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:
“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:
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 |