Business
FalconStor Software Announces Fourth Quarter and Full Year 2022 Results
FalconStor Software Announces Fourth Quarter and Full Year 2022 Results.
About this update from Falconstor Software, Inc.
[{"type":"text","content":"\nFalconStor 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 2022, which ended on December 31, 2022.\n\n“We are pleased with the progress we made in the 2022, especially in Q4 and the last half of the year, as our joint sales with IBM to deliver hybrid cloud data protection solutions to IBM customers formally launched in the second half and began to increase,” said Todd Brooks, FalconStor CEO. “IBM’s hybrid cloud focus is a key element of its growth strategy, as detailed in each of their earnings announcements in 2022. 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. In addition, our partnership with IBM is enabling MSPs to expand the backup-as-a-service offerings they provide to IBM and non-IBM customers alike, as more and more enterprises entrust MSPs to manage their IT environments.”\n\n“While total revenue declined by 30% year over year in 2022, as we continued our shift from legacy perpetual revenue to annual recurring revenue, total revenue increased by 26% in the second half of 2022 compared to the first half of the year. This increase is a good early validation of our expanding partner sales since the formal launch of our IBM relationship at the beginning of the second half of 2022,” stated Brooks. “In addition, we continued to maintain tight control of our operating expenses, resulting in positive net income in the second half of 2022. We are excited by the progress we made in 2022 and believe we have created a strong foundation from which to build in 2023 and beyond.”\n\nFourth Quarter 2022 Financial Results\n\n\nHybrid Cloud ARR Run-Rate: 20% increase compared to the previous quarter, and 222% increase year over year\n\n\nEnding Cash: $2.0 million, compared to $1.7 million in the previous quarter, and $3.2 million in the fourth quarter of fiscal year 2021\n\n\nTotal Revenue: $2.5 million, compared to $3.1 million in the previous quarter, and $3.7 million in the fourth quarter of fiscal year 2021\n\n\nTotal Cost of Revenue: $0.4 million, compared to $0.4 million in the previ...