FalconStor: Fiscal 1Q24 Financial Results

FalconStor Software, Inc. announced financial results for its first quarter of 2024, which ended on March 31, 2024.

Continued Total Revenue and Hybrid Cloud ARR Run-Rate Growth

• 1% Y/Y increase in total revenue for 1FQ23 vs. 1FQ23
• 127% increase in total hybrid cloud ARR run-rate for 1FQ24 vs. 1FQ23
• $0.3 million increase in net income for 1FQ24 vs. 1FQ23, despite $0.1 million net loss during 1FQ24

“In 1FQ24, we continued to expand FalconStor’s data protection and migration technology across the IBM global ecosystem, including on-premises, cloud, and MSP segments of the IBM Power customer base,” said Todd Brooks, CEO. “This expansion drove growth in both total revenue and annual recurring revenue. Despite these gains, we did not meet our profitability targets for the quarter, despite a significant improvement in GAAP net income compared to last year.“

1FQ24 Financial Results

• Hybrid Cloud ARR Run-Rate: 127% increase Y/Y
• Ending Cash: $2.9 million, compared to $1.8 million in 1FQ23
• Total Revenue: $2.3 million, compared to $2.3 million 1FQ23
• Total Cost of Revenue: $0.4 million, compared to $0.4 million in 1FQ23
• Total Operating Expenses: $1.9 million, compared to $2.3 million in 1FQ23
• Non-GAAP EBITDA: $0.1 million, vs. $(0.3) million in 1FQ23
• GAAP Net Income (Loss): $(0.1) million, $(0.4) million in 1FQ23

“Our disciplined focus on operating efficiency and alignment with the industry’s adoption of hybrid cloud solutions, allowed us to improve year-over-year,” said Vincent Sita, CFO. “We remain committed to further enhancing our financial performance as we pursue ongoing growth and innovation.”