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CreditRiskMonitor.com, Inc. reports developments tied to its web-based SaaS subscription business for commercial financial risk analysis. The company sells access to commercial credit reports, bankruptcy risk analytics, financial and payment information, curated company news, and API services for public and private companies worldwide. Its primary products include CreditRiskMonitor and SupplyChainMonitor, which serve corporate credit and procurement teams.
Recurring news themes include annual and quarterly operating results, spending on data, product, technology, client service, CRM systems, and AI-related process initiatives. Company updates also cover cybersecurity controls, including SOC 2 reporting for its subscription products and API services, leadership appointments, customer-feedback programs, and the Trade Contributor Program, which aggregates accounts receivable data to summarize business-to-business payment behavior.
CreditRiskMonitor (OTCQX:CRMZ) reported Q3 2024 operating revenues of $5.0 million, up 5% year-over-year, with pre-tax income reaching $716 thousand, an increase of $222 thousand compared to Q3 2023. The improved profitability was attributed to reduced salary expenses, lower customer acquisition costs, and increased interest income.
The company expects short-to-medium term profitability to decrease due to increased investments in data, technology, and employee upskilling. Their SupplyChainMonitor™ platform continues to gain new clients and was recognized as a top provider of financial risk analytics by Spend Matters. The company is also enhancing its news systems with new natural language techniques to improve content tagging and analysis.
CreditRiskMonitor.com's SupplyChainMonitor™ solution has been recognized as a top procurement technology in the Spend Matters Fall 2024 SolutionMap, excelling in the Risk Management TPRM/SCRM category with a focus on financial risk. The platform earned top marks for Supplier Risk Modeling and Supplier Risk Mitigation, and exceeded industry benchmarks in Advanced Analytics, Technology, Servicing Customers, and Supplier Performance Management.
Key achievements include:
- The FRISK® Score with 96% accuracy in predicting financial stress and bankruptcy risk
- Comprehensive service support for supplier onboarding and implementation
- Excellence in SXM/Supplier Risk Management Services
- Advanced analytics capabilities for deep financial data analysis
CEO Mike Flum emphasized the importance of continuous monitoring of financial risk in supplier risk management, positioning SupplyChainMonitor™ as a best-in-class point solution provider in this niche.
CreditRiskMonitor.com, Inc. (OTCQX:CRMZ) reported Q2 2024 operating revenues of $4.9 million, a 5% increase from Q2 2023. However, pre-tax income decreased by $423,000 to $170,000, primarily due to increased expenses. CEO Mike Flum attributed this to continued investment in data, technology, marketing, and employee upskilling to support future growth.
The company highlighted rising corporate bankruptcy filings and increased global business failure risks as potential drivers for demand. CreditRiskMonitor's new Confidential Financial Statements Solution and SupplyChainMonitor™ platform are receiving positive market feedback. The company serves nearly 40% of Fortune 1000 companies and provides comprehensive credit reports, bankruptcy risk analytics, and supply chain risk management solutions.
CreditRiskMonitor (OTCQX:CRMZ) announced the appointment of Jennifer Gerold as Chief Financial Officer and David Reiner as Chief Accounting Officer, effective May 23, 2024.
Gerold, succeeding Steven Gargano, brings data-driven decision-making expertise aimed at supporting the company’s profitable growth objectives. Reiner, with 11 years of increasing responsibility at the company, will enhance accounting, HR, and facilities processes.
CreditRiskMonitor, a leader in predictive financial risk analytics, provides SaaS products like CreditRiskMonitor and SupplyChainMonitor, aiding corporate credit and supply chain professionals in managing financial risk efficiently.
These appointments align with the company's operational improvement initiatives, positioning it for sustainable growth.
CreditRiskMonitor (OTCQX:CRMZ) reported its first quarter results for fiscal 2024 with operating revenues of $4.8 million, marking a 5% increase compared to the same period in fiscal 2023. However, pre-tax income decreased by approximately $189 thousand, totaling $166 thousand, primarily due to higher expenses related to employee compensation and third-party content. CEO Mike Flum highlighted the company's strategic investments in new data, technology, marketing, and employee development aimed at supporting long-term revenue growth. Demand for products is rising due to increasing corporate bankruptcies and geopolitical risks. The company's new Confidential Financial Statement Solution has received positive feedback, particularly for its innovative pricing model that charges only upon receiving a risk score. Moving forward, CreditRiskMonitor anticipates significant interest from the credit community at upcoming industry events.
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