Professional Diversity Network Reports 12.6% Revenue Decline to $6.73 Million for Fiscal Year 2024

Professional Diversity Network, Inc. (PDN) reported a decrease in total revenues for the fiscal year ending December 31, 2024, amounting to approximately $6.73 million, down 12.6% from $7.70 million in 2023. The decline was primarily driven by a significant drop in contracted software development revenues from its RemoteMore segment, which fell by 24.9% to $1.83 million. Recruitment services also saw a decrease of 4.4%, contributing to the overall revenue decline. Despite these challenges, the company managed to reduce its net loss from continuing operations to approximately $2.60 million, a 40.8% improvement from the previous year's loss of $4.39 million.

In terms of operational changes, PDN has focused on strategic acquisitions and partnerships to enhance its service offerings. In January 2023, the company acquired Expo Experts LLC, which specializes in recruiting events, for $600,000. Additionally, PDN increased its stake in RemoteMore USA, Inc. to 73% through two separate transactions in 2023. The company also launched a partnership with AI Geo to improve job seeker engagement through a mock interview platform, reflecting its commitment to leveraging technology for better service delivery.

PDN's customer base remains a critical aspect of its operations, with approximately 1,450 total customers, including around 300 enterprise companies. The company reported a registered user growth in its TalentAlly Network, which serves diverse professional communities, although specific user statistics were not disclosed. The NAPW Network, focused on women's professional development, generated $429,000 in revenue, a 19.2% decrease from the previous year, primarily due to a decline in renewal memberships.

Looking ahead, PDN's management expressed a cautious outlook, emphasizing the need for increased revenues and potential capital raises to support ongoing operations. The company has acknowledged the challenges posed by a competitive market for online professional networks and the necessity to adapt to changing economic conditions. Despite the current financial difficulties, PDN remains committed to its mission of fostering diversity in the workplace and enhancing its service offerings to meet the needs of its diverse clientele.