QuoteMedia Announces Accelerated Revenue Growth for Q3 2020

PHOENIX, Nov. 12, 2020 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the three months ended September 30, 2020.

QuoteMedia provides banks, brokerage firms, exchanges, financial portals, private equity firms, financial planners, professional traders and sophisticated investors with economical, high quality stock market data, news, analytics and research information. QuoteMedia provides streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (preformatted content for website integration) and terminal-style applications such as Quotestream Professional desktop and mobile.

Revenue for the three months ended September 30, 2020 was $3,140,358 versus $2,963,172 in the comparative 2019 quarter, resulting in a 6% increase.

“We are pleased with our results for this quarter,” said Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc. “We experienced healthy revenue growth despite the economic disruption caused by the COVID-19 pandemic.  We have even been able to take advantage of new opportunities arising from the current economic downturn, as the added pressure on financial sector firms to find more efficient and cost effective solutions to their data and technology needs is leading them to explore QuoteMedia’s offerings.” 

“As a result of increased expenses related to our recent expansion activities, we experienced a net loss of $75,305 for the three months ended September 30, 2020 compared to net income of $155,928 in the comparative 2019 quarter. Our adjusted EBITDA¹ was $271,091 for the three months ended September 30, 2020 versus $540,924 in the comparative 2019 quarter.  The company has undertaken major growth initiatives in 2020 investing in technological and infrastructure advancement, new product development, data collection and aggregation initiatives, and the expansion of our global market coverage. We have also invested in new marketing campaigns and increased staffing. These strategic investments are already producing results. Based on clients currently under contract, including new contracts signed subsequent to September 30, 2020, we expect double digit revenue growth and increasing profitability in the upcoming quarters.”