Record Financial Results Reported by VIQ Solutions

VIQ Solutions (TSXV:VQS), a company focused on video and audio solutions driven by artificial intelligence announced record financial results for the first quarter of 2019. Revenue growth increased by 112 percent to $6.4 million for the quarter, with adjusted EBITDA increasing 421 percent year-over-year. VIQ Solutions, based in Mississauga, Ontario provides its services to over 800 clients in industries from law enforcement to insurance.

As quoted in the press release:

“Our first quarter results set a new turning point after last year’s transformation,” said Sebastien Pare, VIQ President and CEO. “By March 31, the year end foundation began to reveal its accretive value, both operationally and financially, with much more to come throughout 2019 as the AI platform integration accelerates. First quarter operating performance exceeded our forecast with a favorable adjusted EBITDA.

Sebastien Pare, CEO of the Company further commented on the success of the Company’s capital raising efforts: “The Company’s US$6.5M capital financing (the “Financing”) for acquisitions which was announced in the fall of 2018 has now been completed and was oversubscribed as the Company has closed on subscriptions in the aggregate of US$6.9M.”

“The initial phase of the Financing was completed in November 2018 which resulted in the Company raising gross proceeds of approximately US$5M, the terms of which were disclosed in the Company’s press release dated November 28, 2018 (the “Press Release”). The second phase of the Financing was completed on May 7, 2019 and involved the issuance by the Company of approximately $1.9M of convertible notes with a maturity date of five years from the date of issuance as well as the issuance of 20,998,914 warrants that expire two years from the date of issuance.”

Click here to read the full press release.