Red Violet(US:RDVT) Globenewswire·2025-02-27 21:05Core Insights - Red Violet, Inc. reported a record fourth quarter revenue of $19.6 million, representing a 30% increase year-over-year, and a full year revenue of $75.2 million, up 25% from the previous year [1][4][14] - The company achieved a net income of $0.9 million in Q4 2024, compared to a net loss of $1.1 million in Q4 2023, resulting in earnings of $0.06 per share [4][20] - Adjusted EBITDA for the fourth quarter increased by 68% to $4.5 million, with an adjusted EBITDA margin of 23% [4][19] Fourth Quarter Financial Results - Total revenue for Q4 2024 was $19.6 million, a 30% increase from Q4 2023 [4] - Gross profit rose 43% to $13.7 million, with a gross margin improvement to 70% from 64% [4] - Adjusted gross profit increased 37% to $16.1 million, with an adjusted gross margin of 82% [4] - Net income was $0.9 million, translating to a net income margin of 4% compared to a net loss margin of 7% in the prior year [4] - Cash from operating activities increased 59% to $6.7 million [4] Full Year Financial Results - Full year revenue for 2024 reached $75.2 million, a 25% increase from $60.2 million in 2023 [4][14] - Gross profit for the year was $51.8 million, up 33%, with a gross margin of 69% [4] - Net income for the year was $7.0 million, down from $13.5 million in 2023, resulting in earnings of $0.51 per share [4][14] - Adjusted EBITDA for the full year increased 44% to $23.6 million, with an adjusted EBITDA margin of 31% [4][19] Business Highlights - The company added 183 customers to its IDI™ platform in Q4, ending the year with 8,926 customers [4] - FOREWARN user base grew by 18,451 in Q4, totaling 303,418 users, with over 525 REALTOR Associations contracted [4] - The onboarding of higher-tier customers continued, with 96 customers contributing over $100,000 in revenue in 2024, compared to 72 in 2023 [4] - The company repurchased 292,744 shares of common stock in 2024 at an average price of $19.81 per share [5]