FalconStor Software Announces Third Quarter 2020 Results, Including 11.7% Year-over-Year Revenue Growth
Summary
AUSTIN, Texas--(BUSINESS WIRE)--FalconStor 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. As we move forward, we will continue to maniacally focus in our core markets, and with our innovative, patent-pending long-term archive retention and reinstatement solution, StorSafe, to help our enterprise customers reduce data storage costs, while improving data portability, accessibility, and security – including ransomware protection.” Additional Financial Highlights for the Third Quarter of 2020: Our 19% year-over-year increase in sales bookings, allowed us to close the three months ended September 30, 2020 with $4.4 million in recognized revenue, compared to $4.0 million for the same period of the previous year. As we move forward through the balance of the year, our energy will be concentrated on generating positive cash flow, capital preservation, strategic growth in our core markets and continued product innovation. Subject to the foregoing, management believes that, based on projected cash flows, the Company will have sufficient capital and liquidity to fund its operations for at least one year from the date of issuance of the accompanying interim condensed financial statements. Customers leveraging FalconStor’s container technology have a competitive advantage facilitating the transition between storage systems and the cloud to reduce the complexity and management of the 100-year data retention lifecycle.
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