Data Storage Corp Stock Price, News & Analysis

Data Storage (DTST) reported financial results for Q2 2024, highlighting increased gross profit margin and profitability achievement for H1 2024. Key points include:

- Revenue of $4.9 million in Q2 2024, down from Q2 2023 due to one-time equipment sales
- Gross profit margin increased to 49.0%, up 500 basis points from 43.7% in Q2 2023
- Achieved profitability for the six months ended June 30, 2024
- $13.1 million in sales for H1 2024
- Expanded into the UK with a new London office
- Deployed assets to a seventh data center in Chicago
- Maintained a strong balance sheet with $12 million in cash and marketable securities

CEO Chuck Piluso attributed the positive results to strategic growth efforts, including consolidations and expansions to support anticipated future growth.

Data Storage (Nasdaq: DTST) has announced a conference call scheduled for August 14, 2024, at 11:00 a.m. Eastern Time. The call will discuss the company's financial results for the second quarter of 2024, which ended on June 30, 2024, along with corporate progress and other developments. Investors can access the call via telephone or webcast. A replay of the webcast will be available on the company's website until August 14, 2025, while a telephone replay will be accessible until August 21, 2024. This update provides an opportunity for stakeholders to gain insights into DTST's performance and future outlook in the business continuity, disaster-recovery, cloud infrastructure, cyber-security, and IT automation sectors.

Data Storage 's subsidiary, CloudFirst, has expanded its contract with a major promotional products supplier. The new seven-figure contract follows CloudFirst's successful implementation of a comprehensive disaster recovery solution for the client in 2023. The expanded agreement includes migrating critical production systems to CloudFirst's Chicago data center, providing a fully monitored and managed private cloud infrastructure. This development showcases CloudFirst's growing market presence and ability to deliver high-value solutions. The contract expansion highlights the importance of geographically diverse data centers in meeting client needs for business continuity and cloud infrastructure services.

Data Storage (Nasdaq: DTST) announced the deployment of its seventh data center in Chicago, Illinois through its subsidiary, CloudFirst, on June 24, 2024. This strategic move aims to address the increasing demand for the company's disaster recovery, cloud infrastructure, cybersecurity, and IT automation services in the Midwest region. The new facility is designed to meet the highest standards of reliability and performance, enhancing geographic coverage and customer support. CEO Chuck Piluso highlighted that this expansion demonstrates the company's commitment to providing exceptional services and flexibility for current and future customers.

Data Storage (Nasdaq: DTST) announced the expansion of its contract with a leading global business process solutions provider. The six-figure deal, secured through its CloudFirst subsidiary, includes managed encrypted backup and recovery services alongside existing infrastructure solutions. CEO Chuck Piluso highlighted the agreement as a testament to DSC's ability to meet customer needs and capitalize on cross-selling opportunities from subsidiary consolidations.

Data Storage (Nasdaq: DTST) reported a 20% increase in revenue for Q1 2024, reaching $8.2 million. The company's gross profit grew by 42%, with margins improving to 36% from last year's 30%. CEO Chuck Piluso attributed this growth to new high-profile contracts and streamlined operations. The company achieved profitability for the quarter and consolidated its CloudFirst and Flagship subsidiaries to optimize operations and leverage technical teams. DSC also expanded its international presence by opening a London office and moving to a larger headquarters in Melville, NY. The company reported a strong balance sheet with $11.9 million in cash and marketable securities.

Data Storage (Nasdaq: DTST) announced the opening of a CloudFirst London office, solidifying its international presence. The move aims to serve a global clientele by expanding into the UK market and fostering partnerships with Kanso Digital. Led by Salvatore Esposito, the strategic relationship will enhance CloudFirst's growth in the UK, capitalizing on the market's interest in Power Cloud solutions.

Data Storage (Nasdaq: DTST) has scheduled a conference call to discuss its first quarter 2024 financial results. The call will cover corporate progress, developments, and will be available via telephone or webcast. The Company offers business continuity solutions for disaster recovery, cloud infrastructure, cybersecurity, and IT services.