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VIQ Solutions Delivers $6.0M Adjusted EBITDA Year-Over-Year Improvement in FY 2024, fueled by AI-Driven Automation, Cost Optimization, and Strategic Customer Contract Renewals

Mar 28, 2025 - financialpost.com
VIQ Solutions Inc., a leader in AI-driven voice and video capture technology, reported a significant financial turnaround for the fiscal year 2024, achieving a $6.0 million year-over-year improvement in Adjusted EBITDA, reaching $2 million. This improvement was driven by automation initiatives, cost optimization, and strategic contract renewals. The company maintained stable customer volumes, resulting in a 5% revenue growth to $43.2 million, while focusing on productivity improvements and margin expansion. VIQ also added 59 new SaaS clients, doubling its FirstDraft SaaS revenue, and enhanced its AI transcription platform for better accuracy and efficiency.

For 2025, VIQ aims to sustain margin expansion through cost discipline, automation, and revenue diversification. The company plans to deepen client integration, accelerate SaaS adoption, and advance AI platform capabilities. VIQ's management highlighted the transformational year of 2024, emphasizing operational efficiency and technology-driven transformation as key factors in their financial success. The company is positioned to drive further margin expansion and generate positive free cash flow in 2025.

Key takeaways:

  • VIQ Solutions reported a $6.0 million year-over-year improvement in Adjusted EBITDA for FY 2024, reaching $2 million, driven by AI-driven automation, cost optimization, and strategic contract renewals.
  • The company achieved a 5% year-over-year revenue growth to $43.2 million, with a focus on productivity improvements and margin expansion.
  • VIQ Solutions successfully renewed and secured six large-scale contracts with an estimated booking value of $38.9 million over three years, reinforcing its recurring revenue base.
  • In 2024, VIQ Solutions added 59 new SaaS clients, accelerating its shift to a subscription-based model and doubling FirstDraft SaaS revenue year-over-year.
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