QuoteMedia Announces Financial Results for 2024
QuoteMedia (OTCQB: QMCI), a market data and financial applications provider, reported challenging financial results for fiscal year 2024. Annual revenue decreased by 1% to $18.74 million from $18.91 million in 2023. The company recorded a net loss of $1.33 million compared to a net income of $361,584 in 2023.
The decline was attributed to three major setbacks: a large client reducing their spending, loss of an enterprise customer due to acquisition, and discontinuation of services by a long-term client facing financial difficulties. The latter also resulted in a significant bad debt write-off in H2 2024.
Despite these challenges, QuoteMedia has reportedly secured new contracts that exceed the lost recurring revenue. The company projects Q1 2025 to deliver the highest revenue in its history.
QuoteMedia (OTCQB: QMCI), fornitore di dati di mercato e applicazioni finanziarie, ha riportato risultati finanziari difficili per l'anno fiscale 2024. Il fatturato annuo è diminuito dell'1%, passando da 18,91 milioni di dollari nel 2023 a 18,74 milioni di dollari. L'azienda ha registrato una perdita netta di 1,33 milioni di dollari, rispetto a un utile netto di 361.584 dollari nel 2023.
Il calo è stato attribuito a tre principali difficoltà: un grande cliente che ha ridotto la spesa, la perdita di un cliente aziendale a seguito di un'acquisizione e la cessazione dei servizi da parte di un cliente di lunga data in difficoltà finanziarie. Quest'ultimo ha comportato anche una significativa svalutazione di crediti nel secondo semestre del 2024.
Nonostante queste sfide, QuoteMedia avrebbe ottenuto nuovi contratti che superano i ricavi ricorrenti persi. L'azienda prevede che il primo trimestre del 2025 registrerà il fatturato più alto della sua storia.
QuoteMedia (OTCQB: QMCI), proveedor de datos de mercado y aplicaciones financieras, reportó resultados financieros desafiantes para el año fiscal 2024. Los ingresos anuales disminuyeron un 1%, pasando de 18,91 millones de dólares en 2023 a 18,74 millones. La compañía registró una pérdida neta de 1,33 millones de dólares, en comparación con una ganancia neta de 361.584 dólares en 2023.
La caída se atribuyó a tres contratiempos principales: un gran cliente redujo sus gastos, la pérdida de un cliente empresarial debido a una adquisición y la discontinuación de servicios por parte de un cliente de larga data con dificultades financieras. Esto último también provocó una importante provisión por deudas incobrables en el segundo semestre de 2024.
A pesar de estos desafíos, QuoteMedia ha asegurado nuevos contratos que superan los ingresos recurrentes perdidos. La compañía proyecta que el primer trimestre de 2025 será el de mayores ingresos en su historia.
QuoteMedia (OTCQB: QMCI)는 시장 데이터 및 금융 애플리케이션 제공업체로서 2024 회계연도에 어려운 재무 성과를 보고했습니다. 연간 매출은 2023년 1,891만 달러에서 1% 감소한 1,874만 달러를 기록했습니다. 회사는 2023년 361,584달러 순이익과 비교해 133만 달러의 순손실을 기록했습니다.
감소 원인은 세 가지 주요 문제 때문입니다: 대형 고객의 지출 감소, 인수로 인한 기업 고객 상실, 그리고 재정난을 겪는 장기 고객의 서비스 중단입니다. 후자는 2024년 하반기에 상당한 대손상각을 초래했습니다.
이러한 어려움에도 불구하고 QuoteMedia는 잃어버린 반복 수익을 초과하는 신규 계약을 확보했다고 전해졌습니다. 회사는 2025년 1분기가 사상 최대 매출을 기록할 것으로 전망하고 있습니다.
QuoteMedia (OTCQB : QMCI), fournisseur de données de marché et d'applications financières, a annoncé des résultats financiers difficiles pour l'exercice 2024. Le chiffre d'affaires annuel a diminué de 1 %, passant de 18,91 millions de dollars en 2023 à 18,74 millions. La société a enregistré une perte nette de 1,33 million de dollars, contre un bénéfice net de 361 584 dollars en 2023.
Ce déclin est attribué à trois principaux revers : un important client ayant réduit ses dépenses, la perte d'un client entreprise suite à une acquisition, et l'arrêt des services par un client de longue date en difficulté financière. Ce dernier a également entraîné une importante radiation de créances douteuses au second semestre 2024.
Malgré ces défis, QuoteMedia aurait obtenu de nouveaux contrats dépassant les revenus récurrents perdus. La société prévoit que le premier trimestre 2025 enregistrera le chiffre d'affaires le plus élevé de son histoire.
QuoteMedia (OTCQB: QMCI), ein Anbieter von Marktdaten und Finanzanwendungen, meldete für das Geschäftsjahr 2024 herausfordernde Finanzergebnisse. Der Jahresumsatz sank um 1 % auf 18,74 Millionen US-Dollar gegenüber 18,91 Millionen im Jahr 2023. Das Unternehmen verzeichnete einen Nettoverlust von 1,33 Millionen US-Dollar im Vergleich zu einem Nettogewinn von 361.584 US-Dollar im Jahr 2023.
Der Rückgang wurde auf drei wesentliche Rückschläge zurückgeführt: ein großer Kunde reduzierte seine Ausgaben, der Verlust eines Unternehmenskunden aufgrund einer Übernahme und die Einstellung von Dienstleistungen eines langjährigen Kunden, der finanzielle Schwierigkeiten hatte. Letzteres führte auch zu einem erheblichen Forderungsausfall im zweiten Halbjahr 2024.
Trotz dieser Herausforderungen hat QuoteMedia offenbar neue Verträge abgeschlossen, die die verlorenen wiederkehrenden Einnahmen übersteigen. Das Unternehmen prognostiziert, dass das erste Quartal 2025 den höchsten Umsatz in seiner Geschichte erzielen wird.
- New contracts secured exceed lost recurring revenue
- Projecting record-breaking revenue for Q1 2025
- Revenue decreased by 1% to $18.74M in 2024
- Net loss of $1.33M compared to $361,584 profit in 2023
- Adjusted EBITDA decreased by $1.26M to $1.78M
- Significant bad debt write-off in H2 2024
- Loss of multiple major clients
PHOENIX, April 15, 2025 (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, 2024.
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 2024 include the following:
- Annual revenue decreased to
$18,742,252 in 2024 from$18,907,725 in 2023, a decrease of$165,473 (1% ). - Net loss for 2024 was
$1,327,037 compared to net income of$361,584 in 2023, a decrease in profitability of$1,688,621. - Adjusted EBITDA for 2024 was
$1,778,478 compared to$3,039,507 in 2023, a decrease of$1,261,029.
“This was a difficult year for QuoteMedia,” said Robert J. Thompson, Chairman of the Board. “One of our larger clients altered its business model, resulting in a significant reduction of their spend with QuoteMedia, while another major enterprise customer was purchased and absorbed into another entity that discontinued our services as they already had duplicate services in place.
“In addition, another large long-term client was forced to discontinue services with us due to financial difficulties. This led to both the loss of the ongoing recurring revenue we would otherwise be receiving from that client, as well as a large bad debt write-off we recognized largely in the 2nd half of 2024.
“Taken together these unanticipated events had a major impact on our 2025 revenue and profitability numbers.
“Notwithstanding these major challenges, we experienced only a modest reduction in yearly revenues, because of the outstanding efforts of our teams in developing new business, creating attractive new products, and providing an unmatched customer experience. As a result, we have already replaced, and in fact have exceeded, the recurring revenue we lost with new contracts; and we anticipate that revenue in Q1 2025 will be the highest in our company's history.
“Everyone in our company has put in a tremendous amount of hard work this year, and, while we recognize the current economic uncertainties, it is our goal to improve upon these results in ensuing periods.”
QuoteMedia will host a conference call on Wednesday, April 16, 2025, at 2:00 PM Eastern Time to discuss the 2024 financial results and provide a business update.
Conference Call Details:
Date: April 16, 2025
Time: 2:00 PM Eastern
Dial-in numbers: : 888-999-3182; 848-280-6330
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, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, The Goldman Sachs Group, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Credential Qtrade Securities, CNW Group, iA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Stock-Trak, Mergent, Cision 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:
- As a result, we have already replaced, and in fact have exceeded, the recurring revenue we lost with new contracts; and we anticipate that revenue in Q1 2025 will be the highest in our company's history.
QuoteMedia Investor Relations
Dave Shworan
Email: dave@quotemedia.com
Call: (250) 954-3216 ext. 2101
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-form 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:
| Year ended December 31, | 2024 | 2023 | |||||
| Net income | $ | (1,327,037 | ) | $ | 361,584 | ||
| Depreciation and amortization | 3,052,676 | 2,645,906 | |||||
| Stock-based compensation (recovery) | 7,086 | (17,812 | ) | ||||
| Interest expense | 2,508 | 1,846 | |||||
| Foreign exchange loss | (103,736 | ) | 45,017 | ||||
| Income tax expense | 146,981 | 2,966 | |||||
| Adjusted EBITDA | $ | 1,778,478 | $ | 3,039,507 | |||
FAQ
What caused QuoteMedia (QMCI) revenue decline in 2024?
How much did QuoteMedia's (QMCI) revenue decrease in 2024?
What is QuoteMedia's (QMCI) net income loss for 2024?
What is QuoteMedia's (QMCI) outlook for Q1 2025?
