From GlobeNewswire: 2024-04-08 16:22:00

QuoteMedia, Inc. reported its financial results for the fiscal year ended December 31, 2023. The annual revenue increased to $18,907,725, with net income at $361,584 and adjusted EBITDA at $3,039,507, showcasing growth and stability for the company.

In 2023, QuoteMedia invested in a major data consolidation initiative, reducing third-party data dependencies and costs. Despite dampened profitability due to one-time expenses, the completion of major client deployments and new projects positions QuoteMedia for enhanced success in the coming years.

QuoteMedia will host a conference call on April 9, 2024, to discuss the 2023 financial results and new business developments. This leading provider of market data and financial applications continues to offer comprehensive solutions and anticipates improved profitability as revenue and gross margin percentages increase.

Adjusted EBITDA, a significant non-GAAP financial measure, demonstrates QuoteMedia’s operating performance and consistency for investors. Key components include net income, depreciation, stock compensation, interest expense, foreign exchange loss, and income tax expense. This metric allows a more straightforward comparison of financial performance across periods.



Read more at GlobeNewswire:: QuoteMedia Announces 8% Revenue Growth for 2023