Business
FalconStor Software Announces Third Quarter 2020 Results, Including 11.7% Year-over-Year Revenue Growth
FalconStor Software Announces Third Quarter 2020 Results, Including 11.7% Year-over-Year Revenue Growth.
About this update from Falconstor Software, Inc.
[{"type":"text","content":"\nFalconStor Software, Inc. (OTCQB: FALC), a market leader in enterprise-class backup and archive data protection and software-defined storage, today announced financial results for its third quarter ended September 30, 2020.\n\nKey Highlights:\n\n\n11.7% year-over-year increase in recognized revenue\n\n\n36.7% year-over-year increase in sales bookings, as a result of strong new customer sales and existing customer expansion results in our core markets of the Americas, EMEA, SE Asia, Korea, and Japan\n\n\n9.9% year-over-year increase in annual recurring sales bookings\n\n\n214.8% year-over-year increase in Net Income, resulting in $1.1 million in total Net Income\n\n\nRetired $1 million short-term note secured in Q4 2019\n\n\nExpanded early sales of StorSafeTM, our newest patent-pending long-term archive retention and reinstatement product, which leverages the power and simplicity of industry-standard container technology to enable persistent long-term archive storage. StorSafe dramatically improves archive data portability, accessibility, security, and integrity validation, especially as it relates to multi-cloud data storage leverage. We believe this will create game-changing capability that solves age old challenges in data usability and portability, resulting in a full spectrum of archive data storage options available to our enterprise customers to efficiently utilize essentially any storage environment, while confidently ensuring data security and efficient archive access.\n\n\n“I am extremely proud of the FalconStor team and our engaged set of global partners, as we continued to make consistent progress against our strategic plans,” said Todd Brooks, CEO FalconStor. “Our momentum continued during the quarter, as the company delivered year-over-year revenue growth of 11.7%, while carefully managing our expenses. As a result, we generated $1.1 million of Net Income. In addition, our intentional shift to subscription-based offerings continued to improve as we delivered a 9.9% increase in annualized recurring sales. While uncertainties continue to exist as a result of COVID-19, we have seen our customers and prospects invest in the business-critical area of data production in which we sell our solutions. We continue to be encouraged by the strong level of new customers secured during the quarter in our core ...