The following is a summary of the Quisitive Technology Solutions, Inc. (QUISF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Quisitive Technology Solutions reported Q1 2024 revenue of $29.9 million, a decrease of 6% from Q1 2023.

• Gross margin for the period stood at $12.8 million, up 8% from Q1 2023, increasing gross margin as a percentage of revenue to 42.8%.

• The company saw an increase in adjusted EBITDA for Q1 2024 at $3.9 million, up from $3.3 million in Q1 2023.

• From the balance sheet, Quisitive reported $6.6 million of cash on hand and term loans totaling $68.6 million.

• Capital expenditure was noted at $5 million in Q1 2024, with a projection not to exceed $3 million for the entire fiscal year.

Business Progress:

• Advancements in leveraging AI strategies resulted in nearly $10 million in new sales pipeline with significant penetration in the healthcare, public sector, and manufacturing sectors.

• The company achieved AI and machine learning specialization in Azure from Microsoft in Q1 2024.

• They are anticipating revenue-generating cloud data infrastructure and security projects to resume later in the year, with substantial gains in AI in 2025.

• Despite reducing forecast by $1.2 million due to macroeconomic conditions and timing of revenue recognition, Quisitive remains committed to AI sector.

• Due to their approach of securing larger contracts instead of high-volume transactions, changes are expected in the revenue distribution.

• They are planning to expand their sales team, potentially leading to an increase in sales costs.

• In collaboration with Microsoft, they have targeted accounts and have a strong pipeline due to joint marketing and selling.

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