VIQ Solutions (VQS) AI Stock Analysis

• Market Cap: C$9.43M
• Dividend Yield: N/A
• Average Volume (3M): 18.06K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.88
• Revenue Growth: -0.83%
• EPS Growth: -8.33%
• Country: CA
• Employees: 334
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.04
• Shares Outstanding: 55,446,102
• 10 Day Avg. Volume: 18,331
• 30 Day Avg. Volume: 18,063
• PEG Ratio: 0.01
• Price to Book (P/B): 22.33
• Price to Sales (P/S): 0.15
• P/FCF Ratio: 5.57
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: C$0.00 ▼(-100.00% Downside)

VIQ Solutions' overall stock score is primarily impacted by its financial performance challenges, including declining revenues and high financial risk. The earnings call provides some optimism with operational improvements and strategic growth in SaaS, but valuation concerns and technical indicators suggest caution. The company's progress towards sustainable operations and cash flow is a positive sign, but significant financial risks remain.

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 include automated transcription, speech recognition, and audio-video capture. Their core products leverage artificial intelligence to enhance the efficiency and accuracy of documentation processes, catering to clients looking for seamless integration of technology into their workflow.

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 to subscribe to their services on a recurring basis. Key revenue streams include fees from enterprise clients in the legal and healthcare fields who utilize their services for case management and patient records. Additionally, VIQ forms strategic partnerships with technology firms and industry leaders to enhance their offerings, which can lead to increased sales and co-marketing opportunities. The company's focus on innovation and integration of AI technology also positions it to capture market share and drive growth through the demand for efficient and accurate documentation solutions.

VIQ Solutions Financial Statement Overview

Summary

VIQ Solutions shows some revenue growth and improving gross profits, but persistent net losses and high leverage pose significant financial risks. The balance sheet's low equity and poor cash flow performance highlight the company's precarious financial position.

Income Statement

The company has shown improvement in EBIT and Gross Profit Margin over the years, but it still operates at a net loss with a negative Net Profit Margin. Revenue growth was positive this year but inconsistent in previous years.

Balance Sheet

The company's balance sheet shows high leverage with a Debt-to-Equity Ratio exceeding 57.8. The Equity Ratio is extremely low due to minimal stockholders' equity, indicating financial instability.

Cash Flow

Cash flow from operations has been negative in recent years, with no significant Free Cash Flow growth. The company's inability to generate positive operating cash flow is concerning.

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

• Technical Analysis Sentiment: Negative
• Last Price: 0.18
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:VQS, the sentiment is Negative. The current price of 0.18 is below the 20-day moving average (MA) of 0.18, below the 50-day MA of 0.19, and below the 200-day MA of 0.20, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 47.12 is Neutral, neither overbought nor oversold. The STOCH value of 16.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:VQS.

VIQ Solutions Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IQ	68 Neutral	C$14.81M	68.00	2.70%	―	4.42%	-53.42%
RW	62 Neutral	C$17.14M	68.85	446.71%	―	15.42%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
WISH	52 Neutral	C$7.42M	-4.53	-19.79%	―	-26.00%	-54.40%
MYID	51 Neutral	$11.67M	45.00	218.27%	―	39.45%	-56.52%
VQS	50 Neutral	C$9.43M	-0.86	-9999.00%	―	-0.83%	-8.33%
RIWI	48 Neutral	C$8.28M	―	―	―	―	―

VIQ Solutions Corporate Events

VIQ Solutions Reports Strong EBITDA Growth and Strategic Operational Enhancements

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 scalable operational architecture into its Australian operations, which is expected to contribute over $3 million annually, and secured its largest SaaS engagement, marking a strategic shift towards subscription-based revenue. Additionally, VIQ completed an oversubscribed private placement to fund growth and technology enhancements, aiming to further improve margins and support future acquisitions.

VIQ Solutions to Announce Q3 2025 Financial Results

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 market positioning as it highlights their performance and strategic direction in the competitive landscape of AI-driven digital solutions.

VIQ Solutions Closes Upsized Private Placement, Secures Over C$3 Million

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 margins, and support growth and acquisitions, reinforcing the company’s commitment to delivering superior service and value to its customers and shareholders.

VIQ Solutions Completes Insider-Led Private Placement to Raise C$2 Million

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 participation from company director Bradley Wells, who now holds a larger stake in the company. The move is expected to impact the company’s financial standing and insider ownership structure, potentially influencing its strategic direction and stakeholder interests.

VIQ Solutions Announces $2 Million Insider-Led Private Placement

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 for approximately 10.2 million units, making it a related party transaction. The offering is subject to TSXV approval and is expected to close around October 27, 2025.

VIQ Solutions Transitions to TSX Venture Exchange for Cost Optimization

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 company’s productivity and margin improvement initiatives. The transition, which did not require shareholder approval, is anticipated to reduce legal, compliance, and financial reporting expenses, thereby strengthening VIQ’s operational efficiency and market positioning.

VIQ Solutions Transitions to TSX Venture Exchange for Strategic Growth

VIQ Solutions has announced its decision to voluntarily delist from the Toronto Stock Exchange (TSX) and list on the TSX Venture Exchange (TSXV), a move deemed beneficial by the company’s management and Board of Directors. This strategic transition, expected to occur around October 20-21, 2025, is driven by considerations such as cost efficiency, market capitalization, and financing opportunities associated with the TSXV, while maintaining its trading symbol ‘VQS’. This shift is expected to align better with the company’s current market position and operational goals, with no required action from shareholders.

Viq Solutions’ Earnings Call: Mixed Sentiment with Strategic Growth Focus

The recent earnings call for Viq Solutions highlighted a mixed sentiment, with a strong emphasis on operational efficiencies and strategic growth, particularly in the adoption of SaaS and expansion of gross margins. However, concerns were raised about a decline in revenue and an increased net loss, largely attributed to foreign exchange impacts. Despite these challenges, the company is making strides towards sustainable margin expansion and achieving positive cash flow.

VIQ Solutions Completes Insider-Led Private Placement to Strengthen Financial Position

VIQ Solutions announced the successful closing of a non-brokered private placement led by its Board of Directors, raising approximately C$565,000 through the issuance of 2,640,290 units. This strategic move, fully subscribed by board members, is expected to bolster the company’s financial position and support its continued growth in the secure digital capture and transcription industry.

VIQ Solutions Announces Insider-Led Private Placement to Raise $565,000

VIQ Solutions announced a non-brokered private placement offering of units priced at C$0.214, led by board members Bradley Wells, Larry Taylor, and Joseph Quarin, aiming to raise approximately $565,000. The proceeds will be used for working capital and general corporate purposes, with the offering subject to TSX approval and expected to close around August 22, 2025. This insider-led initiative reflects confidence in the company’s strategic direction and is considered a ‘related party transaction’ under MI 61-101, though exempt from formal valuation and minority shareholder approval requirements due to the participation’s market capitalization value.