Core Insights - Red Violet reported a record revenue of $90.3 million for the full year 2025, marking a 20% increase from 2024, with adjusted EBITDA margin at 34% [1][7] - The company achieved significant growth in the fourth quarter, with revenue rising 20% year over year to $23.4 million and adjusted EBITDA increasing by 33% to $5.9 million [4][5] Financial Performance - Adjusted net income for the fourth quarter rose 53% to $3.1 million, resulting in adjusted earnings of $0.21 per diluted share [3] - Free cash flow for the year was $18.2 million, up from $14.4 million in 2024, while Q4 free cash flow was $3.7 million [1][3] Customer Growth and Metrics - The number of IDI billable customers surpassed 10,000, reaching 10,022, while FOREWARN's user base expanded to 390,018 [7][9] - Customers contributing over $100,000 in revenue increased to 127, up from 96 in 2024, indicating growth in larger customer relationships [8] Revenue Model and Market Positioning - Approximately 90% of revenue is volume-driven, supported by contractual minimums, with a gross revenue retention rate of 95% [6][10] - The company emphasized its proprietary full-stack identity platform, "Iron," which integrates various technologies for enhanced data processing and machine learning capabilities [13][14] Strategic Initiatives - Management plans to prioritize capital for product development, AI, and go-to-market expansion while maintaining share repurchases, with $16.4 million remaining in the repurchase program [6][21] - The company added over 30 team members in 2025, focusing on product development and market expansion, with similar hiring plans for 2026 [20] Market Trends and Demand Drivers - Demand was balanced across verticals, driven by increased transaction volumes and deeper integration of solutions into customer workflows [11][12] - The company reported strong performance in background screening and investigative services, with significant growth in emerging markets [19]