Data Storage Q1 revenue up 20% to $8.2M; gross margin expands to 36%; achieves profitability

Data Storage Corp

2024-Q1 EPS reported $0.05 revenue$8,235,747

Revenue $8.2M (+20% YoY); gross profit +42%, margin 36% vs 30% last year.
Achieved profitability in Q1 2024; cash and marketable securities $11.9M.
Consolidated CloudFirst and Flagship subsidiaries to streamline operations.
New contracts: expanded with major global telecom; won contract with largest US insurance company.
Opened London office and moved to expanded headquarters in Melville, NY.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Data Storage Corp reported the fiscal quarter ended March 31, 2024 results: revenue $8.2 million.

Period: the fiscal quarter ended March 31, 2024
Revenue: $8.2 million
Result: reported results

Exact text from the filing

new contracts with high profile clients, as well as streamlined operations for improved operations. As a result of our efforts, we witnessed a 20% increase in revenue to $8.2 million for the first quarter of 2024. Notably, our gross profit grew 42% with gross profit margin increasing to 36% for the first quarter of 2024 from 30% for the same period in

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Source: SEC EDGAR

accession 0001731122-24-000804

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