Canada's VIQ Solutions Q2 revenue rises 10.2% as Australia winds down

VIQ Solutions

13/08/2026 22:54

Overview
Canada digital transcription firm's Q2 revenue rose 10.2% yr/yr
Adjusted EBITDA for Q2 was positive and up significantly from prior year
Company initiated cost reduction as Australian operations wind down, focus shifts to North America and UK

Outlook
Company expects most cost savings from Australian wind down by end of Q3 2026
VIQ Solutions expects cost reductions to improve margins, EBITDA and cash flow through 2027
Company is focused on growing revenue organically and through acquisitions

Result Drivers
AUSTRALIA BACKLOG - Administrators in Australia completed as much backlog as possible before winding down operations, contributing to Q2 revenue
COST REDUCTION - Co said cost reduction program ahead of Australian wind-down is improving gross margins, EBITDA, and cash flow
LICENSE REVENUE - Higher license revenue drove gross margin improvement in North America and UK operations

Company press release: ID:nNFC6c64Q9

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
$11.5 mln
$5.10 mln (1 Analyst)

Analyst Coverage
Wall Street's median 12-month price target for VIQ Solutions Inc is C$0.25, about 194.1% above its August 12 closing price of C$0.09

Reuters Recommended Reads
Aug 13 - Canada's Alithya Q1 revenue misses estimates on reduced government and banking contracts 
Aug 11 - Canada's Sylogist Q2 revenue falls, posts net loss
Aug 13 - VerticalScope Q2 revenue sees sequential rise, beating estimates as monthly users jump; adj EBITDA rises on AI-driven cost cuts

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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.)