[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 ...

Turning $1,000 into $100,000 takes a bit of luck and a ton of tolerance for risk. But for those seeking potentially life-changing returns, micro-cap growth stocks may offer that lottery ticket-like upside. Though finding the next 100x bagger is like searching for a needle in a haystack, a small portion of your portfolio in carefully-selected speculative bets could pay off enormously if just one hits it big.But before jumping in, a word of caution. Dilution kills returns in micro-caps. Many unprofitable star ...

Unless you’ve been living under a rock, you must know that artificial intelligence (AI) stocks have been the hottest investments over the past year. It seems every month another AI-related company is soaring to new highs as investors scramble to get a piece of the action. The fear of missing out (FOMO) is real, and it’s not hard to see why. AI is transforming industries left and right, and the growth potential of this sector is truly mind-boggling.However, many of the high-flying AI stocks you’re hearing ab ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________to____________________________ Commission File No. 000-54579 DATA STORAGE CORPORATION (Exact name of registrant as specified in its charter) Nevada 98-0530147 (State ...

Data Storage Corporation (NASDAQ:DTST) Q4 2023 Earnings Conference Call March 28, 2024 11:00 AM ET Company Participants David Waldman - IR Charles Piluso - Chairman & CEO Chris Panagiotakos - CFO Hal Schwartz - President, CloudFirst Conference Call Participants Matthew Galinko - Maxim Group Operator Greetings. Welcome to Data Storage Corporation 2023 Fiscal Year Business Update Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presenta ...

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 ...