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Emoji mehFalconStor: Fiscal 1Q24 Financial Results

Flat revenue and small loss

(in $ million) 1Q23 1Q24 Growth
Revenue
2.3 2.3 1%
Net income (loss) (0.4) (0.1)  

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.”

 

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Comments

The glorious years or FalconStor are far from now, at a time where quarterly sales were more than $22 million, like in FY09, 10x more than now.

But since 1FQ23, revenue is growing without interruption thanks to big customer IBM, and the firm continues to publish summary of its financial results even if it deregisters last July under Section 12(g) of Securities Exchange Act of 1934.

Fiscal period Revenue
in $ million
Y/Y growth
FY04 28.7 NA
FY05 41.0 43%
FY06 55.1 34%
FY07 77.4 41%
FY08 87.0 12%
FY09 89.5 3%
FY10 82.8 -7%
FY11 82.9 0%
FY12 75.4 -9%
FY13 58.6 -32%
FY14 46.3 -21%
FY15 48.6 5%
FY16 30.3 -38%
FY17 25.2 -17%
FY18 17.8 -29%
FY19 16.5 -7%
FY20 14.8 -10%
FY21 14.2 -4%
1FQ22 2.0 -47%
2FQ22 2.4 -27%
3FQ22 3.1 -7%
4FQ22 2.5 -31%
FY22 10.1 -28%
1FQ23 2.3 11%
2FQ23 2.4 1%
3FQ23 3.3 6%
4FQ23 3.7 48%
FY23 11.6 15%
1FQ24 2.3 1%

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