FalconStor Software Announces Third Quarter of 2024 Results
FalconStor Software (FALC) reported its Q3 2024 financial results, showing significant growth over trailing twelve months (TTM). The company achieved a 99% increase in Hybrid Cloud ARR run-rate, 7% revenue growth to $11.2 million, and improved net income by $1.6 million. Cash position strengthened to $2.8 million, up $1.0 million from Q3 2023. Total operating expenses decreased to $7.8 million TTM from $8.7 million in the previous year. The company's partnership with IBM continues to strengthen, with joint demonstrations of Hybrid Cloud and AI-driven data protection solutions at IBM's TechXchange 2024 conference.
FalconStor Software (FALC) ha riportato i risultati finanziari del terzo trimestre del 2024, evidenziando una crescita significativa rispetto agli ultimi dodici mesi (TTM). L'azienda ha registrato un incremento del 99% nel tasso di run-rate dell'ARR Hybrid Cloud, una crescita dei ricavi del 7% che ha raggiunto gli 11,2 milioni di dollari, e un aumento dell'utile netto di 1,6 milioni di dollari. La posizione di liquidità si è rafforzata a 2,8 milioni di dollari, con un incremento di 1,0 milione rispetto al terzo trimestre del 2023. Le spese operative totali sono diminuite a 7,8 milioni di dollari TTM, rispetto agli 8,7 milioni dell'anno precedente. La partnership dell'azienda con IBM continua a rafforzarsi, con dimostrazioni congiunte di soluzioni di protezione dei dati basate su Hybrid Cloud e AI durante la conferenza TechXchange 2024 di IBM.
FalconStor Software (FALC) anunció sus resultados financieros del tercer trimestre de 2024, mostrando un crecimiento significativo respecto a los últimos doce meses (TTM). La empresa logró un incremento del 99% en la tasa de run-rate del ARR de Nube Híbrida, un crecimiento de los ingresos del 7% hasta alcanzar los 11,2 millones de dólares, y mejoró su ingreso neto en 1,6 millones de dólares. La posición en efectivo se reforzó a 2,8 millones de dólares, un aumento de 1,0 millón desde el tercer trimestre de 2023. Los gastos operativos totales disminuyeron a 7,8 millones de dólares TTM desde 8,7 millones del año anterior. La asociación de la empresa con IBM sigue fortaleciéndose, con demostraciones conjuntas de soluciones de protección de datos impulsadas por Nube Híbrida y AI en la conferencia TechXchange 2024 de IBM.
팔콘스토어 소프트웨어(FALC)가 2024년 3분기 재무 결과를 발표하며 지난 12개월(TTM) 동안의 significativa 성장을 보여주었습니다. 이 회사는 하이브리드 클라우드 ARR 러닝 레이트에서 99% 증가, 7% 매출 성장으로 1,120만 달러에 도달하였고, 순이익을 160만 달러 증가시켰습니다. 현금 보유액은 280만 달러로 증가하였으며, 이는 2023년 3분기보다 100만 달러 증가한 것입니다. 총 운영 비용은 지난해 870만 달러에서 TTM으로 780만 달러로 줄어들었습니다. 이 회사의 IBM과의 파트너십은 지속적으로 강화되고 있으며, IBM의 TechXchange 2024 컨퍼런스에서 하이브리드 클라우드와 AI 기반 데이터 보호 솔루션의 공동 시연이 이루어졌습니다.
FalconStor Software (FALC) a annoncé ses résultats financiers du troisième trimestre 2024, montrant une croissance significative par rapport aux douze mois précédents (TTM). L'entreprise a enregistré une augmentation de 99% du taux de run-rate de l'ARR du Cloud Hybride, une croissance des revenus de 7% atteignant 11,2 millions de dollars, et une amélioration du revenu net de 1,6 million de dollars. Sa position de liquidité s'est renforcée à 2,8 millions de dollars, en hausse de 1,0 million par rapport au troisième trimestre 2023. Les charges d'exploitation totales ont diminué à 7,8 millions de dollars TTM contre 8,7 millions l'année précédente. Le partenariat de l'entreprise avec IBM continue de se renforcer, avec des démonstrations conjointes de solutions de protection des données basées sur le Cloud Hybride et l'IA lors de la conférence TechXchange 2024 d'IBM.
FalconStor Software (FALC) hat seine finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und zeigt ein signifikantes Wachstum im Vergleich zu den letzten zwölf Monaten (TTM). Das Unternehmen erzielte ein 99%iges Wachstum der ARR von Hybrid Cloud, 7% Umsatzwachstum auf 11,2 Millionen Dollar und konnte den Nettogewinn um 1,6 Millionen Dollar steigern. Die Liquiditätsposition wurde auf 2,8 Millionen Dollar gestärkt, was einem Anstieg von 1,0 Millionen Dollar gegenüber dem dritten Quartal 2023 entspricht. Die gesamten Betriebsausgaben sanken TTM auf 7,8 Millionen Dollar im Vergleich zu 8,7 Millionen Dollar im Vorjahr. Die Partnerschaft des Unternehmens mit IBM wird weiterhin gestärkt, mit gemeinsamen Demonstrationen von Hybrid Cloud- und KI-gesteuerten Datenschutzlösungen auf der TechXchange 2024-Konferenz von IBM.
- 99% increase in Hybrid Cloud ARR run-rate TTM
- 7% revenue growth to $11.2 million TTM
- $1.6 million improvement in net income TTM
- $1.0 million increase in cash position YoY
- Operating expenses reduced by $0.9 million TTM
- Non-GAAP EBITDA improved to $2.1 million TTM from $0.9 million
- Q3 revenue decreased to $2.9 million from $3.3 million YoY
- Q3 Non-GAAP EBITDA declined to $0.71 million from $1.07 million YoY
- Q3 GAAP Net Income decreased to $0.68 million from $0.84 million YoY
Continued Revenue, Net Income, and Hybrid Cloud ARR Run-Rate Growth over Trailing Twelve Months
-
7% increase in Revenue for trailing twelve months -
99% increase in Hybrid Cloud ARR run-rate for trailing twelve months -
$1.6 million -
$1.0 million
“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 $1.8 million -
Total Revenue:
$11.2 million $10.5 million $2.9 million $3.3 million -
Total Operating Expenses:
$7.8 million $8.7 million $1.9 million $2.0 million -
Non-GAAP EBITDA:
$2.1 million $0.9 million $0.71 million $1.07 million -
GAAP Net Income (Loss):
$1.6 million $0.05 million $0.68 million $0.84 million
“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.
Please click this link for 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
FalconStor and FalconStor Software are trademarks or registered trademarks of FalconStor Software, Inc., in the
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
Tel: +1.631.777.5188
salesinfo@falconstor.com
Europe Headquarters
Landsberger Straße 302
80687 München,
salesemea@falconstor.com
Source: FalconStor Software, Inc.
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