DTST 2026년 2분기 실적 발표 콘퍼런스 콜: 매출 9.3% 증가, M&A 파이프라인 활발

핵심 요약

• 데이터 스토리지 코퍼레이션(Data Storage Corporation, NASDAQ: DTST)은 신규 넥서스(Nexus) 고객 유치와 기존 고객의 지출 증가에 힘입어 2026년 2분기 계속영업 매출이 전년 동기 대비 9.3% 증가한 35만 9,000달러를 기록했다고 발표했습니다.
• 유리한 매출 구성과 영업 레버리지 효과로 매출총이익은 16만 8,000달러로 21.9% 증가했으며, 매출총이익률은 42.1%에서 47.0%로 개선되었습니다.
• 판매비와 관리비(SG&A)가 150만 달러로 33.2% 증가함에 따라 보통주 주주 귀속 순손실은 73만 2,000달러에서 120만 달러로 확대되었습니다.
• DTST는 2026년 6월 30일 기준 장기 부채 없이 약 930만 달러의 현금 및 매도가능증권을 보유하며 분기를 마감했습니다.
• 경영진은 반복적인 매출, 예측 가능한 현금 흐름, 유능한 경영진 등을 주요 기준으로 삼아 AI 인프라, 사이버 보안, 통신, 소프트웨어 분야 전반에서 인수 기회를 검토하고 있습니다.
• 회사는 45일에서 60일 이내에 비구속적 의향서(LOI)를 체결하고 2026년 4분기 또는 2027년 1분기에 인수 거래를 완료하는 것을 목표로 하고 있으나, 경영진은 현재 진행 확정된 거래는 없다고 강조했습니다.

주요 재무 데이터

판관비 증가에는 비현금성 주식 기반 보상비용의 32만 8,000달러(99.1%) 증가와 법률 및 컨설팅 서비스 관련 전문 수수료의 5만 8,000달러(26.2%) 증가가 포함되었습니다.

사업 및 영업 실적

2025년 9월 11일 4,000만 달러 규모의 클라우드 퍼스트(Cloud First) 매각 이후, DTST의 계속영업 부문은 주로 자회사인 넥서스(Nexus)로 구성되어 있습니다.

넥서스는 관리형 기업용 음성, 인터넷, 데이터 전송 및 SD-WAN 서비스를 제공합니다. 2분기 성장에는 신규 고객 증가, 기존 고객의 지출 확대, 음성 및 데이터 연결 서비스의 도입 확대가 반영되었습니다.

경영진은 넥서스를 DTST의 반복적 매출을 창출하는 영업 기반으로 설명했습니다. 회사는 넥서스의 성장을 지원하는 동시에 GPU 인프라, AI 기반 소프트웨어, 사이버 보안 및 통신 분야에서 인수 및 전략적 투자를 추진할 계획입니다.

DTST는 매도가능증권 처분 대금 중 2,950만 달러를 사용하여 2026년 1월 15일에 종료된 공개매수를 통해 보통주를 매입했습니다.

경영진 전망

경영진은 M&A 추적 대상에 검토된 약 124개 기업이 포함되어 있다고 밝혔습니다. 몇몇 기회는 추가 실사 단계로 진전되었으나, DTST는 아직 인수 거래를 실행할 준비가 되지 않았습니다.

회사는 검증된 제품, 반복적인 매출, 공고한 고객 관계, 지속 가능한 수익 잠재력, 그리고 회사에 잔류할 의향이 있는 경영진을 보유한 기업에 우선순위를 두고 있습니다. 잠재적인 거래 구조는 선급 현금, 주식, 그리고 성과 기반 언아웃(earn-out)의 결합 형태가 될 수 있습니다.

찰스 필루소(Charles Piluso) CEO는 DTST가 45일에서 60일 이내에 비구속적 의향서를 체결하기를 희망한다고 밝혔습니다. 경영진의 목표는 전략적 및 재무적 기준에 부합하는 기회를 찾는 것을 전제로 2026년 4분기 또는 2027년 1분기까지 거래를 종결하는 것입니다.

리스크 및 관전 포인트

• DTST는 주식 기반 보상비용과 전문 수수료 증가로 분기 순손실이 확대되며 적자 상태를 유지하고 있습니다.
• 경영진은 매도자의 비현실적인 기업가치 평가를 M&A 시장의 주요 장애물로 꼽았습니다.
• 회사는 아직 인수 대상을 선정하지 않았으며, 기준에 미달하는 거래를 추진하기보다 자금을 보존할 것임을 강조했습니다.
• 경영진은 DTST의 가용 현금이 거래 규모를 제한하므로 언아웃 및 절제된 거래 구조의 중요성이 더욱 커진다고 지적했습니다.
• 검토 중인 일부 기회에는 부실 기업이나 신규 자금이 필요한 사업이 포함되어 있어 실행 및 통합 과정에서 불확실성을 초래합니다.

애널리스트 Q&A 하이라이트

M&A 환경에 대한 질문에 경영진은 많은 역합병 후보 기업들이 매출이 부족하거나 근거 없는 기업가치를 요구했다고 답했습니다. DTST는 실용적인 지적 재산, 고객 수요, 신뢰할 수 있는 리더십을 갖춘 틈새 사이버 보안 소프트웨어, GPU 인프라, 소버린 AI 및 통신 사업에 더 큰 관심을 가지고 있습니다.

경영진은 또한 자금 조달이 어려워질 때 이전에 검토했던 기업들이 보다 현실적인 조건으로 다시 접촉해 올 수 있음을 확인했습니다. DTST는 소프트웨어, 사이버 보안 및 GPU 인프라 분야의 경험을 갖춘 외부 기술 자문단을 활용해 제품 및 시장 타당성을 평가하고 있습니다.

거래 구조와 관련해 경영진은 기업이나 과반 지분을 인수한 뒤 해당 사업을 신설 자회사에 두고 성장 자금을 제공하는 방식을 선호한다고 밝혔습니다. 선급 대가는 성과 기준과 연동된 언아웃과 결합될 가능성이 높습니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Thank you. Greetings and welcome to the Data Storage Corporation second quarter 2026 earnings call. [Operator Instructions] This conference is being recorded. It is now my pleasure to introduce Alexandra Schilt, Investor Relations. Thank you. You may begin.

Alexandra Schilt

Thank you. Good morning, everyone, and welcome to Data Storage Corporation's 2026 Second Quarter Business Update Conference Call. The call with us this morning are Chuck Piluso, Chairman and Chief Executive Officer, and Christos Panagiotakos, Chief Financial Officer. The company issued a press release this morning containing its 2026 second quarter financial results, which is also posted on the company's website. If you have any questions after the call or would like any additional information about the company, please feel free to reach out to us at the company's website. Please contact Crescendo Communications at 212-671-1020.

Before we begin, please note that today's call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to various risks and uncertainties described in the company's filings with the SEC. Except as required by law, the company assumes no obligation to update or revise forward-looking statements. I'd now like to turn the call over to Chuck Piluso. Please go ahead, Chuck.

Charles Piluso

Thank you, Ali. Good morning, everyone. We appreciate everyone joining us today. The second quarter advanced transformation of Data Storage Corporation following the sale of Cloud First. Operating from a focused position with a clear mandate, deploy capital with discipline, explore acquisitions, building sustainable recurring revenue, consider opportunities for merging, and meaningful value for shareholders. There are three points I want investors to take away from this call today. First, Nexus is performing. The revenue from continuing operations increased 9.3% year over year, and the business delivered year-over-year growth in both revenue and gross profit. Nexus gives us recurring revenue and operating foundation in communications and connectivity while we execute a broader strategy.

Second, our balance sheet, it gives us the ability to act. We ended the period with approximately $9.3 million in cash and marketable securities and no long-term debt, as well as a streamlined corporate structure. That capital is something we intend to deploy. We're not deploying capital just for the sake of doing transactions. We intend to be selective, valuation conscious, and focused opportunities where we believe we can build durable earning power. Third, our strategic pipeline is active. We are evaluating businesses and opportunities across AI infrastructure, cybersecurity, communications, software, and other related technology markets. Common thread is straightforward, becoming revenue, predictable cash flow, strong customer relations, capable management teams, and a path to operational and financial growth.

Our strategy is simple. Partner with technology businesses that have compelling products but need resources and capital to scale. We are focused on areas including GPU infrastructure, AI-enabled software, cybersecurity, and telecommunications. We believe the NASDAQ-listed platform and operating experience and our capital position can be meaningful advantages when paired with the right business. We're not trying to assemble a collection of unrelated assets. We're working to build a portfolio of technology businesses that are synergistic and the potential to scale. We also believe our current structure gives us several ways to create value. An acquisition adds recurring revenue and earnings. A strategic investment or partnership can provide exposure to attractive markets while allowing us to manage the risk. And internally developed initiatives can create additional opportunities when they are supported by customer demand.

We are maintaining discipline around valuation and structure. Having capital available does not mean we need to deploy it immediately. We would rather preserve our flexibility than pursue a transaction that does not meet our strategic and financial criteria. When we commit shareholder capital, we want a clear rationale for why that business belongs within DTST, and how that investment can create value over time. That framework also shapes how we evaluate acquisitions. We are looking beyond headline revenue growth. We want businesses where the quality of the revenue is attractive, where customers have a reason to stay, and where the underlying economics can support sustainable earnings over time. We also want management teams to know their markets and can continue to operate as part of a larger platform.

Let me spend a few moments on Nexus. Nexus provides fully managed business voice, internet, data transport, and SD-WAN solutions designed to help you. For the enterprise is enterprise grade reliability and a simplified operation. Its model is built around recurring revenue, high-touch support, and integrated connectivity. For customers, that can mean fewer vendors, better visibility, greater resiliency, and a single point of accountability. For DTST, it provides a stable operating base as we pursue our next stage of growth. Our objective is to continue supporting Nexus while remaining focused on the larger opportunity in front of us. Using the platform and the capital we have today to expand the scale and earnings capacity of the company. We believe the combination of existing recurring revenue business and disciplined growth can create a stronger and more valuable enterprise over time.

The 9.3% year-over-year increase in revenue from continuing operations is encouraging because it demonstrates that this operating foundation continues to move forward while we pursue a broader strategy. Review Nexus not simply as a legacy business, but as an operating asset that gives DTST recurring customer relations opportunities, market presence, and practical experience supporting critical enterprise communications environments. We believe the work we are doing now can materially reshape DTST over time. The opportunity is to take a focused public company platform, a growing recurring revenue operating business, and available capital and use those assets to build a greater scale and stronger earning power.

Today, DTST defined by focus and optionality, we have an operating business that is growing, a debt-free capital structure, a clear acquisition framework. We do not need to force a transaction. We can wait for the right opportunity. And when we find it, we believe we have the platform and resources. Our priority is not activity. It is value creation. Now I'd like to turn it over to Christos Panagiotakos, our CFO, for a review of the financial results. Chris?

Chris Panagiotakos

Thank you, Chuck. Good morning, everyone. As previously discussed, on September 11, 2025, we closed the sale of our Cloud First business for $40 million. As a result of the transaction in accordance with auditing and reporting standards, our ongoing financial reporting now reflects only our continuing operations, particularly, our Nexus subsidiary. Sales from continuing operations were $359,000 for the three months ended June 30, 2026, an increase of $31,000 or 9.3% compared to $328,000 in the prior year period. The increase was primarily attributable to continued growth in our Nexus voice and data solutions business, driven by the addition of new customers and increased spending from existing customers. Revenue growth during the period reflects continued demand for our voice and data connectivity solutions, and expansion of services within our existing customer base.

Gross profits for the three months ended June 30, 2026, was $168,000, an increase of $30,000 or 21.9% compared to $138,000 in the prior period. Our gross profit margin improved to 47% from 42.1% in the prior period, driven by favorable sales mix and operating leverage. Selling, general and administrative expenses for the three months ended June 30, 2026, increased $362,000 or 33.2% to $1.5 million from $1.1 million for the three months ended June 30, 2025. The increase was primarily driven by a $328,000, or 99.1%, increase in non-cash stock-based compensation as a result of grants to certain executives and employees, and increase in professional fees of $58,000, or 26.2%, attributable to higher fees paid relating to legal and consulting services during the period.

Net loss attributable to common shareholders for the three months ended June 30, 2026, was $1.2 million compared to the net loss of $732,000 for the three months ended June 30, 2025. We ended the quarter with cash and marketable securities of approximately $9.3 million at June 30, 2026. We used $29.5 million of the proceeds from the sales of marketable securities to repurchase common stock from our shareholders in connection with the tender offer, which closed on January 15, 2026. Thank you. I will now turn the call back to Chuck.

Charles Piluso

Thanks, Chris.

Operator

Let's open up the call for some questions. [Operator Instructions] Your first question comes from Matthew Galinko with Maxim Group. Please state your question.

질의응답

Matthew Galinko

Maybe if we could start with what you're seeing in the M&A environment and what would you say the biggest hurdle is today? Businesses that you don't necessarily have line of sight to, you know, recurring or scalability and sustainability, or are valuations sort of, you know, not in a place where you'd find really, I'm just curious what you're seeing and how that's changing over time.

Charles Piluso

Thanks, Matt, and good morning. Thank you for that question. I will tell you, since we signed the deal with Performive, which is owned by Renovus, private equity that we had sold, and then we had the shareholder vote in September of 2025, since that July signing, we've had a lot of problems. We started working on looking at M&A transactions. And we looked at conservatively people from different firms were approaching us to do a reverse merge and say, you know, reverse merge into the company. And then as you look at these companies to see how it would improve shareholder value, you know, we find that there is a pre-revenue biotech, you know, everybody's going to have a $1 billion value in a short period of time. So it was kind of disappointing. So when we look at things like reverse merge, if we actually saw something that was a real solid company, and I say, we looked at over probably 15 people calling us, you know, it really wasn't a strategy of ours to do that, but it's something fantastic came up, well, you've got to look at it. We just didn't see that.

On the other side, you look at some of the valuations and what happens, some of these companies, they go out, I'll give you a very simple example that, you know, they're at $5 million to $6 million in revenue. They have a $500 million valuation and they raise some money from friends and family. So there's a lot of unrealistic, no one's going to write a check out for $500 million for them. And so you're seeing a lot of unrealistic acquisitions. Kind of we have a few different paths. So what we're looking at is there could be distressed companies, for example, that have cyber software, and they got caught up with either bad debt, out of covenant, but they own IP, they have patents filed. And so now, you know, a cybersecurity software, just as an example. So when we see that and we see the management team is pretty solid on things, but got in a little trouble, we like things like that because we know that it has legs. We can pick up the software, let's say, now put some of our experience behind that, put some capital in and then grow that, maybe building a SOC or just selling the software, whatever. So things like that interest us.

We looked at some telecom. You know, with the telecom stuff, although it's just a fantastic business, not on the climb. If you take Packet8 and I just round numbers out, you know, they have like $700 million, $800 million in revenue. Their market cap is like $200 million to $300 million. But it's solid recurring revenue and a lot of folks today, you know, Microsoft Teams ate a lot of their lunch. But when you look at that, that Nexus actually integrates with Teams. So there's integration that goes on with that, and you have a phone company that you can call. So we think that that's good, and that's good for growth, and John and his group does a fantastic job at Nexus.

But we're looking more at a little of Sovereign AI. You know, we believe that we're not running to put up a new cloud. Basically a year ago I wanted to, quite frankly. So we're looking at these niche kind of plays that are not yet ready, but they will be ready. The business that we were in for 25 years, believe that we might be able to build something that is going to lead to compliance. Let's say, as an example, with regulated industries that they're not allowed really to use the cloud, it needs to be a private build. So we're looking seriously at companies that actually install Sovereign AI and then have some of that talent to be able to take it to another level that I have some plans for, but we're not there on it.

So I would say cyber, niche play, GPU infrastructure, companies that have assets or IP, but we've looked at many, many, many companies. I mean, I think on our tracker, it says like 124. And we're finding a few, you know, and we have stuff, we have things that are lined up that, you know, we're looking at, you know, further due diligence on it, but we're not ready to pull the trigger on anyone. But the biggest thing is the management team. And if they have a product that can be delivered and there's a requirement for it. But so many folks have outrageous valuations that go on. And so, you know, so I don't know if that helps with the question, but I think it gives you a feel that we've been really, really active with it. And we continue to every, every week. And we have a number of different banks that we're working with that are sending deals in or approaching us.

Matthew Galinko

That's super helpful and I appreciate the color. Maybe just as a follow-up to that process, do you, for maybe the more attractive type opportunities that maybe have unrealistic valuations today, but need capital and might not be able to raise, might not have access or can't re-raise at the levels that they want. Do you expect or do you expect any of those to potentially come back, you know, six months from now, a year from now with maybe a more reasonable ask or, you know, is that part of the strategy as you kind of remain patient and sort of have different assets and different, you know, levels of engagement?

Charles Piluso

There's one exact company that we looked at a while ago, over a year ago, could be close to two years. And they came back and we're having discussions and meeting with folks. We're just real careful. We have a group of technical advisors that we can actually, according to who it might be, it might be someone that actually specializes, for example, in software, you know, as it relates to cybersecurity. So we have the folks that can evaluate this. Yes, I'm not a software person, you know, at all. But we do have the talent that can look at the GPU infrastructure, the niche place, you know, that were out of Amazon, Google, and it just goes on, Deloitte. It's just so we have a very, very solid group that gets involved.

Once we say, oh, this management team is good, we like them, their forecasts are too big, let's make that more reasonable, see where it goes, and then as we get into the product we get the advisors involved, and they've been involved in a number of things that we're looking at. So it's from that point of view that they do come back. They do come back because, you know, it's difficult to raise money at that size company and they all need access to capital. We have the NASDAQ company. We can use that and, you know, the $10 million. It gives us a lot of runway and some money to spend. But we're just real careful. We have to see something that, you know, based on just use my experience and we have some really good committees off the board that can actually help launch products on the go-to-market plans. But one company did come back in answer to your question.

Matthew Galinko

Great. Thank you.

Operator

Your next question comes from Robert Jordan with TSA Capital. Please state your question.

Robert Jordan

Chuck, given where your stock is currently trading, how do you view your company's valuation and does it factor into your M&A outlook?

Charles Piluso

Well, first of all, we're trading below our liquidation value right now. I mean, we have $10 million in the bank. You divide that out if you want to add any value to the public company. So I don't know, but you know, we would use a portion of our cash and anything that we do that we're buying a smaller company. It would be based on some sort of earn-out as it relates to cash and stock. You know, we would issue some of the cash, but we rather buy the company, a company or a majority of the company, place it in a new subsidiary, and we put fresh capital into that to make them grow. And people have to prove that whatever we're buying has legs, that they can grow it, and then doing that benchmarking.

And I think it's reasonable. If they believe in the company, there's no reason why they wouldn't agree to it. When we see these numbers sometimes, we taper it down. Because it's just, you know, they just be talking to somebody they were $15 million, they say within a short period, they'd be at $25 million, another short period, they'd be at $40 million. You know, and it's like, okay, you know, it's just unrealistic. I've been around too many years to say, I think that's really great that you can do that. I just necessarily don't want to participate in that play. But I don't know if that answers the question to you. But we're trading below liquidation value and whatever we build in will be built in with earn-outs, even though there could be cash according to what their revenue and their profit is, you know, based on that.

There'd be upfront money and some of it would need to be on earn-out. And we are limited by cash. I'd love to have $20 million in the bank, but we're going to be careful with it.

Robert Jordan

No, that answer, that's very helpful. Just one other question I have. How do you think about the timeline for your potential M&A activity? What should us investors expect over the coming quarters?

Charles Piluso

I would love to get, let's say, an LOI signed that's non-binding, you know, within let's call it 60 days, you know, 45 to 60. And I'd love to close something, you know, towards the end of the year or definitely the first quarter. I mean, our objective is to get a deal done, frankly, you know, at the end of the fourth quarter. That's our objective. I'm impatient and I've been very patient with it, but the deals just keep coming in and we just want to pick the right one. But I just explained how we structure some of the things and every deal is a little bit different, but I'd love to get a deal done in the fourth quarter.

Robert Jordan

Thanks, Chuck. That answered my question. Good luck with the acquisition strategy.

Operator

Thank you very much. Thank you, Robert. There are no further questions at this time, so I'll hand the floor back over to Chuck Piluso for closing remarks.

Charles Piluso

Thank you. Thank you all for the questions. Appreciate it. Gives us an opportunity to go a little deeper on some of the things that we feel we're in the direction of. As we look forward, I believe that the company is in a very strong position and we have recurring revenue operating business in Nexus. We've got a solid capital position. And when we say long-term debt, I believe that we don't have any debt, you know, when you look at that, but we'll say no long-term debt. We have a very streamlined corporate strategy that gives us flexibility to pursue these opportunities that we believe that we can enhance their value, and in turn our value, the shareholder value. Our priority now is execution. We are actively evaluating M&A opportunities across several areas of technology.

We are not going to pursue transactions simply for the sake of getting bigger. And we're looking for quality business with quality leadership, recurring revenue and established customer base, strong management teams that are willing to stay and grow the business and the potential to generate more sustainable earnings and cash flow. Do so in a way that we believe can create long-term value for our shareholders. At the same time, we intend to continue building on that momentum at Nexus and strengthening the operating foundation of the company. Nexus continues to provide us with a stable recurring revenue base, established customer relationships, and exposure to ongoing demand for enterprise connectivity solutions. We believe that foundation gives us a solid platform as we evaluate opportunities and broaden our scale, our revenue base and improve our long-term earnings and profile of the company.

Ultimately, the next phase for DTST is about translating our financial flexibility, our operating platform and experience into greater scale, stronger earnings power, and increased shareholder value. Today, for some reason, as I mentioned before, we trade below our cash and marketable securities. However, we recognize that results, not intentions, will determine our success, and our team is focused on delivering measurable progress. We appreciate the continued support from our shareholders, employees, our customers, partners, and we look forward to updating you as we execute on these objectives.

Operator

Thank you for joining us today. This concludes today's conference. Thank you for participating. You may now disconnect. Have a good day.