VIQ Solutions Reports Adjusted EBITDA Up 264% and 152% for the Three months and Year Ended December 31, 2025

• Revenue of $10.6 million and $41.5 million for the three months and year ended December 31, 2025, with gross margins up 7.1% and 4.6%, respectively.
• Adjusted EBITDA of $1.8 million and $5.0 million for the three and twelve months ended December 31, 2025, up 264% and 152% vs the comparable periods in 2024 (see “Non-IFRS Measures”).
• The Company posted its seventh straight quarter of positive Adjusted EBITDA underscoring consistent progress.
• In Q425, VIQ secured a software license deal with an existing customer for $304k. This underscores the confidence placed in the Company by its customers in solving their technological requirements.
• In October and November 2025, VIQ closed an insider led oversubscribed private placement of $1.8M to fund growth and technology enhancements.
• The Company recorded total non-cash impairment charges of $9.1 million due to expected reduced revenue growth rates as a result of data privacy incidents in the performance of Australian-based transcription services.

Richmond Hill, Ontario–(Newsfile Corp. – March 31, 2026) – VIQ Solutions Inc. (TSXV: VQS) (“VIQ” or “the Company”), a global leader in AI-powered digital documentation, today announced financial results for the three months and year ended December 31, 2025. The Company reported continued margin expansion, with its seventh consecutive quarter of positive Adjusted EBITDA.

Three Months Ended December 31, 2025 Financial Highlights

• Revenue: $10.6 million, which included a six-figure software license sale to an existing customer.
• Gross Margin: 49.0%, up from 41.9% for the same period in the prior year, driven by productivity gains and higher margin gains from software license sales.
• Adjusted EBITDA: $1.8 million, an increase of 264% from the same period in the prior year.
• Adjusted Operating Loss: $9.3 million, compared to $3.4 million from the same period in the prior year (see “Non-IFRS Measures”).

Year Ended December 31, 2025 Financial Highlights

• Revenue: $41.5 million, a decrease of 4%, from the same period in the prior year, attributed largely to revenue reductions from late delivery fees and abatements in our Australian operations.
• Gross Margin: 49.1%, up from 44.5% from the same period in the prior year, driven by automation and productivity gains.
• Adjusted EBITDA: $5.0 million, an increase of $3.0 million or 152% from the same period in the prior year, reflecting organizational restructuring and efficiency gains.

Adjusted Operating Loss: $12.8 million including a $1.2 million restructuring charge, compared to $6.8 million from the same period in the prior year due mainly to impairment of intangible assets and property and equipment in Australia.

Strategic and Operational Updates

• The Company incurred a one-time restructuring charge of $1.2 million during the year related to the significant changes in leadership and implementing global systems and process best practices.
• VIQ voluntarily delisted its common shares from the TSX, listed its common shares on the TSX Venture Exchange and changed auditors to reduce expenses. VIQ’s new TSXV listing allows additional financing options which the Company took advantage of by completing an over-subscribed insider led private placement in October and November 2025 for total proceeds of approximately $1.8 million.
• The Company recorded total non-cash impairment charges of $9.1 million due to expected reduced revenue growth rates as a result of data privacy incidents in the performance of Australian-based transcription services.

Management Commentary

“In 2025, VIQ grew Adjusted EBITDA by 152%, raised gross margins to nearly 50%, and posted its seventh straight quarter of positive Adjusted EBITDA,” said Larry Taylor, CEO of VIQ Solutions. “We are encouraged by the early results from the recent leadership changes and productivity improvement. We look forward to reporting on our progress throughout 2026, particularly as the Company navigates the recently announced administration process in Australia.”

Board of Director Changes

The Company is pleased to announce that Peter Panaritis, CPA, has been appointed to the Board effective March 31, 2026. Mr. Panaritis has held a number of executive positions including CEO of Brink’s Canada and CEO of G4S Security Canada. Mr. Panaritis is a Chartered Professional Accountant and graduated from Queens University, Bachelor of Commerce degree. Mr. Panaritis is also a significant shareholder in VIQ Solutions.

Peter Panaritis replaces Howard Wetston who has resigned from the Board for personal reasons. “We thank Howard for his significant contribution to the Board during a challenging period for the Company,” stated Larry Taylor, CEO of VIQ Solutions.

A copy of the Company’s audited financial statements and accompanying MD&A for the three months and year ended December 31, 2025 (collectively, the “Financial Information“) will be available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

For more information about VIQ, please visit viqsolutions.com.

About VIQ Solutions

VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.

Forward-looking Statements

Certain statements included in this press release constitute forward-looking statements or forward-looking information (collectively, “forward-looking statements”) under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Forward-looking statements typically contain statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project” or similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this press release include but are not limited to statements with respect to the Company’s ability to realize results from the recent leadership changes and productivity improvement, the Company’s ability to improve scalability in the future, expected margin improvement, the Company’s focus and its priorities and the filing of the Financial Information on SEDAR+ .

Forward-looking statements are based on several factors and assumptions which have been used to develop such statements, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because VIQ can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding, among other things, recent initiatives, cost savings from workforce and product optimization, cost reductions from the Company’s workflow solutions and that sales and prospects may increase revenue. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used.

Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that while considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s management’s discussion and analysis for the year ended December 31, 2025, and in the Company’s other materials filed with the Canadian securities regulatory authorities.

These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Such estimates and assumptions may prove to be incorrect or overstated. The forward-looking statements contained in this press release are made as of the date of this press release and the Company expressly disclaims any obligations to update or alter such statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

VIQ Solutions Inc.
Interim Condensed Consolidated Statements of Financial Position
(Expressed in US dollars)

			December 31, 2025			December 31, 2024
Assets
Current assets
Cash		$	2,445,011		$	1,573,341
Trade and other receivables, net of allowance for doubtful accounts			4,284,491			3,768,699
Inventories			31,088			23,508
Prepaid expenses and other deposits			797,778			1,183,496
Non-current assets			7,558,368			6,549,044
Restricted cash			271,134			169,097
Property and equipment, net			–			654,223
Right-of-use assets, net			46,718			153,794
Intangible assets, net			1,730,999			5,661,614
Goodwill			7,089,897			11,628,213
Total assets		$	16,697,116		$	24,815,985
Liabilities
Current liabilities
Trade and other payables and accrued liabilities		$	5,987,570		$	5,673,346
Income taxes payable			51,832			29,765
Share-based payment liability			–			19,366
Derivative warrant liability			1,297			35,238
Current portion of long-term debt			18,806,332			15,988,401
Current portion of lease obligations			417,619			204,802
Contract liabilities			1,211,312			1,635,041
Non-current liabilities			26,475,962			23,585,959
Long-term lease obligations			757,597			–
Other long-term liabilities			810,381			949,622
Total liabilities			28,043,940			24,535,581
Shareholders’ equity (deficiency)
Capital stock			78,979,646			77,593,993
Contributed surplus			10,333,374			9,145,162
Accumulated other comprehensive loss			(1,771,595	)		(1,356,521	)
Deficit			(98,888,249	)		(85,102,230	)
Total shareholders’ equity (deficiency)			(11,346,824	)		280,404
Total liabilities and shareholders’ equity (deficiency)		$	16,697,116		$	24,815,985

VIQ Solutions Inc.
Interim Condensed Consolidated Statements of Loss and Comprehensive Loss
(Expressed in US dollars)

			Years ended December 31,
			2025			2024
Revenue		$	41,494,590		$	43,164,207
Cost of sales			21,121,262			23,936,109
Gross profit			20,373,328			19,228,098
Expenses
Selling and administrative expenses			14,496,279			17,005,500
Research and development expenses			740,233			650,551
Stock-based compensation			357,918			397,618
Gain on revaluation of RSUs			(19,660	)		(54,916	)
Gain on revaluation of the derivative warrant liability			(35,131	)		(145,445	)
Foreign exchange (gain) loss			(749,485	)		217,841
Depreciation			768,583			752,910
Amortization			2,575,616			3,342,762
Interest expense			1,853,933			1,689,415
Accretion and other financing costs			1,950,175			1,492,674
Loss on modification of debt			730,877			360,522
Impairment of goodwill and intangibles			7,615,631			–
Impairment of property and equipment and right of use assets			1,505,376			–
Restructuring costs			1,175,954			386,853
Strategic review costs			994,725			198,271
Other income			(15,527	)		(35,044	)
Total expenses			33,945,497			26,259,512
Current income tax expense			213,850			14,665
Income tax expense			213,850			14,665
Net loss for the year		$	(13,786,019	)	$	(7,046,079	)
Exchange loss on translation of foreign operations			(415,074	)		(685,733	)
Comprehensive loss for the year		$	(14,201,093	)	$	(7,731,812	)
Net loss per share
Basic			(0.25	)		(0.14	)
Diluted			(0.25	)		(0.14	)
Weighted average number of common share outstanding – basic			55,990,513			50,068,323
Weighted average number of common share outstanding – diluted			55,990,513			50,068,323

The following is a reconciliation of Net Loss to Adjusted EBITDA, the most directly comparable IFRS measure for the three months and year ended December 31, 2025, and 2024:

		Three months ended December 31							Year ended December 31
(Unaudited)		2025			2024				2025			2024
Net Loss		(9,331,808	)		(3,556,601	)			(13,786,019	)		(7,046,079	)
Add:
Depreciation		242,166			165,775				768,583			752,910
Amortization		587,367			886,115				2,575,616			3,342,762
Interest expense		481,064			430,354				1,853,933			1,689,415
Current income tax (recovery) expense		91,293			(7,910	)			213,850			14,665
EBITDA		(7,929,918	)		(2,082,267	)			(8,374,037	)		(1,246,327	)
Accretion and other financing costs		516,031			388,574				1,950,175			1,492,674
Loss on modification of debt		–			360,522				730,877			360,522
Loss (gain) on revaluation of RSUs		26			(3,148	)			(19,660	)		(54,916	)
Gain on revaluation of the derivative warrant liability		(8,097	)		(37,242	)			(35,131	)		(145,445	)
Impairment of property and equipment		1,505,376			–				1,505,376			–
Impairment of goodwill and intangible assets		7,615,631			–				7,615,631			–
Restructuring costs		98,089			315,508				1,175,954			386,853
Strategic Review Costs		–			198,271				994,725			198,271
Other income		(6,004	)		398,604				(167,387	)		367,399
Stock-based compensation		26,342			3,580				357,918			397,618
Foreign exchange (gain) loss		(22,161	)		951,207				(749,485	)		217,841
Adjusted EBITDA		1,795,315			493,608				4,984,956			1,974,490

The following is a reconciliation of Net Loss to Adjusted operating loss, the most directly comparable IFRS measure for the three months and year ended December 31, 2025, and 2024:

		Three months ended December 31							Year ended December 31
(Unaudited)		2025			2024				2025			2024
Net Loss		(9,331,808	)		(3,556,601	)			(13,786,019	)		(7,046,079	)
Add:
Strategic Review Costs		–			198,271				994,725			198,271
Adjusted operating loss		(9,331,808	)		(3,358,330	)			(12,791,294	)		(6,847,808	)

Non-IFRS Measures

The Company prepares its financial statements in accordance with IFRS. Non-IFRS measures are provided by management to provide additional insight into our performance and financial condition. VIQ believes non-IFRS measures are an important part of the financial reporting process and are useful in communicating information that complements and supplements the consolidated financial statements.

Adjusted EBITDA and adjusted operating loss are not measures recognized by IFRS and do not have standardized meanings prescribed by IFRS. Therefore, Adjusted EBITDA and adjusted operating loss may not be comparable to similar measures presented by other issuers. Investors are cautioned that Adjusted EBITDA and adjusted operating loss should not be construed as alternatives to net income (loss) as determined in accordance with IFRS. For a reconciliation of net income (loss) to Adjusted EBITDA and adjusted operating loss please see the Company’s MD&A for three months and year ended December 31, 2025.

To evaluate the Company’s operating performance as a complement to results provided in accordance with IFRS, the term “Adjusted EBITDA” refers to net income (loss) before adjusting earnings for stock-based compensation, depreciation, amortization, interest expense, accretion, and other financing expense, (gain) loss on revaluation of options, (gain) loss on revaluation of restricted share units, gain (loss) on revaluation of derivative warrant liability, restructuring costs, strategic review costs, loss on modification of debt, impairment of property and equipment, impairment of goodwill and intangibles, other expense (income), foreign exchange (gain) loss, current and deferred income tax expense. We believe that the items excluded from Adjusted EBITDA are not connected to and do not represent the operating performance of the Company.

We believe that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities prior to taking into consideration how those activities are financed and taxed as well as expenses related to stock-based compensation, depreciation, amortization, impairment of goodwill and intangibles, loss on modification or extinguishment of debt, other expense (income), and foreign exchange (gain) loss. Accordingly, we believe that this measure may also be useful to investors in enhancing their understanding of the Company’s operating performance.

The term “adjusted operating loss” refers to net income (loss) excluding the impact of strategic review costs. Management believes it is appropriate to adjust this item because strategic review costs do not relate to operating activities of the Company and is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities. The presentation of this measure enables investors and analysts to better understand the underlying performance of our business activities.

Trademarks

This press release includes trademarks, such as “NetScribe”, which are protected under applicable intellectual property laws and are the property of VIQ. Solely for convenience, our trademarks referred to in this press release may appear without the ® or TM symbol, but such references are not intended to indicate, in any way, that we will not assert our rights to these trademarks, trade names, and services marks to the fullest extent under applicable law. Trademarks that may be used in this press release, other than those that belong to VIQ, are the property of their respective owners.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290787