RDVT - Red Violet hits record gross profit in Q3 narrows net loss

Red Violet (RDVT) hit record gross profit and narrowed its net loss in Q3 earnings with double-digit revenue gains. Revenues rose 12% to $9.27M, which was up 31% sequentially. And adjusted gross profit rose 28%, to $6.6M. Adjusted gross margin rose to 71% from 62%. "We delivered another strong quarter during an incredibly challenging time, further demonstrating the applicability of our technology and solutions across diverse markets and industries, as well as the necessity of integrating our solutions to enable better data-driven decisioning," says CEO Derek Dubner. Net loss narrowed by 7%, to $0.9M, and EBITDA rose 84% to $2.1M (that's a sequential increase of 130%). Revenue breakout: Platform, $9M (up 27%); Services, $0.3M (down 75%). Cash from operations was $1.7M, and cash and equivalents came to $12.4M as of Sept. 30. Press release

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Red Violet hits record gross profit in Q3, narrows net loss