MELVILLE, N.Y., Sept. 17, 2024 (GLOBE NEWSWIRE) -- Data Storage Corporation (Nasdaq: DTST) ("DSC" and the "Company"), a provider of diverse business continuity solutions for disaster-recovery, cloud infrastructure, cyber-security, and IT automation, today announced that its subsidiary, CloudFirst, has signed a new hosting agreement servicing a nationally ranked academic medical center, secured through one of its cloud infrastructure partners. This collaboration showcases the Company's expertise in deliverin ...

Financial Data and Key Metrics Changes - The company generated $4.9 million in revenue for Q2 2024, a decline of approximately $1 million or 17% compared to $5.9 million in Q2 2023, primarily due to lower one-time equipment sales [14] - Gross profit margin increased to 49% in Q2 2024, up from 43.7% in the same period last year, reflecting improved profitability and operational efficiency [7] - Adjusted EBITDA for Q2 2024 was $164,000, down from $350,000 in Q2 2023, indicating a decrease in operational profitability [16] - Net loss attributable to common shareholders for Q2 2024 was $244,000, compared to net income of $226,000 in Q2 2023 [16] Business Line Data and Key Metrics Changes - Cloud First division achieved $4.6 million in revenue for Q2 2024 and was profitable on a standalone basis, indicating strong performance in cloud services [9] - Infrastructure and disaster recovery cloud services increased by 29% for the first six months of 2024, contributing to overall revenue growth [14] Market Data and Key Metrics Changes - The company opened a new office in London to expand its market presence in the UK, targeting over 50,000 companies that conduct business between the USA and the UK [10] - The company is witnessing increased demand for its solutions, with over 45,000 visitors to its Cloud First website in the first half of 2024 [11] Company Strategy and Development Direction - The company is focusing on recurring revenue contracts and has strategically relocated its headquarters to accommodate growth in technical, sales, and marketing teams [7][8] - Plans for international expansion include establishing a presence in the UK and Canada, aiming to become a single-source, multi-country provider of cloud services [11][13] - The company is exploring acquisitions to further enhance growth and improve operations [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth potential and the effectiveness of their strategic initiatives, emphasizing the importance of recurring revenue and client retention [6][39] - The company is committed to maintaining a strong balance sheet with approximately $12 million in cash and no long-term debt, providing flexibility for future investments [13] Other Important Information - Selling, general, and administrative expenses increased by 13% in Q2 2024 compared to Q2 2023, primarily due to higher advertising and professional fees related to international expansion [15] - The company is actively nurturing a list of over 1,000 organizations interested in its services, aiming to secure new contracts [12] Q&A Session Summary Question: Annual recurring revenue comparison with the first quarter - Management indicated that the company is close to break-even on a recurring revenue basis, with a dependency on equipment sales gradually decreasing [22] Question: Update on new business pipeline and backlog - The remaining contract value as of June 30 was approximately $31.5 million, with a renewal rate of 82 clients since January [25][26] Question: Status of UK expansion - Management confirmed the establishment of a branch office in the UK and plans to deploy equipment in Q4, with services going live in January [33] Question: Growing the distribution network - The company is focusing on expanding both direct sales and channel partners, targeting experienced sales representatives and IT automation [35][37]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-35384 DATA STORAGE CORPORATION (Exact name of registrant as specified in its charter) | --- | --- | --- | | ...

EXHIBIT 99.1 Data Storage Corporation Reports 2024 Second Quarter Financial Results and Provides Business Update Gross Profit Margin Increased Over 500 Basis Points to 49.0% for the Second Quarter of 2024 Achieved Profitability for the Six Months Ended June 30, 2024 MELVILLE, N.Y., August 14, 2024 (GLOBE NEWSWIRE) — Data Storage Corporation (Nasdaq: DTST) ("DSC" and the "Company"), a provider of diverse business continuity solutions for disaster-recovery, cloud infrastructure, cyber-security, and IT service ...

MELVILLE, N.Y., July 15, 2024 (GLOBE NEWSWIRE) -- Data Storage Corporation (NASDAQ:DTST) ("DSC" and the "Company"), a provider of diverse business continuity solutions for disaster-recovery, cloud infrastructure, cyber-security, and IT automation, today announced that its subsidiary, CloudFirst, has expanded its contract with one of the nation's largest suppliers of promotional products. The new seven-figure contract reflects CloudFirst's continued success and growing market presence. Hal Schwartz, Presiden ...

MELVILLE, N.Y., July 15, 2024 (GLOBE NEWSWIRE) -- Data Storage Corporation (Nasdaq: DTST) ("DSC" and the "Company"), a provider of diverse business continuity solutions for disaster-recovery, cloud infrastructure, cyber-security, and IT automation, today announced that its subsidiary, CloudFirst, has expanded its contract with one of the nation's largest suppliers of promotional products. The new seven-figure contract reflects CloudFirst's continued success and growing market presence. Hal Schwartz, Preside ...

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MELVILLE, N.Y., June 24, 2024 (GLOBE NEWSWIRE) -- Data Storage Corporation (Nasdaq: DTST) ("DSC" and the "Company"), a provider of diverse business continuity solutions for disaster-recovery, cloud infrastructure, cyber-security, and IT automation, today announced that its subsidiary, CloudFirst, has deployed technical assets to its 7th Data Center—located in Chicago, Illinois. The strategic location of this new data center allows the Company to address the growing demand for its products and services withi ...

MELVILLE, N.Y., June 24, 2024 (GLOBE NEWSWIRE) -- Data Storage Corporation (Nasdaq: DTST) ("DSC" and the "Company"), a provider of diverse business continuity solutions for disaster-recovery, cloud infrastructure, cyber-security, and IT automation, today announced that its subsidiary, CloudFirst, has deployed technical assets to its 7th Data Center—located in Chicago, Illinois. The strategic location of this new data center allows the Company to address the growing demand for its products and services withi ...