Business
red violet Announces Fourth Quarter and Full Year 2019 Financial Results
Revenue Increases 92% to $9.1 Million Generating $1.2 Million in Cash from Operating Activities in the Fourth Quarter BOCA RATON, Fla.--(BUSINESS WIRE)-- Red
About this update from Red Violet, Inc.
[{"type":"text","content":"\nRevenue Increases 92% to $9.1 Million Generating $1.2 Million in Cash from Operating Activities in the Fourth Quarter\n\n BOCA RATON, Fla.--(BUSINESS WIRE)--\nRed Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced financial results for the quarter and full year ended December 31, 2019.\n\n\n“Bucking the trend in what is historically a seasonally slower quarter for our business, we capped off a spectacular year, generating record revenue and cash from operations,” stated Derek Dubner, red violet’s CEO. “Leveraging our cloud-native platform, we continue to see larger customers take advantage of the platform’s speed, flexibility and efficiency to grow their businesses, as demonstrated by our 100% increase in revenue from existing customers in 2019. We are winning head-to-head against the competition, led by innovation, next-generation technology, and our relentless focus on driving customer-centric solutions into the marketplace, which continues to fuel our growth. We kicked off 2020 in strong fashion, with solid revenue growth and adjusted EBITDA pacing towards $2 million for Q1 of 2020, which would exceed our adjusted EBITDA for the entire year of 2019. We have never been better positioned for the future than we are today.”\n\n\nFourth Quarter Financial Results\n\n\nFor the three months ended December 31, 2019 as compared to the three months ended December 31, 2018:\n\n\n\nTotal revenue increased 92% to $9.1 million.\n\n\nNet loss was $4.9 million (including share-based compensation expense of $4.6 million, which includes a one-time $2.3 million) as compared to $2.0 million (including share-based compensation expense of $0.3 million).\n\n\nAdjusted EBITDA was $0.8 million as compared to a negative $1.0 million.\n\n\nGross profit increased 155% to $4.9 million. Gross margin increased to 54% from 41%.\n\n\nAdjusted gross profit increased 134% to $5.6 million. Adjusted gross margin increased to 62% from 51%.\n\n\n\nFull Year Financial Results\n\n\nFor the year ended December 31, 2019 as compared to the year ended December 31, 2018:\n\n\n\nTotal revenue increased 86% to $30.3 million.\n\n\nNet loss was $11.1 million (including share-based compensation expense of $9.9 million) as compared to $6.9 million (including share-based compensation expense of $0.7 million).\n\n\nAdjusted EBIT...