Key financial highlights of Dropsuite Q3 2024

Dropsuite (ASX:DSE), a global leader in cloud backup and archiving software, announced substantial financial progress for the quarter ending September 30, 2024. The company recorded a 34% year-on-year increase in Annual Recurring Revenue, reaching $42.6 million AUD. Additionally, Dropsuite's paid user base expanded by 135,000, totaling 1.48 million, marking a 34% increase compared to the same quarter last year.

Q3 2024 performance and strategic outlook

Dropsuite's Q3 2024 results highlight significant growth in both financial and operational metrics. The company achieved a 34% increase in Annual Recurring Revenue, reaching $42.6 million AUD, alongside a 34% rise in its paid user base. Dropsuite continues to expand its partner ecosystem, adding new direct and indirect Managed Service Provider partners. The introduction of the Bring Your Own Storage model and improvements in integration capabilities are expected to further enhance growth. Looking ahead, Dropsuite is committed to sustaining ARR growth through its partner network, advancing its sales pipeline, and expanding its product offerings. The company aims to maintain positive cash flow and profitability while investing in R&D and exploring mergers and acquisitions opportunities.

Executive insights on Dropsuite's performance

Our continued progress in the global data protection market is driven by increasing cyber threats and data regulations. We remain focused on delivering exceptional solutions and customer support, and we plan to reinvest in product development and go-to-market strategies.