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Emoji happyFalconStor: Fiscal 4Q23 Financial Results

Sales up 15% from FY22 to FY23 and profitable

(in $ million) 4Q22 4Q23 FY22 FY23
Revenue 2.5 3.7 10.1 11.6
Growth   48%   15%
GAAP net income (loss) 0.2 1.0 (1.8) 1.0

FalconStor Software, Inc. announced financial results for its fourth quarter and full year 2023, which ended on December 31, 2023.

We are pleased with the progress we made in 4Q and throughout 2023, as our hybrid cloud data protection solution sales continued to grow,” said Todd Brooks, CEO. “Our hyper-focus on IBM Power customers, and partnership with IBM, are driving adoption of FalconStor’s data protection and migration technology throughout the IBM global ecosystem. Our joint solutions enable IBM customers across the globe to optimize data protection within each of their operating environments, whether those environments run on-premises or in the cloud.

4FQ23 Financial Results

  • Hybrid Cloud ARR Run-Rate: 214% increase compared to 4FQ22
  • Ending Cash: $3.4 million, compared to $2.0 million in 4FQ22
  • Total Revenue: $3.7 million, compared to $2.5 million in 4FQ22
  • Total Cost of Revenue: $0.5 million, compared to $0.4 million in 4FQ22
  • Total Operating Expenses: $2.1 million, compared to $2.2 million in 4FQ22
  • GAAP Net Income (Loss): $1.0 million, compared to $20,000 in 4FQ22

FY23 Financial Results

  • Total Revenue: $11.6 million, compared to $10.1 million during FY22
  • Total Cost of Revenue: $1.6 million, compared to $1.6 million during FY22
  • Total Operating Expenses: $8.5 million, compared to $9.7 million during FY22
  • GAAP Net Income (Loss): $1.0 million, compared to ($1.8) million during FY22

Our continued disciplined focus on operating efficiency and alignment with the industry’s adoption of hybrid cloud solutions, are driving our improved results,” said Vincent Sita, CFO. “Our operating results allowed us to generate a healthy level of net income and cash during 4Q and 2023. We will continue to balance tight expense control and strategic growth investments as we move forward.

 

 

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