Data Storage Corporation - DTST STOCK NEWS

Data Storage 's subsidiary CloudFirst announced its strategic global expansion plan, focusing on the UK and European markets where demand for IBM Power systems cloud services is rising. The company plans to establish partnerships with data centers, cloud service providers, MSPs, and software vendors to create a collaborative network enhancing cloud offerings for enterprises running IBM Power-based applications. CloudFirst, known in North America for specialized IBM Power systems cloud services, aims to replicate its success internationally through carefully selected partnerships that ensure high-quality support and seamless integration of business-critical applications globally.

Data Storage (DTST) reported financial results for Q3 2024, achieving profitability for both three and nine-month periods. The company generated $5.8 million in Q3 sales and $19.0 million for the nine months ended September 30, 2024. Despite a slight revenue decline, gross profit increased by 8.7% with gross margin improving over 400 basis points to 43.2%. The company expanded partnerships, launched a new data center in Chicago, and established UK presence. DTST maintains a strong financial position with $11.9 million in cash and marketable securities with no long-term debt.

Data Storage 's subsidiary CloudFirst has secured a six-figure subscription-based contract with the Canadian division of a Japanese motorsports manufacturer. The agreement involves providing advanced data storage and cloud solutions to enhance the client's IT resilience and operational efficiency. The contract demonstrates DSC's capability to deliver secure, scalable IT solutions for critical data protection and operational continuity. The Company will provide cloud infrastructure and data protection solutions to support the manufacturer's operations.

Data Storage (Nasdaq: DTST) has appointed Colin Freeman as Managing Director of CloudFirst Europe to oversee the company's expansion into the European market, initially focusing on the United Kingdom. Freeman brings over 30 years of business leadership experience in strategic planning and sales execution. His previous roles include positions at Digital Realty, Verizon Enterprise Solutions, and Dun & Bradstreet, as well as founding Frequent Consulting The appointment aligns with CloudFirst's strategy to expand its cloud infrastructure and disaster-recovery solutions in the European market.

Data Storage (Nasdaq: DTST) has announced a conference call scheduled for November 14, 2024, at 11:00 a.m. Eastern Time. The call will discuss the company's third quarter 2024 financial results for the period ended September 30, 2024, along with corporate progress and developments.

Participants can join via telephone (toll-free 877-451-6152 for U.S. callers, +1-201-389-0879 for international) or webcast. A replay will be available through November 14, 2025, on the company's website, and by telephone until November 21, 2024.

Data Storage (DTST) reports significant progress at its CloudFirst Technologies subsidiary. The company serves over 425 clients with expected annual recurring revenue of over $20.0 million for 2025, and current remaining contract value exceeding $31.0 million. CloudFirst maintains a 90%+ contract renewal rate and is expanding into the UK market in Q1 2025. The company successfully integrated Flagship Solutions Group, which transformed from negative EBITDA in 2022 to positive EBITDA in 2023. The integration has enhanced operational efficiency through consolidated technical teams and unified monitoring systems.

Data Storage (Nasdaq: DTST), a provider of diverse business continuity solutions, announced its participation in the MicroCap Rodeo Fall Conference on October 16th, 2024, in New York City. CEO Chuck Piluso and CFO Chris Panagiotakos are scheduled to present at 10:00 a.m. ET.

The presentation will be webcast live and available for replay at a specific URL and on the company's investor relations website. Management will also host 1x1 meetings with approved investors throughout the conference. Interested parties can find information and registration details for the conference on the MicroCap Rodeo website.

Data Storage (Nasdaq: DTST) announced that its subsidiary, CloudFirst, has secured an expanded agreement through its infrastructure partner, servicing a billion-dollar insurance company. The client, already using DSC's security services for their IBMi system, has now opted to enhance their disaster recovery capabilities by moving to a fully managed hosted target system.

The expanded agreement includes cloud backup, backup management, and replication management services. This solution allows the client to avoid the cost of acquiring new hardware while benefiting from DSC's fully managed services, ensuring continuous monitoring, backup, and support for maximum uptime and security.

Hal Schwartz, President of CloudFirst, emphasized the company's role as a trusted partner for sensitive data. Chuck Piluso, CEO of Data Storage , highlighted the collaboration with infrastructure partners to create seamless solutions, particularly utilizing DSC's IBM Power Cloud expertise.

Data Storage (Nasdaq: DTST) announced that its subsidiary, CloudFirst, has signed a new hosting agreement with a nationally ranked academic medical center through one of its cloud infrastructure partners. The agreement involves providing a fully managed IBM cloud-based service for the medical center's servers, including system monitoring, data protection, and recovery. This collaboration highlights DSC's expertise in delivering secure and tailored cloud solutions for healthcare institutions.

Hal Schwartz, President of CloudFirst, emphasized that their solution allows the medical center to focus on patient care and research while avoiding the cost and complexity of managing hardware. Chuck Piluso, CEO of Data Storage , stated that this partnership reflects their commitment to providing secure, flexible, and customized cloud solutions for the healthcare industry.