Data Storage Corp. (DTST) reports positive 2024 fiscal year results with increased revenue and net income.

From GlobeNewswire: 2025-03-31 08:30:00

Data Storage Corporation (DTST) expanded CloudFirst platform in 2024 with 4 new Tier III data centers in the UK and Chicago. Completed Flagship Solutions Group integration and secured major contracts across various sectors. Net income improved by approximately 71% compared to 2023, achieving Adjusted EBITDA of $2.37 million for 2024. Ends 2024 with $12.3 million in cash and marketable securities.

CEO Chuck Piluso highlighted the company’s progress in 2024, with total revenue increasing to $25.4 million, a 2% gain from 2023. The company shifted towards a recurring revenue model, ending the year with an estimated $22 million Annual Recurring Revenue run rate. Net income rose by 71% to $513 thousand, showcasing improved margins.

DTST expanded internationally with CloudFirst Europe Ltd. and domestically with a Tier III data center in Chicago. Completed Flagship Solutions Group integration enhanced operations. Key contracts secured in 2024 include engagements in motorsports, insurance, healthcare, and education sectors. The company is well-positioned to invest in future growth with $12.3 million in cash.

Adjusted EBITDA for 2024 was $2.37 million, a significant increase from 2023. For the year ended December 31, 2024, CloudFirst Technologies reported net income of $3.56 million, CloudFirst Europe Ltd. reported a net loss of $290 thousand, Nexxis Inc. reported a net loss of $94 thousand, and corporate reported a net loss of $2.67 million. Total net income was $513 thousand. Adjusted EBITDA was $5.47 million for CloudFirst Technologies, -$290 thousand for CloudFirst Europe Ltd., -$66 thousand for Nexxis Inc., and -$2.75 million for corporate, totaling $2.37 million.



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