Q4 2023 QuoteMedia Inc Earnings Call Transcript
Key Points
- QuoteMedia Inc (QMCI) increased its revenue close to $1.5 million in 2023.
- Adjusted EBITDA exceeded $3 million in the last year, showing financial improvement.
- The company has successfully expanded its proprietary datasets, reducing reliance on third-party data sourcing.
- QuoteMedia Inc (QMCI) has become a key provider of data and financial products to some of the largest companies in the industry.
- The company has a comprehensive library of products and services, including data delivery systems, web content solutions, and Quotestream product suite.
- The process of creating proprietary datasets was costly, requiring significant investment and focus from large teams.
- Total Quotestream revenue increased by only 2%, with individual Quotestream revenue decreasing by 11% due to a decline in subscribers and the impact of the Canadian dollar.
- Operating expenses increased by 14% for the year, primarily due to additional personnel hired for expansion objectives.
- Net income for the year was $362,000, a decrease from $444,000 in 2022, mainly due to higher-than-normal expenses.
- Cash balance decreased by $136,000 from the previous year-end, and net cash used in investing activities was $3.3 million, primarily due to spending on infrastructure and product development.
Good day, everyone, and welcome to today's QuoteMedia full-year results.(Operator Instructions) Please note today's call will be recorded and I will be standing by should you need any assistance.
It is now my pleasure to turn the conference over to Brendan Hopkins. Please go ahead.
Thank you and thank you, everyone, for joining us today. We have a brief Safe Harbor and then we'll get started .Except for historical information contained herein, the statements in this conference call are forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from forecasted results.
With that said, I would like to call -- turn the call over to Dave Shworan, Chief Executive Officer of QuoteMedia.
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