FalconStor Software Announces Third Quarter of 2024 Results
Continued Revenue, Net Income, and Hybrid Cloud ARR Run-Rate Growth over Trailing Twelve Months
- 7% increase in Revenue for trailing twelve months
- 99% increase in Hybrid Cloud ARR run-rate for trailing twelve months
-
$1.6 million increase in Net Income for trailing twelve months -
$1.0 million increase in Cash for trailing twelve months
“Our Q3 results highlight the ongoing strength of our Hybrid Cloud ARR run-rate growth across Cloud, On-Premises, and MSP segments, reflecting the effectiveness of our strategy and solutions,” said
Third Quarter 2024 Financial Results
- Hybrid Cloud ARR Run-Rate: 99% increase trailing twelve months
-
Ending Cash:
$2.8 million , compared to$1.8 million in the Third Quarter of fiscal year 2023 -
Total Revenue:
$11.2 million for trailing twelve months compared to$10.5 million for previous year.$2.9 million , in Third Quarter, compared to$3.3 million in the Third Quarter of fiscal year 2023 -
Total Operating Expenses:
$7.8 million for trailing twelve months compared to$8.7 million for previous year.$1.9 million , compared to$2.0 million in the Third Quarter of fiscal year 2023 -
Non-GAAP EBITDA:
$2.1 million for trailing twelve months compared to$0.9 million for previous year.$0.71 million , compared to$1.07 million in the Third Quarter of fiscal year 2023 -
GAAP Net Income (Loss):
$1.6 million for trailing twelve months compared to ($0.05 million ) for previous year.$0.68 million , compared to$0.84 million in the Third Quarter of fiscal year 2023
“As we continue to pursue growth and innovation, we remain disciplined in expense management and operating efficiency to ensure we maintain strong financial health,” said
Non-GAAP Financial Measures
The non-GAAP financial measures used in this press release are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The Company’s management refers to these non-GAAP financial measures in making operating decisions because they provide meaningful supplemental information regarding the Company’s operating performance. In addition, these non-GAAP financial measures facilitate management’s internal comparisons to the Company’s historical operating results and comparisons to competitors’ operating results. We include these non-GAAP financial measures (which should be viewed as a supplement to, and not a substitute for, their comparable GAAP measures) in this press release because we believe they are useful to investors in allowing for greater transparency into the supplemental information used by management in its financial and operational decision-making. The non-GAAP financial measures exclude (i) depreciation, (ii) amortization, (iii) restructuring expenses, (iv) severance expenses, (v) board expenses, (vi) stock based compensation, (vii) non-operating expenses (income) including income taxes and interest & other expenses (income). For a reconciliation of our GAAP and non-GAAP financial results, please refer to our Reconciliation of Net Income (Loss) to Adjusted EBITDA presented in this release.
Please click this link for accompanying financial charts.
About
FalconStor is the trusted data protection software leader modernizing disaster recovery and backup operations for the hybrid cloud world. The Company enables enterprise customers and managed service providers to secure, migrate, and protect their data while reducing data storage and long-term retention costs by up to 95%. More than 1,000 organizations and managed service providers worldwide standardize on FalconStor as the foundation for their cloud first data protection future. Our products are offered through and supported by a worldwide network of leading managed service providers, system integrators, resellers, and original equipment manufacturers.
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CONTACT INFORMATION
For more information, contact:
Chief Financial Officer
investorrelations@falconstor.com
CONTACT US AROUND THE GLOBE
Corporate Headquarters
Suite 500
Tel: +1.631.777.5188
salesinfo@falconstor.com
Europe Headquarters
Landsberger Straße 302
80687 München,
salesemea@falconstor.com
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