Canada's VIQ Solutions Q1 revenue rises, EBITDA up 45% on currency impact

VIQ Solutions

27/05/2026 01:45

Overview
The Canadian digital documentation firm's Q1 revenue rose 2% yr/yr, driven by higher hardware sales
Adjusted EBITDA for Q1 up 45% yr/yr, marking eighth straight positive quarter
Company placed Australian division into voluntary administration to focus on North America and the UK

Outlook
VIQ Solutions expects sale of Australian division to be completed in Q2 2026
Company is streamlining North America and UK operations to improve Adjusted EBITDA in 2026
VIQ Solutions focuses on North America and UK as its highest performing business units

Result Drivers
HARDWARE SALES - Q1 revenue growth was primarily driven by higher hardware sales
CURRENCY IMPACT - Strengthening of foreign currencies relative to the prior quarter contributed to revenue growth
GROSS MARGIN COMPARISON - Gross margin declined due to reversal of onerous loss on a vendor contract in Q1 2025, which had increased prior-year margin

Company press release: ID:nNFC9DtyQP

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$9.80 mln
$4.80 mln (1 Analyst)

Analyst Coverage
Wall Street's median 12-month price target for VIQ Solutions Inc is C$0.25, about 150% above its May 26 closing price of C$0.10

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)