QuoteMedia Announces Financial Results for Q1 2024

PHOENIX, May 13, 2024 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the quarter ended March 31, 2024.

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 Q1 2024 include the following:

• Quarterly revenue decreased by $70,848 (1%) to $4,679,200 in Q1 2024 from $4,750,048 in 2023.
• Adjusted EBITDA for Q1 2024 was $676,886 compared to $829,585 in Q1 2023, a reduction of $152,699.
• Our net loss for Q1 2024 was $28,176 compared to net income of $113,290 in Q1 2023, a decrease in profitability of $141,466.
  

“This was a challenging quarter for QuoteMedia,” said Robert J. Thompson, Chairman of the Board. “Economic conditions forced a few clients to reduce or discontinue their spending with QuoteMedia, offsetting the revenue from new clients added during the quarter. There are, however, several exciting prospective clients in the pipeline. While the sales cycles for these large-scale deployments can be quite long, we expect to see improved revenue growth as the year progresses.”

QuoteMedia will host a conference call Tuesday, May 14, 2024, at 2:00 PM Eastern Time to discuss the Q1 2024 financial results and provide a business update.

Conference Call Details:

Date: May 14, 2024

Time: 2:00 PM Eastern Time

Dial-in number: 888-632-3384; 785-424-1794

Conference ID: QUOTEMEDIA

An audio rebroadcast of the call will be available later at: www.quotemedia.com

About QuoteMedia

QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMediaprovides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, IEX Data Services LLC, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Avantax, Zacks Investment Research, S&P Global Market Intelligence Inc., Business Wire, Cision (PR Newswire, CNW Group), The Goldman Sachs Group, TheStreet.com, Motley Fool, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Aviso Financial Inc., iA Private Wealth, Leede Jones Gable, Firstrade Securities, Charles Schwab, Lightspeed Financial Services Group LLC, Equisolve, Stock-Trak and others. Quotestream, QMod^TM and Quotestream Connect^TM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.