CreditRiskMonitor Announces Second Quarter Results

VALLEY COTTAGE, NY / ACCESSWIRE / August 12, 2024 – CreditRiskMonitor.com, Inc. (OTCQX:CRMZ) announced a 5% increase in operating revenues for the second quarter of fiscal 2024, totaling $4.9 million, compared to the same period in fiscal 2023. CEO Mike Flum attributed the reduced operating income to the company's ongoing investment in new data, technology, marketing, and employee development, aimed at fostering larger revenue growth. He noted that the current U.S. election cycle and rising geopolitical risks are likely to heighten business failure risks globally, potentially increasing demand for the company's products in trade credit and supply chain risk monitoring. The company has received positive feedback on its new Confidential Financial Statements Solution, which addresses the financial risks associated with unscored private companies. Flum expressed optimism that this innovative product will contribute to the company's performance as it is further monetized. The firm continues to demonstrate this solution to potential clients, reinforcing its market relevance. CreditRiskMonitor's latest platform, SupplyChainMonitor™, is designed to assist procurement and finance professionals in managing supplier risks. This tool allows users to evaluate counterparty risks across various categories, including geography and industry, enhancing risk assessment capabilities. The company serves a diverse clientele, including nearly 40% of the Fortune 1000, providing timely news alerts and comprehensive credit reports on public and private companies. The company cautioned that forward-looking statements involve inherent risks and uncertainties, which could lead to actual results differing from expectations. These risks include factors related to the ongoing COVID-19 pandemic and other uncertainties outlined in the company's regulatory filings.