Reports FY24 revenue $25.37M vs $24.96M last year. “We made consistent progress in 2024 – both financially and strategically,” said Chuck Piluso, CEO of Data Storage (DTST) Corporation. “To start, total revenue for the year increased to $25.4 million, a modest 2% gain from 2023, reflecting a shift from lower-margin, one-time equipment sales toward long term, recurring subscription revenue streams. This strategy builds on our already $39.2 million remaining contract value with disaster recovery and cloud hosting solutions. Importantly, we ended the year with an estimated $22 million Annual Recurring Revenue run rate, demonstrating the scalability and consistency of our subscription-based model with over 80% of our revenue recurring. Furthermore, net income rose approximately 71% to $513 thousand, while Adjusted EBITDA* increased to $2.37 million – both strong indicators of improved margins and greater operational efficiency. Finally, with $12.3 million in cash and marketable securities and no long-term debt, we remain well-positioned to invest in future growth.”
