Crossroads Systems, Inc. (CRDS) - NASDAQ
  • Thu, Jun. 23, 3:00 PM
    | Thu, Jun. 23, 3:00 PM
  • Thu, Jun. 23, 12:45 PM
    | Thu, Jun. 23, 12:45 PM
  • Wed, Jun. 22, 3:00 PM
    | Wed, Jun. 22, 3:00 PM | 6 Comments
  • Wed, Jun. 22, 12:42 PM
    | Wed, Jun. 22, 12:42 PM | 1 Comment
  • Thu, Jun. 2, 5:56 PM
    • Nanocap Crossroads Systems (CRDS +13.7%) is up another 8.3% after it nearly broke even on fiscal Q2 profits vs. an expected loss.
    • The company is focused on IP licensing after the March sale of its product business. Excluding product comparisons, IP license revenue was up 10%; gross profit shrank slightly, to $161K (77% of total revenue vs. 92% a year ago).
    • Opex was lower as well, at $1.4M, and a net loss came to less than a penny per share, vs. an expected EPS of -$0.12 and a year-ago loss of $0.19.
    • Cash and equivalents are at $6.1M.
    • Press Release
    | Thu, Jun. 2, 5:56 PM
  • Thu, Mar. 24, 12:47 PM
    • After dropping slightly yesterday, Crossroads (CRDS -12.6%) is seeing bigger losses today following a Tuesday evening announcement the company is selling its product portfolio and maintenance business (including its StrongBox and SPHiNX storage lines) to Canada's StrongBox Data Solutions (SDSI) for $1.85M in cash.
    • Crossroads has also inked a deal with private AQUA Licensing to market and sell its non-'972 patent portfolio (contains 138 patents and pending patents). However, the company "can provide no assurance regarding the timing or value of a transaction, or even if one will occur."
    • 27 Crossroads employees have joined SDSI. CEO Richard Coleman declares the SDSI deal will significantly reduce Crossroads' cash burn, and allows it to focus on IP monetization. The company had $7.7M in cash at the end of its January quarter (down $3.9M Q/Q). It struck a deal last fall to obtain $10M in litigation financing for its '972 portfolio.
    | Thu, Mar. 24, 12:47 PM | 1 Comment
  • Mon, Feb. 1, 1:10 PM
    • Crosssroads (CRDS -22.7%) is now down 67% from Thursday's close, following Friday's news (confirmed in a PR issued after the close) the USPTO ruled (via inter partes reviews) challenged claims in the company's '035 and '147 patents are unpatentable.
    • Quantum (QTM -14%) is down 40% since posting an FQ3 miss, issuing soft FQ4 guidance, and disclosing CFO Linda Breard has resigned on Thursday afternoon.
    • Crossroads' market cap now stands at $9M, less than the $11.8M cash balance it had as of Oct. 31. Quantum's market cap is down to $125M; the company had $35.6M in cash, $68.9M in long-term debt, and $69.1M in convertible subordinated debt as of Dec. 31.
    | Mon, Feb. 1, 1:10 PM
  • Fri, Jan. 29, 4:28 PM
    • In a PR released after the close, Crossroads (NASDAQ:CRDS) says the USPTO's Patent Trial & Appeal Board (PTAB) rendered five decisions on inter partes reviews (IPRs) of claims in Crossroads '035 and '147 patents.
    • One of the two IPRs for the '035 patent "confirmed the validity of all patent claims subject to that IPR," while the other "stated such claims are unpatentable." Decisions for the three IPRs related to the '147 patent "each stated that all patent claims subject to each respective IPR are unpatentable."
    • Crossroads is "reviewing these decisions and will consider future actions accordingly." It expects a final decision regarding one other IPR proceeding by March 17. Shares fell 59.2% today in response to the USPTO rulings.
    • Earlier: Crossroads down 47.8% after USPTO rules certain patent claims unpatentable
    | Fri, Jan. 29, 4:28 PM
  • Fri, Jan. 29, 11:07 AM
    • In a final written decision (.pdf) for an inter partes review launched at Oracle and NetApp's request, the USPTO's Patent Trial & Appeal Board (PTAB) has ruled claims 14-39 of Crossroads' (NASDAQ:CRDS) '147 patent (USPTO filing) are unpatentable.
    • Crossroads, which has sued Oracle, NetApp, Cisco, and others for infringement in a Western Texas federal court, has plunged below $0.50. The company's market cap stands at $12M.
    | Fri, Jan. 29, 11:07 AM | 3 Comments
  • Sep. 3, 2015, 12:50 PM
    • Crossroads (NASDAQ:CRDS) has shot higher post-earnings in spite of delivering an FQ3 miss. Shares were down 62% YTD going into earnings.
    • Possibly helping: EVP Mark Hood stated on the earnings call (transcript) FQ4 product orders have already almost matched FQ3 levels. A $140K order from Major League Baseball for Crossroads' StrongBox NAS archiving appliances was mentioned, as was a $150K order from Mercedes-Benz for the SPHiNX virtual tape system.
    • Regarding litigation, CEO Rick Coleman stated the U.S. Patent Trial & Appeals Board (PTAB) will hear oral arguments for a review of Crossroads patent claims on Oct. 30, and that the first decision is due in late January. He noted the company recently settled with Huawei (terms are confidential), while stating the deal "recognizes the substantial value of our intellectual property."
    • FQ3 details: Product revenue fell by $84K Y/Y to $516K. IP license, royalty, and other revenue rose by $141K to $1.63M. GAAP operating expenses rose 37% Y/Y to $4.6M. Crossroads ended FQ3 with $7.3M in cash, and $2.7M in debt.
    • FQ3 results, PR
    | Sep. 3, 2015, 12:50 PM
  • Jun. 29, 2015, 9:38 AM
    • For each share they own as of July 6, Crossroads (CRDS) is giving common and preferred stockholders the right to buy 0.5 shares of common stock at $1.25 apiece, 24% below Friday's close.
    • The company expects to issue 11.2M shares through the offering; for reference, Crossroads' Q1 diluted share count was 19.3M. The offering expires at 5PM ET on July 28.
    • Crossroads originally announced plans to carry out a rights offering in May. Shares -36% YTD.
    | Jun. 29, 2015, 9:38 AM | 2 Comments
  • Jun. 18, 2015, 10:33 AM
    • Crossroads (NASDAQ:CRDS) states a Markman hearing for 17 disputed claim terms that was issued by a Western Texas federal court for Crossroads' infringement suit against 6 companies (inc. Oracle, Cisco, and NetApp) "overruled the defendants' objections on almost all disputed claims terms."
    • The company adds the ruling "closely parallels the claim constructions in previous litigation." In tandem with the ruling, the court has granted a motion to stay Crossroads' suit until the USPTO's Patent Trial & Appeal Board (PTAB) makes final decisions on inter partes reviews of Crossroads patents. The first decision is expected in January.
    • Crossroads was up double-digits in early trading, but has since pared its gains.
    | Jun. 18, 2015, 10:33 AM
  • Apr. 14, 2015, 12:45 PM
    | Apr. 14, 2015, 12:45 PM | 2 Comments
  • Mar. 31, 2015, 4:33 PM
    • Crossroads' (NASDAQ:CRDS) new StrongBox 3.0 NAS storage appliance is able to automatically write data to two different tape libraries; the company argues the solution, said to work with all major 3rd-party libraries, eliminates "the problems associated with manually shipping duplicate tapes for off-site copies," and allows multiple copies of LTFS tape media to be automatically provided in separately locations.
    • Crossroads also declares StrongBox 3.0 to be the "first and only solution that provides both file and object storage with LTFS tape." It begins shipping in April.
    • Shares rose to $2.54 in regular trading. Crossroads is coming off a January quarter where its product revenue fell 30% Y/Y to $862K, thanks to declining OEM sales for the company's SPHiNX virtual tape/backup system.
    | Mar. 31, 2015, 4:33 PM
  • Mar. 5, 2015, 6:51 PM
    • Crossroads (NASDAQ:CRDS) blames its 47% Y/Y FQ1 sales drop on a $600K drop in custom development revenue, together with an expected drop in OEM revenue for its SPHiNX virtual tape/backup system. Product revenue fell 30% Y/Y to $862K, and IP license, royalty, and other revenue 55% to $1.31M.
    • Gross margin fell to 73% from 85% a year ago; Crossroads blames product mix changes. Operating expenses fell 9% Y/Y to $3.55M; sales/marketing and R&D spend both fell, while G&A was nearly flat.
    • Thanks to its stock/warrant offering, Crossroads ended FQ1 with $8.4M in cash, up from $4.9M at the end of FQ4. Shares have fallen to $2.81 AH.
    • FQ1 results, PR
    | Mar. 5, 2015, 6:51 PM
  • Jan. 27, 2015, 12:40 PM
    | Jan. 27, 2015, 12:40 PM | 5 Comments
Company Description
Crossroads Systems, Inc. provides data protection solutions. It develops products that address specific IT challenges, such as cost-effectively storing and protecting business-critical data. The company's products include StrongBox, StrongBox DataManager, StrongBox VSeries Tape Libraries,... More
Sector: Technology
Industry: Diversified Computer Systems
Country: United States