QuoteMedia Announces 22% Revenue Growth for 2021
QuoteMedia, Inc. (OTCQB: QMCI) announced its fiscal 2021 financial results, showcasing significant growth. Annual revenue rose by 22% to $15,174,372 from $12,402,224 in 2020. Net income improved to $212,372, reversing a loss of $646,324 in 2020. Adjusted EBITDA reached $1,649,679, up from $734,068. The company is optimistic about 2022, anticipating similar revenue growth and aims to achieve SOC2 Type II certification, enhancing its credibility with financial institutions. A conference call is scheduled for March 30, 2022, to discuss these results in detail.
- Annual revenue increased by 22% to $15,174,372 in 2021.
- Net income improved by $858,696, reaching $212,372 compared to a loss in 2020.
- Adjusted EBITDA rose by $915,611 to $1,649,679.
- Preliminary agreements with two multinational financial institutions could boost future revenues.
- Expected revenue growth in fiscal 2022 to match 2021's rate.
- None.
PHOENIX, March 30, 2022 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the fiscal year ended December 31, 2021.
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 fiscal 2021 include the following:
- Annual revenue increased to
$15,174,372 in 2021 from$12,402,224 in 2020, an increase of$2,772,148 (22% ). - Net income for 2021 was
$212,372 compared to a net loss of$646,324 in 2020, an improvement in profitability of$858,696. - Adjusted EBITDA for 2021 was
$1,649,679 compared to$734,068 in 2020, an improvement of$915,611.
"This was an enormously successful year for QuoteMedia, and we are very pleased with our results," said Robert J. Thompson, Chairman of the Board. "We experienced strong growth across virtually every success metric, including revenue growth, profitability and market share; and we also grew and improved our product lines, data coverage and infrastructure. We are even more excited about the year to come, as we expect to maintain this momentum and improve upon the results we achieved in 2022.
"2022 has started on a positive footing. QuoteMedia entered into preliminary agreements with two large multinational financial institutions to start a range of services while definitive multi-year agreements are being finalized. Based on those new contracts and our other clients currently under contract, we expect our revenue growth in fiscal 2022 to be comparable to the
"Additionally, because of the efforts and investments we made to improve our infrastructure, security, and business continuity management over the last year, we anticipate achieving our SOC2 Type II certification in the coming months. SOC2 certification provides independent assurance that an organization maintains a high level of information security, data integrity and business resiliency. This certification will allow QuoteMedia to make even greater gains in market share, as it is increasingly becoming a requirement for those providing services to large financial institutions.
“2021 was a very good year for QuoteMedia, and 2022 looks like it may be even better.”
QuoteMedia will host a conference call Wednesday, March 30, 2022 at 2:00 PM Eastern Time to discuss the 2021 financial results and provide a business update.
Conference Call Details:
Date: March 30, 2022
Time: 2:00 PM Eastern
Dial-in number: 866-831-8713
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, Zacks Investment Research, 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®, QModTM and Quotestream ConnectTM 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:
- Based on those new contracts and our other clients currently under contract, we expect our revenue growth in fiscal 2022 to be comparable to the
22% annual revenue growth rate we achieved in 2021; and we expect to significantly improve upon the$212,372 net income figure reported in 2021. - Additionally, because of the efforts and investments we made to improve our infrastructure, security, and business continuity management over the last year, we anticipate achieving our SOC2 Type II certification in the coming months. SOC2 certification provides independent assurance that an organization maintains a high level of information security, data integrity and business resiliency. This certification will allow QuoteMedia to make even greater gains in market share, as it is increasingly becoming a requirement for those providing services to large financial institutions.
- 2021 was a very good year for QuoteMedia, and 2022 looks like it may be even better.
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 Loss
| 2021 | 2020 | ||||||
| Net income (loss) | $ | 212,372 | $ | (646,324 | ) | ||
| Depreciation and amortization | 1,640,245 | 1,331,910 | |||||
| Stock-based compensation | 31,876 | 37,872 | |||||
| Interest expense | 2,641 | 4,582 | |||||
| Foreign exchange loss | (107,382 | ) | 3,791 | ||||
| Income tax expense | 3,184 | 2,237 | |||||
| PPP loan forgiveness | (133,257 | ) | - | ||||
| Adjusted EBITDA | $ | 1,649,679 | $ | 734,068 | |||
FAQ
What were QuoteMedia's annual revenues for 2021?
How did QuoteMedia's net income change from 2020 to 2021?
What is the expected revenue growth for QuoteMedia in 2022?
When will QuoteMedia discuss its financial results?
What is SOC2 Type II certification and why is it important for QuoteMedia?
