VIQ Solutions Inc. Stock Price, News & Analysis

VIQ Solutions has acquired the AI-powered media technology platform, Carbon, aiming to enhance its service offerings for journalists and media clients. This acquisition is expected to facilitate faster creation of indexed, captioned audio and video content while reducing production costs. Carbon's cloud-based platform is designed for high security and usability, addressing complex broadcast production needs. The deal is anticipated to boost revenue in the media segment and enable further expansion within core industries globally.

VIQ Solutions has successfully closed a private placement with existing and new U.S. institutional investors, raising approximately US$4.8 million through the sale of 3,551,852 common shares and warrants. The warrants have an exercise price of US$1.39 and are valid until July 21, 2027. VIQ intends to utilize the funds for product development, potential acquisitions, and general corporate purposes. The company will also file a registration statement with the SEC for the resale of issued shares, further solidifying investor confidence.

VIQ Solutions Inc. (NASDAQ: VQS) has secured approximately US$4.8 million in gross proceeds through a private placement of 3,551,852 common shares and warrants, priced at US$1.35 per unit. The offering, led by Alliance Global Partners, targets funding for product development, potential acquisitions, and general corporate purposes. The transaction is expected to close around July 21, 2022, pending customary conditions. A registration statement will be filed with the SEC for the resale of common shares.

VIQ Solutions announced that its board members and management acquired approximately 135,000 shares through open market purchases, increasing their ownership to about 6.75 million shares, or 22.6% of the total shares. This follows the company's annual meeting on June 7, 2022, where 63.9% of outstanding shares were voted, approving all matters proposed. CEO Sebastien Paré expressed optimism about achieving at least $50 million in revenue this year, emphasizing the relevance of their technology in the post-pandemic landscape.

VIQ Solutions reported Q1 2022 revenues of $11.5 million, a 40% increase from $8.3 million in Q1 2021, primarily due to acquisitions. Gross margin improved from 38.4% to 46.5% year-over-year. The company is on track for at least $50 million in annual revenue, with anticipated gross margins of 47%-55%. New contracts worth $1.9 million support organic growth, especially in the legal sector. Despite a net loss of $2.0 million, the company noted a significant rise in organic bookings by 64%. VIQ expects growth in its Australian market, now representing 54% of revenue.

VIQ Solutions Inc. (NASDAQ:VQS) will announce its Q1 2022 financial results on May 11, 2022, after market close. A conference call is scheduled for May 12 at 11:00 AM ET to discuss the results. Investors can access the call via webcast or phone. VIQ Solutions is known for its AI-driven digital voice and video capture technology, aimed at enhancing data security and accessibility in various sectors, including criminal justice and corporate finance. For more details, visit viqsolutions.com.

VIQ Solutions Inc (NASDAQ:VQS) has appointed Christine Fellowes to its Board of Directors effective April 5, 2022. Fellowes, a seasoned executive with over 30 years of experience in media and technology across Asia, is expected to enhance VIQ's growth strategies in Australasia. This change follows the resignation of Mike Kessel, who contributed to the company's transition from an early-stage venture to a Nasdaq-listed entity. The Board now comprises eight members, six of whom are independent.

VIQ Solutions Inc. (VQS) reported a net loss of $19.7 million for 2021, with revenue of $31 million, reflecting a 2% decline. Despite challenges from COVID-19 and fewer billing days, gross profit increased to 48% of revenue, aided by improved margins from AI technology. The Company reaffirmed 2022 revenue goals of at least $50 million, predicting a shift towards higher-margin legal services, expected to comprise 65% of revenue. VIQ's annual recurring revenue rose 63% to $48.6 million, highlighting growth potential through strategic acquisitions and enhanced digital offerings.