Issuer Direct Reports Earnings Growth in Fourth Quarter and Full Year 2023

Issuer Direct Corporation, a prominent communications firm, announced its financial outcomes for the fourth quarter and entire year ending December 31, 2023. The company witnessed a 6% revenue increase in the fourth quarter, reaching $7.5 million, primarily driven by its communications segment. Adjusted EBITDA saw a slight rise to $1.2 million from $1 million in the previous year's quarter. The subscription count elevated to 1,053 from 1,002 in the last quarter of 2022.

Brian R. Balbirnie, CEO, highlighted the company's continued growth in key financial metrics and its new product launch, Media Suite, expected to bolster PR communications growth. He also noted the communications business now accounts for 73% of total revenue, a 4% increase from the prior year, thanks to the news distribution business's expansion.

The full year 2023 showed remarkable growth with total revenue surging by 42% to $33.378 million. This increase was attributed to the acquisition of Newswire and a significant uptick in ACCESSWIRE business. Compliance business revenue also saw a 24% increase, bolstered by larger projects and an uptick in transfer agent business activities.

Despite these positive developments, the company reported a GAAP basis net loss of $726,000 for Q4 2023 and a decreased net income of $766,000 for the full year, influenced by interest expenses and debt financing costs related to Newswire's acquisition. Non-GAAP net income and adjusted free cash flow presented mixed outcomes, demonstrating the company's strategic investments and operational adjustments.

With 11,924 active contracts reported by the end of 2023, compared to 8,218 in the previous year, Issuer Direct is positioned to further leverage its communications and compliance services for continued growth.