Red Violet Inc Stock Price, News & Analysis

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.

Red Violet, Inc. (NASDAQ: RDVT) will report its financial results for Q1 2021 on May 11, 2021, after U.S. markets close. The company will hold a conference call at 4:30 PM ET on the same day to discuss these results and provide a business update. Interested parties can access the call via domestic and international dial-in numbers provided in the PR. The call will also be webcast on the company's website. Red Violet specializes in identity intelligence solutions, enabling organizations to mitigate risks, enhance customer acquisition, and prevent fraud.

FOREWARN has partnered with Big Sky Country MLS to provide its safety service to over 1,400 REALTOR® members in Montana. This service, available at no extra cost, equips agents to verify identity, check criminal histories, and validate client information through a mobile app. The initiative aims to enhance real estate agent safety during showings. Members will receive activation instructions on May 3, 2021. FOREWARN utilizes extensive data analytics to improve engagement safety in real estate. This collaboration signifies a commitment to agent protection and proactive risk management.

FOREWARN has contracted with the Corpus Christi Association of REALTORS® (CCAR) to provide its services to over 1,600 REALTOR® members, enhancing agent safety. The service, available online and through a mobile app, allows agents to mitigate risks by verifying identities and checking criminal histories using just a phone number. This partnership aims to empower real estate agents by increasing their safety during client interactions, at no extra cost to them. CCAR members will receive instructions for activating the service starting April 22, 2021.

FOREWARN, a subsidiary of red violet (NASDAQ: RDVT), announces a new contract with the Central Panhandle Association of REALTORS® (CPAR) to provide its services to over 1,800 REALTOR® members in the Panama City area, enhancing agent safety. The service, available at no additional cost, utilizes data analysis to verify client identities and assess risks before property showings. CPAR members received instructions to activate their subscriptions on April 13, 2021, promoting safer real estate interactions.

FOREWARN, a red violet company (NASDAQ: RDVT), has secured a contract with the Northeast Tennessee Association of REALTORS^® (NETAR) to provide its safety services to over 1,400 REALTOR^® members. This initiative aims to enhance agent safety through real-time data analysis, enabling agents to verify identities, check criminal histories, and validate client information using just a phone number. Members can access these services at no extra cost. This partnership demonstrates a commitment to proactive safety measures for real estate professionals in the region.

Red Violet, Inc. (NASDAQ: RDVT) reported a strong finish to 2020, with a 14% increase in total revenue, reaching $34.6 million. In Q4, total revenue decreased slightly by 1% to $9.0 million, while platform revenue rose 12% to $8.6 million. The company generated $1.8 million in cash from operations in Q4, totaling $6.5 million for the year. Adjusted EBITDA surged 213% to $5.9 million for the full year, signaling robust profitability. The firm remains optimistic about 2021, citing a solid start and strong growth potential driven by innovative technology.

Red Violet, Inc. (NASDAQ: RDVT) will report its financial results for Q4 and the full year ended December 31, 2020, on March 10, 2021. The announcement will follow the close of U.S. financial markets. A conference call is scheduled for 4:30 PM ET on the same day to discuss the results and provide a business update. Interested parties can access the call via phone or webcast through the Red Violet website.