Data Storage reports 2022 EPS (64c) vs. 3c last year

Reports revenue $23.9M vs. $14.9M last year. Chuck Piluso, CEO of Data Storage Corporation, commented, "We made meaningful progress the past year and achieved a 60% increase in revenue to $23.9 million for 2022. Additionally, we reported positive adjusted EBITDA for the full year. While we witnessed strong year-over-year growth, we also implemented several important strategic initiatives that we believe will enable us to further accelerate growth and streamline the organization to ensure sustained profitability within each of our business subsidiaries. Validating our efforts, our CloudFirst subsidiary generated $11.5 million of revenue with an EBITDA margin of 27% and $1.9 million of net income in 2022, on a standalone basis. Moving forward, we plan to replicate this success across each of our business segments, including Flagship, which we acquired in 2021. Specifically, our vision is to grow recurring revenue. Today, our sales and marketing teams are focused on building Flagship’s monthly recurring solutions and providing these solutions to new and existing clients while we continue to provide equipment and software to our clients. We also believe that investing in this recurring revenue strategy is aligned with the overall market as customers are working to outsource services and migrate to cloud-type solutions. We have also realigned management and sales personnel to allocate resources towards services and verticals that we believe will generate the greatest return on capital, with a focus on areas such as cyber security and migration of customers to cloud-based solutions and long-term contracted managed services. These cloud-based solutions represent large addressable markets, where we are gaining traction, and have positioned ourselves as a leader in the market. At the same time, we continue to carefully manage expenses, and have maintained a strong balance sheet with approximately $11.3 million in cash and short-term investments. Overall, we are executing on our business growth strategy and look forward to providing meaningful updates to shareholders as developments unfold."