Data Storage Corporation reported financial results for the third quarter ended September 30, 2024, on November 14, 2024. The company achieved profitability for both the three and nine months ended September 30, 2024, marking important progress.
Total sales for the third quarter were $5.8 million, a slight decline from the previous year, which aligns with the company's strategic focus on building high-margin recurring subscription revenue. Gross profit increased by 8.7%, and the gross profit margin improved by over 400 basis points to 43.2% for the quarter.
The company maintained a strong financial position with approximately $11.9 million in cash and marketable securities and no long-term debt. Strategic achievements included expanding contracts with a billion-dollar insurance firm, a leading medical center, and a music publishing organization, alongside the launch of a new data center in Chicago and expansion into the UK market.
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