AUSTIN, Texas--(BUSINESS WIRE)--FalconStor Software, Inc. (OTCMarkets.com: FALC), a trusted data protection leader modernizing data protection and intelligence for the hybrid cloud world, today announced financial results for its third quarter of 2024, which ended on September 30, 2024.
“Our Q3 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 of FalconStor Software. “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.”
Third Quarter 2024 Financial Results
- Hybrid Cloud ARR Run-Rate: 99% increase trailing twelve months
- Ending Cash: $2.8 million, compared to $1.8 million in the Third Quarter of fiscal year 2023
- Total Revenue: $11.2 million for trailing twelve months compared to $10.5 million for previous year. $2.9 million, in Third Quarter, compared to $3.3 million in the Third Quarter of fiscal year 2023
- Total Operating Expenses: $7.8 million for trailing twelve months compared to $8.7 million for previous year. $1.9 million, compared to $2.0 million in the Third Quarter of fiscal year 2023
- Non-GAAP EBITDA: $2.1 million for trailing twelve months compared to $0.9 million for previous year. $0.71 million, compared to $1.07 million in the Third Quarter of fiscal year 2023
- GAAP Net Income (Loss): $1.6 million for trailing twelve months compared to ($0.05 million) for previous year. $0.68 million, compared to $0.84 million in the Third Quarter of fiscal year 2023
“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, 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.
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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.
