VIQ Solutions Reports Strong Growth in Q2 2024

VIQ Solutions Inc. (TSX: VQS), a global leader in AI-driven digital voice and video capture technology, has announced its unaudited financial results for the second quarter ending June 30, 2024. The company reported a significant increase in Adjusted EBITDA, attributed to enhanced revenue and gross margins stemming from its transition to an AI-workflow operating platform. This transformation has been complemented by successful operational streamlining and consolidation efforts. Management emphasizes that non-IFRS measures, such as Adjusted EBITDA, provide valuable insights into the company's performance beyond traditional IFRS metrics. The unaudited financial statements and accompanying Management Discussion and Analysis (MD&A) for the quarter will be accessible on SEDAR+ at www.sedarplus.ca. The company also shared forward-looking statements regarding its anticipated performance in 2024, including expectations for improved gross margins and increased Software as a Service (SaaS) sales. However, VIQ Solutions cautions that these forward-looking statements are based on various assumptions and are subject to risks and uncertainties that could lead to actual results differing materially. The company has outlined these risks in its annual information form and other regulatory filings. In its financial reporting, VIQ Solutions highlights the importance of Adjusted EBITDA as a measure of operational performance, excluding factors such as stock-based compensation and depreciation. The company believes this metric offers a clearer view of the results generated by its core business activities, providing investors with essential supplementary information.