Issuer Direct Q3 2024 Financial Results: Revenue Decline Amid Focus on Subscription Model

Issuer Direct Corporation has announced its third-quarter financial results for 2024. Revenue dropped by 8% to $7 million compared to Q3 2023. Adjusted EBITDA also fell, recording $1.4 million versus $1.8 million the previous year. Operating income decreased significantly, while the company posted a net loss of $466,000 against a net income of $273,000 in Q3 2023.

Despite these declines, the company has seen progress in shifting to a recurring revenue model driven by new Media Suite products, leading to a 9% increase in subscriptions from the previous quarter. This strategic pivot aims to enhance long-term growth and improve market competitiveness.

Cash flow from operations increased notably to $1.5 million from $0.3 million in Q3 2023. Looking forward, Issuer Direct anticipates further growth through its communications and subscription strategy, targeting better operational efficiencies to improve margins.