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