Business
red violet Announces First Quarter 2021 Financial Results
Highest Ever Quarterly Revenue of $10.2 Million Fuels Record Gross Profit BOCA RATON, Fla., May 11, 2021 (GLOBE NEWSWIRE) -- Red Violet, Inc. (NASDAQ: RDVT),
About this update from Red Violet, Inc.
[{"type":"text","content":"Highest Ever Quarterly Revenue of $10.2 Million Fuels Record Gross Profit BOCA RATON, Fla., May 11, 2021 (GLOBE NEWSWIRE) -- Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced financial results for the quarter ended March 31, 2021. “We started the year off strong, delivering record revenue of $10.2 million and highly profitable growth,” stated Derek Dubner, red violet’s CEO. “I am extremely pleased with our first quarter results and the increased momentum we are seeing in the business. Led by strong growth in our high-margin Platform revenue, we saw healthy profitability flow to the bottom line with our net loss narrowing to a record $0.6 million and adjusted EBITDA increasing 66% to a record $2.9 million in the quarter. Our strong balance sheet and cash generation are driving expansion of our competitive advantages, including our cloud-native architecture, extensible platform, differentiated data assets, and customer-centric solutions.” First Quarter Financial Results For the three months ended March 31, 2021 as compared to the three months ended March 31, 2020: Total revenue increased 10% to $10.2 million. Platform revenue increased 21% to $9.8 million. Services revenue decreased 66% to $0.4 million.Net loss narrowed 61% to $0.6 million.Adjusted EBITDA increased 66% to $2.9 million.Gross profit increased 21% to $6.3 million. Gross margin increased to 61% from 55%.Adjusted gross profit increased 24% to $7.5 million. Adjusted gross margin increased to 73% from 65%.Generated $1.2 million in cash from operating activities in the first quarter.Cash and cash equivalents were $12.9 million as of March 31, 2021. First Quarter and Recent Business Highlights Revenue attributable to customer contracts reached a record 80%. Customer contracts are generally annual contracts or longer with auto renewal.Added over 170 new customers to idiCORE™ during the first quarter, ending the quarter with 5,902 customers.Added over 10,400 users to FOREWARN® during the first quarter, ending the quarter with 58,831 users. Over 140 REALTOR® Associations throughout the U.S. are now contracted to use FOREWARN.Added two seasoned business development leaders with deep industry knowledge across multiple verticals we serve today. Use of Non-GAAP Financial Measures Management evaluates the financial performance...