|(in $ million)||1Q17||1Q18||Growth|
|Net income (loss)||(1.1)||0.5|
FalconStor Software, Inc. announced financial results for its first quarter ended March 31, 2018.
“We are pleased with our Q1 performance and resultant financial results, which continued the return to profitability delivered in Q3 and Q4 of 2017,” stated Todd Brooks, CEO. “Our products play a key role in efficiently managing and protecting critical data within enterprises around the world. Given our improved financial stability and continually improving operational efforts, our focus for the balance of 2018 will shift to further product innovation and strategic growth.”
For the three months ended March 31, 2018 we delivered net GAAP operating income of $0.6 million on revenues of $5.0 million.
Included in operating results above for the three months ended March 31, 2018 and 2017 were $0.0 million and $0.4 million of share-based compensation expense, respectively.
Deferred revenue at March 31, 2018 was $13.1 million, compared with $18.4 million at December 31, 2017.
The decrease is primarily related to our adoption of new revenue recognition accounting guidance on January 1, 2018 using the modified retrospective transition method applied to contracts which were not completed as of January 1, 2018.
Our cash balance at March 31, 2018 was $4.6 million, compared with $1.0 million at December 31, 2017.
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Also published on Medium.