ACCESS Newswire Inc. reported a decrease in total revenue for the fiscal year ended December 31, 2024, amounting to $23.1 million, down 6% from $24.5 million in 2023. The decline was primarily attributed to a 15% drop in revenue from its previously branded Newswire business, which faced reduced volume. The company also experienced a significant impairment loss of $14.2 million related to the Newswire trademarks, which contributed to an operating loss of $16.3 million, compared to a loss of $2.7 million in the prior year. The net loss from continuing operations was $13.3 million, a substantial increase from the $3.4 million loss reported in 2023.
In terms of operational changes, ACCESS Newswire underwent a rebranding initiative, officially changing its name from Issuer Direct Corporation to ACCESS Newswire Inc. on January 27, 2025. This rebranding included the consolidation of product offerings under clearer naming conventions, aimed at enhancing customer experience and market presence. The company also launched a new subscription platform in early 2025, which had already garnered 1,124 subscriptions and an annual recurring revenue of approximately $12 million by the end of 2024.
The company’s customer base grew to 12,349 as of December 31, 2024, compared to 11,924 the previous year. However, the employee headcount decreased to 113 from 135 in 2023, reflecting a strategic decision to streamline operations. ACCESS Newswire continues to focus on small to mid-market B2B companies, which it defines as businesses with 2 to 2,000 employees. The company aims to expand its international presence, with approximately 15% of its customers located outside North America, generating about 12% of total revenue.
Looking ahead, ACCESS Newswire expressed optimism about the demand for its products and services, despite ongoing global economic uncertainties. The company plans to focus on expanding its product offerings, enhancing technology, and pursuing strategic acquisitions to bolster its market position. Management believes that the transition to a subscription model will be crucial for sustainable growth, and they anticipate that continued investment in their platforms will facilitate increased market share and operational efficiency.
About ACCESS Newswire Inc.
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