Red Violet Inc Stock Price, News & Analysis

Red Violet (NASDAQ: RDVT) reported a record revenue of $10.9 million for Q2 2021, reflecting a 54% increase year-over-year. Net income reached $1.8 million, aided by a $2.2 million one-time gain from debt forgiveness. Adjusted EBITDA skyrocketed 245% to $3.1 million, with a gross profit of $6.9 million, up 95%. Customer contracts contributing to revenue hit 81%, adding over 230 new customers. Cash from operations was $2.3 million, with total cash at $13.9 million.

Red Violet Appoints New EVP for Property Solutions

Red Violet, Inc. (NASDAQ: RDVT) has announced the appointment of James Frasche as Executive Vice President, Property Solutions. Frasche brings nearly 20 years of experience in property analytics and business development, previously serving as EVP at GeoPhy and Chief Client Officer at Equifax. His expertise is expected to enhance Red Violet's data unification technology in the real estate sector, aligning with the company's strategy to address blind spots in real estate analytics.

Red Violet, Inc. (NASDAQ: RDVT) appointed Lisa Stanton as an independent director of its Board, effective immediately. Stanton, with extensive background in FinTech and data security, is expected to enhance the company's focus on identity solutions. Previously, she held leadership roles at American Express and was CEO of InAuth. Her experience in risk management and identity verification aligns with Red Violet's mission to deliver advanced identity intelligence through its CORE™ platform, which aids in fraud detection, compliance, and business operations.

Red Violet, Inc. (NASDAQ: RDVT) will announce its second-quarter financial results for the period ending June 30, 2021, after market close on August 11, 2021. A conference call to discuss these results will take place on the same day at 4:30 PM ET, with a live webcast available on the company's investor relations website. Red Violet specializes in analytics and information solutions, providing critical identity intelligence for various applications including fraud detection and regulatory compliance.

Red Violet, Inc. (NASDAQ: RDVT) will participate in the D.A. Davidson Bison Select Conference on August 4, 2021. CEO Derek Dubner and CFO Daniel MacLachlan will host virtual 1-on-1 meetings.

Red Violet specializes in analytics and information solutions, delivering identity intelligence through proprietary technologies. Their platform, CORE™, aids in real-time identification of individuals and assets to mitigate risks, ensure compliance, and prevent fraud. For more details, visit www.redviolet.com.

FOREWARN, a subsidiary of red violet (NASDAQ: RDVT), announced a contract with the Greater Louisville Association of Realtors® (GLAR) to offer FOREWARN services to over 5,000 REALTOR® members, enhancing agent safety. Members will access identity verification, criminal history checks, and client information validation through the service at no extra cost. GLAR's president, Judie Parks, emphasized the added safety and value for members. The initiative aims to empower REALTORS® with tools for safer transactions, with activation instructions provided on July 22, 2021.

Red Violet Launches New Identity Division

Red Violet, Inc. (NASDAQ: RDVT) announced the launch of its Identity division, appointing Jim Greenwell as General Manager. This initiative aims to enhance the company’s position in the identity solutions market, responding to growing demand for intelligent identity management solutions. Greenwell brings extensive experience in digital identity, previously leading Danal, Inc. through significant growth. The company's API-driven offerings currently serve leading identity management solution providers, promising to deliver real-time identity verification and fraud prevention across various industries.

Red Violet (NASDAQ: RDVT) announced a partnership with the Nebraska REALTORS® Association to provide FOREWARN services to over 5,300 REALTOR® members. FOREWARN delivers real-time data solutions aimed at enhancing agent safety by enabling identity verification and criminal history checks via a phone number. The service will be offered at no cost to individual agents, empowering them to mitigate risks during property showings. NRA members will receive activation instructions on July 15, 2021. This initiative highlights FOREWARN's commitment to promoting proactive safety in real estate transactions.

Red Violet (NASDAQ: RDVT) announced a partnership with the Knoxville Area Association of REALTORS® (KAAR) to provide FOREWARN services for over 4,400 REALTOR® members across multiple counties in Tennessee. This initiative focuses on enhancing agent safety through real-time data solutions, enabling agents to verify identities and check criminal histories using just a phone number. Members will have access to these services at no extra cost. This collaboration aims to mitigate risks and ensure safer interactions in real estate transactions.