As the on-premises backup target market grows, so too does ExaGrid – which just posted its best ever Q1.
The company supplies deduplicating backup appliances with a non-deduped landing zone for faster restores of recent data. Deduped data is moved to a non-network-facing area for further protection. Its appliances can be grouped with cross-appliance deduplication raising storage efficiency.
At the end of 2025’s first quarter ExaGrid was was free cash flow (FCF) positive, P&L positive, and EBITDA positive for its 17th consecutive quarter and has no debt. CEO Bill Andrews emphasized this, telling us: “We have paid off all debt. We have zero debt. We don’t even have an account receivable line of credit (don’t need it).”
It recruited 155 new logos, taking its total well past 4,600 active upper mid-market to large enterprise customers. The company says it continues to have 75 percent of its new logo customer bookings come from six- and seven-figure purchase orders. Andrews tells us: “For the last 8 quarters, each quarter 75 percent of our new logo customer bookings dollars come from deals over $100K and over $1M. Only 25 percent of new customer bookings dollars come from deals under $100K.”
Andrews stated: “ExaGrid continues to profitably grow as it keeps us on our path to eventually becoming a billion-dollar company. We are the largest independent backup storage vendor and we’re very healthy … ExaGrid continues to have an over 70 percent competitive win rate replacing primary storage behind the backup application, as well as inline deduplication appliances such as Dell Data Domain and HPE StoreOnce.”
The company has a 95 percent net customer retention rate and an NPS score of +81. Andrews tells us: “Our customer retention is growing and is now at 95.3 percent. We think perfection is 96 percent because you can’t keep every customer as some go out of business, some get acquired, some move everything to the cloud, etc.”
For ExaGrid’s top 40 percent customers, its largest, “we have a 98 percent retention which is very high for storage.” He adds: “99 percent of our customers are on maintenance and support, also very high for the industry.”
The 5,000 customer level is in sight and Andrews left us with this thought: “Things are going well and shy of the tariffs throwing us into a depression, we should have yet another record bookings and revenue year. … The goal is to keep growing worldwide as there is a lot of headroom in our market.”
Bootnote
For reference Dell has more than 15,000 Data Domain/Power Protect customers.
