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National Post
13-05-2025
- Business
- National Post
VIQ Solutions Posts Fourth Consecutive Quarter of positive Adjusted EBITDA, Driven by Scalable AI Platform and Structural Margin Gains
Article content MISSISSAUGA, Ontario — VIQ Solutions Inc. ('VIQ' or the 'Company') (TSX: VQS), a global leader in secure, AI-driven voice and video capture technology and transcription services, today announced its financial results for the first quarter ended March 31, 2025. All figures are in U.S. dollars and prepared in accordance with International Financial Reporting Standards (IFRS). Article content Article content Revenue of $9.6 million, down 3% from $9.9 million in the comparative period in 2024 due to foreign exchange Gross margin increased to 51.9% up 7.6 percentage points from 44.3% in Q1 2024 Net loss of $1.8 million, same as comparative period in 2024. Adjusted EBITDA for Q1 2025 was $0.9 million, a strong improvement from negative Adjusted EBITDA of $0.1 million in Q1 2024, representing a $1 million turnaround compared to the same period in the prior year. It also reflects solid sequential growth from $0.5 million in Q4 2024, marking the fourth consecutive quarter of positive Adjusted EBITDA. This continued progress underscores the impact of automation-led productivity gains and disciplined cost optimization across the business. Adjusted operating loss of $0.7 million, an improvement of $1.1 million from $1.8 million in the comparative period of 2024. FirstDraft™ SaaS adoption grew 72% year-over-year, underscoring its precision, efficiency, and growing strategic value to clients in regulated industries. Its ability to process complex, high-volume content with speed, accuracy, and compliance has become a critical market differentiator. Article content 'Following a record FY2024, we entered 2025 with clear operational focus and sustained momentum. Q1 marks our fourth consecutive quarter of positive Adjusted EBITDA, reinforcing our trajectory toward scalable, tech-enabled profitability,' said Sébastien Paré, CEO of VIQ Solutions 'Despite foreign exchange headwinds, particularly from a weaker Australian dollar relative to the U.S. dollar, we continued to expand gross margin and reduce our cost base. These results demonstrate the scalability and resilience of our platform automation-first model and validate the structural changes we have implemented over the past year. Article content Q1 2025 marked a decisive shift from reactive cost control to structural, margin-led execution. VIQ achieved its highest levels of workforce flexibility and throughput efficiency to date and significantly lowering unit production costs. These improvements are not one-off; they reflect embedded automation and vertical AI-driven workflow redesign that is expected to further strengthen unit economics as adoption deepens across the platform. Article content Targeted AI enhancements, including automated formatting, speaker diarization, scoring agents, and quality assurance tools, are already delivering measurable gains in consistency, speed, and output quality. The continued scaling of NetScribe™ and FirstDraft™ across enterprise and public sector clients reinforces VIQ's differentiated position in regulated, multi-speaker content-intensive compliance environments. With usage expanding and efficiencies compounding, VIQ is well-positioned to accelerate margin expansion and unlock sustainable operating leverage through 2025 and beyond.' Article content A copy of the Company's unaudited financial statements and accompanying MD&A for the three months ended March 31 st 2025 (collectively, the 'Financial Information') will be available under the Company's profile on SEDAR+ at Article content VIQ will host a conference call and webcast to discuss Financial Information on May 13, 2025, at 11:00 a.m. (Eastern time). The call will consist of updates by Sebastien Paré, VIQ's Chief Executive Officer and Alexie Edwards, VIQ's Chief Financial Officer followed by a question-and-answer period. Article content Investors may access a live webcast of the call on the Company's website at or by dialing 1-888-440-4052 (North America toll-free) or +1-646-960-0827 (international) to be connected to the call by an operator using conference ID number 4983233. Participants should dial at least 10 minutes before the call starts. Article content 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. Article content 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. Article content 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. Article content 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 accelerate automation, optimize costs, and improve scalability in the future, expected margin improvement, the Company's focus and its priorities, the filing of the Financial Information on SEDAR+ and the conference call to discuss the Company's financial results. Article content 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. Article content 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 annual information form and in the Company's other materials filed with the Canadian securities regulatory authorities. Article content 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. Article content VIQ Solutions Inc. Interim Condensed Consolidated Statements of Loss and Comprehensive Loss (Expressed in US dollars, unaudited) Three months ended March 31, 2025 2024 Revenue $ 9,579,025 $ 9,921,673 Cost of sales 4,603,885 5,529,115 Gross profit 4,975,140 4,392,558 Expenses Selling and administrative 3,810,642 4,310,774 Research and development 140,519 165,110 Stock-based compensation (817 ) 28,533 Loss (gain) on revaluation of restricted share units 1,929 (28,777 ) Gain on revaluation of the derivative warrant liability (7,022 ) (57,165 ) Foreign exchange (gain) loss (84,032 ) 102,833 Depreciation 164,683 194,984 Amortization 707,577 806,457 Interest 488,622 388,924 Accretion and other financing costs 419,030 326,878 Restructuring recoveries (1,284 ) (9,694 ) Strategic review costs 1,175,603 – Other income (6,207 ) (11,205 ) Total expenses 6,809,243 6,217,652 Current income tax expense 34,279 15,044 Income tax expense 34,279 15,044 Net loss for the period $ (1,868,382 ) $ (1,840,138 ) Exchange loss on translation of foreign operations (1,088 ) (312,031 ) Comprehensive loss for the period $ (1,869,470 ) $ (2,152,169 ) Net loss per share Basic (0.04 ) (0.04 ) Diluted (0.04 ) (0.04 ) Weighted average number of common shares outstanding – basic 52,334,019 44,782,398 Weighted average number of common shares outstanding – diluted 52,334,019 44,782,398 Article content The following is a reconciliation of Net Loss to Adjusted EBITDA, the most directly comparable IFRS measure for the three months ended March 31, 2025, and 2024: Article content Three months ended March 31 (Unaudited) 2025 2024 Net Loss (1,868,382) (1,840,138) Add: Depreciation 164,683 194,984 Amortization 707,577 806,457 Interest expense 488,622 388,924 Current income tax expense 34,279 15,044 EBITDA (473,221) (434,729) Accretion and other financing costs 419,030 326,878 Loss (Gain) on revaluation of RSUs 1,929 (28,777) Gain on revaluation of the derivative warrant liability (7,022) (57,165) Restructuring costs recovery (1,284) (9,694) Strategic review costs 1,175,603 – Other income (158,067) (11,205) Stock-based compensation (817) 28,533 Foreign exchange (gain) loss (84,032) 102,833 Adjusted EBITDA 872,119 (83,326) Article content The following is a reconciliation of Net Loss to Adjusted operating loss, the most directly comparable IFRS measure for the three months ended March 31, 2025, and 2024: Article content Non-IFRS Measures Article content 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. Article content Adjusted EBITDA and adjusted operating loss are not measures recognized by IFRS and do not have a 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 ended March 31, 2025. Article content 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. Article content 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. Article content The term 'adjusted operating 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. Article content 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. Article content Article content Article content Article content Article content Article content
USA Today
22-04-2025
- Sport
- USA Today
Shedeur Sanders' harshest critic laments losing his own NFL dream
Shedeur Sanders' harshest critic laments losing his own NFL dream Show Caption Hide Caption Travis Hunter on how he and Shedeur are handling emotions prior to draft Travis Hunter shares how both he and Shedeur Sanders are handling their emotions prior to the 2025 NFL Draft. Sports Seriously Shedeur Sanders has attracted a special brand of critics. They can be underhanded, brutal and merciless. Among those regularly ripping Sanders, the Colorado quarterback and son of Deion Sanders, one man stands apart. It's Daniel Kelly, 51, a former pro scout for the New York Jets. Last week, he said he was laying low with his criticism of Sanders. But that day he extended his streak of posting negative tweets about the quarterback to 14 days in a row. In some ways, the overall criticism of Sanders has been fair. But in other ways, it's traversed into the extreme. Kelly represents the latter. He exemplifies the challenges polarizing players like Sanders encounter on social media from individuals who consider themselves draft experts − but may not have the extensive experience and accountability of high-profile experts like the NFL Network's Daniel Jeremiah or ESPN's Louis Riddick. "It's never hating," Kelly told USA TODAY Sports. "It's evaluating." With Sanders expected to be picked in the first round of the 2025 NFL Draft, Kelly has bestowed on him a "100% bust rate." He also has labeled Sanders as "an immature, passive aggressive hothead" and "NFL practice squad talent with a Hall of Fame name." Of Sanders' character, the former scout wrote "he has a suitcase full of red flags." In more analytical fashion, Kelly writes Sanders has "decent arm strength," "good behind-the-line-of-scrimmage mobility" and resets in the pocket. But that he takes too long to throw the ball, presents a medical risk because of a fractured back in 2023 and is prone to fumbling. The result: Kelly has raised his profile, relished articles being written about his opinions of Sanders and ticked off some notable people. On March 3, Deion Sanders Jr. wrote on X, "Bro just calm yo (expletive) down…." On April 3, Mel Kiper Jr. tersely dissected one of Kelly's tweets during ESPN's "First Draft." And every day, Kelly said, he gets bombarded with unpleasant messages, including death threats, on his X account, @firstdownmock. "My wife can't believe some of the stuff I've showed her," Kelly said. The improbable path Kelly's path to the NFL is about as improbable as a sixth-round draft pick becoming the greatest quarterback of all time. At 17, according to Kelly, he started writing and sending scouting reports to Charley Casserly, then general manager of the NFL's team in Washington. "I remember the name," Casserly told USA TODAY Sports. At 21, according to Kelly, he did an unpaid internship with Tony Dungy, then defensive coordinator with the Minnesota Vikings. Dungy did not respond to voicemails and text messages from USA TODAY Sports. At 24, Kelly said, he published an NFL Draft guide and sent copies to every team in the league. The Jets apparently were impressed enough to hire Kelly, who said he was working as a loan officer at the time. "I was sitting in the best chair in the National Football League at 24 years old," he said. A 1998 media guide for the Jets lists Kelly as a member of the support staff and working pro personnel. He said he worked with the team until 2002. As evidence, Kelly has shared online photos of a Jets ID badge and a Jets business card identifying him as a Pro Scout. Lionel Vital, who was a scout with the Jets in 1998 and 1999 and went on to become director of college scouting for the Dallas Cowboys, confirmed Kelly's time with the Jets. "He'd walk in there and he had his opinion, and he'd just stick to it," said Vital, who co-hosted a podcast with Kelly last season. "He just wouldn't give up on what he thought, and I know he's going to tell everybody." It was a turbulent four years. The first month on the job, according to Kelly, he was diagnosed with testicular cancer. In early 2001, his daughter Bailey Hope, then 15 months old, was diagnosed with stage 4 neuroblastoma cancer, Kelly said. "It made my cancer look like a walk in the park," he said. He shared a memorial card of his daughter. She died Dec. 25, 2001. Kelly said he got fired by the Jets about two months later. "I believe I had the talent to do this," Kelly said, "but I was too immature." Predictions gone wrong Jason Brown, a football coach who starred in Netflix's "Last Chance U," said of Shedeur Sanders, "Let's be honest, if he's not Prime's son, he's not even a (expletive) third-rounder." Dan Sileo, a retired defensive tackle who played one year in the NFL, wrote on X, "QB Shedeur Sanders will be an @nfl bust!" Johnny Manziel, a genuine NFL bust, ripped Sanders for insinuating Colorado's offensive line was to blame after he got sacked six times in the team's 28-10 loss to Nebraska last season. In other words, Kelly isn't the only one openly blasting Sanders. But it's come at a price. Critics have skewered Kelly for some of his past predictions, such as: "Tim Tebow…is a future Hall of Fame caliber quarterback." "Bryce Young has the best potential I've ever seen to quickly turnaround a struggling team." "Spencer Rattler is the next Patrick Mahomes." What Kelly would prefer to highlight: "Any GM who is considering (Trey Lance) or takes him in the first round should be fired on the spot." "It would be foolish to take (Zach Wilson) in the first round. He will get everybody fired." "(C.J.) Stroud is a franchise quarterback." Dreaming again Bill Polian, the retired general manager of the Indianapolis Colts, said he doesn't know of Kelly or begrudge draft analysts like him. But he says they're ill-equipped. "If someone's a retired scout, then he has about 45% of the information," Polian said, noting that psychological testing and medical evaluations are among information available only to NFL personnel. "I just know that they don't have all the information that I, as a general manager, needed in order to make a judgment." Added Polian: "Some guy in his grandmother's basement doesn't know how to look at film." For the record, Kelly said he lives in a townhouse in Key West, Florida, with his wife, Samantha. "First two years I was out of football, I didn't even watch the game," he said. "I couldn't, it was too painful… "I'm 28 years old. I'm on the backside of my dream." But he's dreaming again, about reclaiming his NFL dream. Says he's working 17 to 20 hours a day, six to seven days a week while building his business, First Round Mock, and its website he launched in 2022. "He grinds," said Vital, the former NFL scout. There's little time to waste at 51, hoping to get back to the NFL while pumping out scouting reports, more analysis and tweets, many of them pointed and directed at Sanders. "Please get help," one X user wrote to Kelly, "you are clearly hurting about something." All the NFL news on and off the field. Sign up for USA TODAY's 4th and Monday newsletter.
