ExaGrid’s regular repeated record breaking ability

Another quarter, another record, that’s how it goes for ExaGrid, consistent, regular as clockwork, revenue record breaking is becoming its hallmark.

The company said it had a record quarter of bookings and revenue in the first quarter ending March 31, 2026, with double-digit revenue growth over Q1 of 2025.

It added 177 new customers in Q1 2026, including 80 six- and seven-figure new customer deals in the quarter. Its customer count exceeded 5,000 actively installed ExaGrid users in February. Half of its bookings came from outside of the United States and it now has sales and support teams in 30 countries and customer installations in over 80 countries. Its competitive win rate stood at 80 percent for the quarter and it replaced a record number of Dell Data Domain (now PowerProtect) appliances in the quarter.

Bill Andrews, President and CEO of ExaGrid, said: “Customers understand that simply using primary storage or older-architecture inline deduplication appliances as a backup storage target cannot meet today’s requirements around ingest performance, restore performance, scalability, security, ransomware recovery, disaster recovery, and cost up front and over time.”

He reckons that, “after the big 4: Dell, HPE, NetApp and Pure, ExaGrid is the largest backup storage vendor in the world … and our Tiered Backup Storage is extremely well-positioned to continue to replace outdated and weaker backup storage solutions.”

That means it is now larger than Quantum’s DXi backup box business. In fact, we understand that ExaGrid’s bookings and revenue are at least 4 times that of the DXi.

Andrews told us: “There are only three choices for customers:

1. Primary storage behind the backup app which is medium for performance, not always scalable, hard to manage, not secure, and very expensive with retention, etc. (Dell, HPE, NetApp, Pure, etc. primary storage as a backup target.)
2. Inline, scale-up deduplication appliances that are slow for backups due to inline deduplication, slow for restores due to only storing deduplicated data and needing to rehydrate for every request, not scalable as it is a front-end controller with disk shelves so the backup window grows as data grows, not secure, etc. etc. (Dell Data Domain, HPE StoreOnce, NetBackup Appliances, etc.). We don’t see any others that often.
3. ExaGrid Tiered Backup Storage which is fast for backups, fast for restores, scale-out, AI Power Retention Time-Lock for ransomware recovery, strong disaster recovery options and low cost up front and over time.”

We’re told the company received 50 percent of its business from existing customers buying more and 50 percent from new logo customers. This means that the 177 new customers this quarter provided the same revenue as ExaGrid's existing customers buying more systems and capacity.

ExaGrid hit 100 percent of its revenue plan in the quarter and launched four all-flash backup appliances. It is 100 percent debt-free and remained P&L, EBITDA, and free cash flow positive for the 21st consecutive quarter. Financially it is is obviously very strong.