QuoteMedia Inc. Releases Q3 2023 10-Q Report Highlighting Financial and Business Performance
Bacaan 2 minit
QuoteMedia Inc., a leading provider of market data, financial applications, and investment management solutions, has released its Form 10-Q report for the third quarter of 2023. The report details the company's financial performance and operational highlights, showcasing growth in key areas and outlining future plans for expansion.
Financial Highlights
- Total Revenue: $4.76 million for the three-months ended September 30, 2023, an increase of 8% compared to the same period in 2022, driven by growth in Corporate Quotestream and Interactive Content and Data APIs.
- Gross Profit: $2.47 million for the three-months ended September 30, 2023, reflecting a gross margin of 52%, consistent with the prior year period.
- Operating Income: $0.10 million for the three-months ended September 30, 2023, a decrease from $0.21 million in the same period in 2022, due to increased operating expenses.
- Net Income: $0.13 million for the three-months ended September 30, 2023, compared to $0.31 million in the same period in 2022, impacted by higher operating expenses.
- Net Income Per Share: $0.00 for both basic and diluted for the three-months ended September 30, 2023, consistent with the same period in 2022.
Business Highlights
- Revenue Segments: QuoteMedia's revenue is divided into three main product lines: Interactive Content and Data APIs, Data Feed Services, and Portfolio Management Systems. The Interactive Content and Data APIs saw a significant increase in revenue, attributed to new product launches and expanded data coverage, attracting larger clients.
- Geographical Performance: Approximately 38% of QuoteMedia's consolidated revenue and 39% of its expenses are denominated in Canadian dollars. The depreciation of the Canadian dollar against the U.S. dollar decreased both Canadian dollar revenues and expenses by approximately 2%, with minimal impact on net income and cash flow.
- New Product Launches: QuoteMedia continues to develop and launch new modules of QModTM, a proprietary Web delivery system designed for secure market data provisioning and ease of integration. This system is SEO-ready and adapts to mobile devices, enhancing user experience.
- Future Outlook: For the remainder of 2023 and into 2024, QuoteMedia plans to expand its product lines and improve infrastructure, focusing on adding features and data to existing products. This expansion is expected to result in increased revenue and costs. The company also aims to grow its Data Feed Services client base by adding major new international data feed coverage.
- Plan of Operation: QuoteMedia will maintain its focus on marketing Quotestream for brokerage firm deployments and expanding into the investment professional market with Quotestream Professional. The company is also working on new proprietary data sets, analytics, and scoring mechanisms to offer new data products and reduce costs.