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FalconStor Software Announces Second Quarter of 2024 Results
FalconStor Software Announces Second Quarter of 2024 Results.
About this update from Falconstor Software, Inc.
[{"type":"text","content":"\nFalconStor Software, Inc. (OTCMarkets.com: FALC), a trusted data protection leader modernizing disaster recovery and backup for the hybrid cloud world, today announced financial results for its second quarter of 2024, which ended on June 30, 2024.\n\n\n“In Q2, 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 Q2 2023,” said Todd Brooks, CEO of FalconStor. “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, Q2 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.”\n\n\nSecond Quarter 2024 Financial Results\n\n\n\nHybrid Cloud ARR Run-Rate: 112% increase year-over-year\n\n\n\nEnding Cash: $2.5 million, compared to $1.3 million in the Second Quarter of fiscal year 2023\n\n\n\nTotal Revenue: $2.4 million, compared to $2.4 million in the Second Quarter of fiscal year 2023\n\n\n\nTotal Cost of Revenue: $0.4 million, compared to $0.4 million in the Second Quarter of fiscal year 2023\n\n\n\nTotal Operating Expenses: $2.0 million, compared to $2.2 million in the Second Quarter of fiscal year 2023\n\n\n\nNon-GAAP EBITDA: $0.11 million, compared to $(0.05) million in the Second Quarter of fiscal year 2023\n\n\n\nGAAP Net Income (Loss): $(0.03) million, $(0.46) million in the Second Quarter of fiscal year 2023\n\n\n\n“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, FalconStor CFO.\n\n\nNon-GAAP Financial Measures\n\n\nThe 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 oper...