Red Violet Inc Stock Price, News & Analysis

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.

FOREWARN, LLC, a red violet company (NASDAQ: RDVT), has partnered with the Medina County Board of REALTORS® to provide FOREWARN services to its 1,000+ members, enhancing agent safety in real estate transactions. The service allows agents to verify identities, check criminal histories, and validate client information through a mobile application. These features empower agents to conduct showings with greater confidence. The services come at no additional cost to agents, promoting proactive safety measures in an often unpredictable environment.

Red Violet, Inc. (NASDAQ: RDVT), an analytics and information solutions provider, will participate in the Stifel 2021 Cross Sector Insight Conference on June 9, 2021. CEO Derek Dubner and CFO Daniel MacLachlan will lead virtual 1-on-1 meetings. The company focuses on identity intelligence, utilizing proprietary technologies to enable real-time identification and location of entities. Their intelligent platform, CORE™, supports diverse applications including fraud detection, risk mitigation, and regulatory compliance, aiding organizations in managing massive datasets efficiently.

FOREWARN, a red violet company (NASDAQ: RDVT), has partnered with the Greater Baton Rouge Association of REALTORS® (GBRAR) to enhance safety for over 3,400 REALTOR® members. The service provides real-time identity verification and risk assessment, enabling safer interactions for agents. This initiative, effective May 14, 2021, allows GBRAR members to access FOREWARN's services at no extra cost, supporting confidence during property showings. The partnership underscores GBRAR's commitment to member safety and proactive risk management.

FOREWARN, a company of red violet (NASDAQ: RDVT), announced a contract with the Outer Banks Association of REALTORS^® (OBAR) to provide its services to over 1,000 REALTOR^® members in North Carolina. This initiative promotes agent safety by utilizing real-time information solutions to verify identities and search criminal histories. The services will be available to OBAR members at no extra cost, enabling them to plan showings with increased confidence. Members will receive instructions for activation on May 13, 2021.

Red Violet, Inc. (NASDAQ: RDVT) reported record quarterly revenue of $10.2 million for Q1 2021, a 10% increase year-over-year. The growth was driven by a 21% rise in high-margin Platform revenue, totaling $9.8 million. The net loss narrowed to $0.6 million, down 61%, while adjusted EBITDA surged 66% to $2.9 million. Gross profit climbed 21% to $6.3 million, with gross margin improving to 61%. The company also increased its customer base significantly, adding 170 new customers and 10,400 new users.

FOREWARN, a leading provider of real-time information solutions, has partnered with the South Metro Denver REALTOR® Association (SMDRA) to provide its services to over 5,200 REALTOR® members. This collaboration aims to enhance agent safety by allowing members to verify identity and search criminal histories using just a phone number. Effective May 4, 2021, SMDRA members will access FOREWARN at no additional cost, promoting proactive safety in real estate engagements. This partnership emphasizes the importance of safety and intelligence for REALTORS® in potentially vulnerable situations.