Boca Raton, Florida – Red Violet, Inc. held its Q2 2024 Earnings Conference Call on August 7, 2024, where the company’s leadership discussed the financial results for the second quarter. The call was led by Camilo Ramirez, Senior Vice President of Finance and Investor Relations, along with Derek Dubner, Chairman, and Chief Executive Officer, and Dan MacLachlan, Chief Financial Officer. During the call, they highlighted the company’s achievements in revenue growth and profitability.

Red Violet reported a record revenue of $19.1 million for the quarter, representing a 30% increase compared to the previous year. The company also achieved a record adjusted gross profit of $15.6 million with a margin of 82%, and a record adjusted EBITDA of $6.8 million with a margin of 36%. Adjusted net income increased by 33% to $3.9 million, resulting in adjusted earnings of $0.28 per share.

The company saw robust growth across various verticals, with particular success in the law enforcement segment. Red Violet’s solutions, known for their data accuracy and unparalleled search capabilities, have been well-received by local, state, and federal agencies. Additionally, the financial and corporate risk verticals performed strongly, along with double-digit growth in the collections vertical.

Looking ahead, Red Violet remains committed to maintaining this accelerated rate of growth and is confident in its ability to sustain momentum throughout 2024 and beyond. The company’s strategic initiatives over the past 18 months have laid the groundwork for continued success, with a focus on expanding its cloud-native technology platform and enhancing marketing efforts for increased brand awareness.

In closing, Derek Dubner, Chairman, and CEO of Red Violet expressed optimism about the company’s future prospects. With a strong first half of 2024 and ongoing investments in key strategic areas, Red Violet is well-positioned for continued growth and success in the market. The company’s commitment to innovation and expansion across new verticals bodes well for its long-term growth trajectory.

Overall, Red Violet’s second-quarter earnings call highlighted the company’s strong performance, record revenue, and optimistic outlook for the future. With a focus on innovation, strategic investments, and a dedication to meeting customer needs, Red Violet is poised to continue its upward trajectory in the coming months and years.