13th Consecutive Quarter of Cash, EBITDA, and P&L Positive Operations for Exagrid

Exagrid Systems, Inc. had its strongest first quarter in the company’s history, for the quarter ending March 31, 2024.

Its first quarter of bookings and revenue was the best first quarter in the company’s history. The firm was Free Cash Flow (FCF) positive, P&L positive, and EBITDA positive for its 13^th consecutive quarter.

It has more than 4,200 active upper mid-markets to large enterprise customers that use ExaGrid Tiered Backup Storage to protect their data. Company’s growth is accelerating, and the company is hiring to expand its sales teams worldwide.

“ExaGrid is continuing to drive top line growth while maintaining positive EBITDA, P&L and Free Cash Flow. We’ve hit over 4,200 active customer installations worldwide. ExaGrid continues to have a 70% competitive win rate replacing primary storage behind the backup application as well as de-dupe appliances such as Dell Data Domain, HPE StoreOnce and Veritas NetBackup Storage Appliances. ExaGrid’s customer retention rate is over 95%, and 99% are on maintenance and support. These are 2 industry-leading customer success metrics. Our business is strong in North America, Latin America, Europe and the Middle East and we are putting an increased focus on the AsiaPac region,” said Bill Andrews, president and CEO.

“Years ago, ExaGrid realized that no vendor was building storage specifically for backup, as they were all selling primary storage products as backup storage targets, which is expensive, or they were selling inline de-dupe appliances, which are slow for backups and restores and result in costly forklift upgrades. Backup storage has unique needs, due to large backup jobs, incremental, synthetic fulls, backup rotation, long-term retention, and many other aspects that make backup storage different than primary storage. ExaGrid’s unique Tiered Backup Storage was built specifically to improve backup performance, restore performance, scalability as data grows, security, ransomware recovery, DR, and improve the economics of backup, with low costs up front and over time,” said Andrews. “Primary storage is not as fast for large backup jobs, is typically not scalable, is very expensive for longer-term retention, and it is network-facing, making it vulnerable to security attacks. Inline de-dupe appliances are slow for backups, slow for restores, are not scalable, and are also network-facing making them vulnerable to security attacks.

 “ExaGrid prides itself on having a highly differentiated product that just works, does what we say it does, is sized properly, is well supported, and just gets the job done. We can backup these claims with our 95% net customer retention, NPS score of +81, and the fact that 94% of our customers have our Retention Time-Lock for Ransomware Recovery feature turned on, and 99% of our customers are on our yearly maintenance and support plan.” 

Highlights of 1Q24:

• Shipped new 2U EX84 and EX189 appliance models, greatly reducing rack space usage
• 13^th consecutive quarter of Cash, EBITDA, and P&L positive operations
• Grew sales leadership team:
  • Appointed Sam Elbeck as VP of Americas sales and channel partners
  • Appointed Rohan Cook as area VP of APAC Sales
• Gained recognition in industry publications:
  • EX189 appliance has been recognized as a TOP 5 backup target in the 2024-25 DCIG TOP 5 2PB+ Cyber Secure Backup Target Global Edition Report
  • EX18 appliance named a TOP 5 backup target in the 2024-25 DCIG TOP 5 Sub-2PB Cyber Secure Backup Target Global Edition Report
  • ExaGrid reseller partner program earned 5-Star Award in the 2024 CRN Partner Program Guide