Welcome to our dedicated page for Red Violet news (Ticker: RDVT), a resource for investors and traders seeking the latest updates and insights on Red Violet stock.
Red Violet, Inc. (NASDAQ: RDVT) is a leading software and services company specializing in big data analysis. At the core of its operations is the CORE™ data fusion platform, which transforms vast amounts of data into meaningful intelligence for enterprises across various industries. Red Violet offers cloud-based, mission-critical information solutions, empowering organizations with insights into individuals, businesses, and assets.
Founded with a belief that time is the most valuable asset, Red Violet utilizes cutting-edge proprietary technology and a comprehensive data repository to provide real-time intelligence. This enables clients to efficiently manage risk, conduct investigations, detect and prevent fraud, and ensure regulatory compliance. Notable brands under Red Violet include IDI and FOREWARN.
Red Violet has demonstrated robust financial performance, achieving record revenues and earnings. For instance, in the third quarter of 2023, the company reported record revenue of $15.8 million and an EPS of $0.87. This growth highlights the company's strong value proposition and the increasing demand for its advanced data solutions, even amidst broader economic challenges.
Recent developments include strategic partnerships, such as with MLS United to enhance real estate agent safety through FOREWARN services. Additionally, Red Violet has seen a significant increase in its share repurchase program, reaffirming management's confidence in the company's future prospects.
Overall, Red Violet’s solutions are pivotal in promoting safer business practices, reducing operational costs, and enabling smarter decision-making through data-driven insights.
Red Violet, Inc. (NASDAQ: RDVT) announced its inclusion in the Russell 3000® and Russell 2000® Indexes, effective June 27, 2022. This decision reflects the company's standing among the top 4,000 US stocks by market capitalization. Membership in these indexes is expected to enhance liquidity and visibility within the institutional investment community, given that approximately $12 trillion in assets are benchmarked against Russell's indexes. CEO Derek Dubner highlighted this as a significant milestone in the company's growth trajectory.
FOREWARN, a red violet company (NASDAQ: RDVT), has partnered with Bryan College Station Regional MLS to provide its safety services to over 1,500 REALTOR® members in Texas. This initiative promotes proactive safety by enabling agents to verify identities, check criminal histories, and validate client information swiftly through a mobile application. Members can access FOREWARN at no extra cost, enhancing their safety when meeting clients. The contract emphasizes the importance of agent security in real estate, leveraging extensive data analytics for risk mitigation.
Red Violet reported a record revenue of $12.7 million for Q1 2022, marking a 25% increase year-over-year. The net income turned positive at $0.1 million, compared to a net loss of $0.6 million in the same quarter last year. Adjusted EBITDA increased by 12% to $3.2 million with a gross profit of $8.1 million, reflecting a gross margin improvement to 64%. The company also announced a $5 million share repurchase program, highlighting strong cash flow with cash equivalents reaching $34.8 million.
Red Violet, Inc. (NASDAQ: RDVT) announced it will report its Q1 financial results on May 4, 2022, after market close. The company will also hold a conference call on the same date at 4:30 PM ET to discuss the results and provide a business update. Interested parties can access the call using specified domestic and international dial-in numbers. Red Violet specializes in analytics and information solutions, utilizing proprietary technologies to provide identity intelligence for various applications, including fraud detection and regulatory compliance.
Red Violet, Inc. (NASDAQ: RDVT) reported a strong fourth quarter, with total revenue increasing 26% to $11.3 million and cash flow from operations rising 10% to $2.0 million. For the full year, revenues grew 27% to $44.0 million, leading to a net income of $0.7 million, reversing a loss of $6.8 million in 2020. The adjusted EBITDA surged 85% to $10.9 million, while the gross profit saw a 43% increase to $27.7 million. Looking ahead, the company aims to exceed $100 million in annual revenue within three years, with a target adjusted gross margin exceeding 80%.
FOREWARN, a red violet company (NASDAQ: RDVT), has partnered with REALTORS® of South Central Kansas (RSCK) to offer its safety services to over 2,500 REALTOR® members. This initiative aims to enhance agent safety by enabling real estate professionals to verify identities, check criminal histories, and validate client information through a mobile app. The service will be provided at no extra cost to members. CEO Sheila Rumsey highlighted the tool's importance in reducing risks for agents, allowing them to conduct showings with greater confidence.
Red Violet, Inc. (NASDAQ: RDVT) will release its fourth quarter and full year financial results for 2021 on March 9, 2022, after U.S. market close. A conference call to discuss these results will be held at 4:30 PM ET the same day. Interested parties can join the call via domestic and international dial-ins or through a live webcast on the company's investor website. Red Violet specializes in analytics and information solutions, focusing on identity intelligence and risk mitigation.
FOREWARN, a leading provider of real-time information solutions, has partnered with the Reno Sparks Association of REALTORS® (RSAR) to enhance agent safety by offering its services to over 2,900 members. The service, accessible online and via mobile app, analyzes extensive data to verify identities and mitigate risks during property showings. RSAR members can access these services at no extra cost, emphasizing the tool's significance in ensuring safe transactions in real estate. The announcement reflects the growing importance of safety in the industry.
FOREWARN, a red violet company (NASDAQ: RDVT), has partnered with the Upstate Alliance of REALTORS® (UPSTAR) to enhance agent safety for its 1,600+ members in Fort Wayne and Allen County. The FOREWARN services provide real-time risk mitigation tools, including identity verification and criminal history checks, accessible online and via mobile app, all at no extra cost to agents. This initiative aims to address safety concerns in the real estate industry by ensuring agents can confidently verify potential clients. Members received activation instructions on January 5, 2022.
FOREWARN, a leading provider of real-time information solutions for real estate agents, has secured a contract with the Daytona Beach Area Association of REALTORS® (DBAAR) to provide its services to over 2,200 REALTOR® members. This initiative aims to enhance agent safety by enabling risk mitigation through identity verification and criminal history checks via phone number. The service comes at no additional cost to DBAAR members. CEO Mark Dougherty emphasized the importance of the tool in helping agents proactively identify risks.
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