CreditRiskMonitor.com, Inc. reported a 5% increase in operating revenues for the fiscal year ending December 31, 2024, totaling approximately $19.81 million, compared to $18.93 million in 2023. The growth was primarily driven by increased sales of its Software-as-a-Service (SaaS) subscription products, which cater to corporate credit and procurement professionals. Despite the revenue increase, the company experienced a slight decline in net income, which fell to $1.67 million from $1.70 million in the previous year, reflecting rising operational costs.
The company's operating expenses rose to $18.56 million, up from $17.44 million in 2023, with data and product costs increasing by 10% to $8.62 million. This rise was attributed to higher employee expenses due to new hires and salary increases, as well as increased costs for third-party content. Selling, general, and administrative expenses also saw a modest increase of 3%, totaling $9.54 million, driven by similar factors. The company’s cash and cash equivalents decreased to $6.67 million from $11.00 million, largely due to net cash used in investing activities.
In terms of strategic developments, CreditRiskMonitor.com launched its new product, SupplyChainMonitor™, aimed at enhancing risk management for procurement and supply chain professionals. This product is designed to assist users in assessing counterparty risks and managing supplier relationships amid shifting geopolitical and economic landscapes. The company continues to focus on expanding its market share in the U.S. and internationally, with plans to enhance its product offerings and increase revenue per subscriber.
Operationally, CreditRiskMonitor.com serves a diverse subscriber base, including nearly 40% of the Fortune 1000, with no single subscriber accounting for more than 1% of total revenue. The company reported a total of approximately 90 employees as of January 31, 2025, and has maintained a stable workforce despite the competitive landscape. The company’s proprietary FRISK® and PAYCE® scores, which predict bankruptcy risk, remain critical tools for its subscribers, with the FRISK® score achieving a predictive accuracy of 96%.
Looking ahead, CreditRiskMonitor.com anticipates continued demand for its products as corporate bankruptcy rates normalize in response to economic conditions. The company plans to invest in expanding its sales force and product development to sustain revenue growth. Management remains cautious about potential economic downturns that could impact subscriber spending but believes that its SaaS model and low-cost offerings position it well for future growth.
About CREDITRISKMONITOR COM INC
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