Want to see TSE:VQS full AI Analyst Report?
Top Page
VIQ Solutions
(VQS)
Select Model
Select Model
Rating:45Neutral
Price Target:
C$0.21
▲(162.50% Upside)
Action:Reiterated
Date:12/19/25
The overall stock score is primarily impacted by significant financial challenges, including declining revenues and high financial risk due to negative equity and leverage. Technical analysis indicates a neutral to bearish trend, while valuation metrics are weak due to negative profitability. The absence of earnings call data and corporate events means these factors do not influence the score.
Positive Factors
Regulated market focus
Concentration on regulated, high‑compliance end markets creates durable demand and higher switching costs. Justice and public safety clients value security, chain‑of‑custody and compliance, supporting multi‑year contracts, renewal stickiness and predictable revenue over months.
Negative Factors
Weak balance sheet / leverage
Negative equity and high leverage materially raise financial risk, limiting flexibility for investments, M&A or pricing concessions. Over 2–6 months this constrains strategic options, increases refinancing risk and can elevate counterparty and customer concerns.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated market focus
Concentration on regulated, high‑compliance end markets creates durable demand and higher switching costs. Justice and public safety clients value security, chain‑of‑custody and compliance, supporting multi‑year contracts, renewal stickiness and predictable revenue over months.
Read all positive factors
VIQ Solutions (VQS) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.16M
Dividend YieldN/A
Average Volume (3M)18.06K
Price to Earnings (P/E)―
Beta (1Y)1.41
Revenue Growth1.68%
EPS Growth-8.17%
CountryCA
Employees334
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.23
Shares Outstanding70,462,160
10 Day Avg. Volume18,331
30 Day Avg. Volume18,063
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)22.33
Price to Sales (P/S)0.15
P/FCF Ratio5.57
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.02
Revenue Forecast (FY)C$21.60M
VIQ Solutions Business Overview & Revenue Model
Company Description
VIQ Solutions Inc. operates as a technology and service platform provider for digital evidence capture, retrieval, and content management in Australia, the United States, the United Kingdom, Canada, and internationally. It operates through two seg...
How the Company Makes Money
VIQ Solutions makes money primarily by selling software and services that support end-to-end recording, transcription, and evidence/workflow management. Key revenue streams include: (1) Software/platform revenue: recurring fees (often structured a...
VIQ Solutions Earnings Call Summary
Earnings Call Date:Aug 13, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a strong focus on operational efficiencies and strategic growth, particularly in SaaS adoption and gross margin expansion. However, there are concerns regarding revenue decline and increased net loss due to foreign exchange impacts. Overall, the company is making progress towards sustainable margin expansion and positive cash flow.Positive Updates
Consistent Positive Adjusted EBITDA
Q2 2025 marked the fifth consecutive quarter of positive adjusted EBITDA, approximately $1 million, up 24% year-over-year.
Negative Updates
Revenue Decline
Revenue for Q2 2025 was $10.4 million, a 10% year-over-year decline, mainly due to decreased volumes and negative foreign exchange impact.
Read all updates
Q2-2025 Updates
Positive
Negative
Consistent Positive Adjusted EBITDA
Q2 2025 marked the fifth consecutive quarter of positive adjusted EBITDA, approximately $1 million, up 24% year-over-year.
Read all positive updates
Company Guidance
In the second quarter of 2025, VIQ Solutions reported a continuation of positive financial momentum with a fifth consecutive quarter of positive adjusted EBITDA, reaching approximately $1 million, which is a 24% increase year-over-year. The gross margin expanded to 48% from 45.5% in Q2 2024, and for the first half of the year, it was nearly 50%, up from 44.9% in the same period last year. Despite a 10% year-over-year decline in revenue to $10.4 million due to decreased volumes and negative foreign exchange impacts, the company achieved an 11% decline in SG&A expenses. A significant milestone in SaaS adoption was marked in June with the signing of its largest SaaS contract to date, deploying the NetScribe platform across nine judicial districts and 22 countries in the U.S. Midwest. The company secured $1.85 million in net new bookings in H1 2025, including $280,000 in SaaS and software sales. VIQ ended Q2 with $1.1 million in cash, generating $0.3 million in positive cash flow from operations. Despite a net loss of $0.9 million, which was $0.3 million higher than in 2024, VIQ remains focused on achieving sustainable operations and free cash flow through gross margin expansion.VIQ Solutions Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
30
Negative
Cash Flow
50
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 41.95M | 43.16M | 41.02M | 45.84M | 31.05M | 31.75M |
| Gross Profit | 18.70M | 19.23M | 18.11M | 21.93M | 14.92M | 16.15M |
| EBITDA | -3.07M | -750.54K | -7.05M | -943.62K | -11.80M | -678.63K |
| Net Income | -9.73M | -7.05M | -14.33M | -8.71M | -19.68M | -11.15M |
Balance Sheet | ||||||
| Total Assets | 28.36M | 24.82M | 29.68M | 35.54M | 47.69M | 42.72M |
| Cash, Cash Equivalents and Short-Term Investments | 2.10M | 1.57M | 1.62M | 1.66M | 10.58M | 16.84M |
| Total Debt | 14.40M | 16.19M | 13.97M | 9.86M | 14.30M | 13.98M |
| Total Liabilities | 23.83M | 24.54M | 23.50M | 19.90M | 25.60M | 22.93M |
| Stockholders Equity | 4.53M | 280.40K | 6.18M | 15.64M | 22.09M | 19.79M |
Cash Flow | ||||||
| Free Cash Flow | -2.02M | 1.12M | -2.84M | -5.37M | -10.68M | 1.58M |
| Operating Cash Flow | -1.51M | 1.14M | -2.81M | -2.34M | -8.24M | 3.42M |
| Investing Cash Flow | -1.76M | -1.42M | -2.22M | -4.10M | -14.44M | -6.64M |
| Financing Cash Flow | 3.57M | 322.62K | 4.99M | -2.37M | 16.52M | 18.16M |
VIQ Solutions Technical Analysis
Positive
0.08
Price Trends
0.09
Positive
0.09
Positive
0.13
Negative
Market Momentum
<0.01
Negative
67.40
Neutral
76.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:VQS, the sentiment is Positive. The current price of 0.08 is below the 20-day moving average (MA) of 0.09, below the 50-day MA of 0.09, and below the 200-day MA of 0.13, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 67.40 is Neutral, neither overbought nor oversold. The STOCH value of 76.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:VQS.
VIQ Solutions Risk Analysis
VIQ Solutions disclosed 30 risk factors in its most recent earnings report. VIQ Solutions reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
VIQ Solutions Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$937.36M | 13.16 | 11.97% | 7.51% | -4.08% | -7.65% | |
70 Outperform | C$8.23B | 5.46 | 28.29% | 4.81% | 0.54% | 54.92% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | C$132.34M | -14.36 | -60.80% | ― | 48.65% | 25.20% | |
45 Neutral | C$9.16M | -0.80 | -8232.51% | ― | 1.68% | -8.17% | |
42 Neutral | C$11.68M | -2.65 | -283.13% | ― | -20.38% | -14.00% | |
39 Underperform | C$6.80M | -31.25 | 51.48% | ― | -11.28% | 81.51% |
* General Sector Average
TSE:VQS
VIQ Solutions
0.13
-0.07
-35.00%
TSE:OTEX
Open Text
33.97
-9.03
-21.00%
TSE:XTRA
Xtract One
0.53
-0.01
-1.85%
TSE:ROI
Route1 Inc
0.15
0.09
190.00%
TSE:ENGH
Enghouse Systems
17.24
-3.88
-18.38%
TSE:SKUR
Sekur Private Data
0.05
-0.04
-47.06%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.