tiprankstipranks
Red Violet Achieves Record Revenue Growth in Q3 2024
Company Announcements

Red Violet Achieves Record Revenue Growth in Q3 2024

Red Violet ( (RDVT) ) has released its Q3 earnings. Here is a breakdown of the information Red Violet presented to its investors.

Pick the best stocks and maximize your portfolio:

Red Violet, Inc. is a prominent analytics and information solutions provider specializing in identity intelligence, serving various industries with solutions for identity verification, risk mitigation, and fraud prevention.

In its third quarter of 2024, Red Violet reported significant growth, achieving a record $19.1 million in revenue, a 20% increase from the previous year, and substantial cash flow from operations amounting to $7.2 million.

Key financial highlights include a 28% rise in gross profit to $13.4 million and an increase in adjusted EBITDA by 25% to $6.7 million, reflecting robust operational performance. The company also expanded its customer base, adding 266 new customers to its IDI platform and over 21,000 users to its FOREWARN service. Furthermore, Red Violet has actively repurchased shares under its stock repurchase program.

Looking forward, Red Violet’s management is optimistic about leveraging these financial achievements to drive further growth and innovation, focusing on enhancing their offerings and creating value for customers and shareholders.

Related Articles
TheFlyFOREWARN partners with Bluegrass Realtors
TheFlyRed Violet board declares special cash dividend of 30c per share
TheFlyFOREWARN partners with MetroTex Association of Realtors
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App