VIQ Announces Profitable Second Quarter Results, Driven by 37% YOY Revenue Growth

VIQ Solutions (TSXV:VQS) has announced its financial results for the three and six month period ended June 30, 2017.
As quoted in the press release:

“We are pleased to report a profitable quarter along with strong growth in top line revenue,” said Sebastien Paré, President and CEO of VIQ. “Profit and revenue performance are a direct result of our market diversification strategy, advanced technology roll out and the execution of our platform roadmap.”
“The company anticipates continued strong growth in recurring revenue for 2017 and beyond,” said Mr. Paré.
Continued market diversification, SaaS transformation, advanced cybersecurity, digital workflow and Artificial Intelligence (AI) will further drive revenue growth for the rest of 2017 and into next year.
Additional product innovations are scheduled for release beginning this year with a focus on providing clients with efficient management of the extensive digital content they secure, capture and store on the VIQ SaaS platform.
“The positive financial and business results build on the momentum of the last three quarters and reflect VIQ’s international footprint and growing market demand for ultra-secure digital evidence capture and next generation analytics,” Mr. Paré said.
“We continue to strategically expand our sales and delivery partner program globally as an increased number of large scale cybersecurity focused projects which commenced in 2016, are now in various stages of deployment.”
VIQ’s adjusted net income (which excludes stock based compensation) was $0.16M for the three months ended June 30, 2017 as compared to a loss of $0.11M for the same period in 2016. For the six months ended June 30, 2017 adjusted net income was $0.42M compared to a loss of $0.3M for the same period in 2016, representing a significant shift in growth trajectory.

Click here to read the full press release.