VIQ Solutions Inc (VQS)

VIQ Solutions Announces Client Contract Extensions and an Upcoming Product ReleaseJune 15, 2026 5:01 PM
NewsfileRichmond Hill, Ontario--(Newsfile Corp. - June 15, 2026) - VIQ Solutions Inc. (TSXV: VQS) ("VIQ" or "the Company"), a global leader in AI-powered digital documentation, today announced the extension of two multi-year, multi-million-dollar client contracts in the USA and UK business units. The first extension, with a Media client, pushes the next renewal date out to Q2 2029, and represents approximately US $1.6 million in annual revenue. The second, with a UK Government client, pushes the next renewal to Q3 2028, and represents approximately US $800,000 in annual revenue. In addition, the company has successfully renewed a number of client contracts in courts, law enforcement and other government agencies in the USA. "We are very pleased with the mutual commitment between VIQ and our US and UK clients, which allows us to invest in and further develop our services for the long term," said Elizabeth Pennell, Global Head of Operations. "While technology advancements enable VIQ to continually evolve the processes, our long-term relationships with our clients are the true basis of VIQ's presence in the market."VIQ is also pleased to announce the upcoming release of a new approach to audio capture. "Our new approach to audio capture will bring together resilient recording, streaming transcription and translation, and secure remote access in a single connected experience," said Caroline Brown, VP of Marketing, Product and Technology. "Built for high-stakes environments where accuracy and reliability matter most, the product will empower teams to capture, stream, and access live proceedings from anywhere, while laying the foundation for faster workflows, enhanced collaboration, and smarter content management."VIQ is also announcing that it has issued stock options and restricted share units ("RSUs") of the Corporation covering a total of 2,010,000 common shares of the Corporation under its omnibus equity incentive plan, including a grant of 300,000 stock options and 1,300,000 RSUs to certain officers and directors of the Company. All of such stock options will vest between the grant date and October 31, 2026 and all such RSUs will vest following the one-year anniversary of the grant date.Media Contact:
Larry Taylor, CEO, VIQ Solutions
(800) 263-9947
Jacob Manning, VIQ Solutions
Email: marketing@viqsolutions.comFor more information about VIQ, please visit viqsolutions.com.About VIQ Solutions
VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.Forward-looking Statements
Certain statements included in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.Forward-looking statements typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking statements in this press release include but are not limited to statements with respect to the Company's ability to realize results from the recent leadership changes and productivity improvement, the Company's ability to improve scalability in the future, expected margin improvement, the Company's focus and its priorities and the filing of the Financial Information on SEDAR+.Forward-looking statements are based on several factors and assumptions which have been used to develop such statements, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because VIQ can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding, among other things, recent initiatives and potential increases in revenue. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used.Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that while considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Company's management's discussion and analysis for the three months ended March 31, 2026 and in the Company's other materials filed with the Canadian securities regulatory authorities.These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Such estimates and assumptions may prove to be incorrect or overstated. The forward-looking statements contained in this press release are made as of the date of this press release and the Company expressly disclaims any obligations to update or alter such statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301572 Original: VIQ Solutions Announces Client Contract Extensions and an Upcoming Product Release

VIQ Solutions Provides Update on Voluntary Administration of Australian SubsidiariesJune 4, 2026 5:01 PM
NewsfileRichmond Hill, Ontario--(Newsfile Corp. - June 4, 2026) - VIQ Solutions Inc. (TSXV: VQS) ("VIQ Solutions" or the "Company") today provided an update on its Australian division, consisting of VIQ Australia Pty Ltd, VIQ Solutions Pty Ltd, VIQ Solutions Australia Pty Ltd, VIQ Pty Ltd and VIQ Australia Services Pty Ltd ("VIQ Australia"), which was placed into voluntary administration pursuant to Part 5.3A of the Corporations Act 2001 (Australia) (the "Corporations Act") in March 2026 (the "Voluntary Administration"). At the commencement of the Voluntary Administration, Robert Smith and Keith Crawford of McGrathNicol (the "Administrators") engaged with key stakeholders of VIQ Australia to establish continuity of vital services. Once the business was stabilized, on March 20, 2026, the Administrators commenced a fulsome and robust process to seek the sale or recapitalization of VIQ Australia. The Company has now received notice from the Administrators that the sale or recapitalization process related to VIQ Australia was unsuccessful and that the Administrators will begin taking steps to conduct an orderly wind down of the VIQ Australia business. The Company does not anticipate receiving any proceeds from the administration of VIQ Australia. While the Voluntary Administration process was underway, VIQ launched a significant cost reduction program including, costs associated with supporting VIQ Australia, IT, finance and other administrative and customer support areas. These cost reductions have and will continue to be implemented over the coming months. The Company continues to focus its management and capital resources on the Company's existing operations in North America and the United Kingdom, which remain the Company's highest performing business units.For more information about VIQ Solutions, please visit viqsolutions.com. The Company's head office is located at 35 West Pearce Street, Unit 13, Richmond Hill, Ontario L4B 3A9.About VIQ Solutions VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ Solutions offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.Forward-looking StatementsCertain statements included in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.Forward-looking statements typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking statements in this press release include but are not limited to statements regarding the wind-down of VIQ Australia, including the Company's cost-saving initiatives and expense reductions, the expected proceeds from the liquidation, the Company's strategy to focus on its North American and United Kingdom operations, and the outcome and impact of the Voluntary Administration. Actual results and outcomes could differ materially for a variety of reasons, including, among others, the outcome of the administration and wind-down process; the ability of the administrator to complete the wind-down within the expected timeline; the magnitude of the potential disruption to the Company's business and operations; the potential for claims by creditors, employees, or other stakeholders of VIQ Australia; distraction of management or other diversion of resources from business operations in connection with the administration and wind-down; the potentially material financial impact of the loss of revenue and expenses associated with the administration and transition; the Company's ability to achieve anticipated cost savings; and other factors described in greater detail in the "Risk Factors" section of the Company's management's discussion and analysis for the year ended December 31, 2025 and in the Company's other materials filed on SEDAR+ at www.sedarplus.ca.These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Such estimates and assumptions may prove to be incorrect or overstated. The forward-looking statements contained in this press release are made as of the date of this press release and the Company expressly disclaims any obligations to update or alter such statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.Contact: Jacob Manning VIQ Solutions
Email: marketing @lisastinsonNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300156 Original: VIQ Solutions Provides Update on Voluntary Administration of Australian Subsidiaries

VIQ Solutions Reports Adjusted EBITDA up 45% for the Three Months Ended March 31, 2026May 26, 2026 8:15 PM
NewsfileRevenue of $9.8 million for the three months ended March 31, 2026 primarily driven by higher hardware sales and the strengthening of foreign currencies relative to the prior quarter.Adjusted EBITDA of $1.3 million for the three months ended March 31, 2026, up 45% versus the comparable period in 2025 (see "Non-IFRS Measures").The Company posted its eighth straight quarter of positive Adjusted EBITDA underscoring consistent progress.Richmond Hill, Ontario--(Newsfile Corp. - May 26, 2026) - VIQ Solutions Inc. (TSXV: VQS) ("VIQ" or "the Company"), a global leader in AI-powered digital documentation, today announced financial results for the three months ended March 31, 2026. The Company reported continued strong margins, with its eighth consecutive quarter of positive Adjusted EBITDA.Three Months Ended March 31, 2026 Financial Highlights Revenue: $9.8 million, up 2% from the same period in the prior year, primarily driven by higher hardware sales and the strengthening of foreign currencies relative to the prior quarter.Gross Margin: 50.8%, down from 51.9% for the same period in the prior year, primarily due to the reversal of the onerous loss on a vendor contract in Q1 2025 resulting in a higher gross margin in the prior period.Adjusted EBITDA: $1.3 million, an increase of 45% from the same period in the prior year, marking the eighth consecutive quarter of positive Adjusted EBITDA.Strategic and Operational HighlightsIn March 2026, the Company placed its Australian division, consisting of VIQ Australia Pty Ltd, VIQ Solutions Pty Ltd, VIQ Solutions Australia Pty Ltd, VIQ Pty Ltd and VIQ Australia Services Pty Ltd ("VIQ Australia"), into voluntary administration pursuant to Part 5.3A of the Corporations Act 2001 (Australia).The administrator of VIQ Australia commenced a sale process of the business in April 2026 and has received non-binding offers from interested parties. The Company expects a sale of VIQ Australia to be completed in Q2 2026.Placing VIQ Australia into voluntary administration was taken in order to focus VIQ's management and capital resources on the Company's existing operations in North America and the United Kingdom, which remain the Company's highest performing business units.For the three months ended March 31, 2026, revenue and adjusted EBITDA, excluding VIQ Australia, were $4.9 million and $0.8 million, respectively.Management is in the process of streamlining operations in its North America and the United Kingdom business and expects to improve Adjusted EBITDA during the remainder of 2026.On May 25, 2026, the Company entered into an amendment to the credit agreement with Beedie Capital Lending Ltd. ("Beedie"). Beedie agreed to extend the period of forbearance from April 30, 2026 to June 30, 2026. (Refer to Note 20 of the Company's unaudited financial statements for the three months ended March 31, 2026.)Management Commentary"We are disappointed that we were unable to bring the full capability of the Company's global scalable architecture and best practices to the Australian business," said Larry Taylor, CEO of VIQ Solutions. "We are, however, encouraged by our renewed focus on the North America and the United Kingdom business and the opportunities that exist to grow revenue and EBITDA going forward." A copy of the Company's unaudited financial statements and accompanying MD&A for the three months ended March 31, 2026 (collectively, the "Financial Information") will be available under the Company's profile on SEDAR+ at www.sedarplus.ca.Media Contact:
Larry Taylor, Interim CEO, VIQ Solutions
(800) 263-9947
Jacob Manning, VIQ Solutions
Email: marketing@viqsolutions.comFor more information about VIQ, please visit viqsolutions.com.About VIQ Solutions
VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.Forward-looking Statements
Certain statements included in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.Forward-looking statements typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking statements in this press release include but are not limited to statements with respect to the Company's ability to realize results from the recent leadership changes and productivity improvement, the Company's ability to improve scalability in the future, expected margin improvement, the Company's focus and its priorities and the filing of the Financial Information on SEDAR+.Forward-looking statements are based on several factors and assumptions which have been used to develop such statements, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because VIQ can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding, among other things, recent initiatives, cost savings from workforce and product optimization, cost reductions from the Company's workflow solutions and potential increases in revenue from sales and prospects. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used.Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that while considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Company's management's discussion and analysis for the three months ended March 31, 2026 and in the Company's other materials filed with the Canadian securities regulatory authorities.These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Such estimates and assumptions may prove to be incorrect or overstated. The forward-looking statements contained in this press release are made as of the date of this press release and the Company expressly disclaims any obligations to update or alter such statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.VIQ Solutions Inc.





Interim Condensed Consolidated Statements of Financial Position





(Expressed in USD dollars, unaudited)














March 31, 2026

December 31, 2025
Assets





Current assets





Cash$2,810,601
$2,445,011
Trade and other receivables, net of allowance for doubtful accounts
4,516,546

4,284,491
Inventories
27,136

31,088
Prepaid expenses and deposits
675,500

797,778


8,029,783

7,558,368
Non-current assets
 

 
Restricted cash
278,279

271,134
Right-of-use assets
87,031

46,718
Intangible assets
1,732,709

1,730,999
Goodwill
7,074,891

7,089,897
Total assets$17,202,693
$16,697,116


 

 
Liabilities
 

 
Current liabilities
 

 
Trade and other payables and accrued liabilities$6,341,058
$5,987,570
Income tax payable
131,528

51,832
Derivative warrant liability
-

1,297
Current portion of long-term debt
19,313,061

18,806,332
Current portion of lease obligations
498,683

417,619
Current portion of contract liabilities
1,298,255

1,211,312


27,582,585

26,475,962
Non-current liabilities
 

 
Long-term lease obligations
656,188

757,597
Other long-term liabilities
691,146

810,381
Total liabilities
28,929,919

28,043,940


 

 
Shareholders' equity (deficiency)
 

 
Capital stock
79,048,819

78,979,646
Contributed surplus
10,300,662

10,333,374
Accumulated other comprehensive loss
(2,326,022)
(1,771,595) Deficit
(98,750,685)
(98,888,249)Total shareholders' equity (deficiency)
(11,727,226)
(11,346,824)Total liabilities and shareholders' equity (deficiency)$17,202,693
$16,697,116
 VIQ Solutions Inc.





Interim Condensed Consolidated Statements of Loss and Comprehensive Loss


(Expressed in USD dollars)





(Unaudited)







Three months ended March


2026

2025
Revenue $9,770,748
$9,579,025
Cost of Sales
4,804,362

4,603,885
Gross Profit
4,966,386

4,975,140


 

 
Expenses
 

 
Selling and administrative expenses
3,530,517

3,810,642
Research and development expenses
174,782

140,519
Stock based compensation
53,004

(817)(Gain) loss on revaluation of RSUs
(375)
1,929
Gain on revaluation of the derivative warrant liability
(1,274)
(7,022)Foreign exchange gain
(528,985)
(84,032)Depreciation
17,739

164,683
Amortization
291,925

707,577
Interest expense
493,693

488,622
Accretion and other financing costs
543,801

419,030
Restructuring costs (recovery)
183,286

(1,284)Strategic review costs
-

1,175,603
Other income
(5,798)
(6,207)Total expenses
4,752,315

6,809,243


 

 
Current income tax expense
76,507

34,279
Income tax expense
76,507

34,279
Net income (loss) for the period$137,564
$(1,868,382)Exchange loss on translating foreign operations
(554,427)
(1,088)Comprehensive loss for the period$(416,863)$(1,869,470)

 

 
Net income (loss) per share
 

 
Basic
0.00

(0.04)Diluted
0.00

(0.04)Weighted average number of common shares outstanding - basic
69,640,329

52,286,522
Weighted average number of common shares outstanding - diluted
69,640,329

52,286,522
 The following is a reconciliation of Net Income (loss) to Adjusted EBITDA, the most directly comparable IFRS measure for the three months ended March 31, 2026, and 2025:

Three months ended
March 31
(Unaudited)
2026

2025
Net income (loss)
137,564

(1,868,382)Add:
 

 
Depreciation
17,739

164,683
Amortization
291,925

707,577
Interest expense
493,693

488,622
Current income tax expense
76,507

34,279
EBITDA
1,017,428

(473,221)Accretion and other financing costs
543,801

419,030
Gain on revaluation of RSUs
(375)
1,929
Loss (Gain) on revaluation of the derivative warrant liability
(1,274)
(7,022)Restructuring costs (recovery)
183,286

(1,284)Strategic Review Costs
-

1,175,603
Other income
(5,798)
(158,067)Stock-based compensation
53,004

(817)Foreign exchange gain
(528,985)
(84,032)

 

 
Adjusted EBITDA
1,261,087

872,119
 The following is a reconciliation of Net income (loss) to Adjusted operating income (loss), the most directly comparable IFRS measure for the three months ended March 31, 2026, and 2025:

Three months ended
March 31
(Unaudited)
2026

2025
Net income (loss)
137,564

(1,868,382)Add:
 

 
Strategic Review Costs
-

1,175,603


 

 
Adjusted operating income (loss)
137,564

(692,779) Non-IFRS Measures
The Company prepares its financial statements in accordance with IFRS. Non-IFRS measures are provided by management to provide additional insight into our performance and financial condition. VIQ believes non-IFRS measures are an important part of the financial reporting process and are useful in communicating information that complements and supplements the consolidated financial statements. Adjusted EBITDA and adjusted operating income (loss) are not measures recognized by IFRS and do not have standardized meanings prescribed by IFRS. Therefore, Adjusted EBITDA and adjusted operating income (loss) may not be comparable to similar measures presented by other issuers. Investors are cautioned that Adjusted EBITDA and adjusted operating income (loss) should not be construed as alternatives to net income (loss) as determined in accordance with IFRS. For a reconciliation of net income (loss) to Adjusted EBITDA and adjusted operating income (loss) please see the Company's MD&A for three months ended March 31, 2026. To evaluate the Company's operating performance as a complement to results provided in accordance with IFRS, the term "Adjusted EBITDA" refers to net income (loss) before adjusting earnings for stock-based compensation, depreciation, amortization, interest expense, accretion and other financing expense, (gain) loss on revaluation of restricted share units, gain (loss) on revaluation of derivative warrant liability, restructuring costs, strategic review costs, foreign exchange (gain) loss, current and deferred income tax expense. We believe that the items excluded from Adjusted EBITDA are not connected to and do not represent the operating performance of the Company.We believe that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration how those activities are financed and taxed as well as expenses related to stock-based compensation, depreciation, amortization, other expense (income), and foreign exchange (gain) loss. Accordingly, we believe that this measure may also be useful to investors in enhancing their understanding of the Company's operating performance.The term "adjusted operating income (loss)" refers to net income (loss) excluding the impact of strategic review costs. Management believes it is appropriate to adjust for this item because strategic review costs do not relate to operating activities of the Company and is useful supplemental information as it provides an indication of the results generated by the Company's main business activities. The presentation of this measure enables investors and analysts to better understand the underlying performance of our business activities. Trademarks
This press release includes trademarks, such as "NetScribe", which are protected under applicable intellectual property laws and are the property of VIQ. Solely for convenience, our trademarks referred to in this press release may appear without the ® or TM symbol, but such references are not intended to indicate, in any way, that we will not assert our rights to these trademarks, trade names, and services marks to the fullest extent under applicable law. Trademarks that may be used in this press release, other than those that belong to VIQ, are the property of their respective owners.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298985 Original: VIQ Solutions Reports Adjusted EBITDA up 45% for the Three Months Ended March 31, 2026

VIQ Solutions Reports Adjusted EBITDA Up 264% and 152% for the Three months and Year Ended December 31, 2025March 31, 2026 7:30 PM
NewsfileRevenue of $10.6 million and $41.5 million for the three months and year ended December 31, 2025, with gross margins up 7.1% and 4.6%, respectively.Adjusted EBITDA of $1.8 million and $5.0 million for the three and twelve months ended December 31, 2025, up 264% and 152% vs the comparable periods in 2024 (see "Non-IFRS Measures").The Company posted its seventh straight quarter of positive Adjusted EBITDA underscoring consistent progress.In Q425, VIQ secured a software license deal with an existing customer for $304k. This underscores the confidence placed in the Company by its customers in solving their technological requirements.In October and November 2025, VIQ closed an insider led oversubscribed private placement of $1.8M to fund growth and technology enhancements.The Company recorded total non-cash impairment charges of $9.1 million due to expected reduced revenue growth rates as a result of data privacy incidents in the performance of Australian-based transcription services. Richmond Hill, Ontario--(Newsfile Corp. - March 31, 2026) - VIQ Solutions Inc. (TSXV: VQS) ("VIQ" or "the Company"), a global leader in AI-powered digital documentation, today announced financial results for the three months and year ended December 31, 2025. The Company reported continued margin expansion, with its seventh consecutive quarter of positive Adjusted EBITDA.Three Months Ended December 31, 2025 Financial Highlights Revenue: $10.6 million, which included a six-figure software license sale to an existing customer.Gross Margin: 49.0%, up from 41.9% for the same period in the prior year, driven by productivity gains and higher margin gains from software license sales.Adjusted EBITDA: $1.8 million, an increase of 264% from the same period in the prior year. Adjusted Operating Loss: $9.3 million, compared to $3.4 million from the same period in the prior year (see "Non-IFRS Measures"). Year Ended December 31, 2025 Financial Highlights Revenue: $41.5 million, a decrease of 4%, from the same period in the prior year, attributed largely to revenue reductions from late delivery fees and abatements in our Australian operations.Gross Margin: 49.1%, up from 44.5% from the same period in the prior year, driven by automation and productivity gains.Adjusted EBITDA: $5.0 million, an increase of $3.0 million or 152% from the same period in the prior year, reflecting organizational restructuring and efficiency gains.Adjusted Operating Loss: $12.8 million including a $1.2 million restructuring charge, compared to $6.8 million from the same period in the prior year due mainly to impairment of intangible assets and property and equipment in Australia.Strategic and Operational UpdatesThe Company incurred a one-time restructuring charge of $1.2 million during the year related to the significant changes in leadership and implementing global systems and process best practices.VIQ voluntarily delisted its common shares from the TSX, listed its common shares on the TSX Venture Exchange and changed auditors to reduce expenses. VIQ's new TSXV listing allows additional financing options which the Company took advantage of by completing an over-subscribed insider led private placement in October and November 2025 for total proceeds of approximately $1.8 million. The Company recorded total non-cash impairment charges of $9.1 million due to expected reduced revenue growth rates as a result of data privacy incidents in the performance of Australian-based transcription services.Management Commentary"In 2025, VIQ grew Adjusted EBITDA by 152%, raised gross margins to nearly 50%, and posted its seventh straight quarter of positive Adjusted EBITDA," said Larry Taylor, CEO of VIQ Solutions. "We are encouraged by the early results from the recent leadership changes and productivity improvement. We look forward to reporting on our progress throughout 2026, particularly as the Company navigates the recently announced administration process in Australia."Board of Director ChangesThe Company is pleased to announce that Peter Panaritis, CPA, has been appointed to the Board effective March 31, 2026. Mr. Panaritis has held a number of executive positions including CEO of Brink's Canada and CEO of G4S Security Canada. Mr. Panaritis is a Chartered Professional Accountant and graduated from Queens University, Bachelor of Commerce degree. Mr. Panaritis is also a significant shareholder in VIQ Solutions.Peter Panaritis replaces Howard Wetston who has resigned from the Board for personal reasons. "We thank Howard for his significant contribution to the Board during a challenging period for the Company," stated Larry Taylor, CEO of VIQ Solutions.A copy of the Company's audited financial statements and accompanying MD&A for the three months and year ended December 31, 2025 (collectively, the "Financial Information") will be available under the Company's profile on SEDAR+ at www.sedarplus.ca.Media Contact:
Larry Taylor, CEO, VIQ Solutions
(800) 263-9947
Jacob Manning, VIQ Solutions
Email: marketing@viqsolutions.comFor more information about VIQ, please visit viqsolutions.com.About VIQ SolutionsVIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.Forward-looking StatementsCertain statements included in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.Forward-looking statements typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking statements in this press release include but are not limited to statements with respect to the Company's ability to realize results from the recent leadership changes and productivity improvement, the Company's ability to improve scalability in the future, expected margin improvement, the Company's focus and its priorities and the filing of the Financial Information on SEDAR+ .Forward-looking statements are based on several factors and assumptions which have been used to develop such statements, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because VIQ can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding, among other things, recent initiatives, cost savings from workforce and product optimization, cost reductions from the Company's workflow solutions and that sales and prospects may increase revenue. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used.Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that while considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Company's management's discussion and analysis for the year ended December 31, 2025, and in the Company's other materials filed with the Canadian securities regulatory authorities.These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Such estimates and assumptions may prove to be incorrect or overstated. The forward-looking statements contained in this press release are made as of the date of this press release and the Company expressly disclaims any obligations to update or alter such statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.VIQ Solutions Inc.
Interim Condensed Consolidated Statements of Financial Position
(Expressed in US dollars)
 
December 31, 2025

December 31, 2024
Assets 





Current assets 





Cash $2,445,011
$1,573,341
Trade and other receivables, net of allowance for doubtful accounts 
4,284,491

3,768,699
Inventories 
31,088

23,508
Prepaid expenses and other deposits 
797,778

1,183,496
        Non-current assets 
7,558,368

6,549,044
Restricted cash 
271,134

169,097
Property and equipment, net 
-

654,223
Right-of-use assets, net  
46,718

153,794
Intangible assets, net  
1,730,999

5,661,614
Goodwill  
7,089,897

11,628,213
Total assets $16,697,116
$24,815,985
        Liabilities 
 

 
Current liabilities 
 

 
Trade and other payables and accrued liabilities $5,987,570
$5,673,346
Income taxes payable 
51,832

29,765
Share-based payment liability  
-

19,366
Derivative warrant liability 
1,297

35,238
Current portion of long-term debt 
18,806,332

15,988,401
Current portion of lease obligations  
417,619

204,802
Contract liabilities 
1,211,312

1,635,041
        Non-current liabilities 
26,475,962

23,585,959
Long-term lease obligations  
757,597

-
Other long-term liabilities  
810,381

949,622
Total liabilities 
28,043,940

24,535,581
        Shareholders' equity (deficiency) 
 

 
Capital stock  
78,979,646

77,593,993
Contributed surplus  
10,333,374

9,145,162
Accumulated other comprehensive loss 
(1,771,595)
(1,356,521)Deficit 
(98,888,249)
(85,102,230)Total shareholders' equity (deficiency) 
(11,346,824)
280,404
Total liabilities and shareholders' equity (deficiency) $16,697,116
$24,815,985
 VIQ Solutions Inc.
Interim Condensed Consolidated Statements of Loss and Comprehensive Loss
(Expressed in US dollars)
 
Years ended December 31,

 
2025

2024
Revenue  $41,494,590
$43,164,207
Cost of sales 
21,121,262

23,936,109
Gross profit 
20,373,328

19,228,098

 
 

 
Expenses  
 

 
Selling and administrative expenses  
14,496,279

17,005,500
Research and development expenses 
740,233

650,551
Stock-based compensation  
357,918

397,618
Gain on revaluation of RSUs  
(19,660)
(54,916)Gain on revaluation of the derivative warrant liability  
(35,131)
(145,445)Foreign exchange (gain) loss 
(749,485)
217,841
Depreciation  
768,583

752,910
Amortization  
2,575,616

3,342,762
Interest expense  
1,853,933

1,689,415
Accretion and other financing costs  
1,950,175

1,492,674
Loss on modification of debt  
730,877

360,522
Impairment of goodwill and intangibles  
7,615,631

-
Impairment of property and equipment and right of use assets 
1,505,376

-
Restructuring costs  
1,175,954

386,853
Strategic review costs  
994,725

198,271
Other income 
(15,527)
(35,044)Total expenses 
33,945,497

26,259,512

 
 

 
Current income tax expense 
213,850

14,665
Income tax expense 
213,850

14,665
Net loss for the year $(13,786,019)$(7,046,079)Exchange loss on translation of foreign operations 
(415,074)
(685,733)Comprehensive loss for the year $(14,201,093)$(7,731,812)
 
 

 
Net loss per share  
 

 
Basic 
(0.25)
(0.14)Diluted 
(0.25)
(0.14)Weighted average number of common share outstanding - basic  
55,990,513

50,068,323
Weighted average number of common share outstanding - diluted  
55,990,513

50,068,323
 The following is a reconciliation of Net Loss to Adjusted EBITDA, the most directly comparable IFRS measure for the three months and year ended December 31, 2025, and 2024:
 Three months ended
December 31
 
Year ended
December 31
(Unaudited) 2025

2024
 
2025

2024
Net Loss (9,331,808)
(3,556,601) 
(13,786,019)
(7,046,079)Add:  

 
 
 

 
Depreciation 242,166

165,775
 
768,583

752,910
Amortization 587,367

886,115
 
2,575,616

3,342,762
Interest expense 481,064

430,354
 
1,853,933

1,689,415
Current income tax (recovery) expense 91,293

(7,910) 
213,850

14,665

  

 
 
 

 
EBITDA (7,929,918)
(2,082,267) 
(8,374,037)
(1,246,327)Accretion and other financing costs 516,031

388,574
 
1,950,175

1,492,674
Loss on modification of debt -

360,522
 
730,877

360,522
Loss (gain) on revaluation of RSUs 26

(3,148) 
(19,660)
(54,916)Gain on revaluation of the derivative warrant liability (8,097)
(37,242) 
(35,131)
(145,445)Impairment of property and equipment 1,505,376

-
 
1,505,376

-
Impairment of goodwill and intangible assets  7,615,631

-
 
7,615,631

-
Restructuring costs 98,089

315,508
 
1,175,954

386,853
Strategic Review Costs -

198,271
 
994,725

198,271
Other income (6,004)
398,604
 
(167,387)
367,399
Stock-based compensation 26,342

3,580
 
357,918

397,618
Foreign exchange (gain) loss (22,161)
951,207
 
(749,485)
217,841

  

 
 
 

 
Adjusted EBITDA 1,795,315

493,608
 
4,984,956

1,974,490
 The following is a reconciliation of Net Loss to Adjusted operating loss, the most directly comparable IFRS measure for the three months and year ended December 31, 2025, and 2024:
 Three months ended
December 31
 
Year ended
December 31
(Unaudited) 2025

2024
 
2025

2024
Net Loss (9,331,808)
(3,556,601) 
(13,786,019)
(7,046,079)Add:  

 
 
 

 
Strategic Review Costs -

198,271
 
994,725

198,271

  

 
 
 

 
Adjusted operating loss (9,331,808)
(3,358,330) 
(12,791,294)
(6,847,808) Non-IFRS MeasuresThe Company prepares its financial statements in accordance with IFRS. Non-IFRS measures are provided by management to provide additional insight into our performance and financial condition. VIQ believes non-IFRS measures are an important part of the financial reporting process and are useful in communicating information that complements and supplements the consolidated financial statements. Adjusted EBITDA and adjusted operating loss are not measures recognized by IFRS and do not have standardized meanings prescribed by IFRS. Therefore, Adjusted EBITDA and adjusted operating loss may not be comparable to similar measures presented by other issuers. Investors are cautioned that Adjusted EBITDA and adjusted operating loss should not be construed as alternatives to net income (loss) as determined in accordance with IFRS. For a reconciliation of net income (loss) to Adjusted EBITDA and adjusted operating loss please see the Company's MD&A for three months and year ended December 31, 2025. To evaluate the Company's operating performance as a complement to results provided in accordance with IFRS, the term "Adjusted EBITDA" refers to net income (loss) before adjusting earnings for stock-based compensation, depreciation, amortization, interest expense, accretion, and other financing expense, (gain) loss on revaluation of options, (gain) loss on revaluation of restricted share units, gain (loss) on revaluation of derivative warrant liability, restructuring costs, strategic review costs, loss on modification of debt, impairment of property and equipment, impairment of goodwill and intangibles, other expense (income), foreign exchange (gain) loss, current and deferred income tax expense. We believe that the items excluded from Adjusted EBITDA are not connected to and do not represent the operating performance of the Company.We believe that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration how those activities are financed and taxed as well as expenses related to stock-based compensation, depreciation, amortization, impairment of goodwill and intangibles, loss on modification or extinguishment of debt, other expense (income), and foreign exchange (gain) loss. Accordingly, we believe that this measure may also be useful to investors in enhancing their understanding of the Company's operating performance.The term "adjusted operating loss" refers to net income (loss) excluding the impact of strategic review costs. Management believes it is appropriate to adjust this item because strategic review costs do not relate to operating activities of the Company and is useful supplemental information as it provides an indication of the results generated by the Company's main business activities. The presentation of this measure enables investors and analysts to better understand the underlying performance of our business activities. TrademarksThis press release includes trademarks, such as "NetScribe", which are protected under applicable intellectual property laws and are the property of VIQ. Solely for convenience, our trademarks referred to in this press release may appear without the ® or TM symbol, but such references are not intended to indicate, in any way, that we will not assert our rights to these trademarks, trade names, and services marks to the fullest extent under applicable law. Trademarks that may be used in this press release, other than those that belong to VIQ, are the property of their respective owners.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290787
Original: VIQ Solutions Reports Adjusted EBITDA Up 264% and 152% for the Three months and Year Ended December 31, 2025

VIQ Solutions Announces Voluntary Administration of Australian Subsidiaries to Focus on its North American and United Kingdom OperationsMarch 15, 2026 9:00 PM
NewsfileRichmond Hill, Ontario--(Newsfile Corp. - March 15, 2026) - VIQ Solutions Inc. (TSXV: VQS) ("VIQ Solutions" or the "Company") today announced that its Australian division, consisting of VIQ Australia Pty Ltd, VIQ Solutions Pty Ltd, VIQ Solutions Australia Pty Ltd, VIQ Pty Ltd and VIQ Australia Services Pty Ltd ("VIQ Australia"), has been placed into voluntary administration pursuant to Part 5.3A of the Corporations Act 2001 (Australia). VIQ Solutions is taking this action in order to focus its management and capital resources on the Company's existing operations in North America and the United Kingdom, which remain the Company's highest performing business units. "The decision to appoint voluntary administrators follows a thorough review of Australian operations, including the current challenging business environment in Australia, and the negative impact on the financial results of our overall business," said Larry Taylor, Chief Executive Officer of VIQ Solutions. "We are disappointed that we were unable to bring the full capability of the Company's global scalable architecture and best practices to the Australian business. We will support the administrator to ensure that the business of VIQ Australia continues to operate without disruption, given that VIQ Australia supports critical functions of the Australian courts and law enforcement."The Company is optimistic that customers will continue to support VIQ Australia through the administration process and while the administrator works to ensure the future of VIQ Australia is secured.In pursuing voluntary administration, the Company is seeking to realize as much value as possible from VIQ Australia's remaining assets for the benefit of all stakeholders. The Company will continue to work cooperatively with the administrator, customers, employees, government authorities, and other affected parties throughout the process. The voluntary administration constitutes an event of default under the terms of the credit agreement dated January 13, 2023, as amended, between the Company and Beedie Investments Ltd.Preliminary Financial Results for Year Ended December 31, 2025VIQ Solutions' preliminary unaudited financial results for the year ended December 31, 2025 indicate estimated consolidated revenue of approximately $41 million and Adjusted EBITDA (see "Non-IFRS Measures" below for details) of approximately $5 million. Excluding VIQ Australia, estimated consolidated revenue would be approximately $20 million and consolidated Adjusted EBITDA would be approximately $3 million. VIQ Solutions expects to streamline operations in its North America and the United Kingdom business to improve Adjusted EBITDA in the year ahead. The above preliminary financial results for the year ended December 31, 2025 are based on management's estimates and have not yet been approved by the Company's audit committee or its board of directors. The Company's final financial results for its fiscal year could differ from these preliminary financial results. Appointment of New Chief Financial OfficerVIQ Solutions is pleased to announce that it has appointed a new Chief Financial Officer, Michael Wolfe, effective April 1, 2026. Mr. Wolfe has over 30 years' experience in finance, accounting, private equity and business valuation and has also served as a director for several private and public companies, including as a member of audit and other independent committees. He was previously the CFO of several mid-market Canadian companies including Baylin Technologies Inc., a TSX listed company in the wireless communications industry. Mr. Wolfe also brings a successful track record in acquisitions, management buyouts, growth financings and recapitalizations. Mr. Wolfe is a Chartered Professional Accountant.In connection with Mr. Wolfe's appointment, Alexie Edwards has resigned as Chief Financial Officer effective March 31, 2026. It is expected that Mr. Edwards will continue to work with the Company to ensure a smooth transition. The Company wishes Mr. Edwards well in his new endeavors.CEO Compensation ArrangementThe Company also announced that it has entered into a management services agreement (the "MSA") with Larry Taylor effective April 1, 2026 to support Mr. Taylor's transition to full-time Chief Executive Officer of the Company. Mr. Taylor has been Chief Executive Officer of the Company since August 2025, and has received no remuneration as CEO to date, all while supporting the Company through insider-led private placements. Pursuant to the MSA, the Company will pay a one-time management fee of US$50,000 on April 1, 2026, followed by monthly fees of US$25,000 commencing May 1, 2026. The Company has a right to terminate the MSA upon 90 days' written notice.For more information about VIQ Solutions, please visit viqsolutions.com. The Company's head office is located at 35 West Pearce Street, Unit 13, Richmond Hill, Ontario L4B 3A9.About VIQ Solutions VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ Solutions offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.Forward-looking StatementsCertain statements included in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.Forward-looking statements typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking statements in this press release include but are not limited to statements regarding the filing of the voluntary administration, the process and outcome of the administration, the ongoing negotiations, expected Adjusted EBITDA improvement, the Company's strategy to focus on its North American and United Kingdom operations, the Company's preliminary financial results for the year ended December 31, 2025 and the impact of the administration on the Company. Actual results and outcomes could differ materially for a variety of reasons, including, among others, the outcome of the administration process, including whether a deed of company arrangement or other restructuring solution can be achieved; the ability of the administrator to maintain continuity of services and preserve customer relationships during the administration period; the magnitude of the potential disruption to the Company's business and operations; the impact of the administration on the Company's relationships with customers in other jurisdictions, employees, investors, regulators, and governmental authorities; the ability to recover value from VIQ Australia's remaining assets and apply such recoveries against outstanding obligations; the potential for claims by creditors, employees, or other stakeholders of VIQ Australia; distraction of management or other diversion of resources from business operations in connection with the administration; the potentially material financial impact of the potential loss of revenue and higher expenses associated with the administration, transition-related expenses that may be incurred and borne by the Company; and other factors described in greater detail in the "Risk Factors" section of the Company's annual information form dated March 31, 2025 and in the Company's other materials filed on SEDAR+ at www.sedarplus.ca.These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Such estimates and assumptions may prove to be incorrect or overstated. The forward-looking statements contained in this press release are made as of the date of this press release and the Company expressly disclaims any obligations to update or alter such statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.Non-IFRS MeasuresThe Company prepares its financial statements in accordance with IFRS. Non-IFRS measures are provided by management to provide additional insight into our performance and financial condition. VIQ Solutions believes non-IFRS measures are an important part of the financial reporting process and are useful in communicating information that complements and supplements the consolidated financial statements. Adjusted EBITDA is not a measure recognized by IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to net income (loss) as determined in accordance with IFRS. For a reconciliation of net income (loss) to Adjusted EBITDA please see the Company's MD&A for the nine months ended September 30, 2025.To evaluate the Company's operating performance as a complement to results provided in accordance with IFRS, the term "Adjusted EBITDA" refers to net income (loss) before adjusting earnings for stock-based compensation, depreciation, amortization, interest expense, accretion, and other financing expense, (gain) loss on revaluation of options, (gain) loss on revaluation of restricted share units, gain (loss) on revaluation of derivative warrant liability, restructuring costs, strategic review costs, loss on modification of debt, impairment of property and equipment, impairment of goodwill and intangibles, other expense (income), foreign exchange (gain) loss, current and deferred income tax expense. We believe that the items excluded from Adjusted EBITDA are not connected to and do not represent the operating performance of the Company.We believe that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration how those activities are financed and taxed as well as expenses related to stock-based compensation, depreciation, amortization, impairment of goodwill and intangibles, loss on modification or extinguishment of debt, other expense (income), and foreign exchange (gain) loss. Accordingly, we believe that this measure may also be useful to investors in enhancing their understanding of the Company's operating performance.Contact: Jacob Manning VIQ SolutionsEmail: marketing @lisastinsonNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288549
Original: VIQ Solutions Announces Voluntary Administration of Australian Subsidiaries to Focus on its North American and United Kingdom Operations

VIQ Solutions Identifies Data Incidents in AustraliaFebruary 20, 2026 6:25 PM
NewsfileRichmond Hill, Ontario--(Newsfile Corp. - February 20, 2026) - VIQ Solutions Inc. (TSXV: VQS) ("VIQ", "VIQ Solutions" or the "Company") recently became aware of data privacy incidents involving unauthorized access to data by members of the Company's global personnel in the performance of Australian-based transcription services. Upon becoming aware of the matter, VIQ immediately activated its incident response protocols and commenced an internal investigation with a leading independent cybersecurity firm. There is no evidence of public disclosure, misuse, or attempted misuse of the affected information. Based on information available at this time, the access was limited to certain Australian customers and did not impact the Company's customers or operations in other jurisdictions globally. The Company is continuing to assess the scope and potential impact with affected customers. While the full scope of the impact is still under review, it is reasonably likely to have a material impact on the Company's financial condition or results of operations, as the Company's Australian operations represent a significant portion of the Company's annual revenues, and the Company is expected to incur material non-recurring expenses related to regulatory, legal and potential notification requirements. The Company also expects that the incidents may impact the Company's Australian workforce and reputation in the market. The Company has engaged a leading independent cybersecurity firm to assist in the investigation. There is no evidence of public disclosure, misuse, or attempted misuse of the affected information. VIQ maintains strict standards designed to protect the privacy, confidentiality and security of sensitive customer data, including court recordings. The Company is working directly with its Australian customers to implement appropriate solutions and to ensure continuity of service during this process. For more information about VIQ, please visit viqsolutions.com. The Company's head office is located at 35 West Pearce Street, Unit 13, Richmond Hill, Ontario L4B 3A9.About VIQ Solutions VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.Forward-looking StatementsCertain statements included in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.Forward-looking statements (typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur). These statements are only predictions. Forward-looking statements in this press release include but are not limited to statements regarding the nature and scope of the incidents, the ongoing investigations regarding the incidents, and the impact of the incidents on Company. Actual results and outcomes could differ materially for a variety of reasons, including, among others, the Company's ongoing assessment of the impacts of the incidents, including the potential discovery of additional information related to the incidents; the magnitude of the potential disruption to the Company's business and operations; the impact of the incidents on the Company's relationships with customers, employees, investors, regulators and governmental authorities; legal, reputational, and financial harm that may result from the incidents, including financial penalties that may arise from regulatory investigations or litigation in connection with the incidents; distraction of management or other diversion of resources from business operations; the potentially material financial impact of the potential loss of revenue and potential higher expenses, including from regulatory penalties, litigation, customer compensation, or other additional expenses that may be incurred and borne by the Company; and other factors described in greater detail in the "Risk Factors" section of the Company's annual information form dated March 31, 2025 and in the Company's other materials filed on SEDAR+ at www.sedarplus.ca.These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Such estimates and assumptions may prove to be incorrect or overstated. The forward-looking statements contained in this press release are made as of the date of this press release and the Company expressly disclaims any obligations to update or alter such statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.Contact: Jacob Manning VIQ Solutions
Email: marketing@viqsolutions.comNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284708
Original: VIQ Solutions Identifies Data Incidents in Australia

On the Nasdaq VQS is delisted from the Nasdaq to the OTC. Ticker on the OTC changed to VQSSF.

VQS on the TSX remains the same.

https://otce.finra.org/otce/dailyList?viewType=Additions

Any update here? Chart looks good!

For now tapped out at previous resistance around .50. Have a 2nd leg that contract is long term revenue

VQS: Hey, can you buy me one of your SCANNERS, Dude??? I want one!!!

VQS: Hey, muchas gracias for the heads-up here, Boss!!

Added

VIQ Solutions Reports Second Quarter 2021 Financial Results and Third Quarter 2021 Outlook
Press Release | 08/16/2021
VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX and Nasdaq: VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today reported unaudited financial results for the second quarter 2021 ended June 30, 2021 and provided an outlook for the third quarter 2021. Results are reported in US dollars and are prepared in accordance with International Financial Reporting Standards ("IFRS").

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210816005739/en/

“VIQ Solutions reached a significant milestone and began trading on the Nasdaq Stock Exchange on the Nasdaq Capital Market (“the Nasdaq”) last Thursday. This milestone cements our commitment to change the way evidentiary documentation is captured, transformed, analyzed, and distributed. While we were disappointed to terminate our IPO due to market conditions, we are very excited about our recent listing on the Nasdaq. We expect this move will lead to increased liquidity for our shareholders with the trading of our shares occurring on both the Nasdaq and the TSX markets,” said Sebastien Paré, VIQ Chief Executive Officer.

“Earlier this month, we provided a look into our operational results. At that time, we felt it was prudent to align expectations with lockdowns in Australia and the UK, which delayed some revenue. Despite the impact on our revenue, we decided to protect our workforce in preparation for work with existing accounts, as well as new contracts expected to begin when we emerge from these region-specific lockdowns. These shutdowns also temporarily impacted our gross margin as we incurred expenses without revenue. The level of subsidies to offset this impact was significantly reduced this year versus the prior year with approximately $2.5 million less in Covid-19 wage subsidies,” said Susan Sumner, VIQ President and Chief Operating Officer.

Second Quarter 2021 Financial Highlights:

Revenue of $8.2 million compares to $8.3 million in the same quarter of 2020 and in the first quarter 2021. The decrease of approximately 1% both year-over-year and sequentially was driven by delayed revenue resulting from COVID-19 impact as courts in Australia and in the UK were intermittently shutdown. The estimated Covid-19 related impact on revenue in the quarter exceeded $1 million, and was moved into backlog;
Gross profit of $4.0 million represented 49% of revenue compared to $5.0 million, or 61% of revenue, in the same quarter of 2020. The decrease in gross margin for the three months ended June 30, 2021 versus the prior year was primarily related to a few factors including: delayed revenue due to the Covid-19 shutdowns moving into backlog; preparation costs for new contracts, for which revenue are expected to commence during the second half of 2021; strategic operating commitments to maintain the Company’s editing capacity to meet expected demand; and phased out Covid-19 wage subsidies;
Adjusted EBITDA was negative $0.3 million versus the prior year Adjusted EBITDA of $1.8 million. In addition to the gross profit impacts previously mentioned, the decrease in Adjusted EBITDA was driven by approximately $0.6 million in significant one-time professional service fees associated with the completion of capital market milestones including our Nasdaq listing, filing the Company’s Base shelf prospectus dated June 10, 2021 and the F-10 registration statement in the U.S., and acquisition due diligence. For a reconciliation of net loss to Adjusted EBITDA, please see the table at the end of this press release;
Net loss was $10.5 million versus net loss of $1.0 million in 2020. Approximately $6.7 million of the current quarter’s loss is related non-cash stock-based compensation following the shareholder approval of new Omnibus plan, and approximately $0.2 million in restructuring related expenses.
Expenses Related to Corporate Actions Impacting 2021

Mr. Paré continued, “We completed a significant amount of due diligence on potential acquisitions over the past several months, and we believe that the stage is set for us to continue executing on our M&A roll-up strategy.”

VIQ plans to complete several corporate milestones related to the acceleration of its innovation and global expansion initiatives in 2021. The one-time expenses associated with these corporate milestones are and will be included in the Company’s financial results.

The Company invested significantly in a variety of corporate actions during the first half of 2021 aimed at executing key growth milestones. Investments include upfront expenses in cost of sale and employee retention related to staffing for backlog and expanded contract in Australia, banking, legal and advisory fees related to the Company’s Nasdaq listing, and due diligence for planned acquisitions. These one-time fees are estimated to be approximately $0.2 million in the first quarter and $0.6 million in the second quarter and additional amounts are expected in the second half of 2021. These expenses, while considered “one-time” in nature, will not be added back as part of the Company’s adjusted EBITDA calculation.

“We continue to focus on improving the quality of our revenue as we grow our SaaS strategy and AI innovation at a faster pace. FirstDraft, powered by aiAssist™, creates machine-based documentation with breakthrough accuracy and has proven to improve gross margin by approximately 80% when compared to traditional services. We are improving our productivity and scalability, which should drive significant margin expansion in the future,” said Alexie Edwards, Chief Financial Officer of VIQ.

First Half of 2021 Financial Highlights:

Revenue of $16.4 million increased 4% compared to $15.8 million in revenue in 2020;
Gross profit of $8.0 million represented 49% of revenue versus $8.3 million or 52% in 2020. Gross profit for the first six months of 2021 was negatively impacted by the effects of Covid-19 shutdowns including delayed revenue, and reduced Covid-19 subsidies of approximately $1.1 million, while the Company retained its workforce ahead of the delivery for existing customers and new contracts scheduled for the second half of 2021;
Adjusted EBITDA was nil ($0.0 million) compared to a positive $2.4 million in 2020. The Adjusted EBITDA was negatively impacted by lower gross margins and higher SG&A expenses related to corporate initiatives of $0.8 million (all described previously). For a reconciliation of Net loss to Adjusted EBITDA, please see the table at the end of this press release;
Net loss was $12.2 million versus a net loss of $7.7 million in 2020. Approximately $6.8 million of the current period’s loss relates to non-cash stock-based compensation following the shareholder approval of a new Omnibus plan, $0.8 million related to corporate initiatives, and approximately $0.4 million in restructuring related expenses.
“Our $12 million cash balance at quarter end, provides the liquidity to begin acquiring more accretive companies with a tremendous amount of rich domain specific content to help us improve our offerings and expand our client base globally while maintaining a substantial pipeline of potential acquisitions to consider,” Mr. Edwards continued.

Long-term Global Growth Strategy for VIQ as the Branded Industry Leader – Secure, Accurate, Fast

VIQ remains on track to grow organically this year and next year at double-digit rates despite the impacts of Covid-19, which continue to affect some of the Company’s industry verticals and regions, particularly in Australian courts.

VIQ’s scalable technology utilizes sophisticated technology and artificial intelligence (AI) designed to securely ingest significant amounts of evidentiary content to produce accurate, verbatim, diarized documents for mission critical events that have lasting financial and social impact.

AI-powered workflow processed over 20 million minutes of recorded, multi-speaker, multi-channel audio and video in 2020 and transcribed 40 million pages of secure, industry specific evidence documentation creating actionable information for use by their more than 1,800 clients worldwide.

“We generated consistent growth in multi-speaker, highly regulated, evidentiary voice and video data in our core verticals across the globe,” said Susan Sumner. “The U.S. total addressable market in the industries we serve is estimated to be over $10 billion with an annual CAGR of 6.1%. This highlights the increased need for technology and innovative capabilities to manage the vast amount of data collected. Our proprietary workflow solution, powered by AI, will drive transformation in the marketplace while driving margin expansion.”

“We are regarded as the leader in our core verticals, providing advanced technology solutions solving compliance and workflow challenges for our global client base. With the addition of FirstDraft, powered by aiAssist™, we will expand the overall opportunity to digitize an entire library of client content versus only the critical files that are professionally edited for final consumption today. Product innovation remains central to our core strategy and initiatives to drive revenue and increase gross margin,” Ms. Sumner continued.

The Company expects to migrate clients to bundled SaaS hybrid pricing models during the fourth quarter of 2021 and during 2022. These pricing models are expected to drive stronger, long-term client relationships with predictable recurring revenue and higher margins.

Q3 Outlook:

VIQ reiterates from its July 30, 2021 news release that it anticipates revenue in the third quarter to be in the range of $8.2 to $8.5 million. Gross margins are expected to be in the range of 46.0% to 47.0%. Gross margin estimates do not include any potential positive impact related to wage subsidies.

The Company continues to execute its planned commitment to scale its technology editing infrastructure, M&A, and sales globally to meet new demands and opportunities for its products and services.

Conference Call Details

VIQ will host a conference call to discuss its second quarter 2021 results on Tuesday, August 17 at 11:00 AM Eastern Time. The call will consist of a brief update by Sebastien Paré, VIQ’s CEO, Alexie Edwards, VIQ's CFO, and Susan Sumner, VIQ's President and COO, followed by a question-and-answer period.

Investors may access a live webcast of the call on the Company’s website at www.viqsolutions.com/investors or by dialing 1-833-378-1030 (North America toll-free) or +1-236-712-2544 (international) to be connected to the call by an operator using conference ID number 3387846. Participants should dial in at least 10 minutes prior to the start of the call. A replay of the webcast will be available on the Company’s website through the same link approximately one hour after the conference call concludes.

For more information about VIQ, please visit viqsolutions.com.

About VIQ Solutions Inc.

VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.

Forward-looking Statements

Certain statements included in this news release constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future, which are considered reasonable by management. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Forward-looking statements or information typically contain statements with words such as "anticipate", "believe",

VQS: Indeed!!! NICE follow-up PR from that Firm!!

VIQ Solutions Submits Two Patent Applications for Methods Related to Training and Automated Selection of Domain Specific Language Models (DLSM)
PHOENIX, Ariz.--(BUSINESS WIRE)-- VIQ Solutions Inc. ("VIQ", "VIQ Solutions" or the "Company") (TSX and Nasdaq: VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today announces it has filed two provisional patent applications with the United States Patent and Trademark Office (USPTO). The patents augment the Company’s speech engine agnostic workflows, improving documentation accuracy and usability of documentation, for courts, insurance, law enforcement and media organizations across the globe.

The first patent application is directed to the systems and methods for training domain-specific Automated Speech Recognition (ASR) language models. The novel methods can be leveraged to form accurate speech recognition to easily manage nuances of domain-specific words, accented speech and languages, including mixed-language audio files, and document formatting requirements.

The second patent application is directed to the automated selection of domain specific ASR models. This patent aims to protect the various mechanisms used to load static or dynamic DSLMs. The static model is used based on a pre-assigned setting and the dynamic methods utilize the Goodness Score or Artificial Intelligence Natural Language Understanding (NLU) to determine the context and domain of the audio, followed by a second pass using a DSLM creating profound ASR improvements in domain-specific verticals.

Both workflows utilize DSLMs to improve the quality of the draft transcript. DSLMs use a large database to create a baseline to create a new task-specific model that is being trained using the knowledge learned by the large language model. It leverages the knowledge learned during the training of the original model to improve the performance of the new model, resulting in increased efficiency, improved performance, and enhanced interpretability.

“DSLMs are one of many layers of aiAssist™ that supplies NetScribe with workflow automation and high-quality draft transcripts,” said Vahram Sukyas, Chief Technology Officer, VIQ Solutions. “We anticipate ASR improvements in domain-specific verticals by taking advantage of our large volume of production data to fine tune the DSLMs.”

The accuracy and usability of draft transcripts, FirstDraft™, is expected to increase and become even more competitive when enhanced with a series of “extra loops” in aiAssist workflow through VIQ trained DSLMs,” said Susan Sumner, President and Chief Operating Officer, VIQ Solutions. “Fewer edits equal greater efficiency and higher productivity as well as more capacity for faster turnaround orders, time savings, and cost reduction.”

For more information about VIQ, please visit viqsolutions.com.

VQS: Nevertheless, RIGHT NOW would be the time (today) to GRAB this puppy --- should anyone be interested, that is; there IS a daily TIMING FACTOR during any day's Markets Open routine.

Really moving

Just another AI play …old news from 2/28 .. VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today announces a partnership with another top ten U.S. insurance company, increasing its partnerships to seven of the top ten, as the Company continues to drive change in the Insurance documentation market.

Fortune 500 Insurers are moving towards a more strategic and modern approach to documentation. There is growing demand to leverage advanced automation tools which are a critical factor to increase capacity, reduce inefficiencies and improve compliance. VIQ offers the insurance industry a unique combination of innovative technology, industry domain knowledge and services expertise that speeds the documentation process using powerful workflow automation and secure AI-powered technology.

VIQ technology is driving change in the insurance industry with now seven of the top ten U.S. insurance companies using the Company’s technology and services. This impressive client list uniquely positions VIQ with the ability to apply vertical-specific content enhancing the AI (Artificial Intelligence) engine to deliver improved documentation using a multitude of speech-to-text engines -- both propriety and open source -- to build customized intellectual property. VIQ’s AI technology culls deep industry content to deliver accurate, diarized documentation with customized formatting that is focused on the specific requirements of insurance providers.

“We are pleased to partner with one of the largest insurance companies in the US to provide recorded claims transcription,” said Susan Sumner, President and Chief Operating Officer, VIQ Solutions. “The growing demand for documentation and compliance is fueling growth opportunities for our platform and services because of our ability to scale and deliver highly complex documentation while adhering to rigorous security requirements.”

As the appetite for digitalization of recorded events increases, technology is required to keep pace with the amount of evidentiary content created. Committed to helping insurers speed documentation, VIQ's AI-based speech-to-text technology increases efficiency, decreases turnaround time and yields higher transcription accuracy.

VQS: LATE (bad) "news" today, about low-price warning. HOWEVER, Their AI stuff ALONE might be responsible for a run-up in price, regardless as to anything else!! (Too bad their late PR didn't also say they just got SUED, INVESTIGATED, or simply want to PONDER a new direction for a month or two --- THEN, it would be UP right now in the A.H. by circa 500%!!!)
https://www.businesswire.com/news/home/20220930005430/en/VIQ-Solutions-Announces-Receipt-of-Nasdaq-Notice-of-Deficiency

I can't find any reason for this to be up 150% after hours. Don't see news nor any current filings.
Anything on your end? tia

Sweet

Hmmmmmm

This one may go here. Great volume

$VQS: And there she goes........ now 5.70


Did they finally find her ???????


Looks like it.


Look at that volume now.


Almost 1Milly on the day.


GO $VQS


******************************************************


VIQ Solutions Reports Second Quarter 2021 Financial Results and Third Quarter 2021 Outlook
6:56 PM ET 8/16/21 | BusinessWire

PHOENIX, Ariz.--(BUSINESS WIRE)--August 16, 2021--

VIQ Solutions Inc. ("VIQ" or the "Company") (TSX and Nasdaq: VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today reported unaudited financial results for the second quarter 2021 ended June 30, 2021 and provided an outlook for the third quarter 2021. Results are reported in US dollars and are prepared in accordance with International Financial Reporting Standards ("IFRS").

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210816005739/en/

"VIQ Solutions reached a significant milestone and began trading on the Nasdaq Stock Exchange on the Nasdaq Capital Market ("the Nasdaq") last Thursday. This milestone cements our commitment to change the way evidentiary documentation is captured, transformed, analyzed, and distributed. While we were disappointed to terminate our IPO due to market conditions, we are very excited about our recent listing on the Nasdaq. We expect this move will lead to increased liquidity for our shareholders with the trading of our shares occurring on both the Nasdaq and the TSX markets," said Sebastien Paré, VIQ Chief Executive Officer.

"Earlier this month, we provided a look into our operational results. At that time, we felt it was prudent to align expectations with lockdowns in Australia and the UK, which delayed some revenue. Despite the impact on our revenue, we decided to protect our workforce in preparation for work with existing accounts, as well as new contracts expected to begin when we emerge from these region-specific lockdowns. These shutdowns also temporarily impacted our gross margin as we incurred expenses without revenue. The level of subsidies to offset this impact was significantly reduced this year versus the prior year with approximately $2.5 million less in Covid-19 wage subsidies," said Susan Sumner, VIQ President and Chief Operating Officer.

Second Quarter 2021 Financial Highlights:
-- Revenue of $8.2 million compares to $8.3 million in the same quarter of
2020 and in the first quarter 2021. The decrease of approximately 1% both
year-over-year and sequentially was driven by delayed revenue resulting
from COVID-19 impact as courts in Australia and in the UK were
intermittently shutdown. The estimated Covid-19 related impact on revenue
in the quarter exceeded $1 million, and was moved into backlog;

-- Gross profit of $4.0 million represented 49% of revenue compared to $5.0
million, or 61% of revenue, in the same quarter of 2020. The decrease in
gross margin for the three months ended June 30, 2021 versus the prior
year was primarily related to a few factors including: delayed revenue
due to the Covid-19 shutdowns moving into backlog; preparation costs for
new contracts, for which revenue are expected to commence during the
second half of 2021; strategic operating commitments to maintain the
Company's editing capacity to meet expected demand; and phased out
Covid-19 wage subsidies;

-- Adjusted EBITDA was negative $0.3 million versus the prior year Adjusted
EBITDA of $1.8 million. In addition to the gross profit impacts
previously mentioned, the decrease in Adjusted EBITDA was driven by
approximately $0.6 million in significant one-time professional service
fees associated with the completion of capital market milestones
including our Nasdaq listing, filing the Company's Base shelf prospectus
dated June 10, 2021 and the F-10 registration statement in the U.S., and
acquisition due diligence. For a reconciliation of net loss to Adjusted
EBITDA, please see the table at the end of this press release;

-- Net loss was $10.5 million versus net loss of $1.0 million in 2020.
Approximately $6.7 million of the current quarter's loss is related
non-cash stock-based compensation following the shareholder approval of
new Omnibus plan, and approximately $0.2 million in restructuring related
expenses.

Expenses Related to Corporate Actions Impacting 2021

Mr. Paré continued, "We completed a significant amount of due diligence on potential acquisitions over the past several months, and we believe that the stage is set for us to continue executing on our M&A roll-up strategy."

VIQ plans to complete several corporate milestones related to the acceleration of its innovation and global expansion initiatives in 2021. The one-time expenses associated with these corporate milestones are and will be included in the Company's financial results.

The Company invested significantly in a variety of corporate actions during the first half of 2021 aimed at executing key growth milestones. Investments include upfront expenses in cost of sale and employee retention related to staffing for backlog and expanded contract in Australia, banking, legal and advisory fees related to the Company's Nasdaq listing, and due diligence for planned acquisitions. These one-time fees are estimated to be approximately $0.2 million in the first quarter and $0.6 million in the second quarter and additional amounts are expected in the second half of 2021. These expenses, while considered "one-time" in nature, will not be added back as part of the Company's adjusted EBITDA calculation.

"We continue to focus on improving the quality of our revenue as we grow our SaaS strategy and AI innovation at a faster pace. FirstDraft, powered by aiAssist(TM), creates machine-based documentation with breakthrough accuracy and has proven to improve gross margin by approximately 80% when compared to traditional services. We are improving our productivity and scalability, which should drive significant margin expansion in the future," said Alexie Edwards, Chief Financial Officer of VIQ.

First Half of 2021 Financial Highlights:
-- Revenue of $16.4 million increased 4% compared to $15.8 million in
revenue in 2020;

-- Gross profit of $8.0 million represented 49% of revenue versus $8.3
million or 52% in 2020. Gross profit for the first six months of 2021 was
negatively impacted by the effects of Covid-19 shutdowns including
delayed revenue, and reduced Covid-19 subsidies of approximately $1.1
million, while the Company retained its workforce ahead of the delivery
for existing customers and new contracts scheduled for the second half of
2021;

-- Adjusted EBITDA was nil ($0.0 million) compared to a positive $2.4
million in 2020. The Adjusted EBITDA was negatively impacted by lower
gross margins and higher SG&A expenses related to corporate initiatives
of $0.8 million (all described previously). For a reconciliation of Net
loss to Adjusted EBITDA, please see the table at the end of this press
release;

-- Net loss was $12.2 million versus a net loss of $7.7 million in 2020.
Approximately $6.8 million of the current period's loss relates to
non-cash stock-based compensation following the shareholder approval of a
new Omnibus plan, $0.8 million related to corporate initiatives, and
approximately $0.4 million in restructuring related expenses.

"Our $12 million cash balance at quarter end, provides the liquidity to begin acquiring more accretive companies with a tremendous amount of rich domain specific content to help us improve our offerings and expand our client base globally while maintaining a substantial pipeline of potential acquisitions to consider," Mr. Edwards continued.

Long-term Global Growth Strategy for VIQ as the Branded Industry Leader -- Secure, Accurate, Fast

VIQ remains on track to grow organically this year and next year at double-digit rates despite the impacts of Covid-19, which continue to affect some of the Company's industry verticals and regions, particularly in Australian courts.

VIQ's scalable technology utilizes sophisticated technology and artificial intelligence (AI) designed to securely ingest significant amounts of evidentiary content to produce accurate, verbatim, diarized documents for mission critical events that have lasting financial and social impact.

AI-powered workflow processed over 20 million minutes of recorded, multi-speaker, multi-channel audio and video in 2020 and transcribed 40 million pages of secure, industry specific evidence documentation creating actionable information for use by their more than 1,800 clients worldwide.

"We generated consistent growth in multi-speaker, highly regulated, evidentiary voice and video data in our core verticals across the globe, " said Susan Sumner. "The U.S. total addressable market in the industries we serve is estimated to be over $10 billion with an annual CAGR of 6.1%. This highlights the increased need for technology and innovative capabilities to manage the vast amount of data collected. Our proprietary workflow solution, powered by AI, will drive transformation in the marketplace while driving margin expansion."

"We are regarded as the leader in our core verticals, providing advanced technology solutions solving compliance and workflow challenges for our global client base. With the addition of FirstDraft, powered by aiAssist(TM), we will expand the overall opportunity to digitize an entire library of client content versus only the critical files that are professionally edited for final consumption today. Product innovation remains central to our core strategy and initiatives to drive revenue and increase gross margin," Ms. Sumner continued.

The Company expects to migrate clients to bundled SaaS hybrid pricing models during the fourth quarter of 2021 and during 2022. These pricing models are expected to drive stronger, long-term client relationships with predictable recurring revenue and higher margins.

Q3 Outlook:


2021-08-16 22:56:00 GMT VIQ Solutions Reports Second Quarter 2021 -2- VIQ reiterates from its July 30, 2021 news release that it anticipates revenue in the third quarter to be in the range of $8.2 to $8.5 million. Gross margins are expected to be in the range of 46.0% to 47.0%. Gross margin estimates do not include any potential positive impact related to wage subsidies.

The Company continues to execute its planned commitment to scale its technology editing infrastructure, M&A, and sales globally to meet new demands and opportunities for its products and services.

Conference Call Details

VIQ will host a conference call to discuss its second quarter 2021 results on Tuesday, August 17 at 11:00 AM Eastern Time. The call will consist of a brief update by Sebastien Paré, VIQ's CEO, Alexie Edwards, VIQ's CFO, and Susan Sumner, VIQ's President and COO, followed by a question-and-answer period.

Investors may access a live webcast of the call on the Company's website at www.viqsolutions.com/investors or by dialing 1-833-378-1030 (North America toll-free) or +1-236-712-2544 (international) to be connected to the call by an operator using conference ID number 3387846. Participants should dial in at least 10 minutes prior to the start of the call. A replay of the webcast will be available on the Company's website through the same link approximately one hour after the conference call concludes.

For more information about VIQ, please visit viqsolutions.com.

About VIQ Solutions Inc.

VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.

Forward-looking Statements

Certain statements included in this news release constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future, which are considered reasonable by management. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this news release include, but are not limited to, the impact of the Nasdaq listing on shareholder liquidity, the Company continuing to execute its M&A roll-up strategy, the timing of revenue from the Company's contract backlog, the Company's plans to complete several of its corporate milestones related to the acceleration of its innovation, global expansion, and public market related initiatives in 2021, the estimated fees associated with the Company's corporate actions during the first half of 2021, the Company improving the quality of its revenue as it grows its SaaS strategy and AI innovation, the Company improving its productivity and scalability and the anticipated effect of driving significant margin expansion in the future, the Company growing organically this year and next year at double-digit rates, the estimated size of the U.S. total addressable market in the industries the Company serves, the Company's proprietary workflow solution, powered by AI, driving transformation in the marketplace while driving margin expansion, the Company expanding the overall opportunity to digitize its client's entire library of content, the Company migrating its clients to bundled SaaS hybrid pricing models during the fourth quarter of 2021 and during 2022 and the anticipated effect of these pricing models, the Company executing on its planned commitment to scale its technology editing infrastructure and sales globally to meet new demands and to address new opportunities for its products and services, the Company's expected one-time strategic initiative costs and the Company's ability to begin acquiring bigger, more accretive companies with tremendous amount of rich domain specific content that help us improve our offerings and expand our client base globally while maintaining a substantial pipeline of potential acquisitions to consider.

In this news release, forward-looking information that constitutes "financial outlooks" within the meaning of applicable Canadian securities laws, consists of VIQ's expectations regarding its future performance, as disclosed under the heading "Q3 Outlook", including expectations with respect to revenue and gross margin. These estimates are preliminary and are inherently uncertain due to a number of factors, and remain subject to VIQ management and its audit committee reviews and the completion of regular financial closing and review procedures and audit procedures for the period ended September 30, 2021. Additional adjustments to the preliminary estimates presented above may be identified, and final results for the relevant fiscal periods may differ materially from these preliminary estimates and will not be finalized until after the Company completes its normal year-end accounting procedures, including execution of internal controls over financial reporting. These preliminary estimates are intended to provide information about management's current expectations regarding certain aspects of VIQ's financial performance. Reliance on the information presented herein may not be appropriate for other purposes.

These forward-looking statements or information are based on several factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because VIQ can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things; the Company's ability to execute its business plan as currently contemplated; the Company's ability to migrate its customers to the bundled SaaS hybrid pricing models in accordance with projected timelines; the Company's ability to maintain its existing customer contracts in good standing; the Company's ability to identify and acquire suitable acquisition targets; the accuracy of the Company's financial projections; the Company's ability to continue to grow its customer base in accordance with current projections; and the Company's ability to execute its productivity and scalability strategy. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used.

Forward-looking statements or information is based on current expectations, estimates and projections that involve several risks and uncertainties which could cause actual results to differ materially from those anticipated by VIQ, including but not limited to; the risk that the Company will be unable to successfully execute its business plan; the risk that Company will be unable to successfully migrate its customers to its bundled SaaS hybrid pricing models as anticipated or at all; the risk that certain of the Company's customer contracts will be terminated; the risk that the Company's projections are not accurate; the risk that the Company will be unable to identify or acquire suitable acquisition targets; the risk that the Company will be unable to integrate future acquisitions into its existing operations and the risks and uncertainties described under the heading "Risk Factors" in VIQ's Annual Information Form for the year ended December 31, 2020, filed with the Canadian securities regulatory authorities under VIQ's SEDAR profile at www.sedar.com.

These risks and uncertainties may cause actual results to differ materially from the forward-looking statements or information. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties. The forward-looking statements contained in this release are made as of the date of this release and, except as required by applicable law, VIQ undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


VIQ Solutions Inc.

$VQS: Moving to Nasdaq from the OTC


Showing $9.86 here but it was just 4.81 yesterday



Hmmmmmmmmmmmmmmmmmmmm



Renegged on the Direct OFFERING


https://www.stocktitan.net/news/VQSLF/viq-solutions-announces-it-is-not-proceeding-with-public-offering-of-13zhgrdunsah.html


GO $VQS