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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.
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Data Storage Corporation (Nasdaq: DTST) announced that CEO Chuck Piluso will participate in the Benzinga All Access event on April 20, 2023, at 11:00 AM Eastern Time. This event, which can be viewed live here, blends interviews with investor presentations, showcasing insights from executives across various sectors. Data Storage Corporation specializes in business continuity solutions, including disaster recovery, cloud infrastructure, and cybersecurity services, catering to a diverse clientele from industries like government, education, and healthcare. The company is recognized as a leader in the growing business continuity market, leveraging subscriptions to ensure stable revenue streams. For more details, visit their official website here.
Data Storage Corporation (Nasdaq: DTST) reported a robust financial performance for the year ended December 31, 2022, achieving a 60% increase in revenue to $23.9 million. The CloudFirst subsidiary generated $11.5 million in revenue with a 27% EBITDA margin and $1.9 million in net income. CEO Chuck Piluso emphasized strategic initiatives aimed at growth, focusing on recurring revenue streams and cybersecurity services. The company maintains a strong balance sheet with $11.3 million in cash and short-term investments, positioning itself as a market leader in cloud-based solutions. A conference call is scheduled for March 31, 2023, to discuss these results further.