Quorum reported a significant increase in Q1 2024 earnings driven by growth strategies and cost management

From GlobeNewswire: 2024-05-29 18:30:00

Quorum Information Technologies Inc. reported a 61% increase in Adjusted EBITDA to $2.1 million in Q1 2024. The company’s profitable growth strategy and cost management led to a 189% increase in Adjusted Cash Income to $1.7 million. SaaS revenue rebounded to $7.2 million due to backlog installations and new customer revenue.

In Q1 2024, Quorum’s total revenue increased by 2% to $10.1 million, with SaaS revenue growing by 2% to $7.2 million. Gross margin increased by 10% to $5.1 million, resulting in a net income of $1.1 million. Adjusted EBITDA and Adjusted Cash Income margins also saw significant expansion.

The decline in customer rooftop count for Q1 2024 was a strategic decision to focus on cross-selling over new acquisitions, resulting in an improvement in Monthly Recurring Revenue per Unit. Quorum’s SaaS operational KPIs showed promising trends in Q1 2024, with positive growth in key performance indicators.

Quorum’s President and CEO, Maury Marks, expressed gratitude to employees for their contributions to strong quarterly results. The company’s integrated product suite of 13 software solutions played a pivotal role in driving dealerships’ businesses and increasing value for both Quorum and its customers.



Read more at GlobeNewswire:: Quorum Announces Q1 2024 Results