Business
red violet Announces Fourth Quarter and Full Year 2020 Financial Results
Strong Finish to the Year Produces Record $1.8 Million in Positive Cash Flow from Operations in the Fourth Quarter Full Year 2020 Revenue up 14% to $34.6
About this update from Red Violet, Inc.
[{"type":"text","content":"Strong Finish to the Year Produces Record $1.8 Million in Positive Cash Flow from Operations in the Fourth Quarter Full Year 2020 Revenue up 14% to $34.6 Million BOCA RATON, Fla., March 10, 2021 (GLOBE NEWSWIRE) -- Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced financial results for the quarter and full year ended December 31, 2020. “red violet delivered a solid quarter, concluding a year in which we performed better in all key financial metrics compared to 2019 despite pandemic impacts,” stated Derek Dubner, red violet’s CEO. “We saw rapid expansion in our profitability driven by increasing platform revenue, demonstrating our ability to drive highly profitable growth during a time of economic uncertainty. While the fourth quarter is historically a seasonally slower quarter for our business, I am extremely pleased with our performance, and 2021 is off to a great start with the first quarter pacing towards record revenue and adjusted EBITDA. As economic conditions improve, we are confident our innovative technology and customer-centric solutions are well positioned to continue to drive strong growth in 2021 and beyond.” Fourth Quarter Financial Results For the three months ended December 31, 2020 as compared to the three months ended December 31, 2019: Total revenue decreased 1% to $9.0 million. Platform revenue increased 12% to $8.6 million. Services revenue decreased 74% to $0.4 million.Net loss narrowed 61% to $1.9 million.Adjusted EBITDA increased 49% to $1.2 million.Gross profit increased 5% to $5.1 million. Gross margin increased to 57% from 54%.Adjusted gross profit increased 11% to $6.3 million. Adjusted gross margin increased to 70% from 62%.Generated $1.8 million in cash from operating activities in the fourth quarter.Cash and cash equivalents were $13.0 million as of December 31, 2020. Full Year Financial Results For the year ended December 31, 2020 as compared to the year ended December 31, 2019: Total revenue increased 14% to $34.6 million. Platform revenue increased 26% to $32.5 million. Services revenue decreased 54% to $2.0 million.Net loss narrowed 38% to $6.8 million.Adjusted EBITDA increased 213% to $5.9 million.Gross profit increased 26% to $19.3 million. Gross margin increased to 56% from 51%.Adjusted gross profit increased 29% to $23.3 million. Adjust...