QuoteMedia Announces Financial Results for Q3 2024
QuoteMedia (OTCQB: QMCI) reported its Q3 2024 financial results, showing a 1% decrease in quarterly revenue to $4.69 million from $4.76 million in Q3 2023. The company experienced an 8% increase in deferred revenue of $160,656 during the quarter. Adjusted EBITDA declined to $366,549 from $719,547 in Q3 2023. The quarter was challenging due to the loss of a significant client facing financial difficulties, which impacted revenue and increased bad debt allowance. The company expects improved revenue growth and profitability in 2025 through cost optimization measures and potential new client signings.
QuoteMedia (OTCQB: QMCI) ha riportato i risultati finanziari per il terzo trimestre del 2024, evidenziando una diminuzione dell'1% nei ricavi trimestrali a 4,69 milioni di dollari, rispetto ai 4,76 milioni di dollari del terzo trimestre del 2023. L'azienda ha registrato un incremento dell'8% nei ricavi differiti, pari a 160.656 dollari, durante il trimestre. L'EBITDA rettificato è diminuito a 366.549 dollari, rispetto ai 719.547 dollari del terzo trimestre del 2023. Il trimestre è stato difficile a causa della perdita di un cliente significativo che ha affrontato difficoltà finanziarie, il che ha impattato sui ricavi e ha aumentato il fondo per crediti inesigibili. L'azienda prevede una crescita dei ricavi e una maggiore redditività nel 2025 attraverso misure di ottimizzazione dei costi e potenziali nuove acquisizioni di clienti.
QuoteMedia (OTCQB: QMCI) informó sus resultados financieros del tercer trimestre de 2024, mostrando una disminución del 1% en los ingresos trimestrales a 4,69 millones de dólares, desde los 4,76 millones de dólares en el tercer trimestre de 2023. La empresa experimentó un aumento del 8% en los ingresos diferidos, alcanzando los 160,656 dólares durante el trimestre. El EBITDA ajustado cayó a 366,549 dólares desde los 719,547 dólares del tercer trimestre de 2023. El trimestre fue desafiante debido a la pérdida de un cliente significativo que enfrenta dificultades financieras, lo que impactó en los ingresos y aumentó la provisión para deudas incobrables. La empresa espera un crecimiento mejorado de los ingresos y rentabilidad en 2025 a través de medidas de optimización de costos y posibles nuevas contrataciones de clientes.
QuoteMedia (OTCQB: QMCI)는 2024년 3분기 재무 결과를 보고하며, 2023년 3분기 4.76백만 달러에서 4.69백만 달러로 분기 매출이 1% 감소했다고 전했습니다. 회사는 이번 분기 동안 160,656 달러의 선수금이 8% 증가했습니다. 조정된 EBITDA는 2023년 3분기 719,547 달러에서 366,549 달러로 감소했습니다. 이번 분기는 재정적 어려움을 겪는 주요 고객을 잃은 관계로 도전적이었으며, 이는 매출에 영향을 미쳤고 대손충당금을 증가시켰습니다. 회사는 2025년까지 비용 최적화 조치와 새로운 고객 유치 가능성을 통해 매출 성장과 수익성을 개선할 것으로 예상하고 있습니다.
QuoteMedia (OTCQB: QMCI) a annoncé ses résultats financiers pour le troisième trimestre 2024, montrant une diminution de 1 % des revenus trimestriels à 4,69 millions de dollars, contre 4,76 millions de dollars au troisième trimestre 2023. L'entreprise a connu une augmentation de 8 % des revenus différés, atteignant 160 656 dollars au cours du trimestre. L'EBITDA ajusté a diminué à 366 549 dollars, contre 719 547 dollars au troisième trimestre 2023. Le trimestre a été difficile en raison de la perte d'un client important confronté à des difficultés financières, ce qui a eu un impact sur les revenus et a augmenté la provision pour créances douteuses. L'entreprise s'attend à une croissance des revenus et à une rentabilité améliorée en 2025 grâce à des mesures d'optimisation des coûts et à de nouvelles embauches potentielles de clients.
QuoteMedia (OTCQB: QMCI) berichtete über die finanziellen Ergebnisse für das dritte Quartal 2024 und wies einen Rückgang der vierteljährlichen Einnahmen um 1% auf 4,69 Millionen Dollar zurück, verglichen mit 4,76 Millionen Dollar im dritten Quartal 2023. Das Unternehmen verzeichnete einen Anstieg der aufgeschobenen Einnahmen um 8% auf 160.656 Dollar im laufenden Quartal. Das bereinigte EBITDA ging zurück auf 366.549 Dollar gegenüber 719.547 Dollar im dritten Quartal 2023. Das Quartal war herausfordernd aufgrund des Verlusts eines wichtigen Kunden, der finanzielle Schwierigkeiten hatte, was sich negativ auf die Einnahmen auswirkte und die Rückstellungen für zweifelhafte Forderungen erhöhte. Das Unternehmen erwartet für 2025 eine verbesserte Umsatz- und Rentabilitätsentwicklung durch Kostenoptimierungsmaßnahmen und mögliche neue Kundenakquisitionen.
- Deferred revenue increased by 8% ($160,656) during Q3 2024
- Company completed several important development projects
- Cost optimization measures being implemented
- Quarterly revenue decreased by 1% to $4.69 million
- Adjusted EBITDA declined by $352,998 to $366,549
- Loss of significant client due to their financial struggles
- Increased bad debt allowance and expenses due to client payment concerns
PHOENIX, Nov. 14, 2024 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the quarter ended September 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 Q3 2024 include the following:
- Quarterly revenue decreased by
$66,597 (1% ) to$4,695,845 in Q3 2024 from$4,762,442 in 2023. - Deferred revenue increased
$160,656 (8% ) during the quarter. - Adjusted EBITDA for Q3 2024 was
$366,549 compared to$719,547 in Q3 2023, a reduction of$352,998.
“This has been a challenging quarter for QuoteMedia”, said Robert J. Thompson, Chairman of the Board. “Once again, our revenue numbers do not provide as clear a picture as we could hope. We had an increase in deferred revenue of
“Also, during the quarter, a significant client discontinued using our services due to their financial struggles. This not only had the effect of reducing our revenue, but also resulted in a significant increase in our bad debt allowance and expenses over concerns that this client may not be able to pay its outstanding invoices. This has negatively impacted our profitability.
“We have completed several important development projects; and going forward we expect to see our spending reduced in that regard. With several new prospective client signings on the horizon, and with the implementation of additional cost optimization measures, we expect to see an improvement in revenue growth and profitability in 2025.”
QuoteMedia will host a conference call November 19, 2024, at 2:00 PM Eastern Time to discuss the Q3 2024 financial results and provide a business update.
Conference Call Details:
Date: November 19, 2024
Time: 2:00 PM Eastern Time
Dial-in number: 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, 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:
- We have completed several important development projects; and going forward we expect to see our spending reduced in that regard. With several new prospective client signings on the horizon, and with the implementation of additional cost optimization measures, we expect to see an improvement in revenue growth and profitability in 2025
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 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 September 30, | 2024 | 2023 | |||||
| Net (loss) income | $ | (440,941 | ) | $ | 126,036 | ||
| Depreciation and amortization | 774,947 | 672,588 | |||||
| Stock-based compensation | - | (57,188 | ) | ||||
| Interest expense | (76 | ) | (825 | ) | |||
| Foreign exchange (loss) gain | 31,881 | (21,803 | ) | ||||
| Income tax expense | 738 | 739 | |||||
| Adjusted EBITDA | $ | 366,549 | $ | 719,547 | |||
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