Data Storage Corporation recently released its financial report for the year ending December 31, 2024, revealing significant advancements in both financial performance and strategic initiatives.
Financial Highlights
- Net Income Surge: The company recorded a remarkable 71% increase in net income, reaching $513,000 for the fiscal year.
- Revenue Growth: Total revenue for 2024 reached $25.4 million, marking a 2% increase from 2023, attributed to a transition towards more sustainable subscription revenue.
- Adjusted EBITDA: The company reported an Adjusted EBITDA of $2.37 million, indicating greater operational efficiency.
- Strong Financial Position: Data Storage Corporation ended the year with $12.3 million in cash and marketable securities, and no long-term debt, positioning itself well for future investments.
Strategic Expansion
- CloudFirst Platform Growth: The platform expanded to include 10 Tier III data centers worldwide, with new locations in the UK and Chicago, enhancing multi-cloud services and operational continuity.
- International Ventures: The launch of CloudFirst Europe Ltd. and the establishment of three data centers in the UK aim to strengthen its global footprint.
- Integration of Flagship Solutions Group: This move has streamlined operations within the CloudFirst Technologies subsidiary, enhancing service delivery and cross-sell opportunities.
- Major Contract Acquisitions: New contracts across the motorsports, healthcare, and education sectors underline the company’s capability in delivering compliant, high-performance infrastructure solutions.
Future Outlook
CEO Chuck Piluso emphasized the company’s commitment to a recurring revenue model, highlighting a substantial $22 million run rate in Annual Recurring Revenue. He expressed optimism about the company’s strategic positioning to meet the growing global demand for enterprise-grade cloud solutions. The successful integration of the Flagship Solutions Group further strengthens the company’s operational framework and enhances its service offerings.
The company hosted a conference call on March 31, 2025, to discuss these results in detail, with a replay available on their website until September 30, 2025. This ongoing communication reflects Data Storage Corporation’s focus on transparency and stakeholder engagement.