FalconStor Software Announces Fourth Quarter and Full Year 2023 Results

Business Wire
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In this article:

Strong revenue growth, net income, and cash generation

  • 15% year-over-year increase in total GAAP revenue for full year 2023

  • 214% year-over-year increase in total hybrid cloud ARR run-rate for full year 2023

  • 8% net income for full year 2023

AUSTIN, Texas, February 22, 2024--(BUSINESS WIRE)--FalconStor Software, Inc. (OTCQB: FALC), a trusted data protection leader modernizing disaster recovery and backup for the hybrid cloud world, today announced financial results for its fourth quarter and full year 2023, which ended on December 31, 2023.

"We are pleased with the progress we made in Q4 and throughout 2023, as our hybrid cloud data protection solution sales continued to grow," 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. Our joint solutions enable IBM customers across the globe to optimize data protection within each of their operating environments, whether those environments run on-premises or in the cloud."

Fourth Quarter 2023 Financial Results

  • Hybrid Cloud ARR Run-Rate: 214% increase compared to fourth quarter of fiscal 2022

  • Ending Cash: $3.4 million, compared to $2.0 million in the fourth quarter of fiscal year 2022

  • Total Revenue: $3.7 Million, compared to $2.5 million in the fourth quarter of fiscal year 2022

  • Total Cost of Revenue: $0.5 million, compared to $0.4 million in the fourth quarter of fiscal year 2022

  • Total Operating Expenses: $2.1 million, compared to $2.2 million in the fourth quarter of fiscal year 2022

  • GAAP Net Income (Loss): $1.0 million, compared to $20 thousand in the fourth quarter of fiscal year 2022

Full Year 2023 Financial Results

  • Total Revenue: $11.6 million, compared to $10.1 million during the full year of 2022

  • Total Cost of Revenue: $1.6 million, compared to $1.6 million during the full year of 2022

  • Total Operating Expenses: $8.5 million, compared to $9.7 million during the full year of 2022

  • GAAP Net Income (Loss): $1.0 million, compared to ($1.8) million during the full year of 2022

"Our continued 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. "Our operating results allowed us to generate a healthy level of net income and cash during Q4 and 2023. We will continue to balance tight expense control and strategic growth investments as we move forward."

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240222230063/en/

Contacts

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

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