New York, NY – Data Storage Corporation, a Nasdaq-listed company, held its fourth-quarter 2023 earnings conference call on March 28, 2024, featuring key executives discussing the company’s financial performance and strategic outlook.

During the call, Chairman and CEO Charles Piluso highlighted the company’s record revenue of around $25 million for the 2023 fiscal year, citing an 18.5% increase in gross profit and a rise in gross profit margin to 38.4%. He expressed confidence in the company’s growth strategies, including the merger of CloudFirst and Flagship, as well as plans to expand into international markets.

Additionally, Hal Schwartz, President of CloudFirst, discussed the progress of the company’s international distribution efforts, particularly in the United Kingdom. With a focus on tapping into underserved markets, the company aims to establish partnerships and distribution networks to meet the global demand for its cloud infrastructure solutions.

Furthermore, CFO Chris Panagiotakos provided financial insights, reporting a 5% increase in total revenue to $25 million for the year ended December 31, 2023. He noted improvements in collections and the company’s strong balance sheet, with over $12.7 million in cash and marketable securities and no long-term debt.

The executives emphasized the company’s ongoing efforts to drive revenue growth, secure new contracts, and enhance client relationships. By leveraging existing customer relationships and expanding distribution channels, Data Storage Corporation aims to capitalize on opportunities for upselling and cross-selling its products and services.

In conclusion, the company remains optimistic about its future prospects, with a strong focus on sustained profitability, international expansion, and strategic acquisitions to support its growth initiatives. The call concluded with Chairman Charles Piluso thanking participants for their attendance and expressing confidence in the company’s business outlook.