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VIQ Solutions Inc., a global leader in AI-powered digital documentation, has released its financial results for the three and six months ending June 30, 2025. The company announced its fifth consecutive quarter of positive Adjusted EBITDA, continued expansion of gross margins, and a landmark SaaS deployment, reinforcing its leadership in providing secure transcription solutions for regulated sectors.
VIQ Solutions reported its fifth consecutive quarter of positive Adjusted EBITDA, which grew by 24% year-over-year to $1 million in Q2 2025.
The company achieved a gross margin of 48% in Q2 and nearly 50% for the first half of 2025, driven by automation.
VIQ secured its largest SaaS deployment to date, implementing its NetScribe® platform across 9 judicial districts in the U.S. Midwest.
The new SaaS engagement will accelerate the company's shift towards a higher-margin, subscription-based revenue model.
The company’s first-half 2025 Adjusted EBITDA grew by 164% to $1.8 million.
The company's AI-driven workflow automation strategy, including its aiAssist™ and Advanced Formatter, is fueling margin expansion.
Despite a 10% decrease in revenue for the second quarter, which the company attributes to market conditions and the timing of customer volumes, VIQ Solutions demonstrated strong operational performance. The company's gross margin expanded to 48% for the quarter and nearly 50% for the first half of the year. This growth was directly a result of automation and productivity gains from its AI-powered platform. The highlight of the financial results is the company's fifth consecutive quarter of positive Adjusted EBITDA, which increased by 24% year-over-year to $1 million.
"In the first half of 2025, VIQ delivered 164% growth in Adjusted EBITDA, expanded gross margins to nearly 50%, and achieved our fifth consecutive quarter of positive EBITDA," said Alexie Edwards, CFO of VIQ Solutions. “While we reported a net loss, this includes approximately $2.0 million in non-cash expenses, such as depreciation, amortization, and stock-based compensation, with $1.1 million recorded in Q2. These charges impact earnings per share but do not affect our cash flow."
A major strategic highlight for VIQ Solutions is the successful securing of its largest SaaS engagement to date in July 2025. This landmark deal involves implementing the NetScribe® platform across nine judicial districts and 22 counties in the U.S. Midwest. This transition to a higher-margin, subscription-based revenue model is a critical step in the company’s long-term growth strategy. The deployment includes AI-driven workflow automation tools such as aiAssist™ and Advanced Formatter, which offer scalability and a range of optional add-ons like domain-specific language models and automated summarization.
"With our largest SaaS deployment now in motion, increased bookings, and a clear focus on strengthening the balance sheet and reducing debt, we are expanding our financial flexibility to reinvest in growth. Our AI-driven platform and automation strategy continue to fuel stronger margins and sustained EBITDA gains, laying the foundation for long-term growth and value creation," added Edwards.
The company's focus on AI-driven solutions for regulated sectors such as legal and law enforcement continues to drive new bookings, with $1.9 million secured in the first half of 2025. This momentum supports ongoing gross margin expansion and strengthens future cash flow prospects.
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.
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