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red violet Announces Second Quarter 2023 Financial Results
Second Quarter Revenue Increased 17% to $14.7 Million, Generated EPS of $0.10 BOCA RATON, Fla., Aug. 07, 2023 (GLOBE NEWSWIRE) -- Red Violet, Inc. (NASDAQ:
About this update from Red Violet, Inc.
[{"type":"text","content":"Second Quarter Revenue Increased 17% to $14.7 Million, Generated EPS of $0.10\nBOCA RATON, Fla., Aug. 07, 2023 (GLOBE NEWSWIRE) -- Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced financial results for the quarter ended June 30, 2023. “We are pleased with our second quarter results, further highlighting our ability to drive both top-line growth and profitability,\" stated Derek Dubner, red violet’s CEO. “We are seeing continued strength in new customer onboarding, pipeline expansion from higher-tier prospects, and robust customer conversion at all levels. Our consistent revenue growth and increasing profitability, which are driven by our distinct ability to meet strong industrywide demand for innovative, accurate, and highly-scalable identity solutions, bolster our position as we enter the back half of the year.” Second Quarter Financial Results For the three months ended June 30, 2023, as compared to the three months ended June 30, 2022: Total revenue increased 17% to $14.7 million.Gross profit increased 18% to $9.4 million. Gross margin remained consistent at 64%.Adjusted gross profit increased 19% to $11.4 million. Adjusted gross margin increased to 78% from 77%.Net income was $1.4 million, compared to a net loss of $0.2 million, which resulted in earnings of $0.10 per basic and diluted share. Net income margin increased to 9% from a net loss margin of (2%).Adjusted EBITDA increased 58% to $4.6 million. Adjusted EBITDA margin increased to 32% from 23%.Net cash from operating activities increased 40% to $3.5 million.Cash and cash equivalents were $31.4 million as of June 30, 2023. Second Quarter and Recent Business Highlights Added 241 customers to IDI™ during the second quarter, ending the quarter with 7,497 customers.Added 15,189 users to FOREWARN® during the second quarter, ending the quarter with 146,537 users. Over 285 REALTOR® Associations throughout the U.S. are now contracted to use FOREWARN.Purchased 55,018 shares of the Company’s common stock during the six months ended June 30, 2023, at an average price of $17.04 per share pursuant to the Company’s $5.0 million Stock Repurchase Program that was authorized on May 2, 2022. The Company has $3.2 million remaining under the Stock Repurchase Program. Conference Call In conjunction with this release, red violet will h...