The following is a summary of the VIQ Solutions Inc. (VQSSF) Q3 2024 Earnings Conference Call Transcript:

Financial Performance:

• VIQ Solutions reported a Q3 revenue of $11.1 million, a 10% increase year-over-year.

• Gross profit for Q3 was $5.1 million, up 19% from the previous year.

• Net loss significantly reduced to $1.1 million, showing a $3.3 million improvement year-over-year.

• Adjusted EBITDA for Q3 reached $0.8 million, marking a substantial increase of 158% compared to the same period last year.

• For the first nine months of 2024, revenue was $32.6 million, up 6%, and gross profit was $14.8 million, up 11%.

Business Progress:

• Launched significant improvements and enhancements to the FirstDraft and NetScribe platforms, including domain-specific speech recognition and AI-powered court formatting tools.

• Expanded focus to include large enterprises such as major law firms and insurance providers.

• Achieved operational efficiencies leading to cost reductions and productivity improvements among transcribers.

• Secured substantial contract renewals and new contracts demonstrating a strong customer base commitment.

Opportunities:

• Expanding into larger enterprises and new geographies such as the U.S. and Canada, positioned for significant market disruption through advanced AI technologies.

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