VIQ Solutions Inc.

Q2 2025 revenue was $10.4 million, down 10% year over year, with lower volumes and negative foreign exchange cited as the main drivers. Q2 gross profit margin increased to 48% from 45.5% last year, SG&A declined 11%, adjusted EBITDA was approximately $1 million versus approximately $800,000 in Q2 2024, net loss was $0.9 million, and adjusted operating loss was $0.8 million. For the first half of 2025, revenue was $20 million, down 7% year over year; gross margin rose to 50% from 45%; SG&A declined 11%; adjusted EBITDA was approximately $1.8 million versus approximately $700,000 a year ago; net loss was $2.8 million; and adjusted operating loss was $1.5 million. The company ended Q2 with $1.1 million in cash and generated $0.3 million in positive cash flow from operations; first-half operating cash flow was $1 million. No formal next-quarter or full-year revenue guidance was provided, but management reiterated its goal of reaching free cash flow during fiscal 2025.

No CEO spoke on the call; CFO Alexie Edwards delivered the prepared remarks and framed the quarter around sustained momentum from fiscal 2024, AI-driven execution, and operating leverage. The strategic message was that VIQ’s automation-first approach and SaaS adoption are improving scalability, with NetScribe’s largest contract serving as validation of the platform in regulated, high-volume environments. Tone was confident and upbeat, but still tied to disciplined execution rather than top-line growth.

Alexie Edwards highlighted that gross margin expansion is the key financial lever, pointing to Q2 gross margin of 48% versus 45.5% last year and first-half gross margin of nearly 50% versus 44.9%. She said SG&A declined 11% in both Q2 and the first half due to restructuring and expense discipline, while adjusted EBITDA improved to approximately $1 million in Q2 and $1.8 million in H1. She also noted $1.1 million in cash at quarter end, $0.3 million in positive operating cash flow in Q2, $1 million in positive operating cash flow in H1, and reiterated the company’s aim to achieve free cash flow in fiscal 2025.

There was no analyst Q&A; the call ended after the prepared remarks. The only forward-looking commentary was management’s emphasis on continued gross margin expansion, growing SaaS penetration, and a stated goal of reaching free cash flow in fiscal 2025. Management also said it expects to share Q3 results in November.