Business
Data Storage Corporation Reports 236% Increase in Revenue and Achieves Profitability for the First Quarter of 2022
Management to host conference call today, May 16, at 10:00 AM Eastern Time MELVILLE, N.Y., May 16, 2022 (GLOBE NEWSWIRE) -- Data Storage Corporation (Nasdaq:
About this update from Data Storage Corporation
[{"type":"text","content":"Management to host conference call today, May 16, at 10:00 AM Eastern Time\nMELVILLE, N.Y., May 16, 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 data analytics solutions, today provided a business update and reported financial results for the first quarter ended March 31, 2022. Chuck Piluso, CEO of Data Storage Corporation, commented, “I am pleased to report we have witnessed increased sales, as well as an increase in monthly subscription services, which contributed to our revenue growth from $2.6 million to $8.7 million, a year-over-year increase of 236% for the first quarter of 2022. At the same time, we achieved positive net income and generated over $600 thousand of EBITDA (see reconciliation below). We continue to deliver critically required information technology solutions to a niche multi-billion-dollar market and have invested millions of dollars to establish ourselves as a leader within the IBM Power cloud infrastructure and disaster recovery industry. As anticipated, the Flagship merger has positioned us as a comprehensive one-stop-solutions provider with the ability to cross-sell solutions across our respective clients. The synergies of the merger are already evident, as illustrated by the multi-million-dollar contract with a highly recognized national sports team announced earlier this year, as well as our expanded our partnership with the Professional Fighters League. The sports industry represents just one of several key markets we are targeting for our solutions. Importantly, we believe we are extremely well positioned to take advantage of the ever increasing market demand for cloud infrastructure services, disaster recovery, cyber security, and data analytics/AI markets, which we believe will translate to accelerated revenue growth, especially as more companies migrate their IBM Power infrastructure to the cloud.” “Overall, we continue to execute on our business growth strategy, which has resulted in transformational acquisitions, as well as significant contracts and new partnerships. We have built a robust proposal pipeline to support our growth, while at the same time, we are increasing our sales force, expanding our marketing initiatives, as well as ...