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