUMBER               DESCRIPTION
-------              -----------
<S>                  <C>
  3.1                Amended and Restated Articles of Incorporation of the
                     Company.(1)
  3.2                Amended and Restated Bylaws of the Company.(1)
  3.3                Certificate of Designation for Series A Preferred Stock.(5)
  4.1                Form of Certificate for Shares of Common Stock.(1)
  4.6                Form of Warrant issued to holders of 10% secured promissory
                     notes.(1)
 10.1                QualMark Corporation 1993 Incentive Stock Option Plan.(1)
 10.2                QualMark Corporation 1996 Stock Option Plan.(3)
 10.3                Employment Agreement dated March 1, 1993 by and between the
                     Company and W. Preston Wilson.(1)
 10.4                Employment Agreement dated August 15, 1994 by and between
                     the Company and J. Wayne Farlow.(1)
 10.5                Agreement dated September 30, 1995 by and between the
                     Company and Gregg K. Hobbs.(1)
 10.8                Addendum to Agreement dated as of December 21, 1995 by and
                     between the Company and Gregg K. Hobbs.(1)
 10.11               Loan and Security Agreement dated April 30, 1996, by and
                     between QualMark Corporation and Silicon Valley Bank, as
                     amended by Amendment to Loan and Security Agreement dated
                     August 18, 1997.(2)
 10.12               Loan and Security Agreement dated December 22, 1998, by and
                     between QualMark Corporation and U.S. Bank National
                     Association.(4)
 10.13               Waiver and Amendment to Loan Agreement dated March 15, 1999
                     by and between QualMark and U.S. Bank National
                     Association.(4)
 10.14               Second Amendment to Loan Agreement dated August 23, 1999 by
                     and between QualMark and U.S. Bank National Association.(5)
 10.15               Settlement Agreement dated August 30, 1999 by and among
                     QualMark Corporation and Screening Systems, Inc.(5)
 10.16               Preferred Stock Purchase Agreement dated September 1, 1999,
                     including Warrant to Purchase 139,535 Shares of Common
                     Stock.(5)
 10.17               Third Amendment to Loan Agreement dated March 31, 2000 by
                     and between QualMark and U.S. Bank National Association.(6)
 10.18               Employment Agreement dated July 17, 2000 by and between the
                     Company and Charles D. Johnston.(7)
 10.19               Second Amendment to Promissory Notes and Fifth Amendment to
                     Loan Agreement dated February 1, 2001 by and between
                     QualMark and U.S. Bank National Association.(8)
</TABLE>

----------

(1)  Incorporated by reference from the Company's Registration Statement No.
     333-1454-D on Form SB-2.

(2)  Incorporated by reference from the Company's Quarterly Report on Form
     10-QSB for the quarter ended September 30, 1997.

(3)  Incorporated by reference from the Company's Proxy Statement for the 1996
     Annual Meeting of Shareholders.

(4)  Incorporated by reference from the Company's Annual Report of Form 10-KSB
     for the year ended December 31, 1998.

(5)  Incorporated by reference from the Company's Quarterly Report on Form
     10-QSB for the quarter ended September 30, 1999.

(6)  Incorporated by reference from the Company's Quarterly Report on Form
     10-QSB for the quarter ended June 30, 2000.

(7)  Incorporated by reference from the Company's Quarterly Report on Form
     10-QSB for the quarter ended September 30, 2000.

(8)  Incorporated by reference from the Company's Annual Report on Form
     10-KSB for the year ended December 31, 2000.


                                       14