QuoteMedia Announces 12% Revenue Growth for Q2 2022
QuoteMedia, Inc. (QMCI) reported Q2 2022 financial results with revenues increasing to $4,298,957, marking a 12% rise from Q2 2021. However, the company incurred a net loss of $163,080, compared to a loss of $79,625 in the prior year. Adjusted EBITDA improved to $508,376 from $311,780 year-over-year. The company anticipates continued revenue growth with a forecast of 20% for the full year, driven by new enterprise agreements and partnerships. A conference call is scheduled for August 23, 2022, to discuss the results.
- Quarterly revenue rose to $4,298,957, up 12% from 2021.
- Adjusted EBITDA increased to $508,376, reflecting improved operating performance.
- Expectations for full-year revenue growth remain at 20%.
- Net loss increased to $163,080 from $79,625 in Q2 2021.
PHOENIX, Aug. 22, 2022 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the quarter ended June 30, 2022.
QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information. We compete with several larger legacy organizations and a modest community of other smaller companies. QuoteMedia provides comprehensive market data services, including streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (financial content for website integration) and applications such as Quotestream Professional desktop and mobile.
Highlights for Q2 2022 include the following:
- Quarterly revenue increased to
$4,298,957 in Q2 2022 from$3,833,018 in 2021, an increase of$465,939 (12% ). - Net loss for Q2 2022 was
$163,080 compared to a loss of$79,625 in Q2 2021, an increase of$83,455. - Adjusted EBITDA for Q2 2022 was
$508,376 compared to$311,780 in Q2 2021, an improvement of$196,596.
"This was another great quarter for QuoteMedia," said Robert J. Thompson, Chairman of the Board. "We have entered into several large-scale enterprise agreements with high profile banks and brokerage firms and have made significant progress on the development and implementation of these projects. We expect to recognize substantial associated revenue as these extensive deployments launch in the coming months. We have also begun several exciting partnerships with other market data and content vendors which will see them integrating our products and proprietary data sets and providing them to their clientele. We continued to experience healthy revenue growth, and we anticipate the pace of this growth to increase in the second half of this year. We made some non-recurring accounting adjustments that negatively impacted our bottom line this quarter. We expect to report profitability in the upcoming quarters and beyond. Consistent with previous forecasts, we remain on track to achieve full year revenue growth in the
QuoteMedia will host a conference call Tuesday, August 23, 2022 at 2:00 PM Eastern Time to discuss the Q2 2022 financial results and provide a business update.
Conference Call Details:
Date: August 23, 2022
Time: 2:00 PM Eastern
Dial-in number: 800-267-6316
Conference ID: QUOTEMEDIA
An audio rebroadcast of the call will be available later at: www.quotemedia.com
About QuoteMedia
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, TheStreet.com, Zacks Investment Research, The Motley Fool, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Virtual Brokers, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Day Trade Dash and others. Quotestream®, QMod™ and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.
Statements about QuoteMedia's future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company's SEC reports and filings and are subject to change at any time. QuoteMedia's actual results and other corporate developments could differ materially from that which has been anticipated in such statements.
Below are the specific forward-looking statements included in this press release:
- We continued to experience healthy revenue growth, and we anticipate even greater revenue growth in the second half of this year. Consistent with previous forecasts, we remain on track to achieve full year revenue growth in the
20% range.
QuoteMedia Investor Relations
Brendan Hopkins
Email: investors@quotemedia.com
Call: (407) 645-5295
Note 1 on Non-GAAP Financial Measures
We believe that Adjusted EBITDA, as a non-GAAP pro forma financial measure, provides meaningful information to investors in terms of enhancing their understanding of our operating performance and results, as it allows investors to more easily compare our financial performance on a consistent basis compared to the prior year periods. This non-GAAP financial measure also corresponds with the way we expect investment analysts to evaluate and compare our results. Any non-GAAP pro forma financial measures should be considered only as supplements to, and not as substitutes for or in isolation from, or superior to, our other measures of financial information prepared in accordance with GAAP, such as net income attributable to QuoteMedia, Inc.
We define and calculate Adjusted EBITDA as net income attributable to QuoteMedia, Inc., plus: 1) depreciation and amortization, 2) stock compensation expense, 3) interest expense, 4) foreign exchange loss (or minus a foreign exchange gain), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies, investors and financial institutions in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. The table below provides a reconciliation of Adjusted EBITDA to net income attributable to QuoteMedia, Inc., the most directly comparable GAAP financial measure.
QuoteMedia, Inc. Adjusted EBITDA Reconciliation to Net Income
| Three months ended June 30, | ||||||||
| 2022 | 2021 | |||||||
| Net loss | $ | (163,080 | ) | $ | (79,625 | ) | ||
| Depreciation and amortization | 512,639 | 403,078 | ||||||
| Stock-based compensation | 22,304 | 6,939 | ||||||
| Interest expense | 507 | 451 | ||||||
| Foreign exchange loss (gain) | 135,226 | (19,880 | ) | |||||
| Income tax expense | 780 | 817 | ||||||
| Adjusted EBITDA | $ | 508,376 | $ | 311,780 | ||||
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