In This Story
Asure Software Inc (ASUR+0.54%). has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Asure's operations, which focus on providing cloud-based Human Capital Management (HCM) software solutions. These solutions include Payroll & Tax, Recruiting, HR compliance, Time & Attendance, and Insurance and Benefits Administration.
Asure reported a consolidated revenue of $119.8 million for 2024, representing a 1% increase over the previous year. Recurring revenue, which constitutes a significant portion of total revenue, increased by 15% to $114.5 million.
Despite the revenue growth, Asure reported a net loss of $11.8 million for the year, compared to a loss of $9.2 million in 2023. The loss was attributed to increased operating expenses, including sales and marketing, general and administrative, and research and development costs.
The company highlighted several risks in its filing, including cybersecurity threats, competition in the HCM market, and challenges related to data privacy regulations. Asure also noted a material weakness in its internal control over financial reporting.
Asure's balance sheet as of December 31, 2024, showed total assets of $436.6 million and total liabilities of $239.3 million. The company's cash and cash equivalents stood at $21.4 million.
The filing also discussed Asure's recent acquisitions and investments in technology to enhance its product offerings. The company completed several customer relationship asset acquisitions in 2024 and plans to continue investing in research and development.
Asure's management is focused on addressing the identified material weakness in internal controls and enhancing the company's cybersecurity measures. The company is also exploring opportunities for future acquisitions to support its growth strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Asure Software Inc annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.