Q2 2024 Data Storage Corp Earnings Call Transcript
Key Points
- Gross profit margin increased to 49% in Q2 2024, up from 43.7% in the same period last year.
- Achieved $13.1 million in revenue and profitability for the first six months of 2024.
- Expanded headquarters in Melville, New York, increasing space by nearly 40% with minimal impact on expenses.
- Secured significant contracts, including a seven-figure agreement with a major supplier of promotional products.
- International expansion with a new office in London and deployment of infrastructure in two UK data centers.
- Total revenue for Q2 2024 decreased by approximately $1 million or 17% compared to Q2 2023.
- Net loss attributable to common shareholders for Q2 2024 was $244,000, compared to net income of $226,000 in Q2 2023.
- Selling, general, and administrative expenses increased by 13% in Q2 2024 compared to Q2 2023.
- Adjusted EBITDA for Q2 2024 was $164,000, down from $350,000 in the same period last year.
- Dependence on lumpy equipment sales cycles, which can affect revenue stability.
Greetings, and welcome to the Data Storage Corporation 2024 fiscal second quarter business update conference call.
(Operator Instructions)
It is now my pleasure to introduce your host, Alexandra Schilt of Investor Relations. Thank you. You may begin.
Thank you. Good morning, everyone, and welcome to Data Storage Corporation's 2024 second quarter business update conference call.
On the call with us this morning are Chuck Piluso, Chairman and Chief Executive Officer; and Chris Panagiotakos, Chief Financial Officer.
The company issued a press release this morning containing its 2024 second quarter financial results, which is also posted on the company's website. If you have any questions after the call and would like any additional information about the company, please contact Crescendo Communications at 212--671-1020.
Before we begin, I'd like to remind listeners that this conference call contains forward-looking statements within the meaning of
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