Business
FalconStor Software Announces Third Quarter of 2022 Results
FalconStor Software Announces Third Quarter of 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 third quarter 2022, which ended on September 30, 2022.\n\n“Our focus on recurring revenue growth through hybrid cloud data protection solutions and increased profitability enabled delivery of quarter-over-quarter revenue and net income growth for the second consecutive quarter,” said Todd Brooks, FalconStor CEO. “The hybrid cloud reseller relationship we formed with IBM in the second quarter of 2022 continued to expand during the quarter with new customers taking advantage of our joint offerings and existing customers expanding their monthly usage. IBM’s hybrid cloud focus is a key element of its growth strategy, as detailed in IBM’s first, second, and third quarter 2022 earnings announcements. We are excited to help the tens of thousands of IBM customers around the globe to leverage IBM hybrid cloud solutions.\n\n“Total revenue increased to $3.1 million in the quarter from $2.4 million in the second quarter 2022, and $2.0 million in the first quarter 2022. Our aggressive focus on advancing critical hybrid cloud relationships and our efforts to realign to a subscription- and monthly consumption-based recurring revenue model continue to challenge our year-over-year revenue growth as third quarter revenue was $3.1 million, compared to $3.3 million in the third quarter of 2021.\" stated Brooks. \"Our continued focus on tightly managing operating expenses resulted in delivering $0.2 million in GAAP net income during the quarter, compared to a $0.9 million GAAP net loss in the second quarter 2022. We are excited by the progress we have made and are working hard to continue delivering quarter-over-quarter revenue and profitability growth.\n\nThird Quarter 2022 Financial Results\n\n\nAnnual Recurring Revenue (Trailing 12-month recurring revenue): 4.5% year-over-year growth\n\n\nEnding Cash: $1.7 million, compared to $1.8 million in the previous quarter, and $3.5 million in the third quarter of fiscal year 2021\n\n\nTotal Revenue: $3.1 million, compared to $2.4 million in the previous quarter, and $3.3 million in the third quarter of fiscal year 2021\n\n\nTotal Cost of Revenue: $0.4 million, compared to $0.4 million i...