- Revenue of $9.8 million for the three months ended March 31, 2026 primarily driven by higher hardware sales and the strengthening of foreign currencies relative to the prior quarter.
- Adjusted EBITDA of $1.3 million for the three months ended March 31, 2026, up 45% versus the comparable period in 2025 (see “Non-IFRS Measures”).
- The Company posted its eighth straight quarter of positive Adjusted EBITDA underscoring consistent progress.
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Richmond Hill, Ontario–(Newsfile Corp. – May 26, 2026) – VIQ Solutions Inc. (TSXV: VQS) (“VIQ” or “the Company”), a global leader in AI-powered digital documentation, today announced financial results for the three months ended March 31, 2026. The Company reported continued strong margins, with its eighth consecutive quarter of positive Adjusted EBITDA.
Three Months Ended March 31, 2026 Financial Highlights
- Revenue: $9.8 million, up 2% from the same period in the prior year, primarily driven by higher hardware sales and the strengthening of foreign currencies relative to the prior quarter.
- Gross Margin: 50.8%, down from 51.9% for the same period in the prior year, primarily due to the reversal of the onerous loss on a vendor contract in Q1 2025 resulting in a higher gross margin in the prior period.
- Adjusted EBITDA: $1.3 million, an increase of 45% from the same period in the prior year, marking the eighth consecutive quarter of positive Adjusted EBITDA.
Strategic and Operational Highlights
- In March 2026, the Company placed its Australian division, consisting of VIQ Australia Pty Ltd, VIQ Solutions Pty Ltd, VIQ Solutions Australia Pty Ltd, VIQ Pty Ltd and VIQ Australia Services Pty Ltd (“VIQ Australia”), into voluntary administration pursuant to Part 5.3A of the Corporations Act 2001 (Australia).
- The administrator of VIQ Australia commenced a sale process of the business in April 2026 and has received non-binding offers from interested parties. The Company expects a sale of VIQ Australia to be completed in Q2 2026.
- Placing VIQ Australia into voluntary administration was taken in order to focus VIQ’s management and capital resources on the Company’s existing operations in North America and the United Kingdom, which remain the Company’s highest performing business units.
- For the three months ended March 31, 2026, revenue and adjusted EBITDA, excluding VIQ Australia, were $4.9 million and $0.8 million, respectively.
- Management is in the process of streamlining operations in its North America and the United Kingdom business and expects to improve Adjusted EBITDA during the remainder of 2026.
- On May 25, 2026, the Company entered into an amendment to the credit agreement with Beedie Capital Lending Ltd. (“Beedie”). Beedie agreed to extend the period of forbearance from April 30, 2026 to June 30, 2026. (Refer to Note 20 of the Company’s unaudited financial statements for the three months ended March 31, 2026.)
Management Commentary
“We are disappointed that we were unable to bring the full capability of the Company’s global scalable architecture and best practices to the Australian business,” said Larry Taylor, CEO of VIQ Solutions. “We are, however, encouraged by our renewed focus on the North America and the United Kingdom business and the opportunities that exist to grow revenue and EBITDA going forward.”
A copy of the Company’s unaudited financial statements and accompanying MD&A for the three months ended March 31, 2026 (collectively, the “Financial Information“) will be available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
About VIQ Solutions
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.
Forward-looking Statements
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.
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 realize results from the recent leadership changes and productivity improvement, the Company’s ability to improve scalability in the future, expected margin improvement, the Company’s focus and its priorities and the filing of the Financial Information on SEDAR+.
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 potential increases in revenue from sales and prospects. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used.
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 management’s discussion and analysis for the three months ended March 31, 2026 and in the Company’s other materials filed with the Canadian securities regulatory authorities.
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.
