FalconStor Software Announces Fourth Quarter and Full Year 2023 Results
Strong revenue growth, net income, and cash generation
- 15% year-over-year increase in total GAAP revenue for full year 2023
- 214% year-over-year increase in total hybrid cloud ARR run-rate for full year 2023
- 8% net income for full year 2023
“We are pleased with the progress we made in Q4 and throughout 2023, as our hybrid cloud data protection solution sales continued to grow,” said
Fourth Quarter 2023 Financial Results
- Hybrid Cloud ARR Run-Rate: 214% increase compared to fourth quarter of fiscal 2022
-
Ending Cash:
$3.4 million , compared to$2.0 million in the fourth quarter of fiscal year 2022 -
Total Revenue:
$3.7 Million , compared to$2.5 million in the fourth quarter of fiscal year 2022 -
Total Cost of Revenue:
$0.5 million , compared to$0.4 million in the fourth quarter of fiscal year 2022 -
Total Operating Expenses:
$2.1 million , compared to$2.2 million in the fourth quarter of fiscal year 2022 -
GAAP Net Income (Loss):
$1.0 million , compared to$20 thousand in the fourth quarter of fiscal year 2022
Full Year 2023 Financial Results
-
Total Revenue:
$11.6 million , compared to$10.1 million during the full year of 2022 -
Total Cost of Revenue:
$1.6 million , compared to$1.6 million during the full year of 2022 -
Total Operating Expenses:
$8.5 million , compared to$9.7 million during the full year of 2022 -
GAAP Net Income (Loss):
$1.0 million , compared to($1.8) million during the full year of 2022
“Our continued disciplined focus on operating efficiency and alignment with the industry’s adoption of hybrid cloud solutions, are driving our improved results”, said
Please click this link to see the accompanying financial charts.
About
FalconStor is the trusted data protection software leader modernizing disaster recovery and backup operations for the hybrid cloud world. The Company enables enterprise customers and managed service providers to secure, migrate, and protect their data while reducing data storage and long-term retention costs by up to 95%. More than 1,000 organizations and managed service providers worldwide standardize on FalconStor as the foundation for their cloud first data protection future. Our products are offered through and supported by a worldwide network of leading managed service providers, system integrators, resellers, and original equipment manufacturers.
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Chief Financial Officer
investorrelations@falconstor.com
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