QuoteMedia Announces 8% Revenue Growth for 2023

PHOENIX, April 08, 2024 (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, 2023.

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 2023 include the following:

• Annual revenue increased to $18,907,725 in 2023 from $17,527,605 in 2022, an increase of $1,380,120 (8%).
• Net income for 2023 was $361,584 compared to $444,470 in 2022, a decrease in profitability of $82,886.
• Adjusted EBITDA for 2023 was $3,039,507 compared to $2,727,411 in 2022, an improvement of $312,096.
  

“This was an important year for QuoteMedia,” said Robert J. Thompson, Chairman of the Board. “We invested in a major data consolidation initiative that allows us to significantly reduce our dependence on 3^rd party data providers and reduce our data sourcing costs. This has been a long, difficult and costly process, but we are already beginning to enjoy the benefits, as we have much greater flexibility and control in servicing our clients, at lower costs.

“2023 resulted in the completion of some major client deployments, and the startup of new client deployments that are currently in progress. Discussions and negotiations on several other large-scale projects expected to be closed in 2024, were also commenced.

“While we experienced strong revenue growth, our profitability was somewhat dampened due to some large one-time expenses incurred in relation to completing the data consolidation initiative and in changing public accounting firms. Moving forward, we expect to see an improvement in profitability as our professional fees normalize, and our revenue and gross margin percentages increase.

“Our teams have put in a tremendous amount of very productive hard work this year. We are very pleased with what we have accomplished, and we look forward to enhanced success in the years to come.”