FalconStor: Fiscal 3Q24 Financial Results

FalconStor Software, Inc. announced financial results for its third quarter of 2024, which ended on September 30, 2024.

“Our 3FQ24 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 Todd Brooks, CEO. “Our partnership with IBM has continued to thrive, highlighted by our participation in IBM’s TechXchange 2024 conference, where we jointly demonstrated innovative Hybrid Cloud and AI-driven data protection solutions, capturing our shared commitment in a collaborative video published by technology analyst firm, Futurum Group. During the quarter, we also had the opportunity to meet in-person with key partners and customers across each of our global regions, AMER, APAC and EMEA, where we discussed new growth opportunities supported by our partnership with IBM. We are energized by the progress made this quarter and the strategic momentum fueling our growth.”

3FQ24 Financial Results

• Hybrid Cloud ARR Run-Rate: 99% increase trailing 12 months
• Ending Cash: $2.8 million, compared to $1.8 million in 3FQ23
• Total Revenue: $11.2 million for trailing 12 months compared to $10.5 million for previous year. $2.9 million, in 3FQ24, compared to $3.3 million in 3FQ23
• Total Operating Expenses: $7.8 million for trailing 12 months compared to $8.7 million for previous year. $1.9 million, compared to $2.0 million in 3FQ23
• Non-GAAP EBITDA: $2.1 million for trailing 12 months compared to $0.9 million for previous year. $0.71 million, compared to $1.07 million in 3FQ23
• GAAP Net Income (Loss): $1.6 million for trailing 12 months compared to ($0.05 million) for previous year. $0.68 million, compared to $0.84 million in 3FQ23

“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 Vincent Sita, CFO.