PHOENIX:  QuoteMedia, Inc. (OTCQB: QMCI), a prominent provider of financial data and applications, has released its financial outcomes for the fiscal year concluding on December 31, 2023.

The company, known for supplying cost-effective and superior stock market data, has reported an 8% increase in annual revenue, reaching $18.9 million, up from $17.5 million the previous year.

Despite the revenue surge, net income saw a slight decline to $361,584 from $444,470 in 2022. However, the adjusted EBITDA marked an uptick, improving by $312,096 to a total of $3.04 million.

Chairman Robert J. Thompson highlighted the year’s significance, noting the investment in a major data consolidation initiative. “This strategic move has enabled us to cut back on third-party data providers, reducing costs and granting us enhanced flexibility and control over client services,” said Thompson.

The year also saw the completion of significant client deployments and the initiation of new ones, with ongoing discussions for large-scale projects expected to conclude in 2024.

Thompson acknowledged the impact of one-time expenses related to the data consolidation and a change in public accounting firms on profitability. He remains optimistic, anticipating improved profitability as professional fees stabilize and revenue and gross margins increase.

“Our team’s dedication and hard work have been instrumental in achieving our goals this year. We’re excited about the prospects and look forward to building on our success,” Thompson concluded.

The company’s strategic efforts appear to be setting the stage for a robust fiscal 2024, with a focus on increased profitability and continued growth.