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Data Storage Corporation (DTST+7.51%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which include providing enterprise cloud and business continuity solutions through its subsidiaries CloudFirst Technologies, CloudFirst Europe, and Nexxis Inc. The company's services are focused on managed cloud hosting, disaster recovery, cybersecurity, and IT automation.
Revenue for the year ended December 31, 2024, increased by approximately 2% to $25,371,303 compared to the previous year. The company derives its revenue from infrastructure and disaster recovery/cloud services, managed services, equipment and software sales, and Nexxis VoIP and internet access services.
Cost of sales for the year decreased by 7% to $14,267,936, primarily due to a reduction in one-time equipment and managed services related costs.
Selling, general, and administrative expenses increased by 13% to $11,023,476, which includes higher professional fees and stock-based compensation expenses.
Net income for the year was $513,072, up from $299,316 in the previous year. The company attributes this increase to improved operating efficiency and cost management.
As of December 31, 2024, Data Storage Corporation had total assets of $25,280,215 and total liabilities of $4,108,250, resulting in a stockholders' equity of $21,171,965.
The company did not declare or pay any dividends on common stock during the fiscal year and does not anticipate paying dividends in the foreseeable future.
The filing also outlines the company's strategic focus on expanding its cloud footprint and cross-selling its solutions to meet the evolving needs of its clients, particularly in high-value verticals such as finance, healthcare, and insurance.
Data Storage Corporation operates in a highly competitive market for cloud solutions, facing competition from both traditional infrastructure providers and cloud service providers.
The company continues to invest in its infrastructure and services, including compliance with various regulatory frameworks such as HIPAA and HITECH for its healthcare clients.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Data Storage Corporation annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.