PHOENIX, May 09, 2024 (GLOBE NEWSWIRE) — QuoteMedia, a leading financial market data and financial technology solutions provider, continues to expand their global data offerings by adding support for the Cboe One Canada Feed, a real-time Canadian equities market data solution offered by Cboe Global Markets. The Feed aims to provide complete coverage of the Canadian equities market by aggregating data from all four trading venues operated by Cboe Canada and trading volume from all Canadian markets. Notably, it also includes unique coverage of more than 260 securities that are listed on Cboe Canada.
“We are thrilled to announce our support for the Cboe One Canada Feed, further enhancing our range of exchange price feeds available to our clients,” said Dave Shworan, CEO of QuoteMedia Ltd. “This collaboration enables us to offer more options for accessing reliable real-time market data, empowering investors to make informed decisions.”
Cboe Canada is the third most active marketplace in Canada, consistently representing close to 15% of all volume traded in Canadian-listed securities. The Cboe One Canada Feed will be integrated across all QuoteMedia enterprise and subscription products, giving users the flexibility to choose from a variety of exchange price feeds that best suit their needs.
“Cboe aims to deliver world-class solutions and services across all the markets in which we operate globally, and our dedication to Canada is no exception,” said Adam Inzirillo, Global Head of Data and Access Solutions at Cboe Global Markets. “Our Cboe One Canada Feed is designed to offer seamless and efficient access to data on all Canadian-listed securities, reflecting our commitment to driving continuous product innovation within this market, and we couldn’t be more pleased to collaborate with QuoteMedia to broaden market data accessibility for the industry.”
About QuoteMedia QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Avantax, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, The Goldman Sachs Group, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Aviso Financial Inc., CNW Group, iA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Equisolve, Stock-Trak, Mergent, Cision and others. For more information, please visit www.quotemedia.com.
PHOENIX, April 08, 2024 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the fiscal year ended December 31, 2023.
QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information. We compete with several larger legacy organizations and a modest community of other smaller companies. QuoteMedia provides comprehensive market data services, including streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (financial content for website integration) and applications such as Quotestream Professional desktop and mobile.
Highlights for fiscal 2023 include the following:
Annual revenue increased to $18,907,725 in 2023 from $17,527,605 in 2022, an increase of $1,380,120 (8%).
Net income for 2023 was $361,584 compared to $444,470 in 2022, a decrease in profitability of $82,886.
Adjusted EBITDA for 2023 was $3,039,507 compared to $2,727,411 in 2022, an improvement of $312,096.
“This was an important year for QuoteMedia,” said Robert J. Thompson, Chairman of the Board. “We invested in a major data consolidation initiative that allows us to significantly reduce our dependence on 3 rd party data providers and reduce our data sourcing costs. This has been a long, difficult and costly process, but we are already beginning to enjoy the benefits, as we have much greater flexibility and control in servicing our clients, at lower costs.
“2023 resulted in the completion of some major client deployments, and the startup of new client deployments that are currently in progress. Discussions and negotiations on several other large-scale projects expected to be closed in 2024, were also commenced.
“While we experienced strong revenue growth, our profitability was somewhat dampened due to some large one-time expenses incurred in relation to completing the data consolidation initiative and in changing public accounting firms. Moving forward, we expect to see an improvement in profitability as our professional fees normalize, and our revenue and gross margin percentages increase.
“Our teams have put in a tremendous amount of very productive hard work this year. We are very pleased with what we have accomplished, and we look forward to enhanced success in the years to come.”
QuoteMedia will host a conference call Tuesday, April 9, 2024, at 2:00 PM Eastern Time to discuss the 2023 financial results and provide a business update.
Conference Call Details:
Date: April 9, 2024
Time: 2:00 PM Eastern
Dial-in number: 800-901-2707
Conference ID: QUOTEMEDIA
An audio rebroadcast of the call will be available later at: www.quotemedia.com
About QuoteMedia
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Avantax, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, The Goldman Sachs Group, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Credential Qtrade Securities, CNW Group, iA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Equisolve, Stock-Trak, Mergent, Cision and others. Quotestream®, QMod™ and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com .
Statements about QuoteMedia’s future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company’s SEC reports and filings and are subject to change at any time. QuoteMedia’s actual results and other corporate developments could differ materially from that which has been anticipated in such statements.
Below are the specific forward-looking statements included in this press release:
Moving forward, we expect to see an improvement in profitability as our professional fees normalize, and our revenue and gross margin percentages increase.
We believe that Adjusted EBITDA, as a non-GAAP pro forma financial measure, provides meaningful information to investors in terms of enhancing their understanding of our operating performance and results, as it allows investors to more easily compare our financial performance on a consistent basis compared to the prior year periods. This non-GAAP financial measure also corresponds with the way we expect investment analysts to evaluate and compare our results. Any non-GAAP pro forma financial measures should be considered only as supplements to, and not as substitutes for or in isolation from, or superior to, our other measures of financial information prepared in accordance with GAAP, such as net income attributable to QuoteMedia, Inc.
We define and calculate Adjusted EBITDA as net income attributable to QuoteMedia, Inc., plus: 1) depreciation and amortization, 2) stock compensation expense, 3) interest expense, 4) foreign exchange loss (or minus a foreign exchange gain), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies, investors and financial institutions in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. The table below provides a reconciliation of Adjusted EBITDA to net income attributable to QuoteMedia, Inc., the most directly comparable GAAP financial measure.
QuoteMedia, Inc. Adjusted EBITDA Reconciliation to Net Income:
PHOENIX, Nov. 13, 2023 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the quarter ended September 30, 2023.
QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information. We compete with several larger legacy organizations and a modest community of other smaller companies. QuoteMedia provides comprehensive market data services, including streaming data feeds, on-demand request-based data (XML/JSON), analytics and research, trade integration, web content solutions (financial content for website integration) and applications such as Quotestream Professional and Quotestream Web Trader.
Highlights for Q3 2023 include the following:
Quarterly revenue increased by 8% to $4,762,442 in Q3 2023 from $4,390,667 in Q3 2022, an increase of $371,775.
On an FX-neutral basis (FXN), revenue growth for Q3 2023 vs Q3 2022 was 10% (1) .
Adjusted EBITDA for Q3 2023 was $719,547 compared to $670,145 in Q3 2022, an improvement of $49,402 (7%) (1) .
Deferred revenue was $2,049,664 at September 30, 2023. This is an $882,816 (76%) increase from the $1,166,848 deferred revenue balance at December 31, 2023.
“This has been another good quarter for QuoteMedia,” said Robert J. Thompson, Chairman of the Board. “We have closed and launched important new clients, and completed substantial product development, all of which will lead to continuing revenue growth. Additionally, we have a healthy sales pipeline and are continuing exploratory discussions with several large firms about major deployments. We are now enjoying increasing market penetration as our successes over past periods are gaining notice throughout the industry.”
QuoteMedia will host a conference call Tuesday, November 14, 2023 at 2:00 PM Eastern Time to discuss the Q3 2023 financial results and provide a business update.
Conference Call Details:
Date: November 14, 2023
Time: 2:00 PM Eastern
Dial-in numbers: 800-343-4136; 203-518-9814
Conference ID: QUOTEMEDIA
An audio rebroadcast of the call will be available later at: www.quotemedia.com
About QuoteMedia
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Avantax, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, The Goldman Sachs Group, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Credential Qtrade Securities, CNW Group, iA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Equisolve, Stock-Trak, Mergent, Cision and others. Quotestream®, QMod TM and Quotestream Connect TM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com .
Statements about QuoteMedia’s future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company’s SEC reports and filings and are subject to change at any time. QuoteMedia’s actual results and other corporate developments could differ materially from that which has been anticipated in such statements.
We believe that Adjusted EBITDA, as a non-GAAP pro forma financial measure, provides meaningful information to investors in terms of enhancing their understanding of our operating performance and results, as it allows investors to more easily compare our financial performance on a consistent basis compared to the prior year periods. This non-GAAP financial measure also corresponds with the way we expect investment analysts to evaluate and compare our results. Any non-GAAP pro forma financial measures should be considered only as supplements to, and not as substitutes for or in isolation from, or superior to, our other measures of financial information prepared in accordance with GAAP, such as net income attributable to QuoteMedia, Inc.
We define and calculate Adjusted EBITDA as net income attributable to QuoteMedia, Inc., plus: 1) depreciation and amortization, 2) stock compensation expense, 3) interest expense, 4) foreign exchange loss (or minus a foreign exchange gain), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies, investors and financial institutions in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. The table below provides a reconciliation of Adjusted EBITDA to net income attributable to QuoteMedia, Inc., the most directly comparable GAAP financial measure.
QuoteMedia, Inc. Adjusted EBITDA Reconciliation to Net Income:
Three-months ended September 30,
2023
2022
Net income
$
126,036
$
309,543
Depreciation and amortization
672,588
545,076
Stock-based compensation
(57,188
)
(82,888
)
Interest income, net
(825
)
(10
)
Foreign exchange gain
(21,803
)
(102,327
)
Income tax expense
739
751
Adjusted EBITDA
$
719,547
$
670,145
In addition to the non-GAAP measures discussed above, we also analyze certain measures, including net revenues and operating expenses, on an FX-neutral basis to better measure the comparability of operating results between periods. Management believes that changes in foreign currency exchange rates are not indicative of the company’s operations and evaluating growth in net revenues and operating expenses on an FX-neutral basis provides an additional meaningful and comparable assessment of these measures to both management and investors. FX-neutral results are calculated by translating the current period’s local currency results with the prior period’s exchange rate. FX-neutral growth rates are calculated by comparing the current period’s FX-neutral results by the prior period’s results.
PHOENIX, Oct. 16, 2023 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced an agreement with Stirlingshire Investments.
Stirlingshire is an exciting market disruptor with a groundbreaking Hybrid Broker-Dealer framework that brings together the most advantageous aspects of the Full-Service Broker-Dealer and Discount Broker-Dealer models, while removing their limitations. By utilizing technology, Stirlingshire is able to dramatically reduce overhead and liability, while tying compensation much closer to performance. The result? A revolutionized industry that is Better for Clients, Better for Advisors.
Pursuant to the agreement QuoteMedia will be incorporating Quotestream® Trader, QuoteMedia’s streaming data application complete with trade integration, into Stirlingshire’s innovative trading platform. This allows Stirlingshire’s network of broker representatives and their retail clients to access real time market data, as well as comprehensive news, research, charting and analysis as part of their trading experience.
“Stirlingshire is dedicated to innovation, and QuoteMedia’s leading edge offerings are a perfect fit with our goals,” said Steven Woods, Stirlingshire’s Founder & CEO. “Our clientele quite justifiably expects best-in-class products and services from us, and the platform is receiving rave reviews. QuoteMedia’s applications and delivery technologies provide up-to-the-second market data and research information, and ensure our correspondent brokers and their customers are able to identify and capitalize on great investment opportunities.”
The partnership is a significant opportunity for QuoteMedia as well, according to QuoteMedia, Ltd. CEO Dave Shworan.
“Stirlingshire’s approach is truly innovative, and they are enjoying tremendous early success and growth,” said Shworan. “We are thrilled that they have chosen to incorporate our data and technology solutions, and that we can join them as they revolutionize the brokerage and investment industry. We look forward to a long and exciting partnership.”
About QuoteMedia
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Avantax, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, The Goldman Sachs Group, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Credential Qtrade Securities, CNW Group, iA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Equisolve, Stock-Trak, Mergent, Cision and others. Quotestream®, QMod™ and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com .
PHOENIX, May 12, 2023 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the quarter ended March 31, 2023.
QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information. We compete with several larger legacy organizations and a modest community of other smaller companies. QuoteMedia provides comprehensive market data services, including streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (financial content for website integration) and applications such as Quotestream Professional desktop and mobile.
Highlights for Q1 2023 include the following:
Quarterly revenue increased by 11% to $4,750,048 in Q1 2023 from $4,263,796 in 2022, an increase of $486,252.
On an FX-neutral basis, revenue growth for Q1 2023 vs Q1 2022 was 14% (1) .
Quarter-over-quarter revenue increased 4% when comparing Q1 2023 to Q4 2022.
Adjusted EBITDA for Q1 2023 was $829,585 compared to $680,424 in Q1 2022, an improvement of $149,161 (22%) (1) .
“2022 was another great year for QuoteMedia, and as anticipated, that momentum is carrying forward into 2023,” said Robert J. Thompson, Chairman of the Board. “We expect improved revenue growth for the remainder of the year, and record profitability for fiscal 2023. These are truly exciting times for QuoteMedia, as we continue to expand our product lines, develop new partnerships, increase our market share and broaden our presence in the financial data industry. We are very pleased with our results to date; and anticipate extending QuoteMedia’s growth and profitability into the foreseeable future.”
QuoteMedia will host a conference call Monday, May 15, 2023 at 2:00 PM Eastern Time to discuss the Q1 2023 financial results and provide a business update.
Conference Call Details:
Date: May 15, 2023
Time: 2:00 PM Eastern
Dial-in number: 800-245-3047
Conference ID: QUOTEMEDIA
An audio rebroadcast of the call will be available later at: www.quotemedia.com
About QuoteMedia
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Avantax, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, The Goldman Sachs Group, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Credential Qtrade Securities, CNW Group, iA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Equisolve, Stock-Trak, Mergent, Cision and others. Quotestream®, QMod™ and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com .
Statements about QuoteMedia’s future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company’s SEC reports and filings and are subject to change at any time. QuoteMedia’s actual results and other corporate developments could differ materially from that which has been anticipated in such statements.
Below are the specific forward-looking statements included in this press release:
We expect improved revenue growth for the remainder of the year, and record profitability for fiscal 2023.
We believe that Adjusted EBITDA, as a non-GAAP pro forma financial measure, provides meaningful information to investors in terms of enhancing their understanding of our operating performance and results, as it allows investors to more easily compare our financial performance on a consistent basis compared to the prior year periods. This non-GAAP financial measure also corresponds with the way we expect investment analysts to evaluate and compare our results. Any non-GAAP pro forma financial measures should be considered only as supplements to, and not as substitutes for or in isolation from, or superior to, our other measures of financial information prepared in accordance with GAAP, such as net income attributable to QuoteMedia, Inc.
We define and calculate Adjusted EBITDA as net income attributable to QuoteMedia, Inc., plus: 1) depreciation and amortization, 2) stock compensation expense, 3) interest expense, 4) foreign exchange loss (or minus a foreign exchange gain), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies, investors and financial institutions in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. The table below provides a reconciliation of Adjusted EBITDA to net income attributable to QuoteMedia, Inc., the most directly comparable GAAP financial measure.
QuoteMedia, Inc. Adjusted EBITDA Reconciliation to Net Income:
Three-months ended March 31,
2023
2022
Net income
$
113,290
$
149,041
Depreciation and amortization
627,987
487,095
Stock-based compensation
78,125
59,864
Interest expense
1,452
1,224
Foreign exchange loss (gain)
8,001
(17,590
)
Income tax expense
730
790
Adjusted EBITDA
$
829,585
$
680,424
In addition to the non-GAAP measures discussed above, we also analyze certain measures, including net revenues and operating expenses, on an FX-neutral basis to better measure the comparability of operating results between periods. Management believes that changes in foreign currency exchange rates are not indicative of the company’s operations and evaluating growth in net revenues and operating expenses on an FX-neutral basis provides an additional meaningful and comparable assessment of these measures to both management and investors. FX-neutral results are calculated by translating the current period’s local currency results with the prior period’s exchange rate. FX-neutral growth rates are calculated by comparing the current period’s FX-neutral results by the prior period’s results.
PHOENIX, March 31, 2023 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the fiscal year ended December 31, 2022.
QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information. We compete with several larger legacy organizations and a modest community of other smaller companies. QuoteMedia provides comprehensive market data services, including streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (financial content for website integration) and applications such as Quotestream Professional desktop and mobile.
Highlights for fiscal 2022 include the following:
Annual revenue increased to $17,527,605 in 2022 from $15,174,372 in 2021, an increase of $2,353,233 (16%).
Net income for 2022 was $444,470 compared to $212,372 in 2021, an improvement in profitability of $232,098.
Adjusted EBITDA for 2022 was $2,727,411 compared to $1,649,679 in 2021, an improvement of $1,077,732.
“This was another very successful year for QuoteMedia,” said Robert J. Thompson, Chairman of the Board. “We continued our strong growth across virtually every success metric, including revenue growth, profitability and market share; and we expect to continue on this trajectory through the coming year.
“2022 marked the signing and launch of major multi-year agreements with two of Canada’s largest banking institutions, as well as large-scale agreements with several other multi-national financial firms. We also have many new and exciting opportunities for 2023, as we are currently in negotiations with several large firms. As a result, we expect our revenue growth in fiscal 2023 to match or exceed the annual revenue growth we achieved in 2022; and we expect to significantly improve upon our net income figure as well.
“2022 was also significant because, as a result of the efforts and investments we made to improve our infrastructure, security, and business continuity management, we achieved our SOC2 Type II certification. SOC2 accreditation provides independent assurance that Quotemedia maintains a high level of information security, data integrity and business resiliency. This certification allows QuoteMedia to make even greater gains, as SOC2 accreditation is increasingly becoming an absolute requirement for those providing services to large financial institutions, and we are already experiencing the benefits.
“Our growth in revenue and market share has been fueled by our development of exciting new data applications and products, as well as the expansion of our global market coverage, and this will definitely continue throughout 2023 and beyond. We are looking forward to continued success in the years to come.”
QuoteMedia will host a conference call Monday, April 3, 2023 at 2:00 PM Eastern Time to discuss the 2022 financial results and provide a business update.
Conference Call Details:
Date: April 3, 2023
Time: 2:00 PM Eastern
Dial-in number: 800-245-3047
Conference ID: QUOTEMEDIA
An audio rebroadcast of the call will be available later at: www.quotemedia.com
About QuoteMedia
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Avantax, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, The Goldman Sachs Group, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Credential Qtrade Securities, CNW Group, iA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Equisolve, Stock-Trak, Mergent, Cision and others. Quotestream®, QMod™ and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com .
Statements about QuoteMedia’s future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company’s SEC reports and filings and are subject to change at any time. QuoteMedia’s actual results and other corporate developments could differ materially from that which has been anticipated in such statements.
Below are the specific forward-looking statements included in this press release:
We also have many new and exciting opportunities for 2023, as we are currently in negotiations with several large firms. As a result, we expect our revenue growth in fiscal 2023 to match or exceed the annual revenue growth we achieved in 2022; and we expect to significantly improve upon our net income figure as well.
We believe that Adjusted EBITDA, as a non-GAAP pro forma financial measure, provides meaningful information to investors in terms of enhancing their understanding of our operating performance and results, as it allows investors to more easily compare our financial performance on a consistent basis compared to the prior year periods. This non-GAAP financial measure also corresponds with the way we expect investment analysts to evaluate and compare our results. Any non-GAAP pro forma financial measures should be considered only as supplements to, and not as substitutes for or in isolation from, or superior to, our other measures of financial information prepared in accordance with GAAP, such as net income attributable to QuoteMedia, Inc.
We define and calculate Adjusted EBITDA as net income attributable to QuoteMedia, Inc., plus: 1) depreciation and amortization, 2) stock compensation expense, 3) interest expense, 4) foreign exchange loss (or minus a foreign exchange gain), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies, investors and financial institutions in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. The table below provides a reconciliation of Adjusted EBITDA to net income attributable to QuoteMedia, Inc., the most directly comparable GAAP financial measure.
QuoteMedia, Inc. Adjusted EBITDA Reconciliation to Net Income
PHOENIX, March 24, 2023 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, today announced that it has achieved SOC 2 Type II accreditation.
The SOC 2 Type II accreditation is a rigorous certification that requires companies to demonstrate their ability to securely manage customer data and protect against unauthorized access. The accreditation is awarded to companies that have implemented a comprehensive set of controls and processes to ensure the confidentiality, integrity, and availability of their services.
“We are thrilled to have achieved SOC 2 Type II accreditation, which is a testament to our commitment to providing the highest levels of security and reliability to our customers,” said Dave Shworan, CEO of QuoteMedia Ltd. “As a leading provider of financial market data and solutions, we understand the critical importance of safeguarding our customers’ data, and we take this responsibility very seriously.”
To achieve SOC 2 Type II accreditation, QuoteMedia underwent a demanding audit by an independent third-party auditor. The audit assessed the company’s controls and processes related to security, availability, processing integrity, confidentiality, and privacy. QuoteMedia’s implementation of robust controls and processes is evidence of its dedication to maintaining a secure and reliable environment for customer data.
About QuoteMedia
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Avantax, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, The Goldman Sachs Group, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Credential Qtrade Securities, CNW Group, iA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Equisolve, Stock-Trak, Mergent, Cision and others. Quotestream®, QMod™ and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.
PHOENIX, Dec. 06, 2022 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, today announced that it will be presenting at the Planet MicroCap Showcase: VIRTUAL 2022 on Wednesday, December 7, 2022, at 12:30 PM EST. Dave Shworan, CEO of Quotemedia, Ltd. will be hosting the 30-minute presentation providing an overview of QuoteMedia for existing shareholders and potential shareholders.
QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information. We compete with several larger legacy organizations and a modest community of other smaller companies. QuoteMedia provides comprehensive market data services, including streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (financial content for website integration) and applications such as Quotestream Professional and Quotestream Web Trader.
To access the presentation, please use the following information:
If you would like to watch’s presentation at the Quotemedia’s Planet MicroCap Showcase 2022, please make sure you are registered here: https://planetmicrocapshowcase.com/signup
If you can’t make the live presentation, all company presentations “webcasts” will be available directly on the conference event platform on this link under the tab “Agenda”: https://planetmicrocapshowcase.com/agenda
About QuoteMedia
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Equisolve, Stock-Trak, Mergent, Cision, Day Trade Dash, LLC and others. Quotestream®, QMod™ and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.
About Planet MicroCap
Planet MicroCap is a global multimedia and publishing financial news investor portal specifically focused on covering the MicroCap market by providing news, insights, education tools and expert commentary. We have cultivated an active and engaged community of folks that are interested in learning about and to stay ahead of the curve in the MicroCap space.
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Virtual Brokers, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Day Trade Dash and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Patrick McCann, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Mixed Q3 results. The company reported revenue of $4.39 million, missing our estimate of $4.76 million by 7.7%. Revenues were partially impacted by currency exchange. Adj. EBITDA of $670,000 was in line with our estimate of $680,000. While revenue was below our estimate the company still grew revenue by 15% and is on pace for historic high revenue.
Currency rate impact. Over the latest quarter, the Canadian dollar (CAD) depreciated against the U.S dollar (USD). Depreciation of CAD negatively affected company revenues, as the company receives roughly 33% of its revenue in CAD. Management noted that on a constant currency basis Q3 revenue growth would have been approximately 18% to 19%, considerably closer to company guidance of 20% revenue growth.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
PHOENIX, Nov. 10, 2022 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the quarter ended September 30, 2022.
QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information. We compete with several larger legacy organizations and a modest community of other smaller companies. QuoteMedia provides comprehensive market data services, including streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (financial content for website integration) and applications such as Quotestream Professional and Quotestream Web Trader.
Highlights for Q3 2022 include the following:
Quarterly revenue increased to $4,390,667 in Q3 2022 from $3,818,713 in Q3 2021, an increase of $571,954 (15%).
Gross Margin percentage improved to 52% in Q3 2022, compared to 47% in Q3 2021.
Net income for Q3 2022 was $309,543 compared to $154,931 in Q3 2021, an increase of $154,612.
Adjusted EBITDA for Q3 2022 was $670,145 compared to $539,534 in Q3 2021, an improvement of $130,611.
“We are very pleased with what we accomplished this quarter, and over the year to date,” said Robert J. Thompson, Chairman of the Board. “We have closed several major agreements with high profile clients including two of Canada’s largest banks, with the second contract commencing in November 2022. We achieved record profits this quarter, and we expect to improve upon this moving forward. We anticipate that the pace of our revenue growth will continue in the coming quarters, with the launch of more enterprise deployments and exciting partnerships.
“We have made extensive time and financial investments into operations and infrastructure improvements this year, to ensure we are able to provide the highest levels of service, support and security for our clients, and we expect that these investments will yield dividends in the months and years to come.
“Due to the significant devaluation of the Canadian dollar, we are revising our revenue growth projection for the 2022 year. A substantial number of our contracts (and new contracts) are denominated in Canadian dollars, and this is re-measured into US Dollars when reporting our financial results. We are now projecting a 16% revenue growth for 2022, down from 19%. This will not have a meaningful impact on our bottom-line profitability, as our Canadian dollar revenue and expenses are almost equal. In fact, we anticipate significantly increased profitability in upcoming quarters.”
QuoteMedia will host a conference call Thursday, November 10, 2022 at 2:00 PM Eastern Time to discuss the Q3 2022 financial results and provide a business update.
Conference Call Details:
Date: November 10, 2022
Time: 2:00 PM Eastern
Dial-in number: 800 445-7795; 203-518-9843
Conference ID: QUOTEMEDIA
An audio rebroadcast of the call will be available later at: www.quotemedia.com
About QuoteMedia
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Equisolve, Stock-Trak, Mergent, Cision, Warrior Trading and others. Quotestream®, QMod TM and Quotestream Connect TM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com .
Statements about QuoteMedia’s future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company’s SEC reports and filings and are subject to change at any time. QuoteMedia’s actual results and other corporate developments could differ materially from that which has been anticipated in such statements.
Below are the specific forward-looking statements included in this press release:
We achieved record profits this quarter, and we expect to improve upon this moving forward. We anticipate that the pace of our revenue growth will continue in the coming quarters, with the launch of more enterprise deployments and exciting partnerships.
Due to the significant depreciation of the Canadian dollar, we are revising our revenue growth projection for the 2022 year. A substantial number of our contracts (and new contracts) are denominated in Canadian dollars, and this is re-measured into US Dollars when reporting our financial results. We are now projecting a 16% revenue growth for 2022, down from 19%. This will not have a meaningful impact on our bottom-line profitability, though, as our Canadian dollar revenue and expenses are almost equal. In fact, we anticipate significantly increased profitability in upcoming quarters.
We believe that Adjusted EBITDA, as a non-GAAP pro forma financial measure, provides meaningful information to investors in terms of enhancing their understanding of our operating performance and results, as it allows investors to more easily compare our financial performance on a consistent basis compared to the prior year periods. This non-GAAP financial measure also corresponds with the way we expect investment analysts to evaluate and compare our results. Any non-GAAP pro forma financial measures should be considered only as supplements to, and not as substitutes for or in isolation from, or superior to, our other measures of financial information prepared in accordance with GAAP, such as net income attributable to QuoteMedia, Inc.
We define and calculate Adjusted EBITDA as net income attributable to QuoteMedia, Inc., plus: 1) depreciation and amortization, 2) stock compensation expense, 3) interest expense, 4) foreign exchange loss (or minus a foreign exchange gain), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies, investors and financial institutions in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. The table below provides a reconciliation of Adjusted EBITDA to net income attributable to QuoteMedia, Inc., the most directly comparable GAAP financial measure.
QuoteMedia, Inc. Adjusted EBITDA Reconciliation to Net Income
PHOENIX, Sept. 08, 2022 (GLOBE NEWSWIRE) — Planet MicroCap today published a new Video Interview with Dave Shworan, CEO of QuoteMedia Ltd. (OTCQB: QMCI), discussing how the company is disrupting the financial data markets and competing with established industry giants, and also offers insights into the directions the company is taking moving forward.
About QuoteMedia QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, TheStreet.com, Zacks Investment Research, The Motley Fool, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Virtual Brokers, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Day Trade Dash and others. Quotestream®, QMod™ and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.
About Planet Microcap Planet MicroCap is a global multimedia and publishing financial news investor portal specifically focused on covering the MicroCap market by providing news, insights, education tools and expert commentary. We have cultivated an active and engaged community of folks that are interested in learning about and to stay ahead of the curve in the MicroCap space. Planet MicroCap is your go-to destination for unfettered access to the world of MicroCap stocks and investing.
