Financial Performance - Data Storage Corporation reported record revenue of $25 million for the fiscal year 2023, an increase from $23.87 million in 2022, representing a growth of approximately 4.7%[3] - The company's recurring subscription-based services increased by 17% compared to the previous year, contributing to a gross profit growth of 18.5%[3] - Gross profit margin improved to 38.4% in 2023 from 33.9% in 2022, indicating effective strategic initiatives[3] - The company achieved net income of $299,316 for 2023, a significant turnaround from a net loss of $4.41 million in 2022[13] - Net income for 2023 was $299,316, a significant improvement from a net loss of $4,408,863 in 2022[15] Financial Position - Cash and marketable securities totaled over $12.7 million as of December 31, 2023, reflecting a strong balance sheet[3] - Total assets decreased to $23.3 million in 2023 from $24.1 million in 2022, primarily due to changes in current assets[11] - Total liabilities reduced to $3.55 million in 2023 from $5.14 million in 2022, indicating improved financial health[11] - Cash and cash equivalents at the end of the period decreased to $1,428,730 from $2,286,722 in 2022, showing a reduction in liquidity[15] Operational Performance - Net cash provided by operating activities increased to $3,873,047 from $663,801 in the previous year, reflecting a strong operational performance[15] - Capital expenditures rose to $(1,545,017) in 2023, compared to $(127,257) in 2022, indicating increased investment in growth[15] - Cash paid for interest decreased to $65,057 from $127,871, suggesting improved interest management[15] - Accounts receivable increased significantly to $2,242,864 from $(1,118,469), indicating a change in credit terms or sales growth[15] Strategic Initiatives - The company plans to advance growth strategies, including the CloudFirst and Flagship merger, to enhance revenue and profitability[3] - Data Storage Corporation is positioned to capitalize on the growing multibillion-dollar market opportunities in disaster recovery, cloud infrastructure, and cybersecurity[3] - The company anticipates continued improvement in margins and overall profitability in 2024 and beyond as revenue grows[3] Investment Activities - Net cash used in investing activities decreased to $(3,852,245) from $(9,138,225), reflecting a reduction in investment outflows[15] - The company received $1,699 from the exercise of stock options, down from $6,934 in the previous year, indicating lower stock option activity[15] - Total liabilities related to finance lease obligations decreased, with repayments of $(520,624) and $(359,869) for related and non-related parties respectively[15] Goodwill and Impairment - The company reported no impairment of goodwill in 2023, a notable recovery from $2,322,000 in 2022[15]

MELVILLE, N.Y, March 21, 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 its CloudFirst Solutions subsidiary has been selected by one of the largest United States insurance companies to migrate their data center to the cloud for one of the customer's divisions. In addition to the cloud migration, Data Storage Corporation ...

MELVILLE, N.Y., March 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 services, today announced that it plans to host a conference call at 11:00 a.m. Eastern Time on Thursday, March 28, 2024, to discuss the Company's financial results for the 2023 fiscal year ended December 31, 2023, as well as corporate progress and other developments. The co ...

MELVILLE, N.Y., March 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 services, today announced that it plans to host a conference call at 11:00 a.m. Eastern Time on Thursday, March 28, 2024, to discuss the Company's financial results for the 2023 fiscal year ended December 31, 2023, as well as corporate progress and other developments. The c ...

MELVILLE, N.Y., March 08, 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 has appointed Nancy M. Stallone, CPA, and Uwayne A. Mitchell, Esq., to the Company's Board of Directors. Ms. Stallone will also serve as a member of the Audit Committee. "Nancy and Uwayne bring extensive experience within their respective fi ...

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Data Storage Corporation (NASDAQ:DTST) Q3 2023 Earnings Conference Call November 14, 2023 10:00 AM ET Company Participants Alexandra Schilt - Director of Account Management, Crescendo Communications Charles Piluso - Chairman and Chief Executive Officer Chris Panagiotakos - Chief Financial Officer Hal Schwartz - President, CloudFirst Conference Call Participants Adam Waldo - Lismore Partners Nick Pinkus - Forest Capital Operator Greetings, and welcome to the Data Storage Corporation 2023 Fiscal Third Quarter ...

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) Commission File Number: 001-35384 DATA STORAGE CORPORATION (Exact name of registrant as specified in its charter) | Nevada | 98-0530147 | ...

Data Storage Corporation (NASDAQ:DTST) Q2 2023 Earnings Conference Call August 14, 2023 10:00 AM ET Company Participants David Waldman - Investor Relations Chuck Piluso - Chairman and Chief Executive Officer Chris Panagiotakos - Chief Financial Officer Conference Call Participants Matthew Galinko - Maxim Group Adam Waldo - Lismore Partners Operator Greetings, and welcome to the Data Storage Corporation 2023 Fiscal Second Quarter Business Update Conference Call. At this time, all participants are in a listen ...