Business
red violet Announces Fourth Quarter and Full Year 2021 Financial Results
Fourth Quarter Revenue Increases 26% to $11.3 Million Producing $2.0 Million in Cash Flow from Operations Full Year 2021 Revenue up 27% to $44.0 Million
About this update from Red Violet, Inc.
[{"type":"text","content":"Fourth Quarter Revenue Increases 26% to $11.3 Million Producing $2.0 Million in Cash Flow from Operations Full Year 2021 Revenue up 27% to $44.0 Million Generating Net Income of $0.7 Million BOCA RATON, Fla., March 09, 2022 (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, 2021. “We are pleased to report a solid fourth quarter and conclusion to an incredible year, achieving records across the board and reaching the major milestone of GAAP profitability for the full year,” stated Derek Dubner, red violet’s CEO. “As we reinvest in our business in furtherance of the execution of our strategic plan, we continue to see strong demand for our innovative solutions and greater pipeline expansion from larger enterprise prospects. We continue to add talent and depth across the organization, strengthening our go-to-market resources and creating new opportunities above and beyond our already robust pipeline. We expect 2022 to be an exciting year with the first two months of revenue off to a record start.” Fourth Quarter Financial Results For the three months ended December 31, 2021 as compared to the three months ended December 31, 2020: Total revenue increased 26% to $11.3 million. Platform revenue increased 25% to $10.8 million. Services revenue increased 31% to $0.5 million.Net loss narrowed 5% to $1.8 million.Adjusted EBITDA increased 9% to $1.3 million.Gross profit increased 35% to $6.9 million. Gross margin increased to 62% from 57%.Adjusted gross profit increased 33% to $8.3 million. Adjusted gross margin increased to 74% from 70%.Cash from operating activities increased 10% to $2.0 million.Cash and cash equivalents were $34.3 million as of December 31, 2021. Full Year Financial Results For the year ended December 31, 2021 as compared to the year ended December 31, 2020: Total revenue increased 27% to $44.0 million. Platform revenue increased 31% to $42.5 million. Services revenue decreased 25% to $1.5 million.Net income was $0.7 million compared to a loss of $6.8 million.Adjusted EBITDA increased 85% to $10.9 million.Gross profit increased 43% to $27.7 million. Gross margin increased to 63% from 56%.Adjusted gross profit increased 41% to $32.8 million. Adjusted gross margin increased to 75% fro...