UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                  ------------

                                    FORM 8-K

                                 CURRENT REPORT
                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):           May 25, 2005
                                                            ------------



                            CROSSROADS SYSTEMS, INC.
- -------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)



            Delaware                     000-30362               74-2846643
- ---------------------------------- ------------------------ -------------------
  (State of Other Jurisdiction     (Commission File Number)    (IRS Employer
        of Incorporation)                                   Identification No.)



8300 North MoPac Expressway, Austin, Texas                        78759
- -------------------------------------------------------------------------------
(Address of Principal Executive Offices)                        (Zip Code)



       (Registrant's Telephone Number, Including Area Code) (512) 349-0300


                                       N/A
- -------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registration under any of
the following provisions (see General Instruction A.2. below):

|_|  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

|_|  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

|_|  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

|_|  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))






Item 2.02.  Results of Operations and Financial Condition

         On May 25, 2005, Crossroads Systems, Inc. issued a press release
reporting its results of operations for its fiscal quarter ended April 30, 2005.
A copy of the press release is furnished herewith as Exhibit 99.1.

         In accordance with General Instruction B.2 of Form 8-K, the information
contained in this Current Report, including the exhibit attached hereto, shall
not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended, or otherwise subject to the liabilities of that section,
nor shall such information be deemed incorporated by reference into any filing
under the Securities Exchange Act of 1934, as amended, or the Securities Act of
1933, as amended, regardless of any general incorporation language in such
filing, except as shall be expressly set forth by specific reference in such
filing.

Item 9.01  Financial Statements and Exhibits

(c)      Exhibit No. Description
         ----------  -----------
         99.1        Press Release of Crossroads Systems, Inc.
                     dated May 25, 2005


                                        2




                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934,
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



                                 CROSSROADS SYSTEMS, INC.



Dated:  May 25, 2005             By:    /s/ Rob Sims
                                 ---------------------------------------------
                                         Rob Sims
                                         President and Chief Executive Officer


                                        3





                                  EXHIBIT INDEX


Exhibit No.                Description
- -----------                -----------
    99.1                   Press Release of Crossroads Systems, Inc.
                           dated May 25, 2005




                                        4