QuoteMedia Reports Fiscal 2024 Results and Future Outlook
QuoteMedia's Financial Results for 2024
QuoteMedia, Inc. (OTCQB: QMCI), a prominent provider in market data and financial applications, has published its financial results for the fiscal year ending December 31, 2024. The company's innovative approach in delivering high-quality stock market data to banks, brokerage firms, financial planners, and investors sets them apart from larger competitors.
Market Data Services and Innovations
At the core of QuoteMedia's services are comprehensive market data solutions, which include real-time streaming data feeds, as well as customizable on-demand request-based data through XML or JSON formats. Their offerings also extend to web content solutions for website integration and mobile desktop applications aligned with cutting-edge technology.
Financial Highlights
For fiscal year 2024, QuoteMedia faced several challenges:
- The company's annual revenue stood at $18,742,252, reflecting a decrease from $18,907,725 in 2023—a decline of 1% amounting to $165,473.
- In a significant contrast, QuoteMedia reported a net loss of $1,327,037, reversing from a net income of $361,584 in the previous year, resulting in a profitability decline of $1,688,621.
- Adjusted EBITDA for the fiscal year was $1,778,478, down from $3,039,507 in 2023, indicating a decrease of $1,261,029.
Challenges and Resilience
Reflecting on the year, Robert J. Thompson, Chairman of the Board, noted that shift in business models by larger clients adversely affected revenue. One major client significantly slashed their spending, while another customer's acquisition led to the termination of QuoteMedia’s services due to redundancy. Additionally, a long-term client's pandemic-induced financial difficulties resulted in disruptions. These factors culminated in a large bad debt write-off in the latter part of the fiscal year.
Despite these challenges, QuoteMedia's ability to innovate and adapt has led to replacing lost revenue streams through new contracts. The unwavering efforts of the QuoteMedia team in delivering exemplary customer service and developing attractive products have begun to yield results. The company anticipates Q1 2025 to potentially be the most profitable quarter recorded to date.
Looking Ahead
QuoteMedia's response to these hurdles highlights its resilience and commitment to improvement. The conference call scheduled for the next day promises to delve deeper into the financial results and discuss strategies moving forward.
As part of its continuous growth, QuoteMedia is dedicated to enhancing its offerings and ensuring all clients receive valuable insights from their data. Company representatives emphasize the priority of innovation, showcasing a commitment to delivering high-quality solutions as the financial services sector evolves.
Frequently Asked Questions
What financial performance did QuoteMedia report for 2024?
QuoteMedia reported a revenue decline to $18,742,252 and a net loss of $1,327,037 for the fiscal year 2024.
What services does QuoteMedia provide?
QuoteMedia offers a range of market data services including real-time data feeds, web content solutions, and various financial applications.
How did client changes affect QuoteMedia's revenue?
A significant client reduced their spending, and another was acquired by a competitor, which led to the termination of QuoteMedia's services.
What are the expectations for Q1 2025?
QuoteMedia anticipates that Q1 2025 could be the highest earning quarter in its history, following strong efforts to replace lost revenue.
How can investors learn more about QuoteMedia?
Investors can access further details about QuoteMedia's performance and future expectations by reviewing their press releases and attending their scheduled conference calls.
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