Financial Performance - Data Storage Corporation achieved $19.0 million in sales for the nine months ended September 30, 2024, with $5.8 million in sales for the third quarter[2]. - Sales for Q3 2024 were $5,808,835, a decrease of 3% compared to $5,986,625 in Q3 2023[11]. - Gross profit increased to $2,511,671 in Q3 2024, up 8% from $2,330,354 in Q3 2023[11]. - Net income attributable to common stockholders was $122,397 in Q3 2024, down 32% from $179,011 in Q3 2023[11]. - Net cash provided by operating activities decreased significantly to $552,590 in 2024 from $2,161,424 in 2023[12]. - Interest income increased to $160,770 in Q3 2024, compared to $152,471 in Q3 2023[11]. - The company reported a loss from operations of $25,830 in Q3 2024, compared to income of $14,141 in Q3 2023[11]. Profitability and Margins - Gross profit margin increased over 400 basis points to 43.2% for the third quarter of 2024, with gross profit rising by 8.7%[1][2]. Assets and Liabilities - Total assets increased to $24.2 million as of September 30, 2024, compared to $23.3 million at the end of 2023[10]. - Total liabilities stood at $3.6 million as of September 30, 2024, slightly up from $3.5 million at the end of 2023[10]. - Stockholders' equity increased to $20.6 million as of September 30, 2024, compared to $19.8 million at the end of 2023[10]. Cash and Investments - The company has approximately $11.9 million in cash and marketable securities and no long-term debt, providing flexibility for strategic investments[3]. - Cash and cash equivalents at the end of the period were $513,718, down from $993,388 in the previous year[12]. - Capital expenditures for Q3 2024 were $1,116,008, a reduction from $1,246,996 in Q3 2023[12]. Strategic Initiatives - A new data center was launched in Chicago to support the growing U.S. customer base, enhancing reliability and capacity[2]. - Data Storage Corporation expanded its presence in the UK market and integrated Flagship Solutions, positioning for accelerated growth in Europe[2]. - The company secured a contract with a leading medical center for compliant cloud hosting, strengthening its position in the healthcare sector[2]. - A six-figure contract was obtained with a music publishing organization in education, showcasing adaptability to diverse industries[2]. Risk Management - The company recognized a provision for credit losses of $25,541 in Q3 2024, indicating a new strategy to address potential financial risks[12]. Shareholder Information - The weighted average number of shares - diluted increased to 7,340,545 in Q3 2024 from 7,246,250 in Q3 2023[11].
Data Storage (DTST) - 2024 Q3 - Quarterly Results