QMCI - QuoteMedia Inc. (QMCI) - Pieces Falling into Place

Q1 meets expectations. The company reported Q1 revenue of $4.26 million, in line with our estimate of $4.29 million. Adj. EBITDA of $0.68 million was roughly in line with our estimate of $0.63 million. Management credited an increase in clients, as well as higher usage per client, as the catalysts for revenue growth in the quarter. Notably, the quarter reflected a significant improvement in gross margins, which were 47.5% and above our expectations of 46.5%. Management indicated that gross margins should approach 50% by year end.A big win. During the quarter, the company signed a large Canadian bank. Revenue from the deal is not reflected in the quarter, but the revenue ramp from the new client will occur in 2022. Read More >>