The following is a summary of the Data Storage Corporation (DTST) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Data Storage Corporation reported a 20% increase in Q1 revenue, reaching $8.2 million.

• Gross profit increased by 42%, with the margin growing from 30% to 36%.

• The company achieved profitability with $11.9 million in cash and marketable securities, and no long-term debt.

• Annual recurring revenue (ARR) of approximately $18 million was reported.

• Recurring revenue margins typically range around 50%, but can fluctuate based on equipment sales and professional services.

• Data Storage Corporation reported Q1 EBITDA of $1.2 million for their CloudFirst segment, boasting a 30% EBITDA margin.

Business Progress:

• The company consolidated its flagship subsidiary into CloudFirst to optimize operations and improve resource allocation.

• New contracts were signed including an expanded contract with a multinational telecommunications company and a cloud migration contract with a division of one of the largest US insurance companies.

• An international expansion saw the opening of a CloudFirst Office in London.

• Strategies are being explored for potential acquisitions to support growth, with a focus on companies valued between $10M- $15M.

• There's a planned deployment of new equipment in September to cater to international clients, expected to increase international revenue by Q4.

• Multiple term sheets have been issued over the last six months indicating the company's continued interest in M&A opportunities for sustained long-term profitability.

More details: Data Storage IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.