QuoteMedia Announces 22% Revenue Growth for Q3 2021
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PHOENIX, Nov. 10, 2021 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the quarter ended September 30, 2021.
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 Q3 2021 include the following:
- Quarterly revenue increased to $3,818,713 in Q3 2021 from $3,140,358 in Q3 2020, a year over year increase of 22%.
- Revenue for the nine-month period ended September 30, 2021 increased to $11,257,949 compared to $9,136,141 in same 2020 period, an increase of 23%.
- Our net income for Q3 2021 was $154,931 compared to a net loss of $75,305 in Q3 2020.
- Adjusted EBITDA for Q3 2021 was $539,534 compared to $271,091 in Q3 2020.
“We are very pleased with our performance”, said Robert J. Thompson, Chairman of the Board. “We experienced very strong revenue growth, both for the quarter and year to date, and we are expecting to finish the year strong. We are continuing to expand our product offerings, grow our market share and explore exciting new opportunities. This is an exciting time for our company, and the future certainly looks bright.”
QuoteMedia will host a conference call Wednesday, November 10, 2021 at 2:00 PM Eastern Time to discuss the Q3 2021 financial results and provide a business update.
Conference Call Details:
Date: November 10, 2021
Time: 2:00 PM Eastern
Dial-in number: 877‑876‑9176
Conference ID: QUOTEMEDIA
An audio rebroadcast of the call will be available later at: www.quotemedia.com
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, Warrior Trading 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 experienced very strong revenue growth, both for the quarter and year to date, and we are expecting to finish the year strong. We are continuing to expand our product offerings, grow our market share and explore exciting new opportunities. This is an exciting time for our company, and the future certainly looks bright
QuoteMedia Investor Relations Brendan Hopkins Email: email@example.com Call: (407) 645-5295
Note 1 on Non-GAAP Financial Measures
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 Reconciliations to Net Income (Loss)
|Three-months ended September 30,||Nine-months ended September 30,|
|Net income (loss)||$||154,931||$||(75,305||)||$||98,393||$||(319,728||)|
|Depreciation and amortization||432,051||343,935||1,182,917||971,274|
|Foreign exchange loss (gain)||(55,278||)||(5,930||)||(77,606||)||(11,887||)|
|Income tax expense||790||751||2,403||2,216|
|PPP loan forgiveness||-||-||(133,257||)||-|
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