VIQ Solutions (VQS) Q1 2026 earnings summary

Executive summary

• Revenue reached $9.8 million for Q1 2026, up 2% year-over-year, driven by higher hardware sales and favorable foreign exchange rates.

• Adjusted EBITDA rose 45% to $1.3 million, marking the eighth consecutive quarter of positive Adjusted EBITDA.

• Strategic focus shifted to North America and the UK after placing the Australian division into voluntary administration.

Financial highlights

• Gross margin was 50.8%, slightly down from 51.9% in Q1 2025 due to a prior period contract reversal.

• Net income for Q1 2026 was $137,564, compared to a net loss of $1,868,382 in Q1 2025.

• Adjusted EBITDA for Q1 2026 was $1,261,087, up from $872,119 in Q1 2025.

• Revenue and adjusted EBITDA excluding the Australian division were $4.9 million and $0.8 million, respectively.

Outlook and guidance

• Management expects improved Adjusted EBITDA for the remainder of 2026 as operations are streamlined in North America and the UK.

• Sale of the Australian business is anticipated to complete in Q2 2026.

• Forward-looking statements highlight expectations for margin improvement and productivity gains.