Business
Data Storage Corporation Reports 14% Increase in Revenue for the Third Quarter of 2022
MELVILLE, N.Y., Nov. 15, 2022 (GLOBE NEWSWIRE) -- Data Storage Corporation (Nasdaq: DTST) (“DSC” and the “Company”), a provider of diverse business continuity
About this update from Data Storage Corporation
[{"type":"text","content":"MELVILLE, N.Y., Nov. 15, 2022 (GLOBE NEWSWIRE) -- Data Storage Corporation (Nasdaq: DTST) (“DSC” and the “Company”), a provider of diverse business continuity solutions for disaster-recovery, cloud infrastructure, cyber-security, and IT services, today provided a business update and reported financial results for the third quarter ended September 30, 2022. Chuck Piluso, CEO of Data Storage Corporation, commented, “We continue to witness strong year-over-year sales growth, as evidenced by our revenue of $4.4 million for the third quarter of 2022, representing an increase of 14%. Notably, our revenue for the nine-month period increased 80% to $17.9 million when compared to the same period in 2021. Our decades of experience providing an array of multi-cloud information technology solutions, properly allocated investments, and highly skilled employees have been the foundation to our success and has allowed us to establish a leadership position as more and more companies migrate their IBM Power infrastructure and disaster recovery to the cloud. We are actively penetrating billion-dollar markets, while executing on our strategy of securing high-margin, recurring, subscription-based cloud and managed services contracts. While we achieved positive adjusted EBITDA for the quarter, we are undertaking activities that we anticipate will further improve our margins and profitability, as well as accelerate our growth, including realigning management and streamlining operations. Overall, we have maintained a solid balance sheet with over $11 million of cash and cash equivalents providing us sufficient runway to execute on our growth strategy and further penetrate these large markets.” Conference Call The Company plans to host a conference call at 10:00 am ET today, November 15th, 2022, to discuss the Company's financial results for the third quarter ended September 30, 2022, as well as corporate progress and other developments. The conference call will be available via telephone by dialing toll-free 888-506-0062 for U.S. callers or for international callers +1 973-528-0011 and entering access code: 538563. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2763/47023, or on the Company’s News & Events section of the website, https://www.dtst.com/news-events/ir-calendar. A webcast replay of the call will be availab...