QuoteMedia Reports 1% Revenue Decline and $1.3 Million Net Loss for Fiscal Year 2024

QuoteMedia, Inc. reported a slight decline in financial performance for the fiscal year ending December 31, 2024, with total revenue decreasing by 1% to $18.7 million compared to $18.9 million in 2023. The company's net loss for the year was $1.3 million, a significant shift from a net income of $361,584 in the previous year. This downturn was attributed to a combination of reduced customer counts and increased operational costs, particularly in software development and general administrative expenses, which rose by 15% and 9%, respectively.

The company's revenue streams were affected by a decrease in both corporate and individual Quotestream revenues, each down by 1%. The decline in corporate Quotestream revenue was primarily due to a reduction in the number of customers, although there was an increase in average revenue per customer. Individual Quotestream revenue was impacted by a decrease in total subscribers, despite a price increase implemented at the beginning of 2024. Additionally, the depreciation of the Canadian dollar against the U.S. dollar contributed to the revenue decline, as approximately 39% of QuoteMedia's revenue is denominated in Canadian dollars.

Operationally, QuoteMedia maintained a workforce of 118 employees, with a significant majority based in Canada. The company continues to focus on expanding its product offerings, particularly through its Quotestream suite, which includes desktop, mobile, and professional versions designed for both individual and corporate clients. The company is also enhancing its Interactive Content and Data APIs, aiming to leverage artificial intelligence to improve product features and client integration. Despite the challenges faced in 2024, QuoteMedia anticipates a return to positive revenue growth in 2025, supported by contracts already in place.

Looking ahead, QuoteMedia plans to invest in infrastructure and product development, including the introduction of new data products and enhancements to existing services. The company is also exploring opportunities for geographic expansion and new market segments. However, management acknowledged that the current economic environment, characterized by market uncertainty and rising inflation, may impact client spending and purchasing decisions. The company remains vigilant regarding external factors, including geopolitical events and potential regulatory changes, that could affect its operations and financial performance.