Mastech Digital, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024. Fourth-quarter revenues totaled $50.7 million, a 10.2% increase compared to $46.1 million in the corresponding quarter of 2023.
The company reported GAAP net income of $0.3 million, or $0.02 per diluted share, for Q4 2024, a significant improvement from a net loss of ($5.4 million), or ($0.46) per diluted share, in Q4 2023. Full-year 2024 GAAP net income was $3.4 million, or $0.28 per diluted share, compared to a net loss of ($7.1 million), or ($0.61) per diluted share, in 2023.
The Data and Analytics Services segment achieved 26.2% revenue growth during the fourth quarter, with order bookings approximating $11.0 million. Mastech Digital's Board of Directors also authorized an extension of its share repurchase program for an additional year through February 8, 2026, with 423,000 shares remaining available for repurchase as of December 31, 2024.
As of December 31, 2024, the company maintained a strong financial position with $27.7 million in cash balances and no bank debt. This financial flexibility supports ongoing operations and strategic initiatives, including the continued share repurchase program.
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