Data Storage Corporation: Fiscal 4Q21 Financial Results

Data Storage Corporation reported financial results for the fourth quarter and year ended December 31, 2021.

Chuck Piluso, CEO, commented: “I am pleased to report we achieved revenue growth of 97.1% and 59.6% for 4FQ21 and FY21, respectively. We also achieved positive adjusted EBITDA for both the fourth quarter and full year. Importantly, we are successfully executing on our strategy to establish the company as a leading provider of business continuity solutions, ranging from Managed Cloud Infrastructure to cybersecurity, direct internet access, VoIP integration with Microsoft Teams, and an array of managed services. It is clear that digital infrastructure, data integrity and disaster recovery is more critical than ever given the heightened risks of cyber attacks from foreign nations and rogue actors. We have been protecting our clients’ data and providing secure hosting environments for over 15 years, we provide a complete end-to-end security and data recovery offering. Not all attacks or natural disasters can be avoided and it is crucial that organizations backup encrypted data offsite, so information can be recovered, restored and available within the committed client’s timeframe.”

“2021 was a transformational year for the Company as we completed the merger with Flagship Solutions, LLC, a leading provider of IBM solutions, managed services and cloud solutions. This acquisition complements our overall business strategy and expands our offering with an impressive roster of tier-1 customers. We are already realizing the synergies of this acquisition, as illustrated by increased cross-selling activity and a multi-million dollar contract with one of the nation’s premier professional sports teams, which we expect to recognize as revenue in the first quarter of 2022. We are also expanding domestically and internationally, with the opening of operations in Austin, TX, as well as in Canada through the addition of 2 new data centers and our partnership with Able-One.”

“Looking ahead, we are more encouraged than ever by the outlook for the business. We have increased our sales pipeline to over $20 million and are growing our subscription revenue, which provides long-term and high margin revenue streams. Our customer base now includes more than 400 companies served and 30 active distribution companies. We are also increasing our sales force, expanding our marketing initiatives and investing in personnel and infrastructure to support our continued growth. Overall, our solutions address a rapidly growing multi-billion-dollar market, which is accelerating as more companies migrate their IBM Power infrastructure to the cloud.“

Earnings call transcript