Vertex, Inc. ( (VERX) ) has released its Q4 earnings. Here is a breakdown of the information Vertex, Inc. presented to its investors.
Vertex, Inc. is a global leader in providing indirect tax solutions, offering tailored tax technology services to help businesses manage compliance and growth across various industries. The company recently reported its financial results for the fourth quarter and full year of 2024, showcasing a strong revenue growth trajectory despite some challenges in net income. Vertex’s total revenues for the fourth quarter reached $178.5 million, marking a 15.2% increase year-over-year, with software subscription and cloud revenues showing significant growth. However, the company reported a net loss of $67.8 million for the quarter, compared to a net income of $15.3 million in the same period the previous year. For the full year, Vertex achieved total revenues of $666.8 million, a 16.5% increase from the previous year, driven by a 17.9% rise in software subscription revenues and a 28.6% increase in cloud revenues. Despite these gains, the company faced a net loss of $52.7 million for the year. Looking ahead, Vertex is optimistic about its growth prospects, with plans to invest in research and development, particularly in AI-based products and e-invoicing initiatives, to capitalize on emerging market opportunities and drive long-term business momentum.