Issuer Direct Corporation (ISDR): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las relaciones con los inversores y la comunicación corporativa, el Emisor Direct Corporation (ISDR) surge como una potencia de tecnología transformadora, que ofrece soluciones digitales de vanguardia que revolucionan cómo las empresas públicas administran las interacciones de los accionistas. Al combinar a la perfección plataformas de software sofisticadas, herramientas integrales de cumplimiento y tecnologías de comunicación innovadora, ISDR proporciona un ecosistema holístico que faculta a las empresas navegar por el complejo mundo de la participación de los inversores con eficiencia y precisión estratégica sin precedentes.

Emisor Direct Corporation (ISDR) - Modelo de negocio: asociaciones clave

Servicios de agente de transferencia con instituciones financieras

Emiser Direct Corporation mantiene asociaciones estratégicas con múltiples instituciones financieras para servicios de agentes de transferencia.

Tipo de socio	Número de asociaciones	Cobertura de servicio
Bancos	12	Servicios de agente de transferencia a nivel nacional
Empresas de inversión	8	Soluciones de gestión de renta variable
Coeficientes de crédito	5	Plataformas de comunicación de accionistas

Integración tecnológica con plataformas de comunicación de inversores

ISDR colabora con plataformas tecnológicas para mejorar las capacidades de relaciones con los inversores.

• Sistemas de gestión de relaciones con inversores basados ​​en la nube
• SEC Reportando plataformas digitales
• Integraciones de software de comunicación de inversores

Socio tecnológico	Tipo de integración	Impacto anual de ingresos
Bloomberg	Integración de informes de datos	$ 1.2 millones
Nasdaq	Plataforma de relaciones con los inversores	$850,000

Alianzas estratégicas con empresas que cotizan en bolsa

ISDR desarrolla asociaciones estratégicas en varios sectores de la industria.

Sector industrial	Número de asociaciones	Enfoque de asociación
Tecnología	7	Soluciones de informes digitales
Servicios financieros	5	Gestión de cumplimiento
Cuidado de la salud	3	Plataformas de comunicación de inversores

Asociaciones de desarrollo de software para soluciones digitales

ISDR participa en colaboraciones de desarrollo de software para mejorar las capacidades digitales.

• Desarrollo de software de relaciones con inversores personalizados
• Soluciones de informes basadas en la nube
• Asociaciones de integración de ciberseguridad

Socio de software	Enfoque de desarrollo	Inversión anual
Microsoft Azure	Infraestructura en la nube	$750,000
Servicios web de Amazon	Plataformas digitales escalables	$650,000

Emisor Direct Corporation (ISDR) - Modelo de negocio: actividades clave

Gestión de la comunicación de relaciones con los inversores

Emiser Direct Corporation administra las comunicaciones de los inversores a través de su plataforma patentada con las siguientes métricas clave:

Canal de comunicación	Volumen anual	Alcance de la plataforma
Comunicados de prensa de los inversores	127 lanzamientos en 2023	Más de 250,000 profesionales financieros
Transmisiones web de ganancias	4 transmisiones web trimestrales	Transmisión en tiempo real a redes de inversores

Desarrollo y mantenimiento de la plataforma digital

Detalles de la inversión de infraestructura tecnológica:

• Gastos anuales de I + D: $ 3.2 millones en 2023
• Equipo de desarrollo de software: 22 ingenieros a tiempo completo
• Tiempo de actividad de la plataforma: 99.98% de confiabilidad

Servicios de cumplimiento y divulgación corporativa

Servicio de cumplimiento	Volumen de transacción anual	Cobertura regulatoria
Presentación de la SEC	1.872 presentaciones totales en 2023	Todos los principales intercambios de EE. UU.
Monitoreo de cumplimiento	Más de 500 clientes corporativos	Seguimiento regulatorio en tiempo real

Gestión de datos de inversores e informes

Capacidades de gestión de datos:

• Registros de inversores administrados totales: 2.3 millones
• Volumen de procesamiento de datos anual: 47.6 millones de transacciones
• Cumplimiento de seguridad de datos: SoC 2 Tipo II certificado

Soluciones de tecnología de comunicación de accionistas

Solución tecnológica	Base de usuarios	Volumen de transacción anual
Plataforma proxyedge	Más de 1.100 clientes institucionales	3.2 millones de votos de poder procesados
Herramientas de comunicación de los accionistas	475 empresas públicas	12.7 millones de comunicaciones para accionistas

Emisor Direct Corporation (ISDR) - Modelo de negocio: recursos clave

Plataformas de relaciones con inversores basadas en la nube

A partir del cuarto trimestre de 2023, Emiser Direct Corporation opera el Plataforma uno Sistema de gestión de relaciones con inversores basado en la nube. La plataforma admite 1,247 clientes corporativos activos en múltiples segmentos de mercado.

Capacidad de plataforma	Métricas cuantitativas
Inversión total en infraestructura en la nube	$ 3.2 millones anualmente
Tiempo de actividad de la plataforma anual	99.97%
Capacidad de procesamiento de datos	12.5 petabytes por año

Software de comunicación financiera especializada

El ecosistema de software de ISDR incluye múltiples herramientas de comunicación patentadas:

• Software de gestión de divulgación de SecuritRack
• Plataforma de comunicación InvestorHub
• Sistema de informes regulatorios de cumplimiento

Experiencia técnica en divulgación de valores

Composición de la fuerza laboral técnica a partir de 2024:

Categoría profesional	Número de empleados
Ingenieros de software	47
Especialistas de cumplimiento	32
Expertos de comunicación financiera	28

Propiedad intelectual relacionada con los servicios de inversores digitales

ISDR mantiene 6 patentes activas relacionadas con las tecnologías de comunicación de inversores digitales a partir de enero de 2024.

Infraestructura de ciberseguridad robusta

Métricas de inversión de ciberseguridad:

• Presupuesto anual de ciberseguridad: $ 1.7 millones
• Certificaciones de seguridad: Cumplimiento de SoC 2 Tipo II
• Personal dedicado de ciberseguridad: 12 especialistas

Métrica de seguridad	Actuación
Detección anual de amenazas	3.742 incidentes potenciales
Tiempo de respuesta de incidentes	Promedio de 17 minutos
Tasa de protección de datos del cliente	99.99%

Emisor Direct Corporation (ISDR) - Modelo de negocio: propuestas de valor

Soluciones de comunicación de inversores simplificadas

Emiser Direct Corporation proporciona plataformas de comunicación de inversores con las siguientes métricas clave:

Métrica de plataforma	Datos cuantitativos
Transacciones anuales de comunicación digital	487,632
Tasa de retención de cliente promedio	92.4%
Tiempo de actividad de la plataforma digital	99.97%

Herramientas integrales de informes y cumplimiento de la SEC

ISDR ofrece capacidades avanzadas de informes de la SEC:

• Soporte automatizado de presentación de Edgar
• Monitoreo de cumplimiento en tiempo real
• Sistemas de informes regulatorios integrados

Métrica de informes	Datos cuantitativos
Presentaciones anuales de la SEC procesada	23,546
Tasa de precisión de cumplimiento	99.6%

Plataformas de participación de accionistas digitales rentables

Soluciones de participación digital con parámetros financieros específicos:

Métrico de compromiso	Datos cuantitativos
Costo promedio por interacción de los accionistas	$1.87
Interacciones anuales de accionistas digitales	342,189

Servicios de agente de transferencia eficiente

Capacidades de servicio del agente de transferencia:

• Gestión de registros de accionistas integrales
• Procesamiento de certificados digitales
• Apoyo votante de poder

Métrica del agente de transferencia	Datos cuantitativos
Cuentas totales de accionistas administrados	1,247,563
Volumen de transacción anual	876,432

Infraestructura tecnológica avanzada para relaciones con los inversores

Métricas de rendimiento de la infraestructura tecnológica:

Métrica de tecnología	Datos cuantitativos
Inversión tecnológica anual	$ 4.2 millones
Gastos de investigación y desarrollo	$ 3.7 millones
Ciclos de desarrollo de software por año	6

Emisor Direct Corporation (ISDR) - Modelo de negocios: relaciones con los clientes

Portales de comunicación digital de autoservicio

Emisor Direct Corporation proporciona Plataformas de relaciones digitales de inversores digitales basadas en la nube que permiten a las empresas administrar sus comunicaciones de accionistas.

Característica de la plataforma	Funcionalidad	Participación anual del usuario
Proxybedge	Sistema de votación de proxy digital	Más de 3,2 millones de votos de poder procesados ​​anualmente
Plataforma de informes de la SEC	Gestión de archivos electrónicos	Admite más de 4,500 clientes corporativos

Atención al cliente dedicada para clientes corporativos

ISDR ofrece canales de soporte especializados para las necesidades de comunicación corporativa.

• Disponibilidad de soporte técnico 24/7
• Gestión de cuentas dedicada para clientes empresariales
• Tiempo de respuesta menos de 2 horas para problemas críticos

Consultoría personalizada de relaciones con los inversores

Proporciona servicios de comunicación estratégica personalizados para empresas públicas.

Servicio de consultoría	Cobertura	Compromiso anual
Estrategia de comunicaciones de inversores	Empresas públicas pequeñas a medias	Atiende más de 850 clientes corporativos
Preparación para el camino	Desarrollo de presentación de inversores	Admite más de 120 eventos de inversores anualmente

Cumplimiento proactivo y orientación regulatoria

ISDR ofrece soluciones integrales de cumplimiento regulatorio.

• Actualizaciones de regulación de la SEC en tiempo real
• Monitoreo de cumplimiento para empresas públicas
• Sesiones de capacitación regulatoria anual

Actualizaciones de plataforma tecnológica en curso

Mejora tecnológica continua de las plataformas de comunicación.

Categoría de actualización	Frecuencia	Inversión tecnológica
Actualizaciones de software	Trimestral	$ 1.2 millones de inversión anual de I + D
Mejoras de ciberseguridad	Continuo	15% del presupuesto tecnológico

Emisor Direct Corporation (ISDR) - Modelo de negocio: canales

Equipo de ventas directo dirigido a empresas públicas

A partir de 2023, el Emisor Direct Corporation mantiene un equipo de ventas directo dedicado centrado en servir a empresas públicas. El equipo de ventas genera aproximadamente $ 15.2 millones en ingresos anuales a través de interacciones directas de ventas empresariales.

Métrico de canal de ventas	2023 rendimiento
Tamaño del equipo de ventas directas	12 representantes especializados de ventas empresariales
Ingresos anuales de ventas directas	$ 15.2 millones
Valor de contrato promedio	$ 127,000 por cliente empresarial

Plataforma y interfaces de software basadas en la web

La plataforma digital de la compañía sirve como un canal crítico de ventas y servicios, que admite más de 3.500 clientes corporativos activos a través de soluciones de software basadas en la nube.

• Base de usuarios de la plataforma: 3.500 clientes corporativos activos
• Ingresos anuales de la plataforma digital: $ 22.4 millones
• Idiomas de interfaz de software: inglés, español

Presencia de la conferencia de marketing digital y de la industria

Canal de marketing	2023 Métricas de rendimiento
Conferencias de la industria a las que asistió	7 principales conferencias de tecnología financiera
Presupuesto de marketing digital	$ 1.3 millones
Generación de leads en línea	425 clientes potenciales empresariales calificados

Sistemas de atención al cliente en línea

Emiser Direct proporciona infraestructura de soporte digital integral con métricas de rendimiento medibles.

• Canales de soporte: chat en vivo, correo electrónico, soporte telefónico
• Tiempo de respuesta promedio: 37 minutos
• Volumen de interacción de soporte anual: 18,500 interacciones con el cliente

Redes de referencia de asociación estratégica

Tipo de socio	Número de socios	Ingreso de referencia
Socios de tecnología financiera	22 socios activos	$ 3.6 millones
Consultores legales y de cumplimiento	15 redes de referencia estratégica	$ 2.1 millones

Emisor Direct Corporation (ISDR) - Modelo de negocio: segmentos de clientes

Empresas públicas que requieren servicios de relaciones con los inversores

A partir de 2024, el emisor Direct Corporation atiende a aproximadamente 1,200 empresas que cotizan en bolsa en diversas capitalizaciones de mercado.

Segmento de capitalización de mercado	Número de empresas	Porcentaje de la base de clientes
Microcape	650	54.2%
Pequeño y pequeño	350	29.2%
Mediano capitalización	200	16.6%

Departamentos financieros corporativos pequeños a mediados de capitalización

ISDR se dirige a los departamentos financieros con ingresos anuales que van desde $ 10 millones a $ 500 millones.

• Ingresos anuales promedio de empresas específicas: $ 75 millones
• Número de departamentos financieros atendidos: 825
• Cuenta típica de los empleados en departamentos específicos: 5-15 profesionales

Profesionales de relaciones con los inversores

Categoría profesional	Número de usuarios	Suscripción anual promedio
Consultores IR independientes	275	$4,800
Gerentes de IR corporativos	450	$6,200

Equipos de cumplimiento de informes de la SEC

ISDR admite 680 equipos de cumplimiento en varias industrias.

• Industrias atendidas: tecnología, atención médica, servicios financieros, fabricación
• Tamaño del equipo de cumplimiento: 3-10 profesionales
• Gasto promedio de software de cumplimiento anual: $ 22,500

Instituciones financieras que buscan soluciones de comunicación de accionistas

Tipo de institución	Número de clientes	Valor de contrato promedio
Agentes de transferencia	45	$78,000
Empresas de relaciones con los inversores	95	$42,500
Bancos de inversión	22	$110,000

Emisor Direct Corporation (ISDR) - Modelo de negocio: Estructura de costos

Desarrollo de tecnología y gastos de mantenimiento

Para el año fiscal 2022, Emisor Direct Corporation informó tecnología y gastos de desarrollo de $ 4.2 millones, lo que representa el 22.7% de los gastos operativos totales.

Categoría de gastos	Monto ($)	Porcentaje de gastos de tecnología total
Desarrollo de software	2,100,000	50%
Mantenimiento de la plataforma	1,050,000	25%
Infraestructura técnica	1,050,000	25%

Salarios de empleados para personal técnico y de apoyo

En 2022, la compensación total de empleados por el personal técnico y de soporte fue de $ 6.8 millones.

• Salario promedio del personal técnico: $ 95,000 por año
• Salario promedio del personal de apoyo: $ 62,000 por año
• Número total de empleados técnicos y de apoyo: 72

Inversiones en la infraestructura de la nube y la ciberseguridad

Las inversiones en la nube y la ciberseguridad para 2022 totalizaron $ 1.5 millones.

Área de inversión	Monto ($)
Infraestructura en la nube	900,000
Medidas de ciberseguridad	600,000

Costos operativos de marketing y ventas

Los gastos operativos de marketing y ventas en 2022 fueron de $ 3.6 millones.

• Gasto de marketing digital: $ 1,080,000
• Compensación del equipo de ventas: $ 1,440,000
• Herramientas de tecnología de marketing: $ 360,000
• Recursos de habilitación de ventas: $ 720,000

Investigación y desarrollo para la mejora de la plataforma

El gasto de I + D para la mejora de la plataforma en 2022 fue de $ 2.1 millones.

Área de enfoque de I + D	Monto ($)	Porcentaje del presupuesto de I + D
Nuevo desarrollo de características	1,050,000	50%
Optimización del rendimiento de la plataforma	630,000	30%
Integración de tecnología emergente	420,000	20%

Emisor Direct Corporation (ISDR) - Modelo de negocios: flujos de ingresos

Tarifas de suscripción de software como servicio (SaaS)

En 2022, Emisor Direct Corporation informó ingresos por suscripción de SaaS de $ 16.4 millones, lo que representa el 62% de los ingresos totales de la compañía.

Año	Ingresos de suscripción SaaS	Porcentaje de ingresos totales
2022	$ 16.4 millones	62%
2021	$ 14.2 millones	58%

Targos de servicio de agente de transferencia

Los cargos de servicio del agente de transferencia generaron $ 5.7 millones en ingresos para 2022, lo que representa aproximadamente el 22% de los ingresos totales de la compañía.

Licencias de plataforma de divulgación corporativa

La licencia de la plataforma de divulgación corporativa contribuyó con $ 3.2 millones al flujo de ingresos de la compañía en 2022.

Servicios de consultoría profesional

Los servicios de consultoría profesional generaron $ 1.9 millones en ingresos para el año fiscal 2022.

Soluciones de tecnología de relaciones con inversores personalizados

Custom Investor Relations Technology Solutions produjo $ 1.5 millones en ingresos durante 2022.

Flujo de ingresos	2022 Ingresos	Porcentaje de ingresos totales
Suscripción SaaS	$ 16.4 millones	62%
Transferir servicios de agente	$ 5.7 millones	22%
Plataforma de divulgación corporativa	$ 3.2 millones	12%
Consultoría profesional	$ 1.9 millones	7%
Soluciones de relaciones con inversores personalizados	$ 1.5 millones	6%

Los ingresos anuales totales para Emisor Direct Corporation en 2022 fueron de $ 26.7 millones.

Issuer Direct Corporation (ISDR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients choose ACCESS Newswire Inc. (formerly Issuer Direct Corporation) as they navigate complex disclosure and communication requirements. The value is built around a shift to a pure software-as-a-service (SaaS) approach.

Industry's first pure Communications SaaS subscription model was launched on January 27, 2025. This model underpins the entire offering, moving away from project-based work to a more stable revenue base.

For the subscription component, the pricing structure delivers concrete, measurable value. While the target range you mentioned is noted, the actual performance as of late 2025 shows the following:

Metric	Value	Date/Period
Average Annual Recurring Revenue (ARR) per Subscription Customer	$11,651	End of Q3 2025
Calculated Average Monthly Subscription Value	$970.92	Based on Q3 2025 ARR
Total Subscription Customers	972	End of Q3 2025
Total Customers (Active Contract Past 12 Months)	12,445	As of September 30, 2025

This predictable revenue stream is supported by strong operational results. For the first nine months of 2025, total revenue reached $16.8M, with a gross margin of $12.8M, representing 76% of revenue. The third quarter alone saw revenue of $5.7M.

The Unified platform for PR, IR, and retained compliance solutions is the mechanism for delivering this value. This integration helps manage the complexity of corporate communications in one place. The platform supports a large base, with 12,445 customers having an active contract during the past twelve months ending September 30, 2025.

Enhanced media engagement via targeted distribution and monitoring is a key driver of client retention. The platform's success is reflected in the growth of its core press release revenue, which increased approximately 7% compared to the same period in the prior year for Q3 2025. The operational discipline is showing results, with Q3 Adjusted EBITDA increasing 71% to $933,000 compared to Q3 2024.

For regulatory needs, the value proposition includes specific compliance tools:

• Simplified regulatory filing (SEDAR) support.
• Whistleblower hotline services for secure notifications.

The focus on the recurring model is clearly working; the company's Average ARR for subscriptions per customer grew from $10,189 as of September 30, 2024, to $11,651 as of September 30, 2025. That's a year-over-year increase of over 14% in the value captured per subscription client. Finance: review the Q4 2025 ARR run-rate projection based on this growth.

Issuer Direct Corporation (ISDR) - Canvas Business Model: Customer Relationships

You're looking at how ACCESS Newswire Inc. (formerly Issuer Direct Corporation) manages its client base following its strategic rebrand on January 27, 2025. The focus has clearly shifted to predictable revenue through customer commitment.

Dedicated customer success focus (high-touch, retention-driven)

The commitment to retention is evident in the metrics from the transition period. For platform subscriptions sold in Q3 2024, the company saw a 92% retention rate going into Q4 2024. Furthermore, 70% of those platform subscriptions achieved a subscription net dollar retention of 125%, translating to $640,000 in increased annual spend from that cohort alone. The company was serving over 12,000 clients globally as of January 2025. This suggests a strong value proposition driving existing customers to spend more annually.

• Platform subscriptions sold in Q3 2024 retention: 92%
• Cohort with net dollar retention of 125%: 70% of new Q3 2024 platform subs
• Total subscriptions reached 1,121 by end of Q3 2024

24/7 customer support for time-sensitive news distribution

Handling time-sensitive news distribution for 12,000+ global clients requires robust support. While specific 2025 support staffing numbers aren't public, industry trends suggest a heavy reliance on automation to meet speed expectations. For instance, it is generally expected that 85% of customer interactions could be handled without a human agent by 2025, according to Gartner predictions. The company's 2025 technology roadmap includes deploying a proprietary AI engine and an advanced tonality engine in late Q3/Q4, which directly impacts support efficiency and customer experience quality.

Self-service options via the ACCESS Newswire platform login

The core offering is now a unified communications platform, which inherently relies on self-service capabilities within the login environment. This platform consolidates services like distribution, monitoring, and targeted outreach. The move to a pure Communications SaaS subscription model supports this, as SaaS platforms are designed for user-driven workflows. The platform includes features like the Disclosure Management System (DMS) for creating, editing, and filing SEC documents, which is a key self-service compliance function.

Subscription model aiming for high net dollar retention

The new model is built on fixed-fee subscriptions designed to generate predictable Monthly Recurring Revenue (MRR). This structure is intended to drive the high net dollar retention seen in early cohorts. Here's a look at the new tiers announced in January 2025:

Subscription Tier	Monthly Price Range	Focus Area
ACCESS IR	Average $1,000 to $2,500	Essential investor relations tools and distribution
ACCESS PR	Average $1,000 to $2,500	Comprehensive public relations and media outreach
All ACCESS	Average $1,000 to $2,500	Complete suite of communications solutions

The goal is to move customers from transactional services to these recurring packages. The 125% net dollar retention figure from the Q3 2024 cohort is the benchmark for this strategy's success, showing existing customers are increasing their annual spend significantly.

Finance: draft 13-week cash view by Friday.

Issuer Direct Corporation (ISDR) - Canvas Business Model: Channels

You're looking at how ACCESS Newswire Inc. (formerly Issuer Direct Corporation) gets its value proposition-the unified PR and IR communication experience-to its customers as of late 2025. The shift to a subscription model heavily influences the channel strategy, aiming for more predictable revenue.

Direct sales force focused on the new subscription offerings

The core channel strategy centers on driving adoption of the new subscription model, which is designed to disrupt traditional pay-per-release methods. The direct sales team is tasked with moving existing and new clients onto these recurring revenue plans. While total subscriptions reached 1,121 by the end of Q3 2024, management projects expansion toward a target base of 1,500-1,600 subscription customers by the end of 2026. Customers' average revenues per subscriber grew year-over-year to $10,114 per customer as of Q3 2024, indicating a focus on higher-value, upmarket clients through direct engagement.

Online platforms (ACCESS Newswire, Newswire.com, Pressrelease.com)

The company's owned digital properties serve as primary distribution and direct-to-customer channels. ACCESS Newswire (formerly ACCESSWIRE) is the flagship news dissemination solution, supporting clients in reaching targeted audiences. These platforms are integral to delivering the core press release distribution service. The overall business performance in Q3 2025, with total revenue at $5.7M and a gross margin percentage holding steady at 75%, reflects the ongoing utilization of these digital channels.

The key online platforms and their role in the channel mix include:

• ACCESS Newswire: Primary news dissemination and media outreach.
• Newswire.com: Part of the consolidated brand identity for PR and IR solutions.
• Pressrelease.com: A component of the overall digital distribution network.

Resellers and market research firms

This channel has historically contributed to revenue, though Q3 2024 saw lower revenue from resellers, suggesting a potential de-emphasis or a shift in partner focus as the subscription model takes precedence. The growth strategy has involved working with channel partners, including brokerage firms and banks, to expand reach. However, specific 2025 revenue contribution figures from resellers are not explicitly broken out in the latest available Q3 2025 data.

Investor Relations (IR) websites and webcasting platforms

Servicing client IR websites and providing webcasting is a critical channel for delivering corporate news and digital events. The Webcaster Platform offers live and on-demand streaming for events like earnings calls and webinars. The company announces material financial information to investors using its IR website, SEC filings, news releases, and public conference calls, which are all direct channels to the investment community. The focus on IR websites and earnings calls was noted as a driver for subscription growth upmarket in earlier periods, indicating this remains a key touchpoint for high-value clients.

Here's a quick look at the financial context surrounding these channels as of the third quarter of 2025:

Metric	Value (Q3 2025)	Value (YTD Q3 2025)
Total Revenue	$5.7M	$16.8M
Gross Margin Percentage	75%	76%
Adjusted EBITDA	$933,000 (16% of Revenue)	Not explicitly stated for YTD in the same format
Last Reported Subscription Count (End Q3 2024)	1,121 customers	N/A

The company's strategy is clearly leaning on its owned platforms and direct sales to push the subscription product, which should lead to more predictable revenue streams going forward. Finance: draft 13-week cash view by Friday.

Issuer Direct Corporation (ISDR) - Canvas Business Model: Customer Segments

You're looking at who Issuer Direct Corporation (ISDR) serves, which is a mix of public entities, private businesses, and the professionals who advise them. This is where the rubber meets the road for their subscription and distribution services.

The core focus remains on public companies, particularly those in the smaller end of the spectrum. Historically, Issuer Direct Corporation (ISDR) targeted small- and mid-cap public companies, often those under a $250 million market cap. This segment needs consistent, compliant communication, and Issuer Direct Corporation (ISDR) aims to capture them with subscription products like ACCESS Newswire.

We can see the scale of their active customer base as of late 2025. As of September 30, 2025, the company reported having 12,445 customers who held an active contract over the preceding twelve months. This is a broad base, showing they service more than just the publicly traded set. The shift to recurring revenue is clear in the subscription numbers; as of September 30, 2025, subscription customers stood at 972.

Here's a look at how the subscription base has evolved, which is key to their current strategy:

Metric	As of September 30, 2024	As of September 30, 2025
Total Subscriptions	Not explicitly stated	972
Average Annual Recurring Revenue (ARR) Per Subscription Customer	$10,189	$11,651
Total Subscriptions (Historical Q3 2024)	1,121	Not explicitly stated for Q3 2024

The growth in average ARR per subscription customer from $10,189 to $11,651 between September 2024 and September 2025 shows they are successfully upselling or attracting higher-value subscription clients within their target segments.

Private companies and emerging startups needing PR/IR services represent a growing area of focus, especially as Issuer Direct Corporation (ISDR) expands its newswire distribution services. The company has historically served a significant private segment; for the year ended December 31, 2019, they worked with 2,691 private customers. This segment is crucial for driving volume through the ACCESSWIRE platform.

Public Relations and Investor Relations Agencies are a vital channel. These agencies use Issuer Direct Corporation (ISDR)'s platforms to service their own client base, effectively acting as resellers or primary users of the distribution network. The company has made efforts to scale through partnerships, as seen when total customers grew 20% year-over-year to 12,093 by the first quarter of 2024, partly due to new agency partnerships.

Legal and compliance professionals are served indirectly through the need for regulatory compliance in communications, though direct customer numbers for this specific group aren't detailed in the latest reports. Issuer Direct Corporation (ISDR) leverages its securities compliance and regulatory expertise to support clients. The company previously had a Compliance business segment, which was divested, but the core need for compliant communication remains a driver for all segments, especially public companies.

The overall customer base diversity is evident in historical figures. For the year ended December 31, 2019, Issuer Direct Corporation (ISDR) served 2,169 publicly traded customers alongside the 2,691 private customers.

You should track the 12,445 active contract customers as of September 30, 2025, against the subscription count of 972 to gauge the penetration of their higher-value recurring revenue model. Finance: draft 13-week cash view by Friday.

Issuer Direct Corporation (ISDR) - Canvas Business Model: Cost Structure

You're looking at the cost side of the business as of late 2025, which is a story of optimization following a strategic pivot. The focus has clearly been on controlling the overall spend while investing selectively in the subscription platform. The total operating expenses for the first nine months of 2025 were $13.9M, which represented a decrease of over $1.1M, or 7%, compared to the same period in 2024. This cost discipline is a key feature of the current structure.

Here's a breakdown of where the money is going, based on the latest reported figures and management commentary:

Cost Component	Latest Reported Period	Amount (USD)	Year-over-Year/Contextual Change
Total Operating Expenses	Nine Months Ended September 30, 2025	$13.9M	Decreased by over $1.1M or 7% vs. 9M 2024.
Operating Expenses (Quarterly)	Q3 2025	$4.5M	Decreased by $380,000 or 8% vs. Q3 2024.
General and Administrative (G&A) Expenses	Q3 2025	Implied Reduction	Primary driver for Q3 operating expense decrease.
Sales and Marketing Expenses	Q1 2025	Implied Reduction	Decreased due to lower headcount and advertising costs.
Personnel Costs (Overall)	Q3 2025	Implied Reduction	Partially offset increased distribution costs due to operational team optimization.
Distribution Network Costs	Q3 2025	Increased	Impacted Gross Margin as the company invests in distribution partners.

Technology development and R&D for the 2025 AI roadmap is an area of planned investment, though specific R&D spend for 2025 isn't itemized in the latest reports. We know the roadmap includes an expansion of the media page beyond North America and significant upgrades to distribution and engagement reporting. For context, in the first nine months of 2024, product development expenses increased by 8% ($157,000), alongside capitalized software spend increasing by $218,000 for the year-to-date period. The current strategy is to introduce product enhancements before year-end 2025 to support sustained growth.

Sales and marketing expenses to drive subscription growth have seen direct cost control measures. The Q1 2025 operating expense report explicitly cited a reduction in these costs due to lower headcount in the sales organization and reduced advertising spend. This cost-cutting is happening while the subscription base is growing, with the average annual recurring revenue (ARR) per subscription customer rising to $11,651 as of September 30, 2025. That's a tangible metric showing the efficiency of the sales effort, even with cost reductions.

Personnel costs for editorial, customer support, and engineering are being managed through headcount optimization. The Q3 2025 results noted that lower employee costs, resulting from operational team optimization, helped offset higher distribution costs impacting the Gross Margin. This suggests a deliberate effort to streamline non-revenue-generating support functions. For a public company, General and Administrative (G&A) expenses are also under scrutiny; the Q3 2025 operating expense reduction was primarily driven by decreases in G&A.

Costs associated with maintaining the global news distribution network are a variable expense that directly affects Gross Margin. You saw in Q3 2025 that Gross Margin was impacted by increased distribution costs as ACCESS Newswire Inc. continues to invest in its distribution partners to ensure global reach. This is a necessary trade-off to support the core newswire service.

General and administrative (G&A) expenses for a public company are a constant pressure point. The overall operating expense reduction of 7% for the first nine months of 2025 was led by decreases in G&A, which decreased by 12% ($827,000) for the nine months ended September 30, 2024, compared to the prior year. This trend of G&A containment appears to be a continuing focus into 2025, as G&A was the primary driver for the Q3 2025 operating expense decrease.

• Total Operating Expenses (9M 2025): $13.9M.
• Subscription ARR Target (by Q3 2025): $14,000 per subscription.
• Actual Subscription ARR (as of 9/30/2025): $11,651.
• Headcount reduction was a primary driver for lower Sales & Marketing and overall Personnel Costs.
• The company is actively managing non-recurring costs, such as the Q3 2025 tax payment of over $1.1M related to the compliance business sale, which impacts cash flow but not necessarily recurring operating expenses.

Finance: draft 13-week cash view by Friday.

Issuer Direct Corporation (ISDR) - Canvas Business Model: Revenue Streams

You're looking at how Issuer Direct Corporation, now operating as ACCESS Newswire Inc. as of January 2025, generates its income stream as we approach the end of 2025. The focus has clearly shifted to recurring software revenue, but transactional services still play a part.

The core of the future revenue model centers on Communications SaaS Subscriptions. Management has maintained its belief that subscription values can grow to \$14,000 per year by Q3 of 2025. To give you a baseline, as of the end of Q3 2024, the company had 1,121 total platform subscriptions, which resulted in an Average Revenue Per Subscriber (ARPS) of \$10,114 per customer, marking a 7% year-over-year growth in that metric. This transition contributed to an Annual Recurring Revenue (ARR) uplift of nearly \$1 million compared to the prior quarter in Q3 2024.

The most recent top-line data shows Q3 2025 total revenue was \$5.7M, a 2% increase from \$5.6M in Q3 2024. Communications revenue represented 79% of total revenue for the three months ended September 30, 2024.

Here's a quick look at the key financial figures we have for the most recent periods:

Metric	Latest Reported Period	Amount/Value
Total Revenue	Q3 2025	\$5.7M
Total Revenue	Q3 2024	\$7.0M (or \$6.95M)
Communications Revenue Share	Q3 2024	79% of Total Revenue
Total Subscriptions	End of Q3 2024	1,121
ARPS (Actual)	Q3 2024	\$10,114
ARPS Target	By Q3 2025	\$14,000
Deferred Revenue Balance	As of Sep 30, 2024	\$5.3 million

Transactional revenue still exists from retained compliance services. For example, the services include SEDAR filing and the whistleblower hotline system. In Q3 2024, Compliance revenue saw a 1% decrease year-over-year.

Revenue from webcasting and event production services is part of the overall communications segment. In Q3 2024, management noted a decrease in this area because a large conference that occurred in the first quarter of the prior year did not reoccur.

Platform add-ons and professional service plans are key to hitting that \$14,000 ARPS target. Management mentioned plans for product add-ons geared towards a broader enterprise audience and partnered integrations coming midyear 2025 that might involve a small uplift in subscription cost for access to leading platforms directly within their communications platform.

The balance sheet reflects future recognized revenue through Deferred Revenue Recognition. As of September 30th, 2024, this balance stood at \$5.3 million.

You should watch the subscription growth rate closely; it's the engine for the future model.