118 0 Kommentare VIQ Solutions Reports Second Quarter Results Growth Goals Remain on Track for 2020

VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX Venture Exchange: VQS and OTC Markets: VQSLF) a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today reported record financial results for the second quarter 2020. Results are reported in US dollars and are prepared in accordance with International Financial Reporting Standards (“IFRS”).

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“The second quarter results this year are the best we have had on record. Despite the impacts of the C-19 pandemic, we remain on track for 2020 growth goals. This is due to careful planning, the high productivity of our workforce supported by our cloud-based, AI-powered workflow platform, and software sales from previous quarters now in deployment,” said Sebastien Paré, VIQ President and CEO.

Key Second Quarter 2020 Highlights:

Record revenue of $8.3 million which represents a 33.4% increase year-over-year despite the impacts of C-19 on new sales and organic revenue;
Recurring revenue of $7.5 million compared to $5.7 million the prior year, which represents 91% of total revenue;
Gross profit of $5.1 million represented 61.2% of revenue versus 40% of revenue in the prior year. Gross margin was favorably impacted by software sales delivery from previous quarters that were on-hold due to C-19 and by C-19 wage subsidies;
EBITDA of $1.3 million and Adjusted EBITDA of $1.8 million increased approximately 300% year-over-year, driven by higher revenue, software sales, productivity gains in transcription services and wage subsidies;
Added 43 organic new clients;
VIQ's $63.6 million total enterprise value at June 30, 2020, comprised of market capitalization of $54.2 million, and net debt of $9.4 million, increased more than 100% versus enterprise value a year ago of approximately $31 million, comprised of market capitalization of $20 million plus net debt of $11 million;
Stock market liquidity of approximately 5.6 million shares, up by 500% versus prior year for the period of January 1 to June 30, 2020. Equity dollar volume for the same period increased to $20 million, up by 680% versus prior year and VWAP of US$2.54, up by 38% versus prior year. Third quarter 2020 volume run rate is on course for annual record volume, tradable on more than thirteen North American exchanges.