Vaso Corporation reported record annual revenue of $86.8 million for the fiscal year 2024, marking a 7.1% increase from $81.0 million in 2023. This growth was broad-based, with the IT segment revenue increasing by 6.4% to $43.0 million and the professional sales service segment revenue rising by 9.3% to $41.3 million.
For the full year 2024, gross profit increased by 2.9% to $52.1 million, up from $50.6 million in 2023. However, net income for 2024 decreased to $1.0 million from $4.8 million in 2023, primarily due to higher operating expenses, including investments in new programs and strategy-related activities, as well as $1.4 million in professional fees for a terminated business combination.
In the fourth quarter of 2024, revenue surged by 23.4% to $27.0 million, compared to $21.9 million in Q4 2023, with all business segments contributing to the increase. Net income for Q4 2024 was $2.1 million, a significant increase from $1.1 million in Q4 2023, partially offsetting the full-year decline. The company's cash and cash equivalents stood at $26.3 million as of December 31, 2024, and deferred revenue grew to $34.9 million.
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