Q4 2024 ACCESS Newswire Inc Earnings Call Transcript
Key Points
- ACCESS Newswire Inc (ACCS) reported a 1% increase in revenue for Q4 2024, indicating some growth despite challenges.
- The company's subscription business now accounts for approximately 50% of overall revenues, up from 30% in the previous year.
- The sale of the compliance business significantly reduced debt by 78%, positioning the company for a debt-free future.
- Non-GAAP net income from continuing operations showed a positive trend, with $819,000 reported for Q4 2024.
- The company is focusing on expanding its subscription model, aiming for 75% of revenues from recurring subscriptions by the end of next year.
- Total revenue for the full year 2024 decreased by 6% compared to 2023, primarily due to lower volumes in the Newswire business.
- Operating expenses increased significantly due to a $14.15 million impairment loss associated with the Newswire trade name.
- The company reported a net loss from continuing operations of $10.9 million for Q4 2024, a substantial increase from the previous year.
- Cash on hand decreased from $5.7 million at the end of 2023 to $4.1 million at the end of 2024, partly due to debt repayments.
- The transition to a new business model and rebranding efforts have been time-consuming, impacting leadership focus and resources.
Ladies and gentlemen, thank you for standing by, and welcome to the ACCESS Newswire's fourth quarter and year ended 2024 earnings conference call. My name is Michael Kret and I am not only excited to be your host for today's call but I'm also proud to be going on my ninth year here at ACCESS Newswire as a Senior News Desk Editor.
Before we begin, I'd like to remind everyone that statements made during today's conference call may be deemed forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and are subject to the safe harbor created thereby. Actual results may differ materially due to a variety of risks, uncertainties and other factors. For a detailed discussion of some of the ongoing risks and uncertainties in the company's business, I refer you to the press release issued this afternoon and filed with the SEC on Form 8-K as well as the company's reports filed periodically with the SEC, including our annual report on Form 10-K for the year ended December 31, 2024.
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