CreditRiskMonitor Announces 2024 Results

VALLEY COTTAGE, NY / ACCESS Newswire / March 20, 2025 / CreditRiskMonitor.com, Inc. (OTCQX:CRMZ) reported revenues of $19.8 million, an increase of approximately $878 thousand or 5%, for the year ended December 31, 2024, as compared to 2023. The Company reported operating income of approximately $1.25 million, a decrease of approximately $243 thousand for 2024 as compared to 2023. The decrease in operating income was primarily due to increased data and product costs associated with higher employee expenses and third-party content costs. The Company reported net income of approximately $1.67 million, a decrease of approximately $20 thousand for 2024 as compared to 2023.

Mike Flum, CEO, said, "We remain committed to achieving higher efficiency for our teams, knowing it will require increased investment in technical human capital and systems. We continue refining our management team with an emphasis on improved performance and accountability. While we still expect to show lower profitability in the short-to-medium term due to this higher spending on data, technology, and skilled employees, the results of these investments will set up the Company for profitable growth in the long term.

To that end, we are happy to welcome Shyarsh Desai as our new Chief Operating Officer effective March 19, 2025. Shyarsh brings a wealth of experience in the risk, credit, and technology spaces from his time as the Chief Executive Officer at SMYYTH + CARIXA, a credit-to-cash company, and Credit2B, an AI-innovator in B2B credit decision automation, until its sale to Billtrust, where he served as Group President. He has also held management positions at Navex, Dun & Bradstreet, and IBM. We are excited to have Shyarsh on the team and help us drive for greater efficiency, performance, and accountability at CreditRiskMonitor.com.

On the customer satisfaction front, the Company surveyed clients between late 2024 and early 2025 to baseline our Net Promoter Score ("NPS"), Product Quality, and Customer Support. We achieved high marks in all categories including an excellent-level 77 for NPS as well as 4.6 out of 5 for both Product Quality and Customer Service. We are immensely proud of these results and applaud our teams for developing products and experiences that garner this much positive feedback.