QuoteMedia Announces 11% Revenue Growth in Q1 2023

Financial Planners







PHOENIX, May 12, 2023 (Globe Newswire) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announces financial results for the quarter ending March 31, 2023. Did.

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 a small community of several large traditional organizations and other small businesses. QuoteMedia is a comprehensive marketplace that includes 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. Provides data services.

Highlights for Q1 2023 include:

  • Quarterly revenue increased 11% to $4,750,048 in Q1 2023 from $4,263,796 in 2022 to $486,252.
  • At constant currency, revenue growth in Q1 2023 was 14% compared to Q1 2022 (1).
  • Comparing Q1 2023 and Q4 2022, sales increased 4% quarter-on-quarter.
  • Adjusted EBITDA for the first quarter of 2023 was $829,585, compared with $680,424 in the first quarter of 2022, an improvement of $149,161, or 22%. (1).

“2022 was another great year for QuoteMedia and, as expected, the momentum continues into 2023,” said Robert J. Thompson, Chairman of the Board. “We expect improved revenue growth for the remainder of the year and record earnings in fiscal 2023. This is a truly exciting time for QuoteMedia as we continue to expand our presence in the financial data industry. We are very happy with the results so far. And we look forward to extending QuoteMedia’s growth and profitability into the foreseeable future. ”

QuoteMedia will host a conference call on Monday, May 15, 2023 at 2:00 pm ET to discuss its first quarter 2023 financial results and provide business updates.

Conference call details:

Date: May 15, 2023

Time: 2 PM ET

Dial-in number: 800-245-3047

Meeting ID: Citation media

An audio replay of the call will be available later on www.quotemedia.com.

About QuoteMedia

QuoteMedia is a leading software developer and cloud-based syndicator that provides financial market information and streaming financial data solutions to media, corporate, online brokerage and financial services firms. We license interactive stock research tools such as streaming real-time quotes, market research, news, charting, options chains, filings, corporate financials, insider reports, market indices, portfolio management systems and data feeds. QuoteMedia is an industry leader with companies such as Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Stock Exchange (CSE), London Stock Exchange Group, FIS, US Bank, Bank of Montreal (BMO) We provide market data solutions and financial services to customers. , Broadridge Financial Systems, JP Morgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corporation, Hilltop Securities, Avantax, Stockhouse, Sachs Investment Research, General Electric, Boeing, Bombardier , Terrace International, Business Wire, PR Newswire, 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, Equity-Truck, Mergent, Ssion and more. Quotestream®, QMod™, and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.

QuoteMedia’s forward-looking statements, including future revenues, earnings and transactions, and all other statements in this press release other than statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. description”. intends that such forward-looking statements are subject to the safe harbor created by it. These statements involve risks and uncertainties identified from time to time in our SEC reports and filings and are subject to change at any time. QuoteMedia’s actual results of operations and other corporate developments may differ materially from those anticipated in such statements.

The following are specific forward-looking statements contained in this press release.

  • We expect revenue growth to improve over the remainder of the year, and we expect record profitability in 2023.

QuoteMedia Investor Relations

Brendan Hopkins
Email: Investors@quotemedia.com
Phone: (407) 645-5295

Note 1 to Non-GAAP Financial Measures

We believe Adjusted EBITDA, as a non-GAAP pro forma financial measure, facilitates investors to compare our financial performance on a consistent basis, in the sense that it provides investors with a better understanding of our performance and performance. We believe it provides meaningful information. Return to the period of the previous year. This non-GAAP financial measure is also consistent with how investment analysts would expect our results to be evaluated and compared. Non-GAAP pro forma financial measures should be considered only as a supplement to, in lieu of, or independently of, or in addition to, our other financial measures prepared in accordance with GAAP, such as net income attributable to QuoteMedia. should not be considered as superior.Ltd.

We define and calculate Adjusted EBITDA as net income attributable to QuoteMedia, Inc. plus: 1) depreciation and amortization, 2) stock-based compensation expense, 3) interest expense, 4) foreign exchange loss (or foreign exchange gain less), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful measure to compare our performance from period to period. We understand that measures similar to Adjusted EBITDA are widely used by analysts, rating agencies, investors and financial institutions in evaluating our performance. Therefore, we believe the presentation of Adjusted EBITDA provides useful information to investors. The following table presents a reconciliation of Adjusted EBITDA to net income attributable to QuoteMedia, Inc., the most directly comparable GAAP financial measure.

QuoteMedia, Inc. Adjusted EBITDA and Net Income Reconciliation:

For the three months ended March 31, 2023 2022
net income $ 113,290 $ 149,041
Depreciation and amortization 627,987 487,095
stock 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, certain measures such as net revenues and operating expenses are also analyzed on a currency neutral basis to better measure the comparability of operating results from period to period. Management believes that fluctuations in foreign currency exchange rates are not indicative of the Company’s operations, and evaluating net revenue and operating expense growth on a currency-neutral basis provides both management and investors with these insights. Provides additional meaningful and comparable assessments of indicators. Currency neutral results are calculated by translating the current period’s local currency results at the prior period’s exchange rate. Currency-neutral growth is calculated by comparing the currency-neutral results of the current period to the results of the previous period.



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