From GlobeNewswire: 2024-11-20 17:30:00

Quorum Information Technologies Inc. released its third quarter results for 2024, achieving record Adjusted EBITDA of $2.3 million and paying down $3.0 million on their BDC Capital Facility. The company’s profitable growth strategy has led to four consecutive quarters of Adjusted EBITDA margin of 20% or higher.

Total revenue decreased by 5% to $9.9 million in Q3 2024, while SaaS revenue increased by 2% to $7.2 million. BDC revenue decreased by 11%, but has since recovered in October 2024. Gross margin increased by 1% to $4.9 million, with Adjusted EBITDA at $2.3 million and Adjusted Cash Income at $1.8 million.

SaaS-based operational Key Performance Indicators for Q3 2024 include 1,418 total dealer rooftops and a Monthly Recurring Revenue Per Unit (MRRPU) of $1,698. Quorum’s suite of 13 essential software solutions and services has been crucial to their profitable growth strategy and driving success for dealerships.

Maury Marks, President and CEO of Quorum, expressed appreciation for employees’ hard work in achieving strong quarterly results. The company’s integrated software solutions play a vital role in increasing value for both Quorum and its customers. Investors can access the Q3 2024 Results conference call and presentation on Quorum’s website.



Read more at GlobeNewswire:: Quorum Announces Q3 2024 Results