FalconStor Software Announces Second Quarter of 2024 Results
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
“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
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
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 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
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807254868/en/
CONTACT INFORMATION
For more information, contact:
Chief Financial Officer
investorrelations@falconstor.com
CONTACT US AROUND THE GLOBE
Corporate Headquarters
Suite 500
Tel: +1.631.777.5188
salesinfo@falconstor.com
Europe Headquarters
Landsberger Straße 302
80687 München,
salesemea@falconstor.com
Source: