Quorum Announces Q1 2025 Results and Board Changes

Core Insights - Quorum Information Technologies Inc. reported consistent revenue growth in Q1 2025 despite challenges in the North American automotive industry due to tariffs [2] - The company achieved an Adjusted EBITDA margin of 15% and a Cash EBITDA margin of 10% in Q1 2025, indicating a focus on profitable growth [2] - Quorum implemented $1.3 million in annual savings expected to be fully realized by Q3 2025, contributing to its financial strategy [2] Financial Performance - Total revenue for Q1 2025 was $10,154,768, a 1% increase from $10,062,791 in Q1 2024 [6] - SaaS revenue rose by 1% to $7,232,390 compared to $7,196,236 in Q1 2024 [6] - BDC revenue increased by 4% to $2,610,657 from $2,513,570 in Q1 2024 [6] - Recurring revenue grew by 1% to $9,843,047, up from $9,709,806 in Q1 2024 [6] - Gross margin decreased by 5% to $4,825,306, with a gross margin percentage of 48% compared to 51% in Q1 2024 [6] - Net income fell by 95% to $52,533 from $1,123,921 in Q1 2024, resulting in a net income per share of $0.001 [6] - Adjusted EBITDA was $1,522,635, a decrease of 29% from $2,141,695 in Q1 2024, with an Adjusted EBITDA margin of 15% [6] - Cash EBITDA was $1,020,628, down 27% from $1,396,262 in Q1 2024, with a Cash EBITDA margin of 10% [7] Management and Governance - Steve Hammond was appointed to the Board of Directors, replacing Scot Eisenfelder, who served for 16 years [8] - The company acknowledged the contributions of Scot Eisenfelder in shaping its strategic direction and success [9] Upcoming Events - A conference call to discuss Q1 2025 results is scheduled for May 29, 2025, at 11:00 am MT (1:00 pm ET) [9]