VIQ Solutions (TSE:VQS)
:VQS
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VIQ Solutions
(VQS)
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Rating:45Neutral
Price Target:
C$0.21
▲(5.00% 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$6.34M
Dividend YieldN/A
Average Volume (3M)18.06K
Price to Earnings (P/E)―
Beta (1Y)1.31
Revenue Growth-3.16%
EPS Growth-38.95%
CountryCA
Employees334
SectorTechnology
Sector Strength88
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)-0.26
Revenue Forecast (FY)C$45.70M
VIQ Solutions Business Overview & Revenue Model
Company Description
VIQ Solutions (VQS) is a technology company specializing in the development of advanced transcription and digital voice technology solutions. Operating primarily within the legal, law enforcement, and healthcare sectors, VIQ provides services that...
How the Company Makes Money
VIQ Solutions generates revenue through a combination of subscription services, licensing fees, and transaction-based models. The company offers its transcription and voice technology solutions as a Software as a Service (SaaS), allowing clients t...
VIQ Solutions Earnings Call Summary
Earnings Call Date:Aug 13, 2025
(Q2-2025)
| Next Earnings Date:Aug 17, 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
Neutral
0.20
Price Trends
0.09
Negative
0.12
Negative
0.15
Negative
Market Momentum
>-0.01
Negative
49.48
Neutral
77.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:VQS, the sentiment is Neutral. The current price of 0.2 is above the 20-day moving average (MA) of 0.09, above the 50-day MA of 0.09, and above the 200-day MA of 0.15, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 49.48 is Neutral, neither overbought nor oversold. The STOCH value of 77.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$848.74M | 11.79 | 11.97% | 5.69% | -4.08% | -7.65% | |
69 Neutral | C$7.09B | 9.98 | 12.93% | 3.27% | -0.86% | -16.61% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
51 Neutral | C$159.81M | -18.45 | -100.85% | ― | 48.65% | 25.20% | |
48 Neutral | C$6.56M | -26.47 | ― | ― | -11.28% | 81.51% | |
47 Neutral | C$13.91M | -3.77 | -254.18% | ― | -20.38% | -14.00% | |
45 Neutral | C$6.34M | -0.80 | -8232.51% | ― | -3.16% | -38.95% |
* Technology Sector Average
TSE:VQS
VIQ Solutions
0.09
-0.12
-57.14%
TSE:OTEX
Open Text
29.23
-7.57
-20.58%
TSE:XTRA
Xtract One
0.64
0.32
100.00%
TSE:ROI
Route1 Inc
0.14
0.07
86.67%
TSE:ENGH
Enghouse Systems
15.61
-5.79
-27.06%
TSE:SKUR
Sekur Private Data
0.06
-0.01
-15.38%
VIQ Solutions Corporate Events
Business Operations and StrategyExecutive/Board Changes
VIQ Solutions Appoints Larry Taylor as CEO to Drive Strategic Growth
Positive
Dec 10, 2025
VIQ Solutions Inc. has appointed Larry Taylor as the new CEO, leveraging his extensive experience on the board and interim leadership to advance the company’s strategic priorities. Taylor’s focus will be on strengthening execution acro...
Business Operations and StrategyProduct-Related Announcements
VIQ Solutions Unveils SmartAudit to Enhance Transcription Accuracy
Positive
Dec 3, 2025
VIQ Solutions announced the development of VIQ SmartAudit, an advanced verification and quality-assurance technology aimed at enhancing transcription accuracy across its business lines, including justice, insurance, and government sectors. Schedul...
Business Operations and StrategyPrivate Placements and FinancingProduct-Related Announcements
VIQ Solutions Enhances Court Documentation with Advanced Automation
Positive
Nov 18, 2025
VIQ Solutions has announced the enhancement of its NetScribe platform, specifically the NetScribe Advanced Formatter, to improve court documentation workflows. This technology aims to address labor shortages and backlogs in court systems by enhanc...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
VIQ Solutions Reports Strong EBITDA Growth and Strategic Operational Enhancements
Positive
Nov 13, 2025
VIQ Solutions reported a significant increase in Adjusted EBITDA by 72% and 115% for the three and nine months ended September 30, 2025, respectively, driven by improved operational efficiencies and leadership changes. The company integrated scala...
Financial Disclosures
VIQ Solutions to Announce Q3 2025 Financial Results
Neutral
Nov 6, 2025
VIQ Solutions announced it will release its financial results for the third quarter of 2025 on November 12, 2025. This announcement underscores the company’s ongoing commitment to transparency and may impact stakeholder perceptions and marke...
Business Operations and StrategyPrivate Placements and Financing
VIQ Solutions Closes Upsized Private Placement, Secures Over C$3 Million
Positive
Nov 5, 2025
VIQ Solutions announced the closing of the second tranche of its upsized non-brokered private placement, raising approximately C$585,000, bringing total proceeds to over C$3 million. The funds will be used to drive technology innovations, improve ...
Business Operations and StrategyPrivate Placements and Financing
VIQ Solutions Completes Insider-Led Private Placement to Raise C$2 Million
Neutral
Oct 28, 2025
VIQ Solutions has successfully closed a non-brokered private placement, raising approximately C$2 million through the issuance of over 10.75 million units. This insider-led transaction, considered a related party transaction, involved significant ...
Private Placements and Financing
VIQ Solutions Announces $2 Million Insider-Led Private Placement
Neutral
Oct 22, 2025
VIQ Solutions announced a non-brokered private placement offering of units priced at C$0.186 each, aiming to raise up to $2 million. The proceeds will be used for working capital and general corporate purposes, with insiders expected to subscribe ...
Business Operations and StrategyDelistings and Listing Changes
VIQ Solutions Transitions to TSX Venture Exchange for Cost Optimization
Positive
Oct 20, 2025
VIQ Solutions announced its transition from the Toronto Stock Exchange to the TSX Venture Exchange, effective October 21, 2025. This strategic move is expected to optimize costs and provide access to additional financing options, aligning with the...
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.