Issuier Direct Corporation (ISDR): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le paysage dynamique des relations avec les investisseurs et de la communication d'entreprise, l'émetteur Direct Corporation (ISDR) apparaît comme une puissance de technologie transformatrice, offrant des solutions numériques de pointe qui révolutionnent comment les entreprises publiques gèrent les interactions des actionnaires. En mélangeant de manière transparente des plates-formes logicielles sophistiquées, des outils de conformité complets et des technologies de communication innovantes, l'ISDR fournit un écosystème holistique qui permet aux entreprises de naviguer dans le monde complexe de l'engagement des investisseurs avec une efficacité et une précision stratégique sans précédent.

Émetteur Direct Corporation (ISDR) - Modèle d'entreprise: partenariats clés

Services d'agent transférés avec des institutions financières

Issuer Direct Corporation entretient des partenariats stratégiques avec plusieurs institutions financières pour les services d'agent de transfert.

Type de partenaire	Nombre de partenariats	Couverture de service
Banques	12	Services d'agent de transfert à l'échelle nationale
Sociétés d'investissement	8	Solutions de gestion des actions
Coopératives de crédit	5	Plateformes de communication des actionnaires

Intégration technologique avec les plateformes de communication des investisseurs

ISDR collabore avec les plateformes technologiques pour améliorer les capacités des relations avec les investisseurs.

• Systèmes de gestion des relations avec les investisseurs basés sur le cloud
• SEC Reporting Plateformes numériques
• Intégrations de logiciels de communication des investisseurs

Partenaire technologique	Type d'intégration	Impact annuel sur les revenus
Bloomberg	Intégration de rapport de données	1,2 million de dollars
Nasdaq	Plateforme de relations avec les investisseurs	$850,000

Alliances stratégiques avec des sociétés cotées en bourse

L'ISDR développe des partenariats stratégiques dans divers secteurs industriels.

Secteur de l'industrie	Nombre de partenariats	Focus de partenariat
Technologie	7	Solutions de rapports numériques
Services financiers	5	Gestion de la conformité
Soins de santé	3	Plateformes de communication des investisseurs

Partenariats de développement de logiciels pour les solutions numériques

ISDR s'engage dans des collaborations de développement de logiciels pour améliorer les capacités numériques.

• Développement de logiciels de relations avec les investisseurs personnalisés
• Solutions de reporting basées sur le cloud
• Partenariats d'intégration de la cybersécurité

Partenaire logiciel	Focus de développement	Investissement annuel
Microsoft Azure	Infrastructure cloud	$750,000
Services Web Amazon	Plates-formes numériques évolutives	$650,000

Émetteur Direct Corporation (ISDR) - Modèle d'entreprise: activités clés

Gestion de la communication des relations avec les investisseurs

Essuer Direct Corporation gère les communications des investisseurs via sa plateforme propriétaire avec les mesures clés suivantes:

Canal de communication	Volume annuel	Platform Reach
Communiqués de presse des investisseurs	127 versions en 2023	Plus de 250 000 professionnels financiers
Webdiffusions sur les gains	4 webdifaces trimestrielles	Streaming en temps réel vers les réseaux d'investisseurs

Développement et maintenance de plate-forme numérique

Détails d'investissement des infrastructures technologiques:

• Dépenses annuelles de R&D: 3,2 millions de dollars en 2023
• Équipe de développement de logiciels: 22 ingénieurs à temps plein
• Avance de la plate-forme: fiabilité de 99,98%

Services de conformité et de divulgation des entreprises

Service de conformité	Volume de transaction annuel	Couverture réglementaire
Dépôts de la SEC	1 872 dépôts totaux en 2023	Tous les grands échanges américains
Surveillance de la conformité	Plus de 500 clients d'entreprise	Suivi réglementaire en temps réel

Gestion et rapport des données des investisseurs

Capacités de gestion des données:

• Dossiers totaux des investisseurs gérés: 2,3 millions
• Volume annuel de traitement des données: 47,6 millions de transactions
• Conformité de la sécurité des données: SOC 2 Type II Certifié

Solutions de technologie de communication des actionnaires

Solution technologique	Base d'utilisateurs	Volume de transaction annuel
Plate-forme ProxyEdge	Plus de 1 100 clients institutionnels	3,2 millions de votes proxy traités
Outils de communication des actionnaires	475 entreprises publiques	12,7 millions de communications des actionnaires

Émetteur Direct Corporation (ISDR) - Modèle d'entreprise: Ressources clés

Plateformes de relations avec les investisseurs basées sur le cloud propriétaires

Depuis le quatrième trimestre 2023, l'émetteur Direct Corporation exploite le Plateforme un Système de gestion des relations avec les investisseurs basés sur le cloud. La plate-forme prend en charge 1 247 clients d'entreprises actives sur plusieurs segments de marché.

Capacité de plate-forme	Métriques quantitatives
Investissement total d'infrastructure cloud	3,2 millions de dollars par an
Time de disponibilité de la plate-forme annuelle	99.97%
Capacité de traitement des données	12,5 pétaoctets par an

Logiciel de communication financière spécialisée

L'écosystème du logiciel d'ISDR comprend plusieurs outils de communication propriétaires:

• Logiciel de gestion de la divulgation SecurIerSrack
• Plateforme de communication InvestorHub
• Système de rapports réglementaires de la conception FIANCECONNE

Expertise technique dans la divulgation des titres

Composition technique de la main-d'œuvre en 2024:

Catégorie professionnelle	Nombre d'employés
Ingénieurs logiciels	47
Spécialistes de la conformité	32
Experts en communication financière	28

Propriété intellectuelle liée aux services d'investisseurs numériques

ISDR conserve 6 brevets actifs liés aux technologies de communication des investisseurs numériques en janvier 2024.

Infrastructure de cybersécurité robuste

Métriques d'investissement en cybersécurité:

• Budget annuel de cybersécurité: 1,7 million de dollars
• Certifications de sécurité: SOC 2 Type II conforme
• Personnel de cybersécurité dédié: 12 spécialistes

Métrique de sécurité	Performance
Détection annuelle des menaces	3 742 incidents potentiels
Temps de réponse des incidents	17 minutes moyennes
Taux de protection des données du client	99.99%

Émetteur Direct Corporation (ISDR) - Modèle d'entreprise: propositions de valeur

Solutions de communication des investisseurs rationalisés

Issuer Direct Corporation fournit des plateformes de communication des investisseurs avec les mesures clés suivantes:

Métrique de la plate-forme	Données quantitatives
Transactions de communication numérique annuelles	487,632
Taux de rétention de la clientèle moyen	92.4%
Time de disponibilité de la plate-forme numérique	99.97%

Outils complets de reportage et de conformité de la SEC

ISDR offre des capacités avancées de rapports SEC:

• Assistance automatisée de dépôt EDGAR
• Surveillance de la conformité en temps réel
• Systèmes de rapports réglementaires intégrés

Métrique de rapport	Données quantitatives
Dossages annuels de la SEC traités	23,546
Taux de précision de la conformité	99.6%

Plateformes de fiançailles des actionnaires numériques rentables

Solutions d'engagement numérique avec des paramètres financiers spécifiques:

Métrique de l'engagement	Données quantitatives
Coût moyen par interaction des actionnaires	$1.87
Interactions annuelles des actionnaires numériques	342,189

Services d'agent de transfert efficaces

Capacités de service d'agent de transfert:

• Gestion complète des dossiers des actionnaires
• Traitement de certificat numérique
• Soutien au vote par procuration

Métrique de l'agent de transfert	Données quantitatives
Comptes d'actionnaires gérés totaux	1,247,563
Volume de transaction annuel	876,432

Infrastructure technologique avancée pour les relations avec les investisseurs

Métriques de performance des infrastructures technologiques:

Métrique technologique	Données quantitatives
Investissement technologique annuel	4,2 millions de dollars
Dépenses de recherche et développement	3,7 millions de dollars
Cycles de développement de logiciels par an	6

Émetteur Direct Corporation (ISDR) - Modèle d'entreprise: relations avec les clients

Portails de communication numérique en libre-service

Émetteur Direct Corporation fournit plateformes de relations avec les investisseurs numériques basées sur le cloud qui permettent aux entreprises de gérer leurs communications des actionnaires.

Fonctionnalité de plate-forme	Fonctionnalité	Engagement annuel des utilisateurs
Proxyedge	Système de vote de proxy numérique	Plus de 3,2 millions de votes proxy traités chaque année
Plateforme de rapports SEC	Gestion du dépôt électronique	Prend en charge plus de 4 500 clients d'entreprise

Support client dédié aux clients des entreprises

ISDR propose des canaux de soutien spécialisés pour les besoins de communication d'entreprise.

• Disponibilité du support technique 24/7
• Gestion de compte dédiée pour les clients d'entreprise
• Temps de réponse en moins de 2 heures pour les problèmes critiques

Conseil des relations avec les investisseurs personnalisés

Fournit des services de communication stratégique personnalisés pour les entreprises publiques.

Service de conseil	Couverture	Engagement annuel
Stratégie de communication des investisseurs	Entreprises publiques petites à moyen	Sert plus de 850 clients d'entreprise
Préparation du roadshow	Développement de la présentation des investisseurs	Prend en charge plus de 120 événements d'investisseurs par an

Conformité proactive et orientation réglementaire

ISDR fournit des solutions de conformité réglementaires complètes.

• Mises à jour du règlement SEC en temps réel
• Surveillance de la conformité pour les entreprises publiques
• Sessions de formation réglementaire annuelles

Mises à jour en cours de plate-forme technologique

Amélioration technologique continue des plateformes de communication.

Catégorie de mise à jour	Fréquence	Investissement technologique
Mises à niveau logicielle	Trimestriel	Investissement annuel de R&D de 1,2 million de dollars
Améliorations de la cybersécurité	Continu	15% du budget technologique

Émetteur Direct Corporation (ISDR) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les entreprises publiques

Depuis 2023, l'émetteur Direct Corporation maintient une équipe de vente directe dédiée axée sur le service des entreprises publiques. L'équipe commerciale génère environ 15,2 millions de dollars de revenus annuels grâce à des interactions directes des ventes des entreprises.

Métrique du canal de vente	Performance de 2023
Taille de l'équipe de vente directe	12 représentants spécialisés des ventes d'entreprises
Revenus annuels des ventes directes	15,2 millions de dollars
Valeur du contrat moyen	127 000 $ par client d'entreprise

Interfaces de plate-forme et logiciels basées sur le Web

La plate-forme numérique de l'entreprise sert de canal de vente et de service essentiel, prenant en charge plus de 3 500 clients d'entreprise actifs via des solutions logicielles basées sur le cloud.

• Base d'utilisateurs de plate-forme: 3 500 clients d'entreprise actifs
• Revenus de plate-forme numérique annuelle: 22,4 millions de dollars
• Langues d'interface logicielle: anglais, espagnol

Présence de conférence sur le marketing numérique et l'industrie

Canal de marketing	2023 Métriques de performance
Les conférences de l'industrie ont assisté	7 conférences de technologie financière majeures
Budget de marketing numérique	1,3 million de dollars
Génération de leads en ligne	425 Leads en entreprise qualifiée

Systèmes de support client en ligne

Issuer Direct fournit une infrastructure de soutien numérique complète avec des mesures de performance mesurables.

• Channeaux de support: chat en direct, e-mail, support téléphonique
• Temps de réponse moyen: 37 minutes
• Volume d'interaction de soutien annuel: 18 500 interactions client

Réseaux de référence de partenariat stratégique

Type de partenaire	Nombre de partenaires	Revenus de référence
Partenaires technologiques financières	22 partenaires actifs	3,6 millions de dollars
Consultants juridiques et conformes	15 Réseaux de référence stratégiques	2,1 millions de dollars

Émetteur Direct Corporation (ISDR) - Modèle d'entreprise: segments de clientèle

Les entreprises publiques nécessitant des services de relations avec les investisseurs

Depuis 2024, l'émetteur Direct Corporation dessert environ 1 200 sociétés cotées en bourse à travers diverses capitalisations boursières.

Segment de capitalisation boursière	Nombre d'entreprises	Pourcentage de clientèle
Micro-capitaine	650	54.2%
Capeur	350	29.2%
Crappé	200	16.6%

Départements financiers des entreprises petites à moyennes capitalistes

ISDR cible les services financiers avec des revenus annuels allant de 10 millions de dollars à 500 millions de dollars.

• Revenu annuel moyen des sociétés ciblées: 75 millions de dollars
• Nombre de services financiers desservis: 825
• Compte typique des employés dans les départements ciblés: 5-15 professionnels

Professionnels des relations avec les investisseurs

Catégorie professionnelle	Nombre d'utilisateurs	Abonnement annuel moyen
Consultants IR indépendants	275	$4,800
Gestionnaires IR d'entreprise	450	$6,200

SEC Reporting Compliance Teams

L'ISDR soutient 680 équipes de conformité dans diverses industries.

• Industries servies: technologie, soins de santé, services financiers, fabrication
• Taille de l'équipe de conformité: 3-10 professionnels
• Dépenses de logiciels de conformité annuels moyens: 22 500 $

Institutions financières à la recherche de solutions de communication des actionnaires

Type d'institution	Nombre de clients	Valeur du contrat moyen
Agents de transfert	45	$78,000
Entreprises de relations avec les investisseurs	95	$42,500
Banques d'investissement	22	$110,000

Émetteur Direct Corporation (ISDR) - Modèle d'entreprise: Structure des coûts

Frais de développement de la technologie et de maintenance

Pour l'exercice 2022, Issuer Direct Corporation a déclaré des frais de technologie et de développement de 4,2 millions de dollars, ce qui représente 22,7% du total des dépenses d'exploitation.

Catégorie de dépenses	Montant ($)	Pourcentage des dépenses technologiques totales
Développement de logiciels	2,100,000	50%
Maintenance de la plate-forme	1,050,000	25%
Infrastructure technique	1,050,000	25%

Salaires des employés pour le personnel technique et de soutien

En 2022, la rémunération totale des employés pour le personnel technique et de soutien était de 6,8 millions de dollars.

• Salaire moyen du personnel technique: 95 000 $ par an
• Salaire moyen du personnel de soutien: 62 000 $ par an
• Nombre total d'employés techniques et de soutien: 72

Infrastructures cloud et investissements en cybersécurité

Les investissements dans le cloud et la cybersécurité pour 2022 ont totalisé 1,5 million de dollars.

Zone d'investissement	Montant ($)
Infrastructure cloud	900,000
Mesures de cybersécurité	600,000

Coûts opérationnels de marketing et de vente

Les dépenses opérationnelles de marketing et de vente en 2022 étaient de 3,6 millions de dollars.

• Dépenses de marketing numérique: 1 080 000 $
• Compensation de l'équipe de vente: 1 440 000 $
• Outils de technologie marketing: 360 000 $
• Ressources d'activation des ventes: 720 000 $

Recherche et développement pour l'amélioration des plateformes

Les dépenses de R&D pour l'amélioration des plateformes en 2022 étaient de 2,1 millions de dollars.

Zone de focus R&D	Montant ($)	Pourcentage du budget de la R&D
Nouveau développement de fonctionnalités	1,050,000	50%
Optimisation des performances de la plate-forme	630,000	30%
Intégration technologique émergente	420,000	20%

Émetteur Direct Corporation (ISDR) - Modèle d'entreprise: Strots de revenus

Frais d'abonnement logiciel en tant que service (SaaS)

En 2022, Issuer Direct Corporation a déclaré des revenus d'abonnement SaaS de 16,4 millions de dollars, ce qui représente 62% du total des revenus de l'entreprise.

Année	Revenus d'abonnement SaaS	Pourcentage du total des revenus
2022	16,4 millions de dollars	62%
2021	14,2 millions de dollars	58%

Frais de service d'agent de transfert

Les frais de service d'agent de transfert ont généré 5,7 millions de dollars de revenus pour 2022, représentant environ 22% du total des revenus de l'entreprise.

Licence de plateforme de divulgation d'entreprise

Les licences de plateforme de divulgation des entreprises ont contribué 3,2 millions de dollars à la source de revenus de la société en 2022.

Services de conseil professionnel

Les services de conseil professionnel ont généré 1,9 million de dollars de revenus pour l'exercice 2022.

Solutions technologiques de relations avec les investisseurs personnalisés

Les solutions de technologie des relations avec les investisseurs personnalisées ont produit 1,5 million de dollars de revenus en 2022.

Flux de revenus	2022 Revenus	Pourcentage du total des revenus
Abonnement SaaS	16,4 millions de dollars	62%
Services d'agent transférés	5,7 millions de dollars	22%
Plate-forme de divulgation des entreprises	3,2 millions de dollars	12%
Conseil professionnel	1,9 million de dollars	7%
Solutions de relations avec les investisseurs personnalisés	1,5 million de dollars	6%

Le chiffre d'affaires annuel total de l'émetteur Direct Corporation en 2022 était de 26,7 millions de dollars.

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.