Zoomd Technologies Stabilizes with Positive Q4 Income

Zoomd Technologies Ltd. (TSE:ZOMD) has released an update.

Zoomd Technologies Ltd. has released its financial results for the fourth quarter and full year of 2023, revealing a 39% revenue decline primarily due to challenges in the cryptocurrency sector and a strategic shift away from unprofitable activities. Despite the revenue drop, the company saw a 6% increase in gross margins and achieved positive operating income in Q4 for the first time in five quarters. The company also ended the year with a healthy cash balance and no long-term debt, signaling a pivot to cash generation from operational activities.

For further insights into TSE:ZOMD stock, check out TipRanks’ Stock Analysis page.