VIQ Solutions Posts Fourth Consecutive Quarter of positive Adjusted EBITDA, Driven by Scalable AI Platform and Structural Margin Gains

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MISSISSAUGA, Ontario, May 13, 2025--(BUSINESS WIRE)--VIQ Solutions Inc. ("VIQ" or the "Company") (TSX: VQS), a global leader in secure, AI-driven voice and video capture technology and transcription services, today announced its financial results for the first quarter ended March 31, 2025. All figures are in U.S. dollars and prepared in accordance with International Financial Reporting Standards (IFRS).

Q1 2025 Highlights

  • Revenue of $9.6 million, down 3% from $9.9 million in the comparative period in 2024 due to foreign exchange

  • Gross margin increased to 51.9% up 7.6 percentage points from 44.3% in Q1 2024

  • Net loss of $1.8 million, same as comparative period in 2024.

  • Adjusted EBITDA for Q1 2025 was $0.9 million, a strong improvement from negative Adjusted EBITDA of $0.1 million in Q1 2024, representing a $1 million turnaround compared to the same period in the prior year. It also reflects solid sequential growth from $0.5 million in Q4 2024, marking the fourth consecutive quarter of positive Adjusted EBITDA. This continued progress underscores the impact of automation-led productivity gains and disciplined cost optimization across the business.

  • Adjusted operating loss of $0.7 million, an improvement of $1.1 million from $1.8 million in the comparative period of 2024.

  • FirstDraft™ SaaS adoption grew 72% year-over-year, underscoring its precision, efficiency, and growing strategic value to clients in regulated industries. Its ability to process complex, high-volume content with speed, accuracy, and compliance has become a critical market differentiator.

Operational Commentary

"Following a record FY2024, we entered 2025 with clear operational focus and sustained momentum. Q1 marks our fourth consecutive quarter of positive Adjusted EBITDA, reinforcing our trajectory toward scalable, tech-enabled profitability," said Sébastien Paré, CEO of VIQ Solutions "Despite foreign exchange headwinds, particularly from a weaker Australian dollar relative to the U.S. dollar, we continued to expand gross margin and reduce our cost base. These results demonstrate the scalability and resilience of our platform automation-first model and validate the structural changes we have implemented over the past year.

Q1 2025 marked a decisive shift from reactive cost control to structural, margin-led execution. VIQ achieved its highest levels of workforce flexibility and throughput efficiency to date and significantly lowering unit production costs. These improvements are not one-off; they reflect embedded automation and vertical AI-driven workflow redesign that is expected to further strengthen unit economics as adoption deepens across the platform.