FalconStor: Fiscal 2Q24 Financial Results

FalconStor Software, Inc. announced financial results for its second quarter of 2024, which ended on June 30, 2024.

“In 2FQ24, 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 2FQ23,” said Todd Brooks, CEO. “Our growth is fueled by the expansion of FalconStor’s data protection and migration technology across the IBM global ecosystem, spanning on-premises, cloud, and MSP segments of the IBM Power customer base. Additionally, 2FQ24 marked the go-to-market expansion of FalconStor technology into AI, as we completed certification of StorSafe and StorGuard integration with IBM Storage Ceph, IBM’s on-premises AI data lake solution. We are excited by the continued strength of our partnership with IBM.“

2FQ24 Financial Results

• Hybrid Cloud ARR Run-Rate: 112% increase Y/Y
• Ending Cash: $2.5 million, compared to $1.3 million in 2FQ23
• Total Revenue: $2.4 million, compared to $2.4 million in 2FQ23
• Total Cost of Revenue: $0.4 million, compared to $0.4 million in 2FQ23
• Total Operating Expenses: $2.0 million, compared to $2.2 million in 2FQ23
• Non-GAAP EBITDA: $0.11 million, compared to $(0.05) million in 2FQ23
• GAAP Net Income (Loss): $(0.03) million, $(0.46) million in 2FQ23

“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 Vincent Sita, CFO.