PHOENIX, May 13, 2022 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the quarter ended March 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 Q1 2022 include the following:
- Quarterly revenue increased to $4,263,796 in Q1 2022 from $3,606,218 in 2021, an increase of $657,578 (18%).
- Quarter over quarter revenue increased 9% when comparing Q1 2022 to Q4 2021.
- Net income for Q1 2022 was $204,666 compared to $23,087 in Q1 2021, an improvement in profitability of $181,579.
- Adjusted EBITDA for Q1 2022 was $680,424 compared to $243,913 in Q1 2021, an improvement of $436,511.
"2021 was a great year for QuoteMedia, and the momentum has carried over into 2022," said Robert J. Thompson, Chairman of the Board. "We continued to increase our market share, developed important relationships with clients and partners, created new innovative product and service offerings, and we are continuing to explore other opportunities to grow the company. Consistent with our previous forecasts, we experienced very strong revenue growth during the quarter, and we fully expect to maintain this trajectory throughout the remainder of the year and beyond. Based on clients already under contract, or in final stages of negotiations, we anticipate particularly strong revenue growth in the second half of this year, and we remain on track to achieve full year revenue growth of 20% or higher."