Data Storage Corp (NAS:DTST)

Q3 2024 Data Storage Corp Earnings Call Transcript

Nov 14, 2024 / 04:00 PM GMT

Release Date Price: $3.88 (-24.51%)

Transcript 10-Q8-K

Key Points

Positve

Data Storage Corp (DTST) achieved a gross profit margin of 43.2% in Q3 2024, up from 38.9% in the same period last year.
The company expanded its presence into high-growth, highly regulated sectors, securing significant contracts in the insurance, healthcare, and education sectors.
DTST's Cloud First subsidiary achieved $5.5 million in revenue for the third quarter and positive net income, with a projected recurring revenue of over $20 million for 2025.
The company has a strong financial position with $11.9 million in cash and marketable securities and no long-term debt.
DTST has a high client renewal rate of over 90%, indicating strong customer satisfaction and retention.

Negative

Total revenue for Q3 2024 was $5.8 million, a decrease of 3% compared to the same period last year.
The decrease in revenue is attributed to lower one-time equipment and software sales and a decrease in managed services.
Selling, general, and administrative expenses increased by 10% for the three months ended September 30, 2024, compared to the same period last year.
Net income attributable to common shareholders decreased to $122,000 for Q3 2024, compared to $179,000 for the same period last year.
The company faces risks related to its ability to benefit from the IBM cloud migration, maintain NASDAQ listing, and position itself for future profitability.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

DTST.OQ - Data Storage Corp
Q3 2024 Data Storage Corp Earnings Call
Nov 14, 2024 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to the Data storage Corporation 2024 fiscal third quarter, business update.

At this time. All participants are in a listen-only mode. A brief question and answer session will follow the formal presentation.

If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.

As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Alexandra Schul Investor Relations. Thank you. You may begin.

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Unidentified_2 [2]
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