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Data Storage Corporation reports corporate updates for a Nasdaq-listed technology services issuer whose continuing operating base is Nexxis Inc. Nexxis provides Voice over Internet Protocol, Unified Communications and dedicated internet connectivity as part of the company’s service offering.
Recurring developments include fiscal results, business update calls, governance and executive compensation actions, capital allocation, warrant-related matters, tender-offer activity, and the completed divestiture of the CloudFirst cloud solutions business. Company updates also describe its strategy around recurring-revenue technology services, including areas such as GPU infrastructure, AI-enabled software, cybersecurity and voice/data telecommunications.
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.
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