Red Violet Inc Stock Price, News & Analysis

FOREWARN, a red violet company (NASDAQ: RDVT), has partnered with the Greater Alabama MLS to provide its safety services to over 6,500 real estate professionals in Alabama. This initiative aims to enhance agent safety through real-time identity verification and risk mitigation.

The FOREWARN services, accessible online and via mobile app, allow agents to verify identities and search criminal histories using just a phone number, promoting safer planning for property showings. Members can access these services at no additional cost.

CEO Amanda Creel emphasized the significance of this announcement for members, highlighting the powerful capabilities of FOREWARN in improving safety and verification processes.

FOREWARN, LLC (NASDAQ: RDVT) has partnered with the San Antonio Board of REALTORS to provide its FOREWARN safety services to over 13,000 members.

This service offers real-time data analysis for real estate agents, enhancing agent safety by verifying identities and checking criminal histories using just a phone number. The service is available at no extra cost to SABOR members, allowing them to plan showings with improved confidence.

Gilbert Gonzalez, CEO of SABOR, emphasized the importance of agent safety and expressed enthusiasm for the new partnership.

Red Violet, Inc. (NASDAQ: RDVT) reported a 16% increase in fourth quarter revenue, reaching $13.1 million, and a 21% increase for the full year, totaling $53.3 million. The company generated a net income of $0.6 million in 2022. Key highlights include a 123% rise in cash flow from operations to $4.4 million and a 25% increase in gross profit to $34.7 million. The platform revenue grew significantly, while services revenue declined. The company added 148 customers and expanded its user base for its FOREWARN® solution. Cash and cash equivalents stood at $31.8 million as of year-end.

Red Violet (NASDAQ: RDVT) announced that South Carolina REALTORS® (SCR) has contracted to provide FOREWARN services to over 29,000 members across the state, enhancing real estate agent safety.

FOREWARN utilizes extensive data analysis to assist agents in verifying identities, searching criminal histories, and validating client information, all from a phone number. The service will be available at no additional cost to SCR members, promoting a safer working environment. As stated by SCR President Rob Woodul, this initiative aims to equip agents with essential tools for mitigating risks during property showings.

Red Violet, Inc. (NASDAQ: RDVT) announced it will disclose its financial results for Q4 and the full year ending December 31, 2022, after U.S. markets close on March 8, 2023. The company will host a conference call at 4:30 PM ET on the same day to discuss these results and provide a business update. Participants must register for unique dial-in credentials to join the call. Red Violet specializes in delivering advanced analytics and information solutions, enabling organizations to enhance operational confidence through identity intelligence.

Red Violet (NASDAQ: RDVT) announced that realMLS has contracted to provide FOREWARN services to over 11,000 real estate professionals in Northeast Florida. This initiative is designed to enhance agent safety by enabling identity verification and criminal history checks via a mobile app and online platform. FOREWARN's services will be provided at no additional cost to members, enhancing their ability to conduct transactions securely. Nicole Jensen, CEO of realMLS, emphasized the importance of this tool for agent safety. Existing members will receive activation instructions, and additional information about FOREWARN is available on their website.

Red Violet (NASDAQ: RDVT) announces a contract with Columbus REALTORS® to provide FOREWARN services to over 9,000 real estate agents in Columbus, Ohio. This collaboration aims to enhance agent safety by enabling quick verification of identities and checking criminal histories using just a phone number. The service is offered at no additional cost to members. CEO Brent Swander emphasizes the critical safety and fraud prevention benefits of the FOREWARN system, which empowers real estate professionals to operate with greater confidence.

FOREWARN, a leading provider of real-time information solutions, has partnered with the Prescott Area Association of REALTORS® (PAAR) to offer its services to over 2,400 REALTOR® members, enhancing agent safety. The FOREWARN platform allows agents to verify identities and check criminal histories quickly using just a phone number, making it a crucial tool for risk mitigation. This service will be provided at no extra cost to PAAR members, reflecting the association's commitment to member safety. The implementation and subscription activation details will be shared with existing members shortly.

Red Violet, Inc. (NASDAQ: RDVT) reported record financial results for Q3 2022, with revenue rising 29% to $15.0 million, and net income increasing 80% to $2.3 million, resulting in earnings of $0.16 per share. The gross profit surged 36% to $10.3 million, achieving a gross margin of 69%. Despite a 9% decrease in cash from operations to $3.1 million, the company's cash reserves remain strong at $31.3 million. Red Violet added 56 customers to IDI™ and 8,790 users to FOREWARN® during the quarter, showcasing strong market demand.