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ACCESS Newswire Inc. (ACCS+0.84%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements, reporting a decrease in total revenue to $23,057,000 from $24,522,000 in the previous year. This decrease is attributed to a 15% decline in revenue from the Newswire business due to reduced volume.
Cost of revenues slightly increased to $5,617,000 from $5,607,000, leading to a decrease in gross margin to $17,440,000.
Operating expenses rose significantly due to a $14,150,000 impairment loss on intangible assets, resulting in an operating loss of $16,319,000 compared to $2,739,000 in the prior year.
Net loss from continuing operations was $13,281,000, compared to $3,441,000 in the previous year. The company reported a net loss of $10,793,000, after accounting for income from discontinued operations.
The company completed the sale of its Compliance business on February 28, 2025, for $12,500,000, with $12,000,000 used to reduce long-term debt.
The filing details the company's Credit Agreement with Pinnacle Bank, which was amended to adjust financial covenants and reduce the principal balance of the term loan.
ACCESS Newswire continues to focus on expanding its customer base and product offerings, with an emphasis on its platform subscription model.
The company identified risks related to competition, technological changes, and the integration of acquired businesses, which could impact future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ACCESS Newswire Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.