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 $341,745 this quarter. A significant portion of our deferred revenue relates to initial set-up and development fees for the upfront work we perform to build and customize products for clients. This is paid to us in advance, but we are required to recognize the revenue over the life of the contract, even when the work has long been completed. We have also vastly grown and improved our proprietary data sets, replacing third party vendors with data that we collect and control ourselves. This includes corporate fundamentals data across the US, Canada and the UK, as well as proprietary analytics and scoring, Initial Public Offerings (IPOs) and a host of other data sets for those markets and globally. 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 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 | |||
