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 third quarter of 2023, which ended on September 30, 2023.
“Enterprises around the globe are accelerating their strategic focus on hybrid cloud technology solutions as they seek competitive advantages and operating efficiencies,” said Todd Brooks, FalconStor CEO. “Our hyper-focus on IBM Power customers, and partnership with IBM, are driving adoption of FalconStor’s data protection and migration technology throughout the IBM global ecosystem. As a result, we plan to increase our hybrid cloud growth investments to continue delivering year-over-year revenue growth and profitability.”
Third Quarter 2023 Financial Results
- Hybrid Cloud ARR Run-Rate: 18% increase compared to the previous quarter, and 224% increase year-over-year
- Ending Cash: $1.8 million, compared to $1.3 million in the previous quarter, and $1.7 million in the third quarter of fiscal year 2022
- Total Revenue: $3.3 million, compared to $2.4 million in the previous quarter, and $3.1 million in the third quarter of fiscal year 2022
- Total Cost of Revenue: $0.4 million, compared to $0.4 million in the previous quarter, and $0.4 million in the third quarter of fiscal year 2022
- Total Operating Expenses: $2.0 million, compared to $2.2 million in the previous quarter, and $2.3 million in the third quarter of fiscal year 2022
- GAAP Net Income (Loss): $0.8 million, compared to $(0.5) million in the previous quarter, and $0.2 million in the third quarter of fiscal year 2022
“Our disciplined focus on operating efficiency and alignment with the industry’s adoption of hybrid cloud solutions, are driving our improved results,” said Vincent Sita, FalconStor CFO. “We generated a healthy level of cash in the quarter, and will continue to balance tight expense control and strategic growth investments as we move forward.”
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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.
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