FalconStor Software Announces Second Quarter of 2024 Results
August 07 2024 - 4:30PM
Business Wire
Continued Hybrid Cloud ARR Run-Rate Growth
- Total Revenue flat for Q2 versus Q2 2023
- 112% increase in total hybrid cloud ARR run-rate for Q2 versus
Q2 2023
- $0.4 million increase in Net Income for Q2 versus Q2 2023
FalconStor Software, Inc. (OTCMarkets.com: FALC), a trusted data
protection leader modernizing disaster recovery and backup for the
hybrid cloud world, today announced financial results for its
second quarter of 2024, which ended on June 30, 2024.
“In Q2, we continued to effectively manage operating expenses
and bolster our cash position, while we once again grew hybrid
cloud ARR run-rate by over 100% compared to Q2 2023,” said Todd
Brooks, CEO of FalconStor. “Our growth is fueled by the expansion
of FalconStor's data protection and migration technology across the
IBM global ecosystem, spanning on-premises, cloud, and MSP segments
of the IBM Power customer base. Additionally, Q2 marked the
go-to-market expansion of FalconStor technology into AI, as we
completed certification of StorSafe and StorGuard integration with
IBM Storage Ceph, IBM’s on-premises AI data lake solution. We are
excited by the continued strength of our partnership with IBM.”
Second Quarter 2024 Financial Results
- Hybrid Cloud ARR Run-Rate: 112% increase
year-over-year
- Ending Cash: $2.5 million, compared to $1.3 million in
the Second Quarter of fiscal year 2023
- Total Revenue: $2.4 million, compared to $2.4 million in
the Second Quarter of fiscal year 2023
- Total Cost of Revenue: $0.4 million, compared to $0.4
million in the Second Quarter of fiscal year 2023
- Total Operating Expenses: $2.0 million, compared to $2.2
million in the Second Quarter of fiscal year 2023
- Non-GAAP EBITDA: $0.11 million, compared to $(0.05)
million in the Second Quarter of fiscal year 2023
- GAAP Net Income (Loss): $(0.03) million, $(0.46) million
in the Second Quarter of fiscal year 2023
“Our focus remains on operating efficiency and alignment with
the industry’s adoption of hybrid cloud solutions. We are committed
to further enhancing our financial performance as we pursue ongoing
growth and innovation,” said Vincent Sita, FalconStor CFO.
Non-GAAP Financial Measures
The non-GAAP financial measures used in this press release are
not prepared in accordance with generally accepted accounting
principles and may be different from non-GAAP financial measures
used by other companies. The Company’s management refers to these
non-GAAP financial measures in making operating decisions because
they provide meaningful supplemental information regarding the
Company’s operating performance. In addition, these non-GAAP
financial measures facilitate management’s internal comparisons to
the Company’s historical operating results and comparisons to
competitors’ operating results. We include these non-GAAP financial
measures (which should be viewed as a supplement to, and not a
substitute for, their comparable GAAP measures) in this press
release because we believe they are useful to investors in allowing
for greater transparency into the supplemental information used by
management in its financial and operational decision-making. The
non-GAAP financial measures exclude (i) depreciation, (ii)
amortization, (iii) restructuring expenses, (iv) severance
expenses, (v) board expenses, (vi) stock based compensation, (vii)
non-operating expenses (income) including income taxes and interest
& other expenses (income). For a reconciliation of our GAAP and
non-GAAP financial results, please refer to our Reconciliation of
Net Income (Loss) to Adjusted EBITDA presented in this release.
Please click this link to see the accompanying financial
charts.
About FalconStor Software
FalconStor is the trusted data protection software leader
modernizing disaster recovery and backup operations for the hybrid
cloud world. The Company enables enterprise customers and managed
service providers to secure, migrate, and protect their data while
reducing data storage and long-term retention costs by up to 95%.
More than 1,000 organizations and managed service providers
worldwide standardize on FalconStor as the foundation for their
cloud first data protection future. Our products are offered
through and supported by a worldwide network of leading managed
service providers, system integrators, resellers, and original
equipment manufacturers.
FalconStor and FalconStor Software are trademarks or registered
trademarks of FalconStor Software, Inc., in the U.S. and other
countries. All other company and product names contained herein may
be trademarks of their respective holders.
Links to websites or pages controlled by parties other than
FalconStor are provided for the reader's convenience and
information only. FalconStor does not incorporate into this release
the information found at those links nor does FalconStor represent
or warrant that any information found at those links is complete or
accurate. Use of information obtained by following these links is
at the reader's own risk.
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CONTACT INFORMATION For more information, contact:
Vincent Sita Chief Financial Officer FalconStor Software Inc.
investorrelations@falconstor.com
CONTACT US AROUND THE GLOBE Corporate Headquarters 111
Congress Avenue Suite 500 Austin, Texas 78701 Tel: +1.631.777.5188
salesinfo@falconstor.com Europe Headquarters GERMANY
Landsberger Straße 302 80687 München, Germany
salesemea@falconstor.com