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red violet Announces Third Quarter 2022 Financial Results
Record Revenue of $15.0 Million Drives Record Earnings of $0.16 Per Share BOCA RATON, Fla., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Red Violet, Inc. (NASDAQ: RDVT),
About this update from Red Violet, Inc.
[{"type":"text","content":"Record Revenue of $15.0 Million Drives Record Earnings of $0.16 Per Share\nBOCA RATON, Fla., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced financial results for the quarter ended September 30, 2022. “We had a strong quarter, setting records for nearly every key financial metric,” stated Derek Dubner, red violet’s CEO. “Revenue increased 29% to a record $15.0 million, net income increased 80% to a record $2.3 million, earnings increased 78% to a record $0.16 per diluted share and adjusted EBITDA increased 43% to a record $5.2 million. Despite the challenging economic environment, we continue to see strong demand for our innovative identity solutions and pipeline expansion from larger enterprise and public sector prospects. As we continue to add talent to our sales, product and technology teams, we are focused on providing best-in-class, customer-centric solutions and driving strong revenue growth.” Third Quarter Financial Results For the three months ended September 30, 2022 as compared to the three months ended September 30, 2021: Total revenue increased 29% to $15.0 million. Platform revenue increased 31% to $14.8 million. Services revenue decreased 29% to $0.2 million.Gross profit increased 36% to $10.3 million. Gross margin increased to 69% from 65%.Adjusted gross profit increased 35% to $12.0 million. Adjusted gross margin increased to 80% from 76%.Net income increased 80% to $2.3 million, which resulted in $0.16 per basic and diluted share.Adjusted EBITDA increased 43% to $5.2 million.Cash from operating activities decreased 9% to $3.1 million.Cash and cash equivalents were $31.3 million as of September 30, 2022. Third Quarter and Recent Business Highlights Added 56 customers to IDI™ during the third quarter, ending the quarter with 6,873 customers.Added 8,790 users to FOREWARN® during the third quarter, ending the quarter with 110,051 users. Over 225 REALTOR® Associations are now contracted to use FOREWARN.Continue to enhance our go-to-market capabilities with the expansion of our sales team, including key new hires focused on several strategic areas within fraud and identity where we are seeing strong traction.To date, we have purchased a total of 50,000 shares of the Company’s common stock at an average price of $17.52 per share ...