Core Insights - VIQ Solutions reported a significant increase in Adjusted EBITDA, with a rise of 72% for the three months and 115% for the nine months ended September 30, 2025, indicating strong operational performance [1][5][9] - The company experienced a revenue decrease of 5% year-over-year for the nine-month period, primarily due to late delivery fees in Australian operations, which are expected to be resolved with recent leadership and systems changes [4][5] - VIQ's gross margins improved, reaching 49.1% for the nine months ended September 30, 2025, up from 45.4% in the prior year, driven by automation and productivity gains [13] Financial Highlights - Revenue for the three months ended September 30, 2025, was $10.9 million, while for the nine months, it totaled $31 million [5][20] - Adjusted EBITDA for the three months was $1.4 million, and for the nine months, it was $3.2 million, marking the sixth consecutive quarter of positive Adjusted EBITDA [5][6] - The company incurred a one-time restructuring charge of $1 million during the third quarter related to leadership changes and system implementations [13] Operational Highlights - VIQ secured its largest SaaS engagement to date in July 2025, implementing NetScribe® across nine judicial districts and 22 counties in the US Midwest, which is part of the transition to higher-margin, subscription-based revenue contracts [5][6] - Leadership changes and the integration of global systems into Australian operations are expected to enhance performance by approximately $3.2 million annually [5][13] - An insider-led private placement raised over $1.9 million to fund growth and technology enhancements [5][13] Management Commentary - The interim CEO emphasized the focus on improving the corporate cost structure and on-time delivery to Australian customers through best practice processes already in place in the USA and UK [8] - The CFO expressed optimism about the early results from changes in Australian operations and anticipated continued improvement in financial performance throughout 2026 [9]