Revenue Performance - Total revenues for the three months ended September 30, 2024, decreased approximately $314,000, or 15.6%, to approximately $1,694,000 from approximately $2,008,000 during the same period in the prior year[141]. - Recruitment services revenue increased slightly by 0.5% to $3,440,000 for the nine months ended September 30, 2024, compared to $3,422,000 in the prior year[143]. - RemoteMore revenue decreased by approximately $603,000, or 31.6%, to $1,304,000 for the nine months ended September 30, 2024, from $1,907,000 in the prior year, primarily due to reduced demand for contracted software development[151]. - Membership fees and related services revenue for the three months ended September 30, 2024, decreased by $34,000, or 25.2%, to $101,000 from $135,000 in the prior year[142]. - PDN Network generated approximately $1,203,000 in revenues for the three months ended September 30, 2024, a decrease of approximately $65,000, or 5.1%, from $1,268,000 in the prior year[146]. - NAPW Network revenues decreased by approximately $34,000, or 25.2%, to $101,000 for the three months ended September 30, 2024, compared to $135,000 in the prior year[147]. - Total revenues for the nine months ended September 30, 2024, decreased approximately $694,000, or 12%, to approximately $5,111,000 from approximately $5,805,000 during the same period in the prior year[143]. Cost and Expense Management - The cost of revenue for PDN Network increased to 41.2% for the nine months ended September 30, 2024, compared to 31.0% in the prior year[140]. - Cost of revenues for the three months ended September 30, 2024, was approximately $697,000, a decrease of $226,000 or 24.5% from $923,000 in the same period last year[154]. - Sales and marketing expenses for the three months ended September 30, 2024, were approximately $634,000, a decrease of $278,000 or 30.5% from $912,000 in the same period last year[157]. - General and administrative expenses for the three months ended September 30, 2024, decreased by approximately $622,000 or 46.0% to $731,000 compared to $1,353,000 in the same period last year[159]. - Total costs and expenses for the three months ended September 30, 2024, were $2,118,000, a decrease of $1,219,000 or 36.5% from $3,337,000 in the same period last year[165]. - Cost of revenues for the nine months ended September 30, 2024, was approximately $1,976,000, a decrease of $787,000 or 28.5% from $2,763,000 in the same period last year[155]. - Sales and marketing expenses for the nine months ended September 30, 2024, were approximately $2,236,000, a decrease of $614,000 or 21.5% from $2,850,000 in the same period last year[158]. - General and administrative expenses for the nine months ended September 30, 2024, decreased by approximately $1,105,000 or 30.3% to $2,545,000 compared to $3,650,000 in the same period last year[160]. - Total costs and expenses for the nine months ended September 30, 2024, were $6,920,000, a decrease of $2,772,000 or 28.6% from $9,692,000 in the same period last year[165]. Net Loss and Cash Flow - For the three months ended September 30, 2024, the consolidated net loss from continuing operations was approximately $422,000, a decrease of $898,000 compared to a net loss of approximately $1,320,000 for the same period in 2023, representing a 68.0% improvement[177]. - For the nine months ended September 30, 2024, the consolidated net loss from continuing operations was approximately $1,815,000, a decrease of $2,046,000 compared to a net loss of approximately $3,861,000 for the same period in 2023, representing a 53.0% improvement[177]. - Cash and cash equivalents as of September 30, 2024, were $134,000, a decrease from $628,000 as of December 31, 2023[180]. - Net cash used in operating activities from continuing operations for the nine months ended September 30, 2024, was approximately $1,324,000, an improvement from $2,415,000 for the same period in 2023[192][193]. - Net cash provided by financing activities during the nine months ended September 30, 2024, was approximately $1,032,000, compared to $2,700,000 for the same period in 2023[196][198]. Accounting and Financial Reporting - The company adopted ASU 2016-13 in Q1 fiscal 2023, requiring expected credit losses to be measured over the lifetime of financial instruments[210]. - Revenue from recruitment services is recognized when services are performed, with revenue derived from various agreements including job postings and corporate memberships[218]. - Goodwill is tested for impairment annually on December 31, and if circumstances change, interim tests are conducted[214]. - Capitalized software costs are amortized over a maximum of three years, reflecting the estimated useful lives of the software assets[216]. - The company leases office space under a non-cancelable operating lease expiring in September 2027, with periodic rent increases[222]. - Recent accounting pronouncements include ASU 2023-07 and ASU 2023-09, effective for fiscal years beginning after December 15, 2023, and December 15, 2024, respectively[227][228]. - Revenue from NAPW Network membership subscriptions is recognized ratably over a 12-month period, despite annual fees being paid upfront[220]. - The company pools receivables by days outstanding to determine expected credit loss percentages based on historical loss data[211]. - Operating lease liabilities represent the present value of lease payments not yet paid, recognized at the lease commencement date[225]. Business Segments and Strategy - The company operates in three business segments: PDN Network, NAPW Network, and RemoteMore, focusing on diverse professional networking and recruitment services[131]. - The company’s technology platform is integral to its operations, enhancing value for members and customers by addressing workforce diversity needs[132]. - The company continues to focus on profitability by targeting new clients and reducing operating expenses, while facing negative cash flows from operations[185]. - The company incurred a loss from discontinued operations of approximately $28,428 for the nine months ended September 30, 2023, with no activity in 2024[178]. - Adjusted EBITDA for the nine months ended September 30, 2024, was approximately $(1,443,000), an improvement from $(3,104,000) for the same period in 2023[202]. - The company had an accumulated deficit of $101,652,742 as of September 30, 2024[180]. - The company issued 40,217 shares of common stock at approximately $2.36 per share in the first quarter of 2024, resulting in gross proceeds of $95,104[181].

Revenue Performance - Total consolidated revenues for Q2 2024 decreased by $151,000, or 8.2%, to approximately $1,690,000 compared to $1,841,000 in Q2 2023[3] - Recruitment services revenue increased by 3.2% in the first half of 2024, totaling $2,249,000, while contracted software development revenue decreased by 29.8% to $914,000[10] - The PDN Network generated approximately $1,153,000 in revenues, an increase of 4.6% compared to $1,102,000 in Q2 2023[4] - NAPW Network revenues decreased by 20.6% to approximately $108,000, down from $136,000 in the same period last year[4] - RemoteMore revenue decreased by 28.8% to approximately $429,000 compared to $603,000 in Q2 2023[4] Cost Management - Total pre-tax costs and expenses decreased by $1,001,000, or 30.6%, to $2,272,000 in Q2 2024 compared to $3,273,000 in Q2 2023[10] - The company successfully reduced operational costs by 24.4% through stricter controls in the first half of 2024 compared to the same period last year[2] - Depreciation and amortization expenses decreased to $107,000 for the six months ended June 30, 2024, down from $280,000, a reduction of 62%[16] Financial Losses and Improvements - Net loss from continuing operations for Q2 2024 was approximately $586,000, a reduction of 59.1% from a net loss of $1,432,000 in Q2 2023[7] - Loss from Continuing Operations for the three months ended June 30, 2024, was $(586,000), an improvement from $(1,432,000) in the same period last year, representing a 59% reduction[16] - Adjusted EBITDA for the six months ended June 30, 2024, was $(1,120,000), compared to $(2,138,000) in the prior year, indicating a 48% improvement[16] - Loss attributable to noncontrolling interest decreased to $48,000 for the six months ended June 30, 2024, compared to $77,000 in the same period last year, a 38% decrease[16] Tax and Compensation - Income tax expense for the six months ended June 30, 2024, was $6,000, compared to a benefit of $(10,000) in the prior year[16] - Stock-based compensation increased to $110,000 for the six months ended June 30, 2024, up from $63,000 in the same period last year, reflecting a 75% increase[16] Company Operations and Goals - The company operates subsidiaries including the National Association of Professional Women (NAPW) and the International Association of Women (IAW), focusing on diverse professional networking[17] - The company aims to be a leader in business diversity recruiting and professional development for underrepresented groups globally[17] Future Outlook - Forward-looking statements indicate potential risks and uncertainties that may affect future performance, as detailed in the company's Annual Report on Form 10-K[18] - Investor inquiries can be directed to the company via email or phone for further information[18] Cash and Liabilities - Cash balances as of June 30, 2024, were approximately $619,000, a slight decrease from $628,000 on December 31, 2023[3] - Total liabilities increased to $3,790,000 as of June 30, 2024, compared to $3,758,000 on December 31, 2023[9]

Revenue Performance - Total revenues for the three months ended June 30, 2024, decreased approximately $151,000, or 8.2%, to approximately $1,690,000 from approximately $1,841,000 during the same period in the prior year [120]. - Total revenues for the six months ended June 30, 2024, decreased approximately $379,000, or 10.0%, to approximately $3,417,000 from approximately $3,796,000 during the same period in the prior year [121]. - Recruitment services revenue increased to 65.8% of total revenue for the six months ended June 30, 2024, compared to 57.4% in the same period of the prior year [113]. - PDN Network generated approximately $1,153,000 in revenues during the three months ended June 30, 2024, an increase of approximately $51,000 or 4.6% compared to the same period in the prior year [124]. - RemoteMore revenue decreased approximately $174,000 or 28.8% to $429,000 during the three months ended June 30, 2024, compared to $603,000 in the same period of the prior year [124]. - NAPW Network revenues decreased approximately $28,000 or 20.6% to $108,000 during the three months ended June 30, 2024, compared to $136,000 in the same period of the prior year [124]. - Contracted software development revenue decreased approximately $388,000 or 29.8% to $914,000 for the six months ended June 30, 2024, compared to $1,302,000 in the same period of the prior year [126]. Cost and Expense Management - Cost of revenues for the three months ended June 30, 2024, was approximately $626,000, a decrease of $140,000 or 18.3% from $766,000 in the same period last year [129]. - Cost of revenues for the six months ended June 30, 2024, was approximately $1,279,000, a decrease of $561,000 or 30.5% from $1,840,000 in the same period last year [130]. - Sales and marketing expenses for the three months ended June 30, 2024, were approximately $772,000, a decrease of $344,000 or 30.8% from $1,116,000 in the same period last year [132]. - General and administrative expenses for the three months ended June 30, 2024, decreased by approximately $425,000 or 34.2% to $819,000 compared to $1,244,000 in the same period last year [134]. - Total costs and expenses for the three months ended June 30, 2024, were $2,272,000, a decrease of $1,001,000 or 30.6% from $3,273,000 in the same period last year [140]. - Sales and marketing expenses for the six months ended June 30, 2024, were approximately $1,602,000, a decrease of $335,000 or 17.3% from $1,937,000 in the same period last year [133]. - General and administrative expenses for the six months ended June 30, 2024, decreased by approximately $483,000 or 21.0% to $1,814,000 compared to $2,297,000 in the same period last year [135]. - Depreciation and amortization expense for the three months ended June 30, 2024, was approximately $55,000, a decrease of $92,000 compared to $147,000 in the same period last year [136]. Net Loss and Cash Flow - For the three months ended June 30, 2024, the consolidated net loss from continuing operations was approximately $586,000, a decrease of 59.1% compared to a net loss of approximately $1,432,000 for the same period in 2023 [150]. - For the six months ended June 30, 2024, the consolidated net loss from continuing operations was approximately $1,393,000, a decrease of 45.2% compared to a net loss of approximately $2,541,000 for the same period in 2023 [150]. - Cash and cash equivalents as of June 30, 2024, were $619,311, a slight decrease from $627,641 at December 31, 2023 [153]. - Net cash used in operating activities from continuing operations for the six months ended June 30, 2024, was approximately $768,000, compared to $878,000 for the same period in 2023 [163]. - Net cash used in investing activities during the six months ended June 30, 2024, was approximately $153,000, significantly lower than $822,000 for the same period in 2023 [164]. - Net cash provided by financing activities during the six months ended June 30, 2024, was approximately $912,000, compared to $2,700,000 for the same period in 2023 [165]. - The company continues to generate negative cash flows from operations and expects to incur net losses for the foreseeable future, raising substantial doubt about its ability to continue as a going concern [156]. - The accumulated deficit was $101,247,697 as of June 30, 2024 [153]. Adjusted EBITDA and Accounting Policies - Adjusted EBITDA for the six months ended June 30, 2024, was approximately $(1,120,000), an improvement from $(2,138,000) for the same period in 2023 [171]. - The company adopted ASU 2016-13 in Q1 fiscal 2023, requiring expected credit losses to be measured over the lifetime of financial instruments [175]. - Recruitment revenue includes direct sales from recruitment services and events, recognized when services are performed and collectability is probable [181]. - Consumer marketing revenue is recognized based on fixed fees or impressions, with membership subscription revenue recognized ratably over a 12-month period [182]. - The company recognizes operating lease expense on a straight-line basis over the lease term, with lease liabilities representing the present value of future lease payments [185]. - The company has elected not to apply recognition requirements to short-term leases of 12 months or less, expensing payments on a straight-line basis [186]. - The company is currently evaluating the impact of new accounting standards on its disclosures [188]. - Recent accounting updates include ASU 2023-07 and ASU 2023-09, effective for fiscal years beginning after December 15, 2023, and December 15, 2024, respectively [187]. - Goodwill is tested for impairment annually on December 31, and if the carrying value exceeds fair value, impairment losses are measured accordingly [177]. - Capitalized software costs are amortized over a useful life not exceeding three years, with training and maintenance costs expensed as incurred [179].

Core Viewpoint - Professional Diversity Network, Inc. (PDN) has appointed Katherine Lauderdale to its Board of Directors, effective August 1, 2024, highlighting the company's commitment to good governance and diversity [1][4]. Company Developments - Katherine Lauderdale has been appointed as a member of the Board, Chair of the Compensation Committee, and a member of the Nominating and Corporate Governance Committee [1]. - The company has launched its new official website: https://www.ipdn.com/ [2]. Leadership Changes - Courtney C. Shea has resigned from her position on the Board, Compensation Committee, and as Chair of the Audit Committee, effective August 1, 2024, with no disagreements reported [6]. Background of New Board Member - Katherine Lauderdale has served as Chief Legal Officer and Corporate Secretary of Public Broadcasting Service (PBS) since 2016, overseeing various legal and governance matters [5]. - Lauderdale's experience includes intellectual property, litigation, regulatory, labor, corporate matters, and compliance [5]. Company Overview - PDN is focused on providing networking, training, educational, and employment opportunities for diverse professionals, aiming to be a leader in business diversity recruiting and professional development [7].

Group 1 - IPDN stock is experiencing a significant decline with over 2.5 million shares traded, indicating a selloff, compared to its daily average trading volume of approximately 98,000 shares [1][4] - The stock has been on a downward trend throughout 2024, down 22.1% as of Friday morning and down 67.1% year-to-date as of the previous market close [5] - There is no clear news or press releases from Professional Diversity Network to explain the stock's movement, nor is there any analyst coverage that could account for the decline [8] Group 2 - The decline in IPDN stock may be indirectly influenced by external news related to Disney's diversity, equity, and inclusion practices, which has garnered significant attention online [2][9] - A video discussing Disney's DEI practices has received over 5 million views, suggesting that public sentiment around such topics may be impacting related stocks like IPDN [2]

Company Overview - RemoteMore USA is a technology company that provides a remote-hiring marketplace service for developers and companies, launched in 2019 to meet the demand for qualified candidates [1] - The company connects businesses with over 6,000 developers through an extensive remote services network, allowing access to talent without geographic limitations [1] New Database Platform - RemoteMore unveiled a new database platform designed to enhance the recruitment process for PDN's event team, providing a robust solution for candidate and resume management [5][6] - The platform enables the seamless location of qualified nationwide candidates with active security clearances, ensuring a continuous and efficient hiring process [6] Key Features and Benefits - The platform offers an enhanced employer experience with a streamlined process for job postings and onboarding [7] - Admins can handpick candidates from a diverse pool, ensuring only the most suitable candidates are considered [7] - Efficient interview scheduling is facilitated for both employers and admins, saving valuable time [7] - The advanced employer invitation flow allows admins to invite companies and provide previews of candidate profiles, encouraging engagement [7] - Comprehensive admin portal support ensures prompt assistance for any issues encountered by users [7] Competitive Positioning - RemoteMore's new database platform represents a significant advancement in the recruitment industry, enhancing competitiveness with leading cleared job platforms such as Cleared Connections, Clearance Jobs, and TechExpoUSA [8] - The development aligns with the company's commitment to innovation and excellence in creating efficient, user-friendly solutions [8] Company Mission - Professional Diversity Network, Inc. (PDN) aims to promote diversity and inclusion in the workforce, providing access to networking, training, educational, and employment opportunities for diverse professionals [10] - The company utilizes its platform and relationships to assist employer clients in identifying and acquiring diverse talent [10]

CHICAGO, May 22, 2024 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (NASDAQ:IPDN) ("PDN" or the "Company"), a developer and operator of online and in-person networks that provide access to networking, training, educational, and employment opportunities for diverse individuals, today announced key leadership changes to support the company's growth and innovation. For more about the company, please visit www.ipdn.com Connect with us on social media www.linkedin.com/company/prodivnet Forward-Looking ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 (Exact name of Registrant as Specified in Its Charter) or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-35824 Professional Diversity Network, Inc. Delaware 80 ...

CHICAGO, May 15, 2024 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (NASDAQ:IPDN), ("IPDN" or the "Company"), a global developer and operator of online and in-person networks that provides access to networking, training, educational and employment opportunities for diverse individuals, today announced its financial results for the quarter ended March 31, 2024. "Our first quarter showed a mixed bag within our revenue streams. Demand for direct enterprise sales was light at the beginning of the qua ...

Exhibit 99.1 Professional Diversity Network, Inc. Announces Financial Results for the Quarter Ended March 31, 2024 Chicago, IL, May 15, 2024 (GLOBE NEWSWIRE) — Professional Diversity Network, Inc. (NASDAQ:IPDN), ("IPDN" or the "Company"), a global developer and operator of online and in-person networks that provides access to networking, training, educational and employment opportunities for diverse individuals, today announced its financial results for the quarter ended March 31, 2024. "Our first quarter s ...