Thu, Nov 14, 9:15 PM (88 days ago)
CreditRiskMonitor.com, Inc. (Ticker: CRMX) reported its financial results for the third quarter and nine months ended September 30, 2024. Quarterly operating revenues increased by 5% to $5,009,370, driven by growth in SaaS subscription products. However, operating expenses rose 2% to $4,560,116, with notable increases in data costs and salaries. Net income for the quarter was $551,582, up from $378,677 in the prior year, reflecting improved profitability margins. For the nine-month period, revenues also grew 5% to $14,751,845, but net income declined to $808,175 from $1,105,308, primarily due to increased operating expenses. Cash and cash equivalents decreased to $7,888,033 from $11,004,937 as of year-end 2023, influenced by substantial investing activities. The company maintains a strong liquidity position with no long-term debt, yet faces uncertainties related to economic conditions that could impact subscriber spending. Future strategies include expanding product offerings and increasing sales and marketing expenditures to drive growth. Overall, while revenue trends are positive, rising costs and economic uncertainties pose challenges to future profitability.