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 ...

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Chuck Piluso, CEO of Data Storage Corporation, stated, "We are proud to have expanded this contract with a leading business solutions provider as it further validates our ability to meet the growing needs of our customers. We believe this agreement is also a reflection of our ability to up-sell solutions adding value for existing customers and the vast cross-selling opportunities as a result of the consolidation of two of our subsidiaries." Data Storage Corporation (NASDAQ:DTST) is a family of fully integra ...

Typically, cloud technology companies provide computing resources or online data storage services to consumers. Especially now that artificial intelligence is rapidly advancing, large-scale customers are increasingly in need of cloud services to support their artificial intelligence (AI) data centers and infrastructure. But, beyond just enterprises, even the average consumer relies on the cloud as a storage system external for personal devices. Thus, it can be easy to see why this industry is so important g ...

Data Storage Corporation (NASDAQ:DTST) Q1 2024 Earnings Conference Call May 15, 2024 11:00 AM ET Company Participants Alexandra Schilt - IR Charles Piluso - Chairman and CEO Chris Panagiotakos - CFO Conference Call Participants Matthew Galinko - Maxim Group Adam Waldo - Lismore Partners Bobby Cohen - Merger Monday Capital Operator Ladies and gentlemen, good morning, and welcome to the Data Storage Corporation First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mo ...

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 March 31, 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 No. 000-35384 DATA STORAGE CORPORATION (Exact name of registrant as specified in its charter) | Nevad ...

[Data Storage Corporation Q1 2024 Earnings Release](index=1&type=section&id=Data%20Storage%20Corporation%20Q1%202024%20Earnings%20Release) [Financial and Business Highlights](index=1&type=section&id=Financial%20and%20Business%20Highlights) Data Storage Corporation achieved Q1 2024 profitability with 20% revenue growth to $8.2 million, driven by strategic initiatives and a strong balance sheet Key Financial Highlights | Financial Metric | Q1 2024 (USD) | Q1 2023 (USD) | Change | | :--- | :--- | :--- | :--- | | Revenue | $8.2 million | $6.9 million | +20% | | Gross Profit | $3.0 million | $2.1 million | +42% | | Gross Profit Margin | 36% | 30% | +6 p.p. | - The company achieved **profitability** in the first quarter of 2024, demonstrating the success and scalability of its business model[2](index=2&type=chunk) - Strategic initiatives include the **consolidation of CloudFirst and Flagship subsidiaries** to optimize operations, leverage technical teams, and capitalize on cross-selling opportunities[2](index=2&type=chunk) - Secured **two significant contracts** during the quarter: an expansion with a major global telecommunications company and a new contract with one of the largest insurance companies in the U.S.[2](index=2&type=chunk) - The company is advancing its **international growth plan**, highlighted by the recent opening of a London office to serve European and other global markets[2](index=2&type=chunk) - Maintained a **strong balance sheet** with over **$11.9 million** in cash and marketable securities as of March 31, 2024[2](index=2&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) This section presents Data Storage Corporation's unaudited consolidated financial statements for Q1 2024, including Balance Sheets, Statements of Operations, and Cash Flows [Consolidated Balance Sheets](index=3&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2024, total assets increased to $25.8 million, liabilities significantly to $5.6 million, and stockholders' equity modestly to $20.3 million Consolidated Balance Sheet Summary | Balance Sheet Items | March 31, 2024 (USD) | December 31, 2023 (USD) | | :--- | :--- | :--- | | Cash and marketable securities | $11,902,307 | $12,746,926 | | Total Assets | $25,824,493 | $23,301,019 | | Total Liabilities | $5,552,849 | $3,546,604 | | Total Stockholders' Equity | $20,271,644 | $19,754,415 | [Consolidated Statements of Operations](index=4&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For Q1 2024, revenue grew 20% to $8.2 million, shifting to an operating income of $213,795, with net income significantly increasing to $357,102 ($0.05 per diluted share) Consolidated Statements of Operations Summary | Income Statement (YoY) | Three Months Ended March 31, 2024 (USD) | Three Months Ended March 31, 2023 (USD) | | :--- | :--- | :--- | | Sales | $8,235,747 | $6,879,723 | | Gross Profit | $2,966,472 | $2,089,745 | | Income (loss) from Operations | $213,795 | $(41,014) | | Net Income Attributable to Common Stockholders | $357,102 | $50,666 | | Earnings per Share – Diluted | $0.05 | $0.01 | [Consolidated Statements of Cash Flows](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) In Q1 2024, net cash from operating activities shifted to an outflow of $318,624, driven by increased accounts receivable, resulting in cash and cash equivalents decreasing to $640,742 Consolidated Statements of Cash Flows Summary | Cash Flow Statement (YoY) | Three Months Ended March 31, 2024 (USD) | Three Months Ended March 31, 2023 (USD) | | :--- | :--- | :--- | | Net Cash (Used in) Provided by Operating Activities | $(318,624) | $449,139 | | Net Cash Used in Investing Activities | $(302,006) | $(530,094) | | Net Cash Used in Financing Activities | $(167,358) | $(323,728) | | **Cash and Cash Equivalents, End of Period** | **$640,742** | **$1,882,039** |

MELVILLE, N.Y., May 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 services, today provided a business update and reported financial results for the three months ended March 31, 2024. Chuck Piluso, CEO of Data Storage Corporation, stated, "We continue to execute on our business growth strategy, including new contracts with high profile client ...

MELVILLE, N.Y., May 13, 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 services, today announced the expansion of its CloudFirst subsidiary into the United Kingdom (UK) with the opening of its London office. This strategic expansion marks a significant milestone in the Company's strategy to serve a global clientele and further CloudFirst's presen ...

MELVILLE, N.Y., May 03, 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 services, today announced that it plans to host a conference call at 11:00 a.m. Eastern Time on Wednesday, May 15, 2024, to discuss the Company's financial results for the first quarter of 2024 which ended March 31, 2024, as well as corporate progress and other developments. T ...