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VIQ Solutions Inc. (VQS) is a global leader in digital recording technology, specializing in the collection, storage, and management of digital audio, video, and other files. With over 25 years of expertise in the field, VIQ Solutions has established itself as the preferred provider for courts, judicial bodies, government agencies, insurance companies, police departments, and transportation companies. The company’s innovative solutions help these entities increase efficiency, improve security, and reduce costs.
VIQ Solutions is renowned for its leadership in the capture and management of digital evidence, offering a reliable and secure platform that is both collaborative and easily searchable. Their technology supports large-scale installations, managing hundreds of rooms and terabytes of data efficiently. With a client base that spans over 20 countries, VIQ Solutions boasts more than 2,500 satisfied customers and over 52,000 licenses in use.
Recent achievements include the expansion of their digital media business and the continuous improvement of their advanced recording solutions. VIQ Solutions also focuses on forming strategic partnerships and working on cutting-edge projects to stay ahead in the rapidly evolving digital evidence management industry.
Financially, VIQ Solutions remains robust, consistently investing in research and development to enhance their product offerings and maintain their market leadership. Their commitment to innovation and customer satisfaction ensures they remain at the forefront of the digital recording technology sector.
VIQ Solutions Inc. (VQS) reported Q3 2022 financial results with revenue of $11.8 million, up 66% year-over-year, driven by acquisitions. Gross profit was $5.6 million (47.3% margin), down from 51.4% in Q3 2021. The net loss improved to $1.3 million per share from $3.9 million a year earlier. For the first nine months, revenue reached $35.7 million, a 52% increase. The company revised its 2022 revenue guidance to $46-$47 million due to negative currency impacts and operational challenges.
VIQ Solutions Inc. (NASDAQ:VQS) will release its third quarter and nine-month financial results for the period ending September 30, 2022, on November 9, 2022. The company will hold a conference call on November 10, 2022, at 11:00 AM ET to discuss these results. Investors can access the call via webcast on their website or by dialing in with a conference ID. VIQ Solutions specializes in AI-driven digital voice and video capture technology and transcription services across various security-sensitive sectors.
VIQ Solutions Inc. (VQS) announced a strategic partnership with ORdigiNAL to enhance the distribution of its AI-driven products, NetScribe™ and FirstDraft™, through ORdigiNAL's extensive dealer network. This collaboration targets the judicial, law enforcement, and legal markets in Europe and Asia Pacific, aiming to drive revenue growth and improve documentation efficiency by over 30 percent. The partnership aligns with the growing demand for advanced documentation solutions amid digital modernization efforts, expected to bolster VIQ's market presence and technological reach.
VIQ Solutions (NASDAQ: VQS) announced that it has achieved ISO 27001 certification, affirming its commitment to industry-leading privacy and security standards. This certification, awarded by A-LIGN following a formal audit, verifies that VIQ meets rigorous international standards for ensuring the confidentiality, integrity, and availability of client data. CTO Vahram Sukyas emphasized that this achievement enhances operational efficiency and reliability while providing a foundation for future compliance initiatives.
VIQ Solutions Inc. (NASDAQ: VQS) received a notification from Nasdaq on September 27, 2022, indicating non-compliance with the minimum bid price requirement of $1.00 per share, based on the closing price for 30 consecutive business days. The company has a 180-day grace period to regain compliance, expiring on March 27, 2023. Although this notification does not impact trading immediately, failure to comply could lead to delisting, adversely affecting liquidity and share price. VIQ remains compliant with the Toronto Stock Exchange's requirements.
VIQ Solutions Inc. (NASDAQ: VQS) will present at the H.C. Wainwright 24th Annual Global Investment Virtual Conference from September 12-14, 2022. Susan Sumner, President and COO, is scheduled for an on-demand presentation starting September 12 at 7:00 AM ET. A webcast of the presentation will be available for later viewing on the company's website. Additionally, VIQ's management will hold virtual meetings with institutional investors during the conference, allowing for deeper engagement and discussions around the company's advancements in digital voice and video capture technology.
VIQ Solutions Inc. (VQS) reported impressive Q2 2022 results with a 51% revenue growth over the previous year, totaling $12.4 million. Bookings soared by 159%, reaching $4.4 million, and the number of net new clients increased by 20% compared to Q1 2022. Despite a net loss of $3.2 million for the quarter, the company anticipates positive cash flow and performance in the second half of the year. VIQ reaffirmed its full-year revenue goal of at least $50 million and a gross margin of 47%-55%.
VIQ Solutions (VQS) has expanded its partnership with Law In Order, enhancing digital transformation within Australia's legal sector. This collaboration aims to improve courtroom workflow through advanced AI-driven recording and transcription services. VIQ's solutions enable efficient evidence handling in pre-trial, trial, and post-trial phases, optimizing the legal process. The partnership will also deliver unique eHearing services across Queensland. VIQ was recently awarded a contract for recording and transcription services in Queensland courts, reinforcing its commitment to innovation in legal proceedings.
VIQ Solutions Inc. (NASDAQ:VQS) has launched AccessPoint, a cloud-based solution enabling court personnel and legal professionals to access court recordings instantly. This innovation addresses the increasing demand for efficiency in court workflows, replacing manual processes with technology. AccessPoint enhances transparency and collaboration, featuring advanced security and self-guided search functions. This product complements VIQ's existing CapturePro suite, aimed at improving the management of evidentiary content within legal proceedings.
VIQ Solutions (NASDAQ:VQS) will release its financial results for Q2 2022 after market close on August 10, 2022. A conference call to discuss these results is scheduled for August 11, 2022, at 11:00 AM Eastern Time. Investors can access the call via webcast or by dialing in. VIQ specializes in AI-driven voice and video capture technology, serving sectors such as criminal justice and corporate finance.
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