Business
red violet Announces Third Quarter 2021 Financial Results
Record Revenue of $11.7 Million Fuels Strong Profitability and Net Income of $1.3 Million BOCA RATON, Fla., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Red Violet, Inc.
About this update from Red Violet, Inc.
[{"type":"text","content":"Record Revenue of $11.7 Million Fuels Strong Profitability and Net Income of $1.3 Million\nBOCA RATON, Fla., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced financial results for the quarter ended September 30, 2021. “In a quarter that demonstrates our laser focus on being the leader in Identity, red violet delivered its best quarter ever with revenue of $11.7 million, net income of $1.3 million, our first quarter of GAAP profitability without a one-time gain, and adjusted EBITDA of $3.6 million,” stated Derek Dubner, red violet’s CEO. “We are leveraging our competitive advantages while expanding our team and capabilities, creating new opportunities for accelerated growth in 2022 and beyond.” Third Quarter Financial Results For the three months ended September 30, 2021 as compared to the three months ended September 30, 2020: Total revenue increased 26% to $11.7 million. Platform revenue increased 26% to $11.3 million. Services revenue increased 24% to $0.4 million.Net income was $1.3 million compared to a loss of $0.9 million.Adjusted EBITDA increased 73% to $3.6 million.Gross profit increased 38% to $7.6 million. Gross margin increased to 65% from 59%.Adjusted gross profit increased 35% to $8.9 million. Adjusted gross margin increased to 76% from 71%.Generated $3.5 million in cash from operating activities in the third quarter.Cash and cash equivalents were $13.4 million as of September 30, 2021. Third Quarter and Recent Business Highlights Achieved first quarter ever of GAAP profitability without a one-time gain, generating $1.3 million of net income, or $0.09 diluted earnings per share.Launched our “Innovations in Identity” Advisory Board, comprised of industry luminaries and accomplished executives to provide strategic guidance in support of our expansion in current and new markets.Added over 170 new customers to idiCORE™ during the third quarter, ending the quarter with 6,314 customers.Added over 6,700 users to FOREWARN® during the third quarter, ending the quarter with 74,377 users. Over 165 REALTOR® Associations throughout the U.S. are now contracted to use FOREWARN.Continued addition of thought leadership, including key strategic hires to lead expansion within the public sector and financial services. Use of Non-GAAP Financial Mea...