QuoteMedia Announces 27% Revenue Growth for Q2 2021
QuoteMedia, Inc. (OTCQB: QMCI) reported a 27% increase in quarterly revenue for Q2 2021, totaling $3,833,018, compared to $3,029,199 in Q2 2020. The revenue also grew 6% sequentially from Q1 2021. Year-to-date revenue reached $7,439,236, a 24% increase from the same period last year. The net loss decreased to $79,625 from $127,028 in the prior year. As of June 30, 2021, cash reserves rose to $627,229. The company forecasts continued revenue growth and market expansion.
- Quarterly revenue increased 27% year-over-year to $3,833,018.
- Revenue for the first half of 2021 rose 24% to $7,439,236.
- Net loss reduced to $79,625 from $127,028 year-on-year.
- Cash reserves improved by $209,319 to $627,229.
- None.
PHOENIX, Aug. 12, 2021 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the quarter ended June 30, 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 Q2 2021 include the following:
- Quarterly revenue increased to
$3,833,018 in Q2 2021 from$3,029,199 in Q2 2020, a year over year increase of27% . - Quarterly revenue increased
6% when comparing Q2 2021 to Q1 2021. - Revenue for the six-month period ended June 30, 2021 increased to
$7,439,236 compared to$5,995,783 in same 2020 period, an increase of24% . - Our net loss for Q2 2021 was
$79,625 compared to a net loss of$127,028 in Q2 2020. - Cash on hand was
$627,229 at June 30, 2021; an increase of$209,319 from the$417,910 cash balance reported at December 31, 2020.
“Consistent with our previous forecasts, we experienced very strong revenue growth during the quarter and year to date”, said Robert J. Thompson, Chairman of the Board. “We fully expect to maintain this trajectory throughout the remainder of the year as we continue to grow market share and release new services.”
QuoteMedia will host a conference call Thursday, August 12, 2021 at 2:00 PM Eastern Time to discuss the Q2 2021 financial results and provide a business update.
Conference Call Details:
Date: August 12, 2021
Time: 2:00 PM Eastern
Dial-in numbers: 877‑876‑9173, 785‑424‑1667
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, 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, Equities.com, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Warrior Trading 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:
• We fully expect to maintain this trajectory throughout the remainder of the year as we continue to grow market share and release new services
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
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net loss | $ | (79,625 | ) | $ | (127,098 | ) | $ | (56,538 | ) | $ | (244,423 | ) | ||||
| Depreciation and amortization | 403,078 | 321,582 | 750,866 | 627,339 | ||||||||||||
| Stock-based compensation | 6,939 | 12,003 | 13,878 | 23,994 | ||||||||||||
| Interest expense | 451 | 1,191 | 1,459 | 2,718 | ||||||||||||
| Foreign exchange loss (gain) | (19,880 | ) | 5,249 | (22,328 | ) | (5,957 | ) | |||||||||
| Income tax expense | 817 | 721 | 1,613 | 1,465 | ||||||||||||
| PPP loan forgiveness | - | - | (133,257 | ) | - | |||||||||||
| Adjusted EBITDA | $ | 311,780 | $ | 213,648 | $ | 555,693 | $ | 405,136 | ||||||||
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