The following is a summary of the Data Storage Corporation (DTST) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Data Storage Corp reported a revenue of approximately $25 million in 2023, and its gross profit increased by 18.5%.

• Gross profit margin improved to 38.4% from 33.9% in 2022.

• The firm recorded a net income of approximately $2.6 million from its CloudFirst business and $28,000 from its Flagship business.

• Data Storage foresees improvements in margins and overall profitability in the years to come as it predicts revenue growth in 2024.

• The company ended the year with over $12.7 million in cash and marketable securities, over $11 million in working capital, and no long-term debt.

Business Progress:

• The company intends to expand by merging CloudFirst and Flagship businesses, strategizing on the distribution channels, and expanding into international markets, starting with the UK.

• Data Storage has over 25,000 organizations on its potential clients' list for implementing their services.

• It has secured several new contracts, including expanding contracts with a Forbes Global 2000 company and obtaining a contract with a leading promotional company, a large US food distributor, and a global telecommunications company.

• Effective expense management is a part of their approach, and they are also considering potential strategic acquisitions for supporting their growth plans.

More details: Data Storage IR

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