VIQ Solutions (VQS) investor relations material

Executive summary

• Revenue for Q3 2025 was $10.9M, down 1.8% year-over-year; nine-month revenue was $31M, down 5% year-over-year.

• Net loss for Q3 2025 was $1.7M, compared to $1.1M in Q3 2024; nine-month net loss was $4.5M.

• Achieved sixth consecutive quarter of positive Adjusted EBITDA, with significant margin expansion and operational improvements.

• Restructuring and strategic review costs impacted results, with $1.04M in restructuring and a $0.3M reduction in strategic review costs in Q3 2025.

• Leadership changes and integration of global systems in Australian operations expected to drive $3.2M in annual performance improvements.

Financial highlights

• Gross margin for Q3 2025 was 47.8%, up from 46.3% in Q3 2024; nine-month gross margin was 49.1%, up from 45.4% year-over-year.

• Adjusted EBITDA for Q3 2025 was $1.4M, up 72% year-over-year; nine-month Adjusted EBITDA was $3.2M, up 115% year-over-year.

• Cash at September 30, 2025 was $1.29M, down from $1.57M at December 31, 2024.

• Total assets at September 30, 2025 were $25.4M, up from $24.8M at December 31, 2024.

• Net loss per share for Q3 2025 was $(0.03); for nine months, $(0.08).

Outlook and guidance

• Management expects continued improvement in gross margins, EBITDA, profitability, and cash flow in 2026, driven by restructuring and operational changes.

• Management is pursuing cost-saving initiatives, refinancing, and additional financing to improve liquidity.

• A period of forbearance on debt covenants extends to April 30, 2026, with revised covenants in place.

• Subsequent to quarter-end, $1.8M was raised through private placements to support operations.

• Anticipates annualized revenue and cost improvements of $3.2M from Australian operational integration.