ExaGrid Continues Growth – 13 Consecutive Quarters of Free Cash Flow

ExaGrid^®, the industry’s only Tiered Backup Storage solution, today announced that it had its strongest first quarter (Q1) in the company’s history, for the quarter ending March 31, 2024.

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ExaGrid’s first quarter of bookings and revenue was the best first quarter in the company’s history. The company was Free Cash Flow (FCF) positive, P&L positive, and EBITDA positive for its 13^th consecutive quarter. ExaGrid now has more than 4,200 active upper mid-market to large enterprise customers that use ExaGrid Tiered Backup Storage to protect their data. ExaGrid’s growth is accelerating, and the company is hiring to expand its sales teams worldwide.

“ExaGrid is continuing to drive top line growth while maintaining positive EBITDA, P&L and Free Cash Flow. We’ve hit over 4,200 active customer installations worldwide. ExaGrid continues to have a 70% competitive win rate replacing primary storage behind the backup application as well as deduplication appliances such as Dell Data Domain, HPE StoreOnce and Veritas NetBackup Storage Appliances. ExaGrid’s customer retention rate is over 95%, and 99% are on maintenance and support. These are two industry-leading customer success metrics. Our business is strong in North America, Latin America, Europe and the Middle East and we are putting an increased focus on the Asia Pacific region,” said Bill Andrews, President and CEO of ExaGrid.

“Years ago, ExaGrid realized that no vendor was building storage specifically for backup, as they were all selling primary storage products as backup storage targets, which is expensive, or they were selling inline deduplication appliances, which are slow for backups and restores and result in costly forklift upgrades. Backup storage has unique needs, due to large backup jobs, incrementals, synthetic fulls, backup rotation, long-term retention, and many other aspects that make backup storage different than primary storage. ExaGrid’s unique Tiered Backup Storage was built specifically to improve backup performance, restore performance, scalability as data grows, security, ransomware recovery, disaster recovery, and improve the economics of backup, with low costs up front and over time,” said Andrews. “Primary storage is not as fast for large backup jobs, is typically not scalable, is very expensive for longer-term retention, and it is network-facing, making it vulnerable to security attacks. Inline deduplication appliances are slow for backups, slow for restores, are not scalable, and are also network-facing making them vulnerable to security attacks.

“ExaGrid prides itself on having a highly differentiated product that just works, does what we say it does, is sized properly, is well supported, and just gets the job done. We can back up these claims with our 95% net customer retention, NPS score of +81, and the fact that 94% of our customers have our Retention Time-Lock for Ransomware Recovery feature turned on, and 99% of our customers are on our yearly maintenance and support plan,” said Andrews.

Highlights of Q1 2024:

Shipped new 2U EX84 and EX189 appliance models, greatly reducing rack space usage
13^th consecutive quarter of Cash, EBITDA, and P&L positive operations
Grew sales leadership team:
- Appointed Sam Elbeck as Vice President of Americas Sales and Channel Partners
- Appointed Rohan Cook as Area Vice President of APAC Sales
Gained recognition in industry publications:
- EX189 appliance has been recognized as a TOP 5 backup target in the 2024-25 DCIG TOP 5 2PB+ Cyber Secure Backup Target Global Edition Report
- EX18 appliance named a TOP 5 backup target in the 2024-25 DCIG TOP 5 Sub-2PB Cyber Secure Backup Target Global Edition Report
- ExaGrid Reseller Partner Program earned 5-Star Award in the 2024 CRN^® Partner Program Guide

About ExaGrid
ExaGrid provides Tiered Backup Storage with a unique disk-cache Landing Zone, long-term retention repository, and scale-out architecture. ExaGrid’s Landing Zone provides for the fastest backups, restores, and instant VM recoveries. The Repository Tier offers the lowest cost for long-term retention. ExaGrid’s scale-out architecture includes full appliances and ensures a fixed-length backup window as data grows, eliminating expensive forklift upgrades and product obsolescence. ExaGrid offers the only two-tiered backup storage approach with a non-network-facing tier, delayed deletes, and immutable objects to recover from ransomware attacks.

ExaGrid has physical sales and pre-sales systems engineers in the following countries: Argentina, Australia, Benelux, Brazil, Canada, Chile, CIS, Colombia, Czech Republic, France, Germany, Hong Kong, India, Israel, Italy, Japan, Mexico, Nordics, Poland, Portugal, Qatar, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Turkey, United Arab Emirates, United Kingdom, United States, and other regions.

Visit us at exagrid.com or connect with us on LinkedIn. See what our customers have to say about their own ExaGrid experiences and learn why they now spend significantly less time on backup storage in our customer success stories. ExaGrid is proud of our +81 NPS score!

ExaGrid is a registered trademark of ExaGrid Systems, Inc. All other trademarks are the property of their respective holders.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240409166666/en/

Mary Domenichelli
ExaGrid
mdomenichelli@exagrid.com

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