Infinite Group Inc., a cybersecurity software developer based in Pittsford, New York, reported a revenue of approximately $6.6 million for the fiscal year ending December 31, 2024, a decrease of 5.6% from the previous year's revenue of $7.0 million. The company experienced an operating loss of $896,046, a significant improvement from the $1.9 million loss reported in 2023. The net loss for 2024 was approximately $1.6 million, compared to a net loss of $1.9 million in the prior year. The reduction in losses was attributed to decreased general and administrative expenses and selling costs, which fell by 15.4% and 33.5%, respectively.
The company's sales performance was mixed across its product lines. Managed support service sales, which accounted for about 66% of total sales, decreased slightly from $4.4 million in 2023 to $4.3 million in 2024. This decline was primarily due to the termination of a minor project with its largest customer. Conversely, sales of Nodeware, the company's flagship cybersecurity software, increased by over 23% from $705,561 in 2023 to $869,378 in 2024, driven by a reorganization of the sales team and targeted marketing efforts. However, sales from cybersecurity consulting services dropped by 27% to $921,458, attributed to delays in project completions.
In terms of strategic developments, Infinite Group has focused on enhancing its Nodeware solution, which utilizes generative artificial intelligence for vulnerability management. The company has also established two new subsidiaries, Nodeware Inc. in Delaware and Nevada, to support the growth of this product. Additionally, the company has been actively pursuing financing arrangements to bolster its operations, securing approximately $2.4 million from various debt products in 2024, including loans and lines of credit.
Operationally, Infinite Group reported a workforce of 50 full-time employees as of December 31, 2024, with plans to expand its sales and technical support teams to meet growing demand. The company relies heavily on channel partners for approximately 90% of its sales, and it aims to strengthen these relationships to drive future growth. Despite the challenges faced, including a working capital deficit of approximately $8.8 million, the company remains optimistic about its prospects, particularly in the cybersecurity SaaS market, which it views as fragmented and ripe for consolidation.
Looking ahead, Infinite Group anticipates continued growth in its Nodeware sales and overall cybersecurity services, supported by increased marketing investments and a focus on expanding its channel partner network. However, the company acknowledges the risks associated with its financial condition and the need for additional capital to sustain operations and support its growth strategy.
About INFINITE GROUP INC
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