Issuer Direct Corporation Reports Third Quarter 2024 Results

Issuer Direct Corporation (NYSE American: ISDR) recently disclosed its operating results for the three and nine months ending on September 30, 2024. The press release outlined the company’s progress and financial standings during this period. Brian R. Balbirnie, the Chief Executive Officer of Issuer Direct, highlighted the company’s transitional achievements towards a more recurring revenue communications model, which led to a rise in overall subscriptions and Annual Recurring Revenue (ARR).

During the third quarter of 2024, Issuer Direct reported the following key financial highlights:

– Revenue decreased by 8% to $7.0 million compared to $7.6 million in the third quarter of 2023.
– Adjusted EBITDA dropped to $1.4 million from $1.8 million in the third quarter of 2023.
– Cash flow from operations increased to $1.5 million from $0.3 million in the third quarter of 2023.
– Subscriptions rose to 1,121 from 1,050 in the third quarter of 2023.

Additionally, the company outlined its outlook, expecting growth through its communication and subscription model and aiming for margin expansion through operational efficiency.

Year-to-date highlights for the third quarter of 2024 indicated:

– Total revenue was $21.6 million, a 16% decrease from the first nine months of 2023.
– Gross margin for the first nine months of 2024 stood at $16.1 million, 75% of revenue, compared to $19.9 million, 77% of revenue, in the same period in 2023.
– Operating income was $438,000 for the first nine months of 2024, down from $2.9 million in the first nine months of 2023.
– Non-GAAP net income for the first nine months of 2024 was $1.8 million, or $0.47 per diluted share, compared to $4.3 million, or $1.13 per diluted share, during the first nine months of 2023.

Issuer Direct specified that certain Non-GAAP financial measures were included in the press release to provide investors and management with a representation of the company’s core operating performance. These measures exclude items like amortization of intangible assets, stock-based compensation, and other unusual items to reflect the underlying trends in the company’s operations and financial performance.

The company’s financial statements and performance metrics for the specified periods provide an insight into its operational efficiency and growth strategy, marking a significant transition in its business model and revenue structure.

For those interested in further details, Issuer Direct Corporation hosted a conference call on November 7, 2024, to discuss these findings and projections for the future. The call included disclosures of GAAP measures to Non-GAAP measures, offering investors and stakeholders a comprehensive overview of the company’s financial health and strategic direction.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Issuer Direct’s 8K filing here.

Issuer Direct Company Profile

Issuer Direct Corporation operates as a communications and compliance company, provides solutions for both public relations and investor relations professionals in the United States and internationally. The company provides press release distribution, media databases, media monitoring, and newsrooms through media advantage platform; ACCESSWIRE, a news dissemination and media outreach service; and Webcaster Platform, a cloud-based webcast, webinar, and virtual meeting platform that delivers live and on-demand streaming of events to audiences of various sizes, as well as allows customers to create, produce, and deliver events.