QuoteMedia Announces Financial Results for Q2 2024
QuoteMedia (OTCQB: QMCI) reported financial results for Q2 2024, showing a slight decrease in quarterly revenue to $4,675,946, down 1% from Q2 2023. The company experienced a net loss of $251,173 compared to a net income of $73,036 in the same period last year. Despite the decline in revenue and profitability, QuoteMedia highlighted a $341,745 increase in deferred revenue during the quarter.
Chairman Robert J. Thompson emphasized that the financial numbers don't tell the whole story, pointing to growth in proprietary data sets and upcoming product launches. The company is set to introduce advanced technical charting, new web content systems, and paper trading capabilities later this year. QuoteMedia continues to engage in discussions with prospective clients regarding major proposals.
QuoteMedia (OTCQB: QMCI) ha riportato i risultati finanziari per il secondo trimestre del 2024, mostrando una leggera diminuzione del fatturato trimestrale a $4,675,946, in calo dell'1% rispetto al secondo trimestre del 2023. L'azienda ha registrato una perdita netta di $251,173 rispetto a un reddito netto di $73,036 nello stesso periodo dell'anno scorso. Nonostante il calo del fatturato e della redditività, QuoteMedia ha evidenziato un aumento di $341,745 nelle entrate differite durante il trimestre.
Il presidente Robert J. Thompson ha sottolineato che i numeri finanziari non raccontano tutta la storia, indicando la crescita nei set di dati proprietari e i prossimi lanci di prodotti. L'azienda prevede di introdurre grafici tecnici avanzati, nuovi sistemi di contenuto web e capacità di trading cartaceo entro la fine dell'anno. QuoteMedia continua a intrattenere discussioni con potenziali clienti riguardo a proposte importanti.
QuoteMedia (OTCQB: QMCI) informó sobre los resultados financieros del segundo trimestre de 2024, mostrando una ligera disminución en los ingresos trimestrales a $4,675,946, una baja del 1% en comparación con el segundo trimestre de 2023. La compañía experimentó una pérdida neta de $251,173 en comparación con una ganancia neta de $73,036 en el mismo período del año pasado. A pesar de la disminución en los ingresos y la rentabilidad, QuoteMedia destacó un aumento de $341,745 en los ingresos diferidos durante el trimestre.
El presidente Robert J. Thompson enfatizó que los números financieros no cuentan toda la historia, señalando el crecimiento en conjuntos de datos propios y los próximos lanzamientos de productos. La empresa tiene previsto introducir gráficos técnicos avanzados, nuevos sistemas de contenido web y capacidades de trading en papel más adelante este año. QuoteMedia continúa involucrándose en discusiones con clientes potenciales sobre propuestas importantes.
QuoteMedia (OTCQB: QMCI)는 2024년 2분기 재무 결과를 보고하며, 분기 수익이 $4,675,946로 1% 감소했다고 발표했습니다. 회사는 지난해 같은 기간에 비해 $251,173의 순손실을 기록했습니다. 수익과 수익성이 감소했음에도 불구하고, QuoteMedia는 분기 동안 $341,745의 이연 수익 증가를 강조했습니다.
회장 로버트 J. 톰슨은 재무 수치가 전체 이야기를 전달하지는 않는다고 강조하며, 독점 데이터 세트의 성장과 곧 출시될 제품에 주목했습니다. 이 회사는 올 연말에 고급 기술 차트, 새로운 웹 콘텐츠 시스템 및 종이 거래 기능을 도입할 예정입니다. QuoteMedia는 주요 제안과 관련하여 잠재 고객과의 논의를 계속하고 있습니다.
QuoteMedia (OTCQB: QMCI) a annoncé les résultats financiers du deuxième trimestre 2024, montrant une légère diminution des revenus trimestriels à 4 675 946 $, en baisse de 1 % par rapport au deuxième trimestre 2023. L'entreprise a enregistré une perte nette de 251 173 $ par rapport à un bénéfice net de 73 036 $ au cours de la même période l'an dernier. Malgré le déclin des revenus et de la rentabilité, QuoteMedia a souligné une augmentation de 341 745 $ des revenus différés au cours du trimestre.
Le président Robert J. Thompson a souligné que les chiffres financiers ne racontent pas toute l'histoire, faisant état de la croissance des ensembles de données propriétaires et des prochains lancements de produits. L'entreprise prévoit d'introduire des graphiques techniques avancés, de nouveaux systèmes de contenu web et des capacités de trading papier plus tard cette année. QuoteMedia continue de s'engager dans des discussions avec des clients potentiels concernant des propositions majeures.
QuoteMedia (OTCQB: QMCI) hat die finanziellen Ergebnisse für das zweite Quartal 2024 berichtigt, mit einem leichten Rückgang des Quartalsumsatzes auf $4,675,946, was einem Rückgang von 1% im Vergleich zum zweiten Quartal 2023 entspricht. Das Unternehmen verzeichnete einen Nettoverlust von $251,173 im Vergleich zu einem Nettogewinn von $73,036 im gleichen Zeitraum des Vorjahres. Trotz des Rückgangs beim Umsatz und der Rentabilität hob QuoteMedia einen Anstieg von $341,745 bei den aufgeschobenen Einnahmen im Quartal hervor.
Der Vorsitzende Robert J. Thompson betonte, dass die finanziellen Zahlen nicht die ganze Geschichte erzählen, und verwies auf das Wachstum bei proprietären Datensätzen und bevorstehenden Produkteinführungen. Das Unternehmen plant, fortschrittliche technische Diagramme, neue Webinhaltsysteme und Papierhandelsmöglichkeiten später in diesem Jahr einzuführen. QuoteMedia bleibt in Gesprächen mit potenziellen Kunden über wichtige Vorschläge.
- Deferred revenue increased by $341,745 during the quarter
- Expansion of proprietary data sets, replacing third-party vendors
- Upcoming launch of new products and applications
- Ongoing discussions with potential major clients
- Quarterly revenue decreased by 1% to $4,675,946
- Net loss of $251,173 compared to net income of $73,036 in Q2 2023
- Adjusted EBITDA decreased by $314,256 to $493,393
PHOENIX, Aug. 14, 2024 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the quarter ended June 30, 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 Q2 2024 include the following:
- Quarterly revenue decreased by
$37,031 (1% ) to$4,675,946 in Q2 2024 from$4,712,977 in 2023. - Deferred revenue increased
$341,745 during the quarter. - Adjusted EBITDA for Q2 2024 was
$493,393 compared to$807,649 in Q2 2023, a reduction of$314,256. - Our net loss for Q2 2024 was
$251,173 compared to net income of$73,036 in Q2 2023, a decrease in profitability of$324,209.
“I am proud of what we have achieved so far this year,” said Robert J. Thompson, Chairman of the Board. “The financial numbers are just not telling the whole story. We had an increase in deferred revenue of
QuoteMedia will host a conference call August 15, 2024, at 2:00 PM Eastern Time to discuss the Q2 2024 financial results and provide a business update.
Conference Call Details:
Date: August 15, 2024
Time: 2:00 PM Eastern Time
Dial-in number: 800-274-8461; 203-518-9814
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, IEX Data Services LLC, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Avantax, Zacks Investment Research, S&P Global Market Intelligence Inc., Business Wire, Cision (PR Newswire, CNW Group), The Goldman Sachs Group, TheStreet.com, Motley Fool, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Aviso Financial Inc., iA Private Wealth, Leede Jones Gable, Firstrade Securities, Lightspeed Financial Services Group LLC, Equisolve, Stock-Trak 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:
- Additionally, we are launching new products and applications later this year, including advanced technical charting, new web content systems, and paper trading capabilities. We are also continuing discussions regarding major proposals with several exciting prospective clients. We are very excited about the direction we are headed.
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, | 2024 | 2023 | |||||
| Net (loss) income | $ | (251,173 | ) | $ | 73,036 | ||
| Depreciation and amortization | 752,082 | 643,696 | |||||
| Stock-based compensation | 1,750 | 59,688 | |||||
| Interest expense | 419 | 404 | |||||
| Foreign exchange (loss) gain | (10,415 | ) | 30,073 | ||||
| Income tax expense | 730 | 752 | |||||
| Adjusted EBITDA | $ | 493,393 | $ | 807,649 | |||
FAQ
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