- QuoteMedia's (OTCQB: QMCI) revenue fell by 1% in 2024, totaling $18.74 million.
- The company reported a net loss of $1.33 million, down from a net income of $361,584 in 2023.
- New contracts secured indicate a promising start for 2025, with projected record-breaking Q1 revenue.
QuoteMedia, Inc. (OTCQB: QMCI), a significant player in market data and financial applications, faced a challenging fiscal year in 2024. The company's annual revenue saw a slight decline of 1%, dropping to $18.74 million from $18.91 million in the previous year. This decrease was compounded by a net loss of $1.33 million, a stark contrast to the net income of $361,584 registered in 2023.
The downturn in financial performance is attributed to three significant factors: a major client scaling back their spending, the loss of an enterprise customer following an acquisition, and the cessation of services from a long-term client facing financial challenges. The latter also led to a considerable bad debt write-off during the second half of 2024.
Despite these setbacks, QuoteMedia has made strides in surpassing the lost recurring revenue through newly secured contracts. Looking forward, the company is optimistic about 2025, projecting that the first quarter will achieve the highest revenue in its history.
QuoteMedia continues to provide comprehensive market data services to a diverse clientele, including banks, brokerage firms, and financial planners. The company's offerings include streaming data feeds, on-demand data requests, and various financial content and applications.
A conference call to discuss the 2024 financial results and provide a business update is scheduled for April 16, 2025, at 2:00 PM Eastern Time. Interested parties can join by dialing 888-999-3182 or 848-280-6330, using the conference ID QUOTEMEDIA.
