Wed, Aug 14, 5:09 PM (153 days ago)
For the quarter ended June 30, 2024, QuoteMedia, Inc. reported a revenue of $4,676,000, a slight decrease of 1% from the previous year's $4,713,000. The company experienced a net loss of $251,000 compared to a profit of $73,000 in the same quarter of 2023. Gross profit margins declined to 48% from 51%, primarily due to a 5% increase in the cost of revenue attributed to higher amortization expenses for software development. Operating expenses rose by 10% to $2,505,000, driven by increased spending in general and administrative expenses and software development costs. Cash and cash equivalents decreased to $232,735, down from $342,014 at year-end 2023, reflecting net cash used in investing activities of $1,711,000. The company reported a working capital deficit of $2,768,000, though it holds significant deferred revenue of $1,865,000, indicating potential future cash inflows. Management remains cautious about market uncertainties impacting future operations, particularly in light of macroeconomic challenges. Despite these challenges, they anticipate revenue growth for the remainder of 2024 based on existing contracts.