Record 3Q23 Financial Period for Exagrid

ExaGrid Systems, Inc. had its strongest 3Q23 in the company’s history, for the quarter ending September 30, 2023.

It had just under 20% growth as compared to 3Q22. It continues to grow at about 20% per year.

The company was Free Cash Flow (FCF) positive, P&L positive, and EBITDA positive for its 11th consecutive quarter.

It added 130 new customers in 3Q23, including 2 large 7-figure new customer deals. It has more than 4,000 active upper mid-market to large enterprise customers that use its Tiered Backup Storage to protect their data. Its growth is accelerating, and the company is hiring to expand its sales teams worldwide.

“ExaGrid is continuing to expand its reach and now has sales teams in more than 30 countries WW and customer installations in over 80 countries. We hit 4,000 active customer installations in 3Q. ExaGrid was Cash, P&L, and EBITDA positive for the 11th quarter in a row. Outside of USA, our business in Canada, Latin America, Europe, the Middle East, Africa, and AsiaPac is rapidly growing and is now 45% of the business and we are adding more sales teams around the globe,” said Bill Andrews, president and CEO.

“Years ago, ExaGrid realized that no vendor was building storage specifically for backup, as they were all selling primary storage products as backup storage targets, which is expensive, or they were selling inline de-dupe appliances, which are slow for backups and restores and result in costly forklift upgrades. Backup storage has unique needs, due to large backup jobs, incrementals, synthetic fulls, backup rotation, long-term retention, and many other aspects that make backup storage different than primary storage. ExaGrid’s unique Tiered Backup Storage was built specifically to improve backup performance, restore performance, scalability as data grows, security, ransomware recovery, DR, and improve the economics of backup, with low costs up front and over time,” he added.

“Primary storage is not as fast for large backup jobs, is typically not scalable, is very expensive for longer-term retention, and it is network-facing, making it vulnerable to security attacks. Inline de-dupe appliances are slow for backups, slow for restores, are not scalable, and are also network-facing making them vulnerable to security attacks. ExaGrid prides itself on having a highly differentiated product that just works, does what we say it does, is sized properly, is well supported, and just gets the job done. We can backup these claims with our 95% net customer retention, NPS score of +81, and the fact that 94% of our customers have our Retention Time-Lock for Ransomware Recovery feature turned on, and 99.1% of our customers are on our yearly maintenance and support plan,” he concluded.