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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